~~Table~~UNITED ~~of Contents~~STATES

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

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

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

~~FORM~~☒ ~~10-K~~ANNUAL Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

☒For ~~ANNUAL~~the ~~REPORT~~fiscal ~~PURSUANT~~year TOended ~~SECTION~~October 1331, ~~OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934~~2018

~~For the fiscal year ended October 31, 2016~~ or

☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

☐For ~~TRANSITION~~the ~~REPORT~~transition ~~PURSUANT~~period TOfrom ~~SECTION~~____ 13to OR____ ~~15(d) OF THE SECURITIES EXCHANGE ACT OF 1934~~

~~For~~Commission ~~the~~File ~~transition~~Number ~~period from to~~ 001-34164

~~Commission~~Invesco ~~File~~CurrencyShares® ~~Number~~Singapore ~~001-34164~~Dollar Trust

~~CurrencyShares®~~Sponsored ~~Singapore~~by ~~Dollar~~Invesco ~~Trust~~Specialized Products, LLC

~~Sponsored~~(Exact byname ~~Guggenheim~~of ~~Specialized~~registrant ~~Products,~~as ~~LLC,~~specified in its charter)

d/b/a Guggenheim Investments


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

3500 Lacey Road, Suite 700 Downers Grove, Illinois		60515
(Address of principal executive offices)		(Zip Code)

(~~Exact~~800) ~~name~~983-0903 of(Registrant’s ~~registrant~~telephone asnumber, ~~specified~~including inarea ~~its charter~~code)

New York		No. 30-6164139
(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)

Securities registered pursuant to Section 12(b) of the Act:

Singapore Dollar Shares NYSE Arca (~~301~~Title of class) ~~296-5100~~(Name of exchange on which registered)

~~(Registrant’s~~Securities ~~telephone~~registered ~~number,~~pursuant ~~including~~to ~~area~~Section ~~code~~12(g) of the Act: None

~~Securities~~Indicate ~~registered~~by ~~pursuant~~check tomark ~~Section~~if ~~12(b)~~the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act:. Yes ☐ No ☒

~~Singapore~~Indicate ~~Dollar~~by ~~Shares~~check ~~NYSE~~mark ~~Arca~~if ~~(Title~~the ofregistrant ~~class)~~is ~~(Name~~not ofrequired ~~exchange~~to onfile ~~which~~reports ~~registered~~pursuant to Section 13 or Section 15(d) of the Act. Yes ☐ No ☒

~~Securities~~Indicate ~~registered~~by ~~pursuant~~check mark whether the registrant (1) has filed all reports required to be filed by Section 1213 or 15(gd) of the Securities Exchange Act: ~~None~~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 ☒ No ☐

Indicate by check mark ifwhether the registrant ishas asubmitted ~~well-known~~electronically ~~seasoned~~every ~~issuer,~~Interactive asData ~~defined~~File inrequired to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the ~~Securities Act~~preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ ☐ No ☒ ☐

Indicate by check mark if ~~the~~disclosure ~~registrant~~of delinquent filers pursuant to Item 405 of Regulation S-K is not ~~required~~contained toherein, ~~file~~and ~~reports~~will ~~pursuant~~not be contained, to ~~Section 13~~the best of registrant’s knowledge, in definitive proxy or ~~Section~~information ~~15(d)~~statements incorporated by reference in Part III of ~~the Act~~this Form 10-K or any amendment to this Form 10-K. ~~Yes ☐ No~~ ☒

Indicate by check mark whether the registrant ~~(1) has~~is ~~filed~~a ~~all~~large ~~reports~~accelerated ~~required~~filer, toan beaccelerated ~~filed~~filer, bya ~~Section 13~~non-accelerated orfiler, ~~15(d)~~a ofsmaller ~~the~~reporting ~~Securities~~company ~~Exchange~~or ~~Act~~an ofemerging ~~1934~~growth ~~during~~company. See the ~~preceding~~definitions 12of ~~months~~“large ~~(or~~accelerated ~~for~~filer,” ~~such~~“accelerated ~~shorter~~filer,” ~~period~~“smaller ~~that~~reporting ~~the~~company” ~~registrant~~and ~~was~~“emerging ~~required~~growth tocompany” ~~file~~in ~~such~~Rule ~~reports), and (~~12b-2~~) has~~ ~~been~~of ~~subject to such filing requirements for~~ the ~~past~~Exchange ~~90 days~~Act. ~~Yes ☒ No ☐~~

~~Indicate~~Large byaccelerated ~~check~~filer ~~mark~~☐ ~~whether~~Accelerated ~~the~~filer ~~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~~Non-Taccelerated ~~during~~filer ~~the~~☒ ~~preceding~~Smaller 12reporting ~~months~~company ~~(or~~☒ ~~for~~Emerging ~~such~~growth ~~shorter~~company ~~period that the registrant was required to submit and post such files). Yes ☒ No~~ ☐

~~Indicate~~If byan ~~check~~emerging ~~mark~~growth ifcompany, ~~disclosure of~~indicate ~~delinquent~~by ~~filers~~check ~~pursuant~~mark toif ~~Item~~the ~~405~~registrant ofhas ~~Regulation~~elected ~~S-K is~~ not ~~contained~~to ~~herein,~~use ~~and~~the ~~will~~extended ~~not~~transition beperiod ~~contained,~~for tocomplying ~~the~~with ~~best~~any ofnew ~~registrant’s~~or ~~knowledge,~~revised infinancial ~~definitive~~accounting ~~proxy~~standards orprovided ~~information~~pursuant ~~statements incorporated~~to bySection ~~reference~~13(a) ~~in Part III~~ of ~~this~~the ~~Form~~Exchange ~~10-K or any amendment to this Form 10-K~~Act. ☒ ☐

Indicate by check mark whether the registrant is a ~~large~~shell ~~accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting~~ company. ~~See~~(as ~~definitions~~defined ~~of “large accelerated filer,” “accelerated filer,” “non-accelerated filer” and “smaller reporting company”~~ in Rule 12b-2 of the Exchange Act). Yes ~~(Check~~☐ No ~~one):~~ ☒

~~Large~~State ~~accelerated~~the ~~filer~~market ☐value ~~Accelerated~~of ~~filer~~the ☐voting ~~Non~~and non-~~accelerated~~voting ~~filer~~common ☐equity ~~Smaller~~held ~~reporting~~by ~~company~~non-affiliates ☒computed by reference to the price at which the common equity was last sold, or the average bid and asked price of such common equity, as of the last business day of the Registrant’s most recently completed second fiscal quarter: $3,706,000.

~~Indicate~~Number byof ~~check~~Redeemable ~~mark~~Capital ~~whether~~Shares ~~the~~outstanding ~~registrant is a shell company (~~as ~~defined in Rule 12b-2~~ of ~~the~~December ~~Exchange~~31, ~~Act). Yes ☐ No ☒~~2018: 50,000

~~Aggregate~~Invesco ~~market~~CURRENCYSHARES® ~~value~~SINGAPORE ofDOLLAR 50,000 shares of the registrant’s common stock held by non-affiliates of the registrant, based on the closing price of a share of the registrant’s common stock on April 30, 2016 as reported by NYSE Arca on that date: $3,700,000. TRUSTINDEX

Number of Common Units of Beneficial Interest outstanding as of December 31, 2016: 50,000


Caption		Page

PART I

Item 1.	Business.	1

Item 1A.	Risk Factors.	3

Item 1B.	Unresolved Staff Comments.	8

Item 2.	Properties.	8

Item 3.	Legal Proceedings.	8

Item 4.	Mine Safety Disclosures.	8

PART II

Item 5.	Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.	9

Item 6.	Selected Financial Data.	9

Item 7.	Management’s Discussion and Analysis of Financial Condition and Results of Operations.	9

Item 7A.	Quantitative and Qualitative Disclosures about Market Risk.	13

Item 8.	Financial Statements and Supplementary Data.	13

Item 9.	Changes in and Disagreements with Accountants on Accounting and Financial Disclosures.	13

Item 9A.	Controls and Procedures.	13

Item 9B.	Other Information.	14

PART III

Item 10.	Directors, Executive Officers and Corporate Governance.	15

Item 11.	Executive Compensation.	16

Item 12.	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.	17

Item 13.	Certain Relationships and Related Transactions, and Director Independence.	17

Item 14.	Principal Accountant Fees and Services.	17

PART IV

Item 15.	Exhibits and Financial Statement Schedules.	19

	SIGNATURES	—

~~Table of Contents~~i

~~CURRENCYSHARES®~~Cautionary ~~SINGAPORE~~Statement ~~DOLLAR~~Regarding ~~TRUST~~ Forward-Looking Information

~~INDEX~~This report contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as “anticipate,” “expect,” “intend,” “plan,” “believe,” “seek,” “outlook” and “estimate” and other similar words. Forward-looking statements are based upon our current expectations and beliefs concerning future developments and their potential effects on us. Such forward-looking statements are not guarantees of future performance. Various factors may cause our actual results to differ materially from those expressed in our forward-looking statements. These factors include fluctuations in the price of the Singapore Dollar, as the value of the Shares relates directly to the value of the Singapore Dollars held by the Trust and price fluctuations could materially adversely affect an investment in the Shares. Readers are urged to review the “Risk Factors” section in this report for a description of other risks and uncertainties that may affect an investment in the Shares.

Caption		Page
PART I
Item 1.	Business.		1
Item 1A.	Risk Factors.		4
Item 1B.	Unresolved Staff Comments.		8
Item 2.	Properties.		8
Item 3.	Legal Proceedings.		8
Item 4.	Mine Safety Disclosures.		8
PART II
Item 5.	Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.		9
Item 6.	Selected Financial Data.		10
Item 7.	Management’s Discussion and Analysis of Financial Condition and Results of Operations.		10
Item 7A.	Quantitative and Qualitative Disclosures about Market Risk.		14
Item 8.	Financial Statements and Supplementary Data.		14
Item 9.	Changes in and Disagreements with Accountants on Accounting and Financial Disclosures.		14
Item 9A.	Controls and Procedures.		15
Item 9B.	Other Information.		15
PART III
Item 10.	Directors, Executive Officers and Corporate Governance.		16
Item 11.	Executive Compensation.		16
Item 12.	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.		16
Item 13.	Certain Relationships and Related Transactions, and Director Independence.		16
Item 14.	Principal Accountant Fees and Services.		16
PART IV
Item 15.	Exhibits and Financial Statement Schedules.		17
SIGNATURES			—

iPART I

~~Table~~Item of1. ~~Contents~~Business

~~PART I~~ Overview

~~Item~~The 1Invesco CurrencyShares® Singapore Dollar Trust (the “Trust”) is a grantor trust that was formed on August 7, 2008. ~~Business~~The Shares began trading on NYSE Arca, Inc. (“NYSE Arca”) under the ticker symbol “FXSG” on February 13, 2013. 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.

~~Overview~~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 offer investors an opportunity to participate in the market for the Singapore Dollar through an investment in securities. 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. The Shares are bought and sold on NYSE Arca like any other exchange-listed security. The Shares are backed by the assets of the Trust, which does not hold or use derivative products. The Trust is a passive investment vehicle and does not have any officers, directors or employees. 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. Investing in the Shares does not insulate the investor from certain risks, including price volatility. The value of the holdings of the Trust is reported on the Trust’s website, www.invesco.com/etfs, each business day.

The ~~CurrencyShares® Singapore Dollar~~ Trust (the “Trust”) is a grantor trust that was formed on August 7, 2008. The Shares began trading on NYSE Arca Inc. (“NYSE Arca”) under the ticker symbol “FXSG” on February 13, 2013. 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 investment objective of the Trust is for the Shares to reflect the price in USD of the Singapore Dollar plus accrued interest, less the expenses of the Trust’s operations. The Shares are intended to offer investors an opportunity to participate in the market for the Singapore Dollar through an investment in securities. 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. The Shares are bought and sold on NYSE Arca like any other exchange-listed security. The Shares are backed by the assets of the Trust, which does not hold or use derivative products. The Trust is a passive investment vehicle and does not have any officers, directors or employees. 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. Investing in the Shares does not insulate the investor from certain risks, including price volatility. The value of the holdings of the Trust is reported on the Trust’s website, www.currencyshares.com, each business day. General

The Trust holds Singapore Dollars and, from time to time, issues Baskets in exchange for deposits of Singapore Dollars and distributes Singapore Dollars in connection with redemptions of Baskets. The Singapore Dollars held by the Trust will be sold only (1) if needed to pay Trust expenses, (2) in the event the Trust terminates and liquidates its assets or (3) as otherwise required by law or regulation.

~~General~~The Sponsor

The ~~Trust~~Sponsor ~~holds~~of ~~Singapore~~the ~~Dollars~~Trust ~~and,~~generally ~~from~~oversees ~~time~~the toperformance ~~time,~~of ~~issues~~the ~~Baskets~~Trustee inand ~~exchange~~the ~~for~~Trust’s ~~deposits~~principal ofservice ~~Singapore~~providers. ~~Dollars~~The ~~and~~Sponsor ~~distributes~~is ~~Singapore~~Invesco ~~Dollars~~Specialized ~~in connection~~Products, ~~with~~LLC, ~~redemptions~~a ofDelaware ~~Baskets~~limited liability company. The ~~Singapore~~Sponsor ~~Dollars~~changed ~~held~~its byname ~~the~~from ~~Trust~~Rydex ~~will~~Specialized beProducts ~~sold~~LLC ~~only~~to ~~(1) if~~Guggenheim ~~needed~~Specialized toProducts, ~~pay~~LLC ~~Trust~~on ~~expenses~~March 30, ~~(2) in~~2012, ~~the~~and ~~event~~subsequently ~~the~~changed ~~Trust~~its ~~terminates~~name ~~and~~to ~~liquidates~~Invesco ~~its~~Specialized ~~assets~~Products, orLLC ~~(3)~~ as ~~otherwise~~of ~~required~~April by6, ~~law or regulation~~2018.

The Trust’s only ordinary recurring expense is the Sponsor’s fee. The Sponsor is responsible for payment of the following administrative and marketing expenses of the Trust: the Trustee’s monthly fee, typical maintenance and transaction fees of the Depository, NYSE Arca listing fees, 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 also paid the costs of the Trust’s organization, including the applicable Securities and Exchange Commission ("SEC") registration fees. 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). The Trust incurred $14,619 for the year ended October 31, 2018 in Sponsor’s fees.

The ~~Sponsor~~ ~~of the Trust generally oversees the performance of the~~ Trustee and the Trust’s principal service providers, but does not exercise day-to-day oversight over the Trustee or the Trust’s service providers. The Sponsor is Guggenheim Specialized Products, LLC, a Delaware limited liability company. The Sponsor changed its name from Rydex Specialized Products LLC as of March 30, 2012.

The ~~Trust’s~~Bank ~~only~~of ~~ordinary~~New ~~recurring~~York ~~expense~~Mellon, isa ~~the~~banking ~~Sponsor’s~~corporation ~~fee.~~with ~~The~~trust ~~Sponsor~~powers isorganized ~~responsible~~under ~~for~~the ~~payment~~laws of the ~~following~~State ~~administrative and marketing expenses~~ of ~~the~~New ~~Trust: the Trustee’s monthly fee~~York, ~~typical~~serves ~~maintenance~~as ~~and transaction fees of~~ the ~~Depository, NYSE Arca listing fees, printing and mailing costs, audit fees and expenses, up to $100,000 per year in legal fees and expenses, and applicable license fees~~Trustee. The ~~Sponsor~~Trustee ~~also~~is ~~paid~~responsible for the ~~costs~~day-to-day administration of the Trust~~’s organization~~, including keeping the ~~applicable SEC registration fees. The Sponsor~~Trust’s ~~fee~~operational ~~accrues daily at an annual nominal rate of 0~~records.40% of the Singapore Dollars in the Trust (including all unpaid interest but excluding unpaid fees, each as accrued through the immediately preceding day). The Sponsor was paid $14,334 for the fiscal year ended October 31, 2016.

~~The~~Net ~~Trustee~~Asset Value

The ~~Bank~~Trustee ofcalculates, ~~New~~and ~~York~~the ~~Mellon~~Sponsor publishes, a ~~banking~~the ~~corporation~~Trust’s ~~with~~Net ~~trust~~Asset ~~powers~~Value ~~organized~~(“NAV”) ~~under~~each business day. To calculate the ~~laws~~NAV, the Trustee adds to the amount of Singapore Dollars in the ~~State~~Trust at the end of ~~New~~the ~~York~~preceding day accrued but unpaid interest, ~~serves~~if asany, Singapore Dollars receivable under pending purchase orders and the ~~Trustee~~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 is expressed in U.S. Dollars (“USD”) based on the Singapore Dollar/USD exchange rate as determined by The ~~Trustee~~WM Company at 4:00 PM (London time / London fixing) (the “Closing Spot Rate”) on each day that NYSE Arca is ~~responsible~~open for ~~the~~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 is used to~~-day administration~~ determine the NAV of the Trust unless the Trustee, ~~including~~in ~~keeping~~consultation with the ~~Trust’s~~Sponsor, ~~operational~~determines ~~records.~~that such price is inappropriate to use as the basis for the valuation.

1The Trustee also determines 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 are published by the Sponsor on each day that NYSE Arca is open for regular trading and are posted on the Trust’s website, www.invesco.com/etfs.

~~Table of Contents~~1

~~Net~~Depository ~~Asset~~and ~~Value~~Deposit Accounts

~~The~~JPMorgan ~~Trustee~~Chase ~~calculates~~Bank, ~~and~~N.A., ~~the~~London ~~Sponsor publishes~~Branch, is the ~~Trust’s~~Depository. The ~~Net~~Depository ~~Asset~~maintains ~~Value~~two ~~(“NAV”)~~deposit ~~each~~accounts ~~business~~for ~~day. To calculate~~ the ~~NAV~~Trust, ~~the~~a ~~Trustee~~primary ~~adds to~~deposit ~~the~~account ~~amount~~that ofmay ~~Singapore~~earn ~~Dollars~~interest inand ~~the~~a ~~Trust~~secondary atdeposit ~~the~~account ~~end~~that ofdoes ~~the~~not ~~preceding~~earn ~~day accrued but unpaid~~ interest, ~~if any~~(collectively, ~~Singapore Dollars receivable under pending purchase orders and~~ the ~~value~~“Deposit ofAccounts”). ~~other~~Interest ~~Trust~~on ~~assets, and subtracts~~ the ~~accrued~~primary ~~but~~deposit ~~unpaid Sponsor’s fee~~account, ~~Singapore Dollars payable under pending redemption orders and other Trust expenses and liabilities,~~ if any., ~~The~~accrues ~~NAV~~daily and is ~~expressed~~paid ~~in U~~monthly.S. If ~~Dollars~~the ~~(“USD”)~~Sponsor ~~based~~believes onthat the ~~Singapore~~interest ~~Dollar/USD exchange~~ rate aspaid ~~determined~~ by ~~The~~ WMthe ~~Company~~Depository atis ~~4:00 PM~~not ~~(London~~competitive, ~~time / London fixing) (~~the ~~“Closing~~Sponsor’s ~~Spot~~recourse ~~Rate” ) on each day that NYSE Arca~~ is ~~open~~to ~~for~~remove ~~regular~~the ~~trading.~~Depository ~~If,~~by onterminating ~~a particular evaluation day,~~ the ~~Closing~~Deposit ~~Spot~~Account ~~Rate~~Agreement ~~has not been determined~~ and ~~announced by~~closing ~~6:00~~the PMDeposit ~~(London~~Accounts. ~~time),~~The ~~then~~Depository ~~the~~is ~~most~~not ~~recent~~paid ~~Closing~~a ~~Spot~~fee ~~Rate~~for isits ~~used~~services to ~~determine~~ the ~~NAV~~Trust. The ofDepository ~~the~~may ~~Trust~~earn ~~unless~~a ~~the~~“spread” ~~Trustee,~~or in“margin” ~~consultation~~over ~~with~~ the ~~Sponsor,~~rate ~~determines~~of ~~that~~interest ~~such~~it ~~price~~pays ~~is inappropriate~~ to ~~use~~the asTrust on the ~~basis~~Singapore ~~for~~Dollar ~~the~~deposit ~~valuation~~balances.

The ~~Trustee~~secondary deposit account is used to account for any interest that may be received and paid on creations and redemptions of Baskets. The secondary deposit account is also ~~determines~~used to account for interest earned on the ~~NAV~~primary ~~per~~deposit ~~Share~~account, ~~which~~if ~~equals~~any, pay Trust expenses and distribute any excess interest to Shareholders on a monthly basis. In the ~~NAV~~event ofthat the ~~Trust~~interest ~~divided~~deposited byexceeds the ~~number~~sum of ~~outstanding~~the ~~Shares.~~Sponsor’s ~~The~~fee ~~NAV~~for of the prior month plus other Trust ~~and~~expenses, if any, then the ~~NAV per~~Trustee ~~Share~~will ~~are~~direct ~~published~~that bythe excess be converted into USD at the ~~Sponsor~~prevailing onmarket ~~each~~rate ~~day~~and ~~that~~the ~~NYSE~~Trustee ~~Arca~~will isdistribute ~~open~~the ~~for~~USD ~~regular~~as ~~trading~~promptly ~~and~~as ~~are~~practicable ~~posted~~to Shareholders on a pro-rata basis (in accordance with the ~~Trust’s~~number ~~website,~~of ~~www.currencyshares.com.~~Shares that they own).

~~Depository~~Trust ~~and Deposit Accounts~~ Expenses

~~JPMorgan Chase~~In ~~Bank,~~certain ~~N.A.,~~exceptional ~~London~~cases ~~Branch, is~~ the ~~Depository.~~Trust ~~The~~may ~~Depository~~pay ~~maintains~~expenses ~~two~~in ~~deposit~~addition ~~accounts~~to ~~for~~ the ~~Trust,~~Sponsor’s afee. ~~primary~~These ~~deposit~~exceptions ~~account~~include ~~that~~expenses ~~may~~not ~~earn~~assumed ~~interest~~by ~~and~~the aSponsor, ~~secondary~~expenses ~~deposit~~resulting ~~account~~from ~~that~~a ~~does~~negative ~~not earn~~ interest ~~(collectively~~rate, ~~the “Deposit~~taxes ~~Accounts”).~~and ~~Interest~~governmental oncharges, ~~the~~expenses ~~primary~~and ~~deposit~~costs ~~account,~~of if any, ~~accrues~~extraordinary ~~daily~~services ~~and~~performed isby ~~paid~~the ~~monthly.~~Trustee Ifor the Sponsor ~~believes~~on ~~that~~behalf of the ~~interest~~Trust ~~rate~~or ~~paid~~action taken by the ~~Depository~~Trustee isor ~~not competitive,~~ the Sponsor’s ~~recourse is~~ to ~~remove~~protect the ~~Depository~~ byTrust ~~terminating~~or the ~~Deposit~~interests ~~Account~~of ~~Agreement~~Shareholders, ~~and~~indemnification ~~closing~~of the ~~Deposit~~Sponsor ~~Accounts.~~under ~~The Depository is not paid a fee for its services to~~ the Depositary Trust. ~~The~~Agreement, ~~Depository~~and ~~may~~legal ~~earn~~expenses ain ~~“spread”~~excess ~~or “margin” over the rate~~ of ~~interest~~$100,000 ~~it pays~~per ~~to the Trust on the Singapore Dollar deposit balances~~year.

The secondary deposit account is used to account for any interest that may be received and paid on creations and redemptions of Baskets. The secondary deposit account is also used to account for interest earned on the primary deposit account, if any, pay Trust expenses and distribute any excess interest to Shareholders on a monthly basis. In the event that the interest deposited exceeds the sum of the Sponsor’s fee for the prior month plus other Trust expenses, if any, then the Trustee will direct that the excess 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). Termination

The Trust ~~Expenses~~will terminate upon the occurrence of any of the termination events listed in the Depositary Trust Agreement and will otherwise terminate on August 7, 2048.

InThe certain exceptional cases the Trust may pay expenses in addition to the Sponsor’s fee. These exceptions include expenses not assumed by the Sponsor, expenses resulting from a negative interest rate, 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. Shares

~~Termination~~ General

~~The~~Each ~~Trust~~Share ~~will~~represents ~~terminate~~a ~~upon~~proportional interest, based on the ~~occurrence~~total number of Shares outstanding, in the Singapore Dollars owned by the Trust, plus accrued and unpaid interest, if any, less accrued but unpaid expenses (both asset-based and non-asset based) of the ~~termination~~Trust. All ~~events~~Shares ~~listed~~are inof the ~~Depositary~~same ~~Trust~~class ~~Agreement~~with equal rights and ~~will~~privileges. Each ~~otherwise~~Share ~~terminate~~is ~~on August 7~~transferable, ~~2048.~~is fully paid and non-assessable and entitles the holder to vote on the limited matters upon which Shareholders may vote under the Depositary Trust Agreement.

~~The~~Limited ~~Shares~~ Rights

~~General~~The Shares are not a traditional investment. They are dissimilar from the shares of a corporation operating a business enterprise, with management and a board of directors. Trust Shareholders do not have rights normally associated with owning shares of a business corporation, including, for example, the right to bring “oppression” or “derivative” actions. Shareholders have only those rights explicitly set forth in the Depositary Trust Agreement. The Shares do not entitle their holders to any conversion or pre-emptive rights or, except as described herein, any redemption or distribution rights.

~~Each~~Voting ~~Share represents a proportional interest, based on the total number of Shares outstanding, in the Singapore Dollars owned by the Trust, plus accrued~~ and unpaid interest, if any, less accrued but unpaid expenses (both asset-based and non-asset based) of the Trust. All Shares are of the same class with equal rights and privileges. Each Share is transferable, is fully paid and non-assessable and entitles the holder to vote on the limited matters upon which Shareholders may vote under the Depositary Trust Agreement. Approvals

Shareholders have no voting rights under the Depositary Trust Agreement, except in limited circumstances. If the holders of at least 25% of the Shares outstanding determine that the Trustee is in material breach of its obligations under the Depositary Trust Agreement, they may provide written notice to the Trustee (or require the Sponsor to do so) specifying the default and requiring the Trustee to cure such default. If the Trustee fails to cure such breach within 30 days after receipt of such notice, the Sponsor, acting on behalf of the Shareholders, may remove the Trustee. The holders of at least 66 2/3% of the Shares outstanding may vote to remove the Trustee. The Trustee must terminate the Trust at the request of the holders of at least 75% of the outstanding Shares.

~~Table~~Creation and Redemption of ~~Contents~~Shares

~~Limited~~The ~~Rights~~creation and redemption of Baskets requires the delivery to the Trust or the distribution by the Trust of the amount of Singapore Dollars represented by the Baskets being created or redeemed. This amount is based on the combined NAV per Share of the number of Shares included in the Baskets being created or redeemed, determined on the day the order to create or redeem Baskets is accepted by the Trustee.

The Shares are not a traditional investment. They are dissimilar from the shares of a corporation operating a business enterprise, with management and a board of directors. Trust Shareholders do not have rights normally associated with owning shares of a business corporation, including, for example, the right to bring “oppression” or “derivative” actions. Shareholders have only those rights explicitly set forth in the Depositary Trust Agreement. The Shares do not entitle their holders to any conversion or pre-emptive rights or, except as described herein, any redemption or distribution rights. 2

~~Voting~~Only Authorized Participants may place orders to create and ~~Approvals~~redeem Baskets. An Authorized Participant is a Depository Trust Company (“DTC”) participant that is a registered broker-dealer or other securities market participant, such as a bank or other financial institution that is not required to register as a broker-dealer to engage in securities transactions.

~~Shareholders~~Before ~~have~~initiating noa ~~voting~~creation ~~rights~~or ~~under~~redemption ~~the~~order, ~~Depositary~~an ~~Trust~~Authorized Participant must have entered into a Participant Agreement, ~~except~~with inthe ~~limited~~Sponsor ~~circumstances~~and the Trustee. IfThe Participant Agreement provides the ~~holders~~procedures offor atthe ~~least~~creation ~~25%~~and redemption of Baskets and for the ~~Shares outstanding~~delivery ~~determine~~of ~~that~~Singapore ~~the~~Dollars ~~Trustee~~required isfor increations ~~material~~and ~~breach~~redemptions. ofThe ~~its~~Participant ~~obligations~~Agreements ~~under~~may be amended by the ~~Depositary~~Trustee ~~Trust~~and ~~Agreement,~~the ~~they~~Sponsor. ~~may~~Authorized ~~provide~~Participants ~~written~~pay ~~notice~~a transaction fee of $500 to the Trustee ~~(or~~for ~~require~~each ~~the~~order ~~Sponsor~~that they place to docreate ~~so)~~or ~~specifying~~redeem ~~the~~one ~~default~~or ~~and~~more ~~requiring~~Baskets. ~~the~~In ~~Trustee~~ addition to ~~cure~~the ~~such~~$500 ~~default.~~transaction Iffee paid to the Trustee, ~~fails~~Authorized Participants pay a variable fee to ~~cure~~the ~~such~~Sponsor ~~breach~~for ~~within~~creation 30orders ~~days~~and ~~after~~redemption ~~receipt~~orders of ~~such~~two ~~notice,~~or more Baskets to compensate the Sponsor, ~~acting~~for oncosts ~~behalf~~associated ofwith the ~~Shareholders,~~registration ~~may~~of ~~remove~~Shares. The variable fee paid to the ~~Trustee.~~Sponsor ~~The~~by ~~holders~~an ofAuthorized atParticipant ~~least~~will 66not exceed $2~~/3%~~,000 offor ~~the~~each ~~Shares~~creation ~~outstanding~~or ~~may~~redemption ~~vote to~~order, ~~remove~~as set forth in the ~~Trustee~~Participant Agreement. ~~The~~Authorized ~~Trustee~~Participants ~~must~~who ~~terminate~~make deposits with the Trust atin ~~the~~exchange ~~request~~for ofBaskets ~~the~~receive ~~holders~~no fees, commissions or other form of atcompensation ~~least~~or ~~75%~~inducement of any kind from either the ~~outstanding~~Sponsor ~~Shares~~or the Trust. No Authorized Participant has any obligation or responsibility to the Sponsor or the Trust to effect any sale or resale of Shares.

~~Creation~~Availability ~~and~~of ~~Redemption~~SEC ofReports ~~Shares~~and Other Information

The ~~creation~~ ~~and~~Sponsor, ~~redemption~~on behalf of ~~Baskets requires~~ the ~~delivery to the~~ Trust, orfiles ~~the~~quarterly ~~distribution~~and byannual ~~the~~reports ~~Trust~~and ofother ~~the~~information ~~amount~~with ~~of Singapore Dollars represented by~~ the ~~Baskets being created or redeemed~~SEC. ~~This~~The ~~amount~~reports isand ~~based~~other oninformation ~~the~~can ~~combined~~be ~~NAV~~accessed ~~per~~through ~~Share of~~ the ~~number~~ ofTrust’s ~~Shares~~website ~~included~~at ~~in the Baskets being created or redeemed, determined on the day the order to create or redeem Baskets is accepted by the Trustee~~www. invesco.com/etfs.

~~Only~~Item ~~Authorized Participants may place orders to create and redeem Baskets~~1A. AnRisk Authorized Participant is a Depository Trust Company (“DTC”) participant that is a registered broker-dealer or other securities market participant, such as a bank or other financial institution that is not required to register as a broker-dealer to engage in securities transactions. Factors

~~Before~~You ~~initiating~~should aconsider ~~creation~~carefully ~~or redemption order, an Authorized Participant must have entered into a Participant Agreement with~~ the ~~Sponsor~~risks ~~and~~described ~~the~~below ~~Trustee. The~~before ~~Participant~~making ~~Agreement~~an ~~provides~~investment ~~the procedures for the creation and redemption of Baskets and for the delivery of Singapore Dollars required for creations and redemptions~~decision. ~~The~~You ~~Participant~~should ~~Agreements~~also ~~may~~refer ~~be amended by the Trustee and the Sponsor. Authorized Participants pay a transaction fee of $500~~ to the ~~Trustee~~other ~~for~~information ~~each~~included order that they place to create or redeem one or more Baskets. In addition to the $500 transaction fee paid to the Trustee, Authorized Participants pay a variable fee to the Sponsor for creation orders and redemption orders of two or more Baskets to compensate the Sponsor for costs associated with the registration of Shares. The variable fee paid to the Sponsor by an Authorized Participant will not exceed $2,000 for each creation or redemption order, as set forth in ~~the~~this ~~Participant Agreement. Authorized Participants who make deposits with the Trust in exchange for Baskets receive no fees~~report, ~~commissions~~including ~~or other form of compensation or inducement of any kind from either~~ the ~~Sponsor or the~~ Trust.’s Nofinancial ~~Authorized~~statements ~~Participant~~and ~~has any obligation or responsibility to~~ the ~~Sponsor~~related ~~or the Trust to effect any sale or resale of Shares~~notes.

~~Availability~~The value of ~~SEC~~the ~~Reports~~Shares relates directly to the value of the Singapore Dollars held by the Trust. Fluctuations in the price of the Singapore Dollar could materially and ~~Other~~adversely ~~Information~~affect the value of the Shares.

The ~~Sponsor,~~ onShares ~~behalf~~are ofdesigned ~~the~~to ~~Trust,~~reflect ~~files~~the ~~quarterly~~price ~~and~~of ~~annual~~the ~~reports~~Singapore ~~and~~Dollar, ~~other~~plus ~~information~~accumulated ~~with~~interest, ~~the~~if ~~SEC.~~any, ~~The~~less ~~reports~~the ~~and~~Trust’s ~~other~~expenses. ~~information~~Several ~~can~~factors bemay ~~accessed~~affect ~~through~~ the ~~Trust’s~~price ~~website~~of atthe ~~www.currencyshares.com.~~Singapore Dollar, including:

3• Sovereign debt levels and trade deficits;

~~Table~~• ofDomestic ~~Contents~~and foreign inflation rates and interest rates and investors’ expectations concerning those rates;

~~Item~~• ~~1A.~~Currency ~~Risk~~exchange ~~Factors~~rates;

~~You~~• ~~should~~Investment ~~consider~~and ~~carefully~~trading ~~the~~activities ~~risks~~of ~~described~~mutual ~~below before making an investment decision. You should also refer to the other information included in this report~~funds, ~~including~~hedge ~~the~~funds ~~Trust’s financial statements~~ and ~~the~~currency ~~related~~funds; ~~notes.~~ and

~~The~~• ~~value~~Global ofor ~~the~~regional ~~Shares~~political, ~~relates~~economic ~~directly~~or tofinancial ~~the~~events ~~value of the Singapore Dollars held by the Trust. Fluctuations in the price of the Singapore Dollar could materially~~ and ~~adversely affect the value of the Shares~~situations.

~~The~~In ~~Shares~~addition, ~~are~~the ~~designed~~Singapore toDollar ~~reflect~~may ~~the~~not ~~price~~maintain ofits ~~the~~long-term ~~Singapore~~value ~~Dollar,~~in ~~plus~~terms ~~accumulated interest,~~of ifpurchasing ~~any,~~power ~~less~~in the ~~Trust’s expenses~~future. ~~Several~~When ~~factors may affect~~ the price of the Singapore Dollar declines, ~~including:~~the Sponsor expects the price of a Share to decline as well.

•The ~~Sovereign~~Singapore ~~debt~~Dollar/USD ~~levels~~exchange rate, like foreign exchange rates in general, can be volatile and ~~trade~~difficult ~~deficits;~~to predict. This volatility could materially and adversely affect the performance of the Shares.

•Foreign ~~Domestic~~exchange rates are influenced by the factors identified in the preceding risk factor and ~~foreign~~may ~~inflation~~also ~~rates~~be influenced by: changing supply and ~~interest~~demand ~~rates~~for a particular currency; monetary policies of governments (including exchange control programs, restrictions on local exchanges or markets and ~~investors’~~limitations ~~expectations~~on ~~concerning~~foreign ~~those~~investment ~~rates~~in a country or on investment by residents of a country in other countries); changes in balances of payments and trade; trade restrictions; and currency devaluations and revaluations. Also, governments from time to time intervene in the currency markets, directly and by regulation, in order to influence prices directly. These events and actions are unpredictable. The resulting volatility in the Singapore Dollar/USD exchange rate could materially and adversely affect the performance of the Shares.

•Changes ~~Currency~~to United States tariff and trade policies may increase the volatility of foreign exchange rates;. This volatility could materially and adversely affect the performance of the Shares.

•There ~~Investment~~have been ongoing discussions and ~~trading~~commentary ~~activities~~regarding potential significant changes to United States trade policies, treaties and tariffs. The current administration, along with Congress, has created significant uncertainty about the future relationship between the United States and other countries with respect to trade policies, treaties and tariffs. These developments, or the perception that any of ~~mutual~~them ~~funds~~could occur, ~~hedge~~may ~~funds~~have a material adverse effect on global economic conditions and ~~currency~~the ~~funds;~~stability of global financial markets, and may increase the volatility of foreign exchange rates, including the USD/Singapore Dollar exchange rate. The resulting volatility could materially and adversely affect the performance of the Shares.

~~• Global or regional political, economic or financial events and situations.~~3

InIf ~~addition,~~interest earned by the ~~Singapore~~Trust ~~Dollar may~~does not ~~maintain~~exceed ~~its~~the ~~long-term~~Trust’s ~~value~~expenses, inthe ~~terms~~Trustee ofwill ~~purchasing~~withdraw ~~power~~Singapore inDollars ~~the~~from ~~future. When~~ the ~~price~~Trust ofto ~~the~~pay ~~Singapore~~these ~~Dollar~~excess ~~declines~~expenses, ~~the~~which ~~Sponsor~~will ~~expects~~reduce the ~~price~~amount of aSingapore Dollars represented by each Share toon ~~decline~~an asongoing ~~well.~~basis and may result in adverse tax consequences for Shareholders.

~~The~~Each outstanding Share represents a fractional, undivided interest in the Singapore ~~Dollar/USD~~Dollars ~~exchange~~held ~~rate~~by the Trust. It is possible that the amount of interest earned, ~~like~~if ~~foreign~~any, ~~exchange~~may ~~rates~~not inexceed ~~general~~expenses, ~~can~~in bewhich ~~volatile~~case ~~and~~the ~~difficult~~Trustee will withdraw Singapore Dollars from the Trust to ~~predict~~pay these excess expenses. As long as the amount of interest earned does not exceed expenses, the amount of Singapore Dollars represented by each Share will gradually decline over time. This ~~volatility~~is ~~could~~true ~~materially and~~even ~~adversely~~if ~~affect~~additional Shares are issued in exchange for additional deposits of Singapore Dollars into the ~~performance~~Trust, as the amount of Singapore Dollars required to create Shares will proportionately reflect the amount of Singapore Dollars represented by the Shares outstanding at the time of creation. Assuming a constant Singapore Dollar price, if expenses exceed interest earned, the trading price of the Shares will gradually decline relative to the price of the Singapore Dollar as the amount of Singapore Dollars represented by the Shares gradually declines. In this event, the Shares will only maintain their original price if the price of Singapore Dollars increases. There is no guarantee that interest earned by the Trust in the future will exceed the Trust’s expenses.

~~Foreign~~Investors ~~exchange~~should ~~rates~~be ~~are~~aware ~~influenced~~that bya ~~the~~gradual ~~factors~~decline ~~identified~~ in the ~~preceding~~amount ~~risk~~of ~~factor~~Singapore ~~and may~~Dollars ~~also~~represented ~~be influenced~~ by: ~~changing~~the ~~supply~~Shares ~~and~~may ~~demand~~occur ~~for~~regardless aof ~~particular~~whether ~~currency;~~the ~~monetary~~trading ~~policies~~price of ~~governments~~the ~~(including~~Shares ~~exchange~~rises ~~control programs, restrictions on local exchanges~~ or ~~markets~~falls ~~and limitations on foreign investment~~ in aresponse ~~country~~to ~~or on investment by residents of a country in other countries);~~ changes in ~~balances~~the price of ~~payments~~Singapore ~~and trade; trade restrictions; and currency devaluations and revaluations~~Dollars. ~~Also,~~The ~~governments~~estimated ~~from~~ordinary ~~time~~operating toexpenses ~~time~~of ~~intervene in~~ the ~~currency markets~~Trust, ~~directly and~~which byaccrue ~~regulation~~daily, ~~in order to influence prices directly. These events and actions~~ are ~~unpredictable.~~described ~~The resulting volatility~~ in ~~the~~“Business ~~Singapore~~– ~~Dollar/USD~~The ~~exchange~~Trust ~~rate~~– ~~could~~Trust ~~materially and adversely affect the performance of the Shares~~Expenses. ”

IfThe ~~interest~~payment ~~earned~~of expenses by the Trust ~~does~~will ~~not~~result ~~exceed~~in ~~the~~a ~~Trust’s~~taxable ~~expenses,~~event ~~the~~to ~~Trustee~~Shareholders. ~~will~~To ~~withdraw~~the ~~Singapore~~extent ~~Dollars~~Trust ~~from~~expenses ~~the~~exceed ~~Trust~~interest paid to ~~pay~~the ~~these excess expenses~~Trust, ~~which~~a ~~will~~gain ~~reduce~~or ~~the~~loss ~~amount~~may ofbe ~~Singapore~~recognized ~~Dollars represented~~ by ~~each~~Shareholders ~~Share~~depending on anthe ~~ongoing~~tax basis ~~and~~of ~~may~~the ~~result~~tendered inSingapore ~~adverse tax consequences for Shareholders~~Dollars.

~~Each~~The ~~outstanding Share represents a fractional, undivided~~ interest inrate ~~the~~paid ~~Singapore Dollars held~~ by the ~~Trust. Recently~~Depository, ~~the~~if ~~amount of interest earned by the Trust has not exceeded the Trust’s expenses; accordingly~~any, ~~the~~may ~~Trustee has been required to withdraw Singapore Dollars from the Trust to pay these excess expenses. As long as the amount of interest earned does~~ not ~~exceed~~be ~~expenses,~~ the ~~amount~~best ~~of Singapore~~rate ~~Dollars represented by each Share will gradually decline over time~~available. ~~This~~If ~~is true even if additional Shares are issued in exchange for additional deposits of Singapore Dollars into~~ the ~~Trust,~~Sponsor asdetermines ~~the~~that ~~amount of Singapore Dollars required to create Shares will proportionately reflect~~ the ~~amount of Singapore Dollars represented by the Shares outstanding at the time of creation. Assuming a constant Singapore Dollar price, if expenses exceed~~ interest ~~earned,~~rate ~~the~~is ~~trading price of the Shares will gradually decline relative to the price of the Singapore Dollar as the amount of Singapore Dollars represented by the Shares gradually declines. In this event~~inadequate, ~~the~~then ~~Shares~~its ~~will~~sole ~~only~~recourse ~~maintain their original price if the price of Singapore Dollars increases. There~~ is noto ~~guarantee~~remove ~~that interest earned by~~ the ~~Trust~~Depository inand ~~the~~terminate ~~future will exceed~~ the ~~Trust’s~~Deposit ~~expenses~~Accounts.

~~Investors~~The ~~should~~Depository beis ~~aware~~committed ~~that~~to endeavor to pay a ~~gradual~~ ~~decline~~competitive ininterest rate on the ~~amount~~balance of Singapore Dollars ~~represented~~in bythe primary deposit account of the ~~Shares~~Trust, ~~may~~but ~~occur~~there ~~regardless~~is no guarantee of ~~whether~~the amount of interest that will be paid, if any, on this account. Interest on the ~~trading~~primary ~~price~~deposit ofaccount, if any, accrues daily and is paid monthly. The Depository may change the ~~Shares~~rate ~~rises~~at orwhich ~~falls~~interest inaccrues, ~~response~~including reducing the interest rate to zero or below zero, based upon the Depository’s belief that the Singapore Domestic Interbank Overnight Average Rate (“SIBSCORA”) does not accurately reflect the market, changes in SIBSCORA, other market conditions or the ~~price~~Depository’s liquidity needs. The Depository notifies the Sponsor of the ~~Singapore~~interest ~~Dollar~~rate applied each business day after the close of such business day. The ~~estimated~~Sponsor ~~ordinary~~discloses ~~operating expenses~~the ofcurrent interest rate on the Trust’s website. If the Sponsor believes that the interest rate paid by the Depository is not adequate, ~~which~~the ~~accrue~~Sponsor’s ~~daily~~sole recourse is to remove the Depository and terminate the Deposit Accounts. The Depository is not paid a fee for its services to the Trust; rather, ~~are~~it ~~described~~generates inincome or loss based on its ability to earn a “~~Business~~spread” –or ~~The~~“margin” over the interest it pays to the Trust –by using the Trust’s ~~Expenses~~Singapore Dollars to make loans or in other banking operations.” For these reasons, you should not expect that the Trust will be paid the best available interest rate at any time or over time.

4If the Trust incurs expenses in USD, the Trust would be required to sell Singapore Dollars to pay these expenses. The sale of the Trust’s Singapore Dollars to pay expenses in USD at a time of low Singapore Dollar prices could adversely affect the value of the Shares.

~~Table~~The Trustee will sell Singapore Dollars held by the Trust to pay Trust expenses, if any, incurred in USD, irrespective of ~~Contents~~then-current Singapore Dollar prices. The Trust is not actively managed and no attempt will be made to buy or sell Singapore Dollars to protect against or to take advantage of fluctuations in the price of the Singapore Dollar. Consequently, if the Trust incurs expenses in USD, the Trust’s Singapore Dollars may be sold at a time when the Singapore Dollar price is low, resulting in a negative effect on the value of the Shares.

~~The~~Purchasing ~~payment~~activity ofin ~~expenses by~~ the ~~Trust~~Singapore ~~will~~Dollar ~~result~~market inassociated awith ~~taxable~~the ~~event~~purchase toof ~~Shareholders.~~Baskets Tofrom the ~~extent~~ Trust ~~expenses exceed~~may ~~interest~~cause ~~paid~~a totemporary ~~the~~increase ~~Trust,~~in athe ~~gain~~price orof ~~loss~~the ~~may~~Singapore beDollar. ~~recognized~~This byincrease ~~Shareholders~~may ~~depending~~adversely onaffect ~~the~~an ~~tax~~investment ~~basis~~in of the ~~tendered Singapore Dollars~~Shares.

~~The interest~~Purchasing ~~rate~~activity ~~paid~~associated bywith acquiring the ~~Depository,~~Singapore ifDollars ~~any~~required for deposit into the Trust in connection with the creation of Baskets may temporarily increase the market price of Singapore Dollars, which will result in higher prices for the Shares. Temporary increases in the market price of the Singapore Dollar may ~~not~~also beoccur as a result of the ~~best~~purchasing ~~rate~~activity ~~available~~of other market participants. IfOther market participants may attempt to benefit from an increase in the ~~Sponsor~~market ~~determines~~price of Singapore Dollars that may result from increased purchasing activity of Singapore Dollars connected with the ~~interest~~issuance ~~rate~~of isBaskets. ~~inadequate~~Consequently, the market price of Singapore Dollars may decline immediately after Baskets are created. If the price of Singapore Dollars declines, then it is anticipated that the trading price of the Shares will also decline. In addition, if the Trust experiences a significant increase in its ~~sole~~expenses ~~recourse~~due to an unexpected event, then it is toanticipated ~~remove~~that the ~~Depository~~unexpected ~~and~~expenses ~~terminate~~would reduce the ~~Deposit~~NAV ~~Accounts.~~of the Trust, which would cause the trading price of the Shares to decline even if the price of Singapore Dollars did not decline.

The Depository is committed to endeavor to pay a competitive interest rate on the balance of Singapore Dollars in the primary deposit account of the Trust, but there is no guarantee of the amount of interest that will be paid, if any, on this account. Interest on the primary deposit account, if any, accrues daily and is paid monthly. The Depository may change the rate at which interest accrues, including reducing the interest rate to zero or below zero, based upon changes in the Singapore Dollar Modal Broker Rate, other market conditions or the Depository’s liquidity needs. The Depository notifies the Sponsor of the interest rate applied each business day after the close of such business day. The Sponsor discloses the current interest rate on the Trust’s website. If the Sponsor believes that the interest rate paid by the Depository is not adequate, the Sponsor’s sole recourse is to remove the Depository and terminate the Deposit Accounts. The Depository is not paid a fee for its services to the Trust; rather, it generates income or loss based on its ability to earn a “spread” or “margin” over the interest it pays to the Trust by using the Trust’s Singapore Dollars to make loans or in other banking operations. For these reasons, you should not expect that the Trust will be paid the best available interest rate at any time or over time. 4

~~If the Trust incurs expenses in USD, the Trust would be required to sell Singapore Dollars to pay these expenses.~~ The ~~sale~~Deposit ofAccounts ~~the Trust’s~~are ~~Singapore~~not ~~Dollars~~entitled to ~~pay~~payment ~~expenses in USD~~ at aany ~~time~~office of ~~low~~JPMorgan ~~Singapore~~Chase ~~Dollar~~Bank, ~~prices~~N.A. ~~could~~located ~~adversely~~in ~~affect~~ the ~~value~~United ~~of the Shares~~States.

The ~~Trustee~~ ~~will~~federal ~~sell~~laws ~~Singapore~~of ~~Dollars~~the ~~held~~United byStates prohibit banks located in the ~~Trust~~United toStates ~~pay~~from ~~Trust~~paying ~~expenses,~~interest ifon ~~any,~~unrestricted ~~incurred~~demand indeposit ~~USD~~accounts. Therefore, ~~irrespective~~payments out of ~~then-current~~the ~~Singapore~~Deposit ~~Dollar~~Accounts ~~prices.~~will ~~The~~be ~~Trust~~payable isonly ~~not~~at ~~actively~~the ~~managed~~London ~~and~~branch noof ~~attempt~~JPMorgan ~~will~~Chase beBank, ~~made~~N.A., tolocated ~~buy~~in orEngland. ~~sell~~The ~~Singapore Dollars~~Trustee towill ~~protect~~not ~~against~~be orentitled to ~~take~~demand ~~advantage~~payment of ~~fluctuations~~these inaccounts ~~the~~at ~~price~~any office of ~~the~~JPMorgan ~~Singapore~~Chase ~~Dollar~~Bank, N.A. ~~Consequently,~~that ifis ~~the~~located ~~Trust~~in ~~incurs~~the ~~expenses~~United inStates. JPMorgan ~~USD~~Chase Bank, ~~the~~N.A. ~~Trust’s~~will ~~Singapore~~not ~~Dollars~~be ~~may~~required beto ~~sold~~repay atthe adeposit ~~time~~if ~~when~~its London branch cannot repay the ~~Singapore~~deposit ~~Dollar~~due ~~price~~to isan ~~low~~act of war, ~~resulting~~ ininsurrection or civil strife or an action by a ~~negative~~foreign ~~effect~~government onor ~~the~~instrumentality ~~value~~(whether ofde ~~the~~jure ~~Shares.~~or de facto) in England.

~~Purchasing~~Shareholders ~~activity~~do innot have the ~~Singapore~~protections ~~Dollar market~~ associated with ~~the~~ownership ~~purchase~~ of ~~Baskets from~~a ~~the~~demand ~~Trust~~deposit ~~may~~account ~~cause~~insured ~~a temporary increase~~ in the ~~price~~United ofStates by the ~~Singapore~~Federal ~~Dollar.~~Deposit ~~This~~Insurance ~~increase~~Corporation ~~may~~or ~~adversely~~the ~~affect~~protection anprovided ~~investment~~for inbank ~~the~~deposits ~~Shares.~~under English law.

~~Purchasing~~Neither ~~activity associated with acquiring~~ the ~~Singapore~~Shares ~~Dollars~~nor ~~required for deposit into~~ the ~~Trust~~Deposit inAccounts ~~connection~~and ~~with~~ the ~~creation of Baskets may temporarily increase the market price of~~ Singapore Dollars, ~~which~~deposited ~~will result~~ in ~~higher~~them prices for the Shares. Temporary increases in the market price of the Singapore Dollar may also occur as a result of the purchasing activity of other market participants. Other market participants may attempt to benefit from an increase in the market price of Singapore Dollars that may result from increased purchasing activity of Singapore Dollars connected with the issuance of Baskets. Consequently, the market price of Singapore Dollars may decline immediately after Baskets are ~~created.~~deposits Ifinsured ~~the~~against ~~price~~loss ofby ~~Singapore Dollars declines, then it is anticipated that~~ the ~~trading price of the Shares will also decline. In addition~~FDIC, ifany ~~the~~other ~~Trust~~federal ~~experiences a~~agency ~~significant increase in its expenses due to an unexpected event, then it is anticipated that the unexpected expenses would reduce the NAV~~ of the ~~Trust,~~United ~~which~~States ~~would~~or ~~cause~~ the ~~trading~~Financial ~~price~~Services ofCompensation ~~the~~Scheme ~~Shares to decline even if the price~~ of ~~Singapore Dollars did not decline~~England.

~~The~~If ~~Deposit~~the ~~Accounts~~Depository ~~are~~becomes insolvent, its assets may not ~~entitled~~be adequate to ~~payment~~satisfy ata claim by the Trust or any ~~office~~Authorized Participant. In addition, in the event of ~~JPMorgan~~the ~~Chase~~insolvency ~~Bank,~~of Nthe Depository or the U.AS. ~~located~~bank of which it is a branch, there may be a delay and costs incurred in recovering the ~~United~~Singapore ~~States~~Dollars held in the Deposit Accounts.

~~The~~Singapore ~~federal~~Dollars ~~laws~~deposited ofin the ~~United~~Deposit ~~States~~Accounts ~~prohibit~~by ~~banks~~an ~~located~~Authorized inParticipant are commingled with Singapore Dollars deposited by other Authorized Participants and are held by the ~~United~~Depository ~~States~~in ~~from~~either ~~paying~~the ~~interest~~primary ondeposit ~~unrestricted~~account ~~demand~~or the secondary deposit ~~accounts~~account of the Trust. ~~Therefore,~~ Singapore ~~payments~~Dollars ~~out~~held ofin the Deposit Accounts ~~will~~are benot ~~payable~~segregated ~~only~~from at the ~~London~~Depository’s ~~branch~~other ofassets. ~~JPMorgan~~The ~~Chase~~Trust ~~Bank,~~has ~~N.A.,~~no ~~located~~proprietary rights in ~~England.~~or ~~The~~to ~~Trustee~~any ~~will~~specific ~~not~~Singapore Dollars held by the Depository and will be ~~entitled~~an unsecured creditor of the Depository with respect to ~~demand~~the ~~payment~~Singapore ofDollars ~~these~~held ~~accounts~~in atthe ~~any~~Deposit ~~office~~Accounts in the event of ~~JPMorgan~~the ~~Chase~~insolvency ~~Bank, N~~of the Depository or the U.AS. ~~that~~bank of which it is ~~located~~a inbranch. In the ~~United~~event ~~States.~~the ~~JPMorgan~~Depository ~~Chase~~or ~~Bank,~~the NU.AS. ~~will~~bank of which it is a branch becomes insolvent, the Depository’s assets may not be ~~required~~adequate to ~~repay~~satisfy a claim by the ~~deposit~~Trust ifor ~~its~~any ~~London~~Authorized ~~branch~~Participant ~~cannot~~for ~~repay~~the amount of Singapore Dollars deposited by the ~~deposit~~Trust ~~due~~or tothe anAuthorized ~~act~~Participant ofand, ~~war~~in such event, ~~insurrection~~the orTrust ~~civil~~and ~~strife~~any orAuthorized anParticipant ~~action~~will bygenerally ahave ~~foreign~~no ~~government~~right in or ~~instrumentality~~ ~~(whether~~to deassets ~~jure~~other orthan dethose ~~facto)~~of inthe ~~England~~Depository.

5In the case of insolvency of the Depository or JPMorgan Chase Bank, N.A., the U.S. bank of which the Depository is a branch, a liquidator may seek to freeze access to the Singapore Dollars held in all accounts by the Depository, including the Deposit Accounts. The Trust and the Authorized Participants could incur expenses and delays in connection with asserting their claims. These problems would be exacerbated by the fact that the Deposit Accounts are not held in the U.S. but instead are held at the London branch of a U.S. national bank, where they are subject to English insolvency law. Further, under U.S. law, in the case of the insolvency of JPMorgan Chase Bank, N.A., the claims of creditors in respect of accounts (such as the Trust’s Deposit Accounts) that are maintained with an overseas branch of JPMorgan Chase Bank, N.A. will be subordinate to claims of creditors in respect of accounts maintained with JPMorgan Chase Bank, N.A. in the U.S., greatly increasing the risk that the Trust and the Trust’s beneficiaries would suffer a loss.

~~Table~~Shareholders do not have the protections associated with ownership of ~~Contents~~shares in an investment company registered under the Investment Company Act of 1940.

~~Shareholders~~The doInvestment ~~not~~Company ~~have~~Act is designed to protect investors by preventing: insiders from managing investment companies to their benefit and to the ~~protections~~detriment ~~associated~~of ~~with~~public ~~ownership~~investors; the issuance of asecurities ~~demand~~having ~~deposit~~inequitable ~~account~~or ~~insured~~discriminatory inprovisions; the ~~United~~ ~~States~~management of investment companies by ~~the~~irresponsible ~~Federal~~persons; ~~Deposit~~the ~~Insurance~~use ~~Corporation~~of unsound or misleading methods of computing earnings and asset value; changes in the ~~protection~~character ~~provided~~of ~~for~~investment ~~bank~~companies ~~deposits~~without ~~under~~the ~~English~~consent ~~law~~of investors; and investment companies from engaging in excessive leveraging. To accomplish these ends, the Investment Company Act requires the safekeeping and proper valuation of fund assets, restricts greatly transactions with affiliates, limits leveraging, and imposes governance requirements as a check on fund management.

~~Neither~~The ~~the~~Trust ~~Shares~~is ~~nor~~not ~~the Deposit~~registered ~~Accounts~~as ~~and~~an investment company under the ~~Singapore~~Investment ~~Dollars~~Company ~~deposited~~Act inand ~~them~~is ~~are~~not ~~deposits~~required ~~insured~~to ~~against~~register ~~loss~~under bythat ~~the~~act. ~~FDIC~~Consequently, ~~any~~Shareholders ~~other~~do ~~federal~~not ~~agency~~have of the ~~United~~regulatory ~~States~~protections orafforded ~~the~~to ~~Financial~~investors ~~Services~~in ~~Compensation~~registered ~~Scheme~~investment ~~of England~~companies.

If the Depository becomes insolvent, its assets may not be adequate to satisfy a claim by the Trust or any Authorized Participant. In addition, in the event of the insolvency of the Depository or the U.S. bank of which it is a branch, there may be a delay and costs incurred in recovering the Singapore Dollars held in the Deposit Accounts. 5

~~Singapore~~Shareholders ~~Dollars~~do ~~deposited~~not inhave the ~~Deposit~~rights ~~Accounts~~enjoyed by aninvestors ~~Authorized Participant are commingled with Singapore Dollars deposited by other Authorized Participants and are held by the Depository~~ in ~~either~~certain ~~the primary deposit account or the secondary deposit account of the Trust. Singapore Dollars held in the Deposit Accounts are not segregated from the Depository’s~~ other ~~assets.~~financial instruments.

~~The~~As ~~Trust~~interests ~~has no proprietary rights~~ in ora tograntor ~~any~~trust, ~~specific~~the ~~Singapore~~Shares ~~Dollars~~have ~~held~~none byof the ~~Depository~~statutory ~~and~~rights ~~will~~normally beassociated ~~an unsecured creditor of the Depository~~ with ~~respect~~ to the ~~Singapore~~ownership ~~Dollars~~of ~~held~~shares inof ~~the~~a ~~Deposit~~business ~~Accounts~~corporation, inincluding, ~~the~~for ~~event~~example, of the ~~insolvency~~right ofto ~~the~~bring ~~Depository~~“oppression” or ~~the~~“derivative” Uactions.S. Apart ~~bank~~from ofthe ~~which~~rights itafforded isto athem ~~branch.~~by Infederal ~~the~~and ~~event~~state ~~the~~securities ~~Depository~~laws, orShareholders ~~the~~have ~~U.S.~~only ~~bank~~those ofrights ~~which~~relative itto isthe ~~a branch becomes insolvent~~Trust, the ~~Depository’s~~ ~~assets~~Trust ~~may~~property ~~not~~and bethe ~~adequate~~Shares tothat ~~satisfy~~are aset ~~claim~~forth byin the Depositary Trust orAgreement. In ~~any~~this ~~Authorized~~connection, ~~Participant for~~ the ~~amount~~Shareholders ofhave ~~Singapore~~limited ~~Dollars~~voting ~~deposited~~and bydistribution ~~the~~rights. They ~~Trust~~do ornot have the ~~Authorized~~right ~~Participant~~to ~~and~~elect indirectors. See ~~such~~“Business ~~event,~~– ~~the~~The ~~Trust~~Shares ~~and~~– ~~any~~Limited ~~Authorized Participant~~Rights” ~~will~~for ~~generally~~a ~~have~~description noof ~~right~~the inlimited orrights ~~to assets other than those~~ of the ~~Depository~~Shareholders.

InThe ~~the~~Shares ~~case~~may oftrade ~~insolvency~~at ofa ~~the~~price ~~Depository or JPMorgan Chase Bank, N.A., the U.S. bank of~~ which ~~the Depository~~ is a branch, a liquidator may seek to freeze access to the Singapore Dollars held in all accounts by the Depository, including the Deposit Accounts. The Trust and the Authorized Participants could incur expenses and delays in connection with asserting their claims. These problems would be exacerbated by the fact that the Deposit Accounts are not held in the U.S. but instead are held at ~~the London branch of a U.S. national bank~~, ~~where they are subject to English insolvency law. Further~~above, ~~under~~or ~~U.S.~~below ~~law, in~~ the ~~case~~NAV ofper ~~the insolvency of JPMorgan Chase Bank, N~~Share.A., the claims of creditors in respect of accounts (such as the Trust’s Deposit Accounts) that are maintained with an overseas branch of JPMorgan Chase Bank, N.A. will be subordinate to claims of creditors in respect of accounts maintained with JPMorgan Chase Bank, N.A. in the U.S., greatly increasing the risk that the Trust and the Trust’s beneficiaries would suffer a loss.

~~Shareholders~~The doNAV ~~not~~per ~~have~~Share fluctuates with changes in the ~~protections~~market ~~associated~~value ~~with~~of ~~ownership~~the Trust’s assets. The market price of ~~shares~~Shares incan anbe ~~investment~~expected ~~company~~to ~~registered~~fluctuate ~~under~~in accordance with changes in the ~~Investment Company~~NAV ~~Act~~per Share, but also in response to market supply and demand. As a result, the Shares might trade at prices at, above or below the NAV per Share.

The ~~Investment~~Depository ~~Company~~owes ~~Act~~no isfiduciary ~~designed~~duties to ~~protect investors by preventing: insiders from managing investment companies to their benefit and to~~ the ~~detriment~~Trust ~~of public investors; the issuance of securities having inequitable~~ or ~~discriminatory provisions;~~ the ~~management~~Shareholders, ofis ~~investment~~not ~~companies~~required byto ~~irresponsible~~act ~~persons;~~in ~~the~~their ~~use~~best ofinterest ~~unsound or misleading methods of computing earnings~~ and ~~asset~~ ~~value;~~could ~~changes~~resign inor ~~the~~be ~~character~~removed ofby ~~investment companies without~~ the ~~consent of investors; and investment companies from engaging in excessive leveraging. To accomplish these ends~~Sponsor, ~~the~~which ~~Investment~~would ~~Company~~trigger ~~Act~~early ~~requires~~termination ~~the safekeeping and proper valuation~~ of ~~fund~~the ~~assets, restricts greatly transactions with affiliates, limits leveraging, and imposes governance requirements as a check on fund management~~Trust.

The ~~Trust~~Depository is not ~~registered~~a astrustee anfor ~~investment~~the ~~company~~Trust ~~under~~or the ~~Investment~~Shareholders. ~~Company~~As ~~Act~~stated ~~and~~above, the Depository is not ~~required~~obligated to ~~register~~maximize ~~under~~the ~~that~~interest ~~act~~rate paid to the Trust. ~~Consequently~~In addition, ~~Shareholders~~ dothe ~~not~~Depository ~~have~~has no duty to continue to act as the ~~regulatory~~depository ~~protections~~of ~~afforded~~the Trust. The Depository can terminate its role as depository for any reason whatsoever upon 90 days’ notice to ~~investors~~the inTrust. ~~registered~~If ~~investment~~directed ~~companies~~by the Sponsor, the Trustee must terminate the Depository. Such a termination might result, for example, if the Sponsor determines that the interest rate paid by the Depository is inadequate. In the event that the Depository was to resign or be removed, the Trust will be terminated.

6Shareholders may incur significant fees upon the termination of the Trust.

~~Table~~The occurrence of ~~Contents~~any one of several events would either require the Trust to terminate or permit the Sponsor to terminate the Trust. For example, if the Depository were to resign or be removed, then the Sponsor would be required to terminate the Trust. Shareholders tendering their Shares within 90 days of the Trust’s termination will receive the amount of Singapore Dollars represented by their Shares. Shareholders may incur significant fees if they choose to convert the Singapore Dollars they receive to USD.

~~Shareholders~~Redemption doorders ~~not~~are ~~have~~subject ~~the~~to ~~rights~~rejection ~~enjoyed~~ by ~~investors~~the inTrustee under certain ~~other financial instruments~~circumstances.

AsThe ~~interests~~Trustee inwill reject a ~~grantor~~redemption ~~trust,~~order if the ~~Shares~~order ~~have~~is ~~none~~not ofin ~~the~~proper ~~statutory~~form ~~rights~~as ~~normally~~described ~~associated~~in ~~with~~ the ~~ownership~~Participant ofAgreement ~~shares~~or ofif athe ~~business~~fulfillment ~~corporation, including,~~of ~~for~~the ~~example~~order, in the ~~right~~opinion toof ~~bring~~its ~~“oppression”~~counsel, ormight ~~“derivative”~~be ~~actions~~unlawful. ~~Apart~~Any ~~from~~such ~~the~~rejection ~~rights~~could ~~afforded~~adversely toaffect ~~them~~a byredeeming ~~federal~~Shareholder. ~~and~~For ~~state~~example, ~~securities~~the ~~laws,~~resulting ~~Shareholders~~delay ~~have~~would ~~only~~adversely ~~those~~affect ~~rights~~the ~~relative~~value toof the ~~Trust,~~Shareholder’s ~~the~~redemption ~~Trust property~~distribution ~~and~~if the ~~Shares~~NAV ~~that~~were ~~are~~to ~~set~~decline ~~forth~~during inthe delay. In the Depositary Trust Agreement~~. In this connection~~, the ~~Shareholders~~Sponsor ~~have limited voting~~ and ~~distribution rights. They do not have~~ the ~~right~~Trustee todisclaim ~~elect~~any ~~directors.~~liability ~~See~~for ~~“Business~~any –loss ~~The~~or ~~Shares –~~damage ~~Limited~~that ~~Rights”~~may ~~for~~result afrom ~~description~~any ofsuch ~~the limited rights of the Shareholders~~rejection.

~~The~~Substantial ~~Shares~~sales ~~may~~of ~~trade~~Singapore atDollars aby ~~price~~the ~~which~~official issector ~~at,~~could ~~above,~~adversely oraffect ~~below the~~an ~~NAV~~investment ~~per~~in ~~Share.~~the Shares.

The ~~NAV~~official ~~per~~sector ~~Share~~consists ~~fluctuates~~of ~~with~~central ~~changes~~banks, inother ~~the~~governmental ~~market~~agencies ~~value~~and multi-lateral institutions that buy, sell and hold Singapore Dollars as part of ~~the~~their ~~Trust’s~~reserve assets. The ~~market~~official ~~price~~sector holds a significant amount of ~~Shares~~Singapore Dollars that can be ~~expected~~ tomobilized ~~fluctuate~~ in ~~accordance~~the ~~with~~open ~~changes~~market. inIn the ~~NAV~~event ~~per~~that ~~Share~~future economic, ~~but~~political ~~also~~or insocial ~~response~~conditions or pressures require members of the official sector to ~~market~~sell ~~supply~~their ~~and~~Singapore ~~demand.~~Dollars Assimultaneously aor ~~result~~in an uncoordinated manner, the ~~Shares~~demand for Singapore Dollars might ~~trade~~not atbe ~~prices~~sufficient ~~at,~~to ~~above~~accommodate orthe ~~below~~sudden increase in the ~~NAV~~supply ~~per~~of ~~Share~~Singapore Dollars to the market. Consequently, the price of the Singapore Dollar could decline, which would adversely affect an investment in the Shares.

~~The~~Shareholders ~~Depository~~that ~~owes~~are nonot ~~fiduciary~~Authorized ~~duties~~Participants tomay ~~the~~only ~~Trust~~purchase or ~~the~~sell ~~Shareholders,~~their isShares ~~not required to act~~ in ~~their~~secondary ~~best~~trading ~~interest and could resign or be removed by the Sponsor, which would trigger early termination of the Trust~~markets.

~~The~~Only ~~Depository~~Authorized isParticipants ~~not~~may acreate ~~trustee for the Trust~~ or ~~the~~redeem ~~Shareholders.~~Baskets Asthrough ~~stated above,~~ the ~~Depository is not obligated to maximize the interest rate paid to the~~ Trust. All Inother ~~addition,~~investors ~~the~~that ~~Depository~~desire ~~has no duty~~ to ~~continue~~purchase toor ~~act~~sell asShares ~~the depository of the Trust. The Depository can terminate its role as depository for any reason whatsoever upon 90 days’ notice to the Trust. If directed by the Sponsor, the Trustee~~ must ~~terminate~~do ~~the~~so ~~Depository.~~through ~~Such~~NYSE aArca ~~termination~~or ~~might~~in ~~result,~~other ~~for example~~markets, if ~~the~~any, ~~Sponsor~~in ~~determines~~which ~~that~~ the ~~interest~~Shares ~~rate~~are ~~paid by the Depository is inadequate~~traded. ~~In the event that the Depository was to resign or be removed, the Trust will be terminated.~~

~~Shareholders~~The ~~may~~liability ~~incur~~of ~~significant~~the ~~fees~~Sponsor ~~upon~~and the ~~termination of~~Trustee under the Depositary Trust. Agreement is limited and, except as set forth in the Depositary Trust Agreement, they are not obligated to prosecute any action, suit or other proceeding in respect of any Trust property.

The ~~occurrence~~Depositary ofTrust Agreement provides that neither the Sponsor nor the Trustee assumes any ~~one~~obligation ofor ~~several~~is ~~events~~subject ~~would~~to ~~either~~any ~~require~~liability under the Trust Agreement to ~~terminate~~any orShareholder, ~~permit~~except ~~the~~that ~~Sponsor~~they each agree to ~~terminate~~perform ~~the~~their ~~Trust. For~~respective ~~example,~~obligations ifspecifically set forth in the ~~Depository~~Depositary ~~was~~Trust toAgreement ~~resign~~without negligence or bebad ~~removed~~faith. Additionally, ~~then~~neither the Sponsor ~~would~~nor bethe ~~required~~Trustee tois ~~terminate~~obligated ~~the~~to, ~~Trust.~~although ~~Shareholders~~each ~~tendering~~may ~~their~~in ~~Baskets~~its ~~within~~respective 90discretion, ~~days~~prosecute ofany ~~the~~action, ~~Trust’s~~suit ~~termination~~or ~~will~~other ~~receive~~proceeding ~~the~~in ~~amount~~respect of ~~Singapore~~any ~~Dollars represented~~Trust byproperty. The ~~their~~Depositary ~~Baskets.~~Trust ~~Shareholders~~Agreement ~~may~~does ~~incur~~not ~~significant~~confer ~~fees~~upon ifShareholders ~~they~~the ~~choose~~right to ~~convert~~prosecute ~~the~~any ~~Singapore~~such ~~Dollars~~action, ~~they~~suit ~~receive~~or toother ~~USD~~proceeding.

~~Redemption orders are subject to rejection by the Trustee under certain circumstances.~~ 6

The ~~Trustee~~Depositary ~~will~~Trust ~~reject a redemption order if the order is not in proper form as described in the Participant~~ Agreement ormay ~~if the fulfillment of the order, in the opinion of its counsel, might~~ be ~~unlawful.~~amended ~~Any~~to ~~such rejection could adversely affect a redeeming Shareholder. For example,~~ the ~~resulting~~detriment ~~delay would adversely affect the value~~ of ~~the~~Shareholders ~~Shareholder’s~~without ~~redemption~~their ~~distribution if the NAV were to decline during the delay~~consent. ~~In the Depositary Trust Agreement, the Sponsor and the Trustee disclaim any liability for any loss or damage that may result from any such rejection.~~

~~Substantial~~The ~~sales~~Sponsor and the Trustee may amend most provisions (other than those addressing core economic rights) of ~~Singapore~~the ~~Dollars~~Depositary byTrust Agreement without the ~~official~~consent ~~sector~~of any Shareholder. Such an amendment could ~~adversely~~impose ~~affect~~or anincrease ~~investment~~fees inor charges borne by the ~~Shares~~Shareholders. Any amendment that increases fees or charges (other than taxes and other governmental charges, registration fees or other expenses), or that otherwise prejudices any substantial existing rights of Shareholders, will not become effective until 30 days after written notice is given to Shareholders.

The ~~official~~License ~~sector~~Agreement ~~consists~~with ofThe ~~central~~Bank ~~banks,~~of ~~other~~New ~~governmental~~York ~~agencies~~Mellon ~~and~~may ~~multi-lateral~~be ~~institutions~~terminated ~~that~~by ~~buy, sell and hold Singapore Dollars as part of their reserve assets.~~ The ~~official~~Bank ~~sector holds a significant amount~~ of ~~Singapore~~New ~~Dollars~~York ~~that~~Mellon ~~can be mobilized~~ in the ~~open market. In the~~ event ~~that~~of ~~future~~a ~~economic,~~material ~~political~~breach. orTermination ~~social conditions or pressures require members~~ of the ~~official~~License ~~sector to~~Agreement ~~sell their Singapore Dollars simultaneously or in an uncoordinated manner, the demand for Singapore Dollars~~ might ~~not~~lead ~~be sufficient~~ to ~~accommodate~~early ~~the~~termination ~~sudden~~and ~~increase~~liquidation ~~in the supply~~ of ~~Singapore Dollars to~~ the ~~market~~Trust. ~~Consequently, the price of the Singapore Dollar could decline, which would adversely affect an investment in the Shares.~~

7The Bank of New York Mellon and the Sponsor have entered into a License Agreement granting the Sponsor a non-exclusive, personal and non-transferable license to certain patent applications made by The Bank of New York Mellon covering systems and methods for securitizing a commodity for the life of such patents and patent applications. The license grant is solely for the purpose of allowing the Sponsor to establish, operate and market a currency-based securities product based solely on the securitization, in whole or in part, of a single non-U.S. currency. The License Agreement provides that either party may provide notice of intent to terminate the License Agreement in the event the other party commits a material breach. If the License Agreement is terminated and one or more of The Bank of New York Mellon’s patent applications issue as patents, then The Bank of New York Mellon may claim that the operation of the Trust violates its patent or patents and seek an injunction forcing the Trust to cease operation and the Shares to cease trading. In that case, the Trust might be forced to terminate and liquidate, which would adversely affect Shareholders.

~~Table~~Current ofDiscussions ~~Contents~~between the SEC and PricewaterhouseCoopers LLP regarding PricewaterhouseCoopers LLP's Independence Could Have Potentially Adverse Consequences for the Trust.

~~Shareholders~~PricewaterhouseCoopers LLP informed the Trust that ~~are~~it ~~not~~has ~~Authorized~~identified ~~Participants~~an ~~may~~issue ~~only~~related ~~purchase~~to orits ~~sell~~independence under Rule 2-01(c)(1)(ii)(A) of Regulation S-X (referred to as the Loan Rule). The Loan Rule prohibits accounting firms, such as PricewaterhouseCoopers LLP, from being deemed independent if they have certain financial relationships with their ~~Shares~~audit inclients ~~secondary~~or ~~trading markets~~certain affiliates of those clients. The Trust is required under various securities laws to have its financial statements audited by an independent accounting firm.

~~Only~~The ~~Authorized~~Loan ~~Participants~~Rule ~~may~~specifically ~~create~~provides that an accounting firm would not be independent if it or ~~redeem~~certain ~~Baskets~~affiliates ~~through~~and ~~the~~covered ~~Trust.~~persons ~~All~~receives ~~other~~a ~~investors~~loan from a lender that ~~desire~~is toa ~~purchase~~record or ~~sell~~beneficial ~~Shares~~owner ~~must do~~of somore ~~through~~than ~~NYSE~~ten ~~Arca~~percent orof inan audit client’s equity securities (referred to as a “more than ten percent owner”). For purposes of the Loan Rule, audit clients include the Trust as well as all registered investment companies advised by the Sponsor and its affiliates, including other ~~markets~~subsidiaries of the Sponsor’s parent company, ifInvesco ~~any~~Ltd. (collectively, inthe ~~which~~“Invesco Fund Complex”). PricewaterhouseCoopers LLP informed the ~~Shares~~Trust ~~are~~it ~~traded~~and certain affiliates and covered persons have relationships with lenders who hold, as record owner, more than ten percent of the shares of certain funds within the Invesco Fund Complex, which may implicate the Loan Rule.

~~The~~On ~~liability~~June of20, 2016, the ~~Sponsor~~SEC ~~and~~Staff issued a “no-action” letter to another mutual fund complex (see Fidelity Management & Research Company et al., No-Action Letter) related to the ~~Trustee~~audit ~~under~~independence issue described above. In that letter, the ~~Depositary Trust~~SEC ~~Agreement~~confirmed isthat ~~limited~~it ~~and~~would not recommend enforcement action against a fund that relied on audit services performed by an audit firm that was not in compliance with the Loan Rule in certain specified circumstances. On May 2, ~~except~~2018, the SEC proposed amendments to the Loan Rule that, if adopted as ~~set~~proposed, ~~forth~~would inaddress many of the ~~Depositary~~issues that led to issuance of the no-action letter. In connection with prior independence determinations, PricewaterhouseCoopers LLP communicated, as contemplated by the no-action letter, that it believes that it remains objective and impartial and that a reasonable investor possessing all the facts would conclude that PricewaterhouseCoopers LLP is able to exhibit the requisite objectivity and impartiality to report on the Trust’s ~~Agreement~~financial statements as the independent registered public accounting firm. PricewaterhouseCoopers LLP also represented that it has complied with PCAOB Rule 3526(b)(1) and (2), ~~they~~which are ~~not~~conditions ~~obligated~~ to ~~prosecute~~the ~~any~~Trust relying on the no-action letter, ~~suit~~and oraffirmed ~~other~~that ~~proceeding~~it inis ~~respect~~an independent accountant within the meaning of ~~any~~PCAOB Rule 3520. Therefore, the Sponsor, the Trust ~~property~~and PricewaterhouseCoopers LLP concluded that PricewaterhouseCoopers LLP could continue as the Trust’s independent registered public accounting firm. The Invesco Fund Complex relied upon the no-action letter in reaching this conclusion.

The Depositary Trust Agreement provides that neither the Sponsor nor the Trustee assumes any obligation or is subject to any liability under the Trust Agreement to any Shareholder, except that they each agree to perform their respective obligations specifically set forth in the Depositary Trust Agreement without negligence or bad faith. Additionally, neither the Sponsor nor the Trustee is obligated to, although each may in its respective discretion, prosecute any action, suit or other proceeding in respect of any Trust property. The Depositary Trust Agreement does not confer upon Shareholders the right to prosecute any such action, suit or other proceeding. 7

~~The~~If ~~Depositary~~in the future the independence of PricewaterhouseCoopers LLP is called into question under the Loan Rule by circumstances that are not addressed in the SEC’s no-action letter, the Trust ~~Agreement~~will ~~may~~need beto ~~amended~~take other action in order for the Trust’s filings with the SEC containing financial statements to be deemed compliant with applicable securities laws. Such additional actions could result in additional costs, impair the ~~detriment~~ability of ~~Shareholders~~the ~~without~~Trust ~~their~~to ~~consent~~issue new shares or have other material adverse effects on the Trust. The SEC no-action relief was initially set to expire 18 months from issuance but has been extended by the SEC without an expiration date, except that the no-action letter will be withdrawn upon the effectiveness of any amendments to the Loan Rule designed to address the concerns expressed in the letter.

~~The~~PwC ~~Sponsor~~advised ~~and~~ the ~~Trustee~~Registrant’s ~~may~~Audit ~~amend~~Committee ~~most~~that ~~provisions~~PwC ~~(other~~had ~~than~~identified ~~those~~two ~~addressing~~matters ~~core~~for ~~economic~~consideration ~~rights)~~under of the ~~Depositary~~SEC’s ~~Trust~~auditor ~~Agreement~~independence ~~without the consent of any Shareholder~~rules. PwC ~~Such~~stated anthat ~~amendment~~a ~~could~~PwC ~~impose~~manager orand ~~increase~~a ~~fees~~PwC orSenior ~~charges~~Manager ~~borne~~each byheld ~~the~~financial ~~Shareholders.~~interests ~~Any~~in ~~amendment~~investment ~~that~~companies ~~increases~~within ~~fees~~the orInvesco ~~charges~~Fund ~~(other~~complex ~~than~~that ~~taxes~~were ~~and~~inconsistent ~~other~~with ~~governmental~~the ~~charges,~~requirements ~~registration~~of ~~fees or other expenses~~Rule 2-01(c)~~, or that otherwise prejudices any substantial existing rights~~ (1) of ~~Shareholders,~~Regulation ~~will not become effective until 30 days after written notice is given to Shareholders~~S-X.

~~The~~PwC ~~License~~advised ~~Agreement~~the ~~with~~Audit ~~The~~Committee ~~Bank~~that ofit ~~New~~believes ~~York~~its ~~Mellon~~objectivity ~~may~~and beimpartiality ~~terminated~~had not been adversely affected by ~~The~~these ~~Bank~~matters as they related to the audit of ~~New~~the ~~York~~Registrant. In ~~Mellon~~reaching this conclusion, PwC noted, among other things, that during the time of its audit, the engagement team was not aware of the investments, neither individual was in the ~~event~~chain of acommand ~~material~~of ~~breach.~~the ~~Termination~~audit or the audit partners of Invesco or the ~~License~~affiliate ~~Agreement~~of ~~might~~the ~~lead~~Registrant, the services each individual provided were not relied upon by the audit engagement team with respect to ~~early~~the ~~termination~~audit ~~and~~of ~~liquidation~~the affiliate of the ~~Trust.~~Registrant and the investments were not material to the net worth of either individual or their immediate family members.

~~The~~Item Bank of New York Mellon and an affiliate of the Sponsor have entered into a License Agreement granting the Sponsor’s affiliate a license to certain patent applications made by The Bank of New York Mellon covering systems and methods for securitizing a commodity1B. ~~The~~Unresolved ~~Sponsor’s~~Staff affiliate has sublicensed the license to the Sponsor. The license is limited to a non-exclusive grant for the life of The Bank of New York Mellon’s patents and patent applications. The License Agreement provides that each of the parties may provide notice of intent to terminate the License Agreement in the event the other party commits a material breach. If the License Agreement is terminated and one or more of The Bank of New York Mellon’s patent applications issue as patents, then The Bank of New York Mellon may claim that the operation of the Trust violates its patent or patents and seek an injunction forcing the Trust to cease operation and the Shares to cease trading. In that case, the Trust might be forced to terminate and liquidate, which would adversely affect Shareholders. Comments

~~Item 1B~~None. ~~Unresolved Staff Comments~~

~~None~~Item 2. Properties

~~Item~~The 2principal offices of the Sponsor and the Trust are the offices of Invesco Specialized Products, LLC at 3500 Lacey Road, Suite 700, Downers Grove, Illinois 60515, which is leased by an affiliate of the Sponsor. Neither ~~Properties~~the Sponsor nor the Trust owns or leases any other property.

~~The~~Item ~~principal offices of the Sponsor and the Trust are at 805 King Farm Boulevard, Suite 600, Rockville, Maryland 20850, which is leased by an affiliate of the Sponsor~~3. ~~Neither~~Legal ~~the Sponsor nor the Trust owns or leases any other property.~~ Proceedings

~~Item 3~~None. ~~Legal Proceedings~~

~~None~~Item 4. Mine Safety Disclosures

~~Item~~Not 4applicable. ~~Mine Safety Disclosures~~

~~Not applicable.~~ 8

8PART II

~~Table~~Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of ~~Contents~~Equity Securities

~~PART~~The IIShares have been trading on the NYSE Arca since February 13, 2013 under the symbol "FXSG."

~~Item~~The 5.number ~~Market~~of ~~for~~record ~~Registrant’s~~holders ~~Common~~of ~~Equity,~~Shares ~~Related~~of ~~Stockholder~~the ~~Matters~~registrant ~~and~~as ~~Issuer~~of ~~Purchases~~November of30, ~~Equity~~2018 ~~Securities~~was approximately 23.

~~Following~~The ~~are~~Trust ~~the~~did ~~high~~not ~~and~~redeem ~~low~~Baskets ~~sale~~from ~~prices~~Authorized ofParticipants in the ~~Shares~~fourth asquarter ~~reported by NYSE Arca for each~~ of the ~~quarters during the~~ fiscal ~~years~~year ~~ended~~covered ~~October 31,~~by ~~2016 and~~this ~~October 31, 2015:~~ report.

Fiscal Year Ended October 31, 2016:	High		Low
Quarter Ended
January 31, 2016	$	71.10	$	67.73
April 30, 2016	$	74.00	$	68.94
July 31, 2016	$	73.56	$	71.61
October 31, 2016	$	73.60	$	70.02
Fiscal Year Ended October 31, 2015:	High		Low
Quarter Ended
January 31, 2015	$	77.24	$	73.01
April 30, 2015	$	75.26	$	70.55
July 31, 2015	$	76.02	$	71.96
October 31, 2015	$	71.96	$	69.00

Item 6. Selected Financial Data

~~The~~Following ~~number~~are offinancial ~~record~~highlights ~~holders~~for ofthe ~~Shares~~fiscal ofyears ~~the~~ended ~~registrant~~October as31, of2018, ~~November 30~~October 31, 2017, October 31, 2016, ~~was~~October ~~approximately~~31, 282015 and October 31, 2014.

The Trust did not redeem Baskets from Authorized Participants in the fourth quarter of the fiscal year covered by this report.

	Fiscal Year ended October 31, 2018			Fiscal Year ended October 31, 2017			Fiscal Year ended October 31, 2016			Fiscal Year ended October 31, 2015			Fiscal Year ended October 31, 2014
Income
Interest income	$	20,489		$	5,899		$	1,229		$	1,772		$	1
Total Income		20,489			5,899			1,229			1,772			1
Expenses
Sponsor’s fee		(14,619	)		(14,140	)		(14,334	)		(22,173	)		(31,635	)
Total Expenses		(14,619	)		(14,140	)		(14,334	)		(22,173	)		(31,635	)
Net Comprehensive Income/(Loss):	$	5,870		$	(8,241	)	$	(13,105	)	$	(20,401	)	$	(31,634	)
Basic and Diluted Earnings per Share	$	0.12		$	(0.16	)	$	(0.26	)	$	(0.27	)	$	(0.32	)
Weighted-average Shares Outstanding		50,000			50,000			50,000			75,342			100,000
Cash Dividends per Share	$	0.13		$	—		$	—		$	—		$	—
Net Increase/(Decrease) in Cash	$	(59,851	)	$	66,737		$	9,169		$	(4,194,693	)	$	(313,429	)

The Trust did not distribute any cash dividends per Share during the fiscal years ended October 31, 2016 and October 31, 2015.

As of October 31, 2018

As of October 31, 2017

As of October 31, 2016

As of October 31, 2015

As of October 31, 2014

Redeemable Capital Shares at

Redemption value

3,551,144

3,609,970

3,541,792

3,532,920

7,725,891

Total Assets

3,552,350

3,611,196

3,542,992

3,534,120

7,728,516

InItem ~~the~~7. ~~future, to the extent that the interest earned by the Trust exceeds the sum of the Sponsor~~Management’s ~~fee~~Discussion ~~for~~and ~~the~~Analysis ~~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~~Financial ~~subsequent~~Condition ~~month. The Trustee will direct that the excess Singapore Dollars be converted into USD at the prevailing market rate~~ and ~~the~~Results ~~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).~~ Operations

9Cautionary Statement Regarding Forward-Looking Information

~~Table~~This report contains forward-looking statements within the meaning of ~~Contents~~the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as “anticipate,” “expect,” “intend,” “plan,” “believe,” “seek,” “outlook” and “estimate” and other similar words. Forward-looking statements are based upon our current expectations and beliefs concerning future developments and their potential effects on us. Such forward-looking statements are not guarantees of future performance. Various factors may cause our actual results to differ materially from those expressed in our forward-looking statements. These factors include fluctuations in the price of the Singapore Dollar, as the value of the Shares relates directly to the value of the Singapore Dollars held by the Trust and price fluctuations could materially adversely affect an investment in the Shares. Readers are urged to review the “Risk Factors” section in this report for a description of other risks and uncertainties that may affect an investment in the Shares.

~~Item~~Neither 6Invesco Specialized Products, LLC (the “Sponsor”) nor any other person assumes responsibility for the accuracy or completeness of forward-looking statements contained in this report. ~~Selected~~The ~~Financial~~forward-looking ~~Data~~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.

~~Following are financial highlights for fiscal year ended October 31, 2016, October 31, 2015, October 31, 2014 and the period from February 13, 2013 (date of inception) to October 31, 2013.~~ 9

	Fiscal Year endedOctober 31, 2016			Fiscal Year endedOctober 31, 2015			Fiscal Year endedOctober 31, 2014			February 13, 2013[Date of Inception]to October 31, 2013
Income
Interest income	$	1,229		$	1,772		$	1		$	—
Total Income		1,229			1,772			1			—
Expenses
Sponsor’s fee		(14,334	)		(22,173	)		(31,635	)		(24,987	)
Total Expenses		(14,334	)		(22,173	)		(31,635	)		(24,987	)
Net Loss	$	(13,105	)	$	(20,401	)	$	(31,634	)	$	(24,987	)
Basic and Diluted Earnings per Share	$	(0.26	)	$	(0.27	)	$	(0.32	)	$	(0.32	)
Weighted-average Shares Outstanding		50,000			75,342			100,000			78,630
Cash Dividends per Share	$	—		$	—		$	—		$	—
Other Comprehensive(Loss)/Income:
Currency translation adjustment		(32	)		74			207			(99	)
Total Comprehensive Loss	$	(13,137	)	$	(20,327	)	$	(31,427	)	$	(25,086	)

Movements in the Price of the Singapore Dollar

AsThe investment objective of ~~October 31,~~the ~~2016,~~Trust ~~total~~is ~~assets~~for ~~were~~the ~~$3,542,992,~~Shares ~~and~~to ~~for~~reflect the ~~fiscal~~price ~~year~~in ~~ended~~USD ~~October 31~~of the Singapore Dollar plus accrued interest, ~~2016~~if any, ~~net~~less ~~cash~~the ~~flows were~~expenses $9of the Trust’s operations. The Shares are intended to provide institutional and retail investors with a simple,~~169~~ cost-effective means of gaining investment benefits similar to those of holding Singapore Dollars. Each outstanding Share represents a proportional interest in the Singapore Dollars held by the Trust. The following chart provides recent trends on the price of the Singapore Dollar. The chart illustrates movements in the price of the Singapore Dollar in USD and is based on the Closing Spot Rate:

~~Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations~~10

~~Cautionary~~NAV ~~Statement~~per ~~Regarding~~Share; ~~Forward-Looking~~Valuation ~~Information~~of the Singapore Dollar

~~This~~The ~~report~~following ~~contains~~chart ~~forward-looking~~illustrates ~~statements within~~ the ~~meaning~~movement ofin the ~~Private~~price ~~Securities Litigation Reform Act~~ of ~~1995.~~the ~~Forward-looking~~Shares ~~statements~~based ~~can~~on ~~be identified~~(1) byNAV ~~words~~per ~~such as “anticipate~~Share,” ~~“expect,”~~(2) ~~“intend,”~~the “~~plan,~~bid” ~~“believe,” “seek,” “outlook”~~ and “~~estimate~~ask” ~~and~~midpoint ~~other~~offered ~~similar~~on ~~words.~~NYSE ~~Forward-looking~~Arca ~~statements are based upon our current expectations~~ and ~~beliefs~~(3) concerning future developments and their potential effects on us. Such forward-looking statements are not guarantees of future performance. Various factors may cause our actual results to differ materially from those expressed in our forward-looking statements. These factors include fluctuations in the ~~price~~Closing ofSpot ~~the Singapore Dollar~~Rate, expressed as ~~the~~a ~~value~~multiple of ~~the~~100 ~~Shares relates directly to the value of the~~ Singapore Dollars held by the Trust and price fluctuations could materially adversely affect an investment in the Shares. Readers are urged to review the “Risk Factors” section in this report for a description of other risks and uncertainties that may affect an investment in the Shares. :

Neither Guggenheim Specialized Products, LLC d/b/a Guggenheim Investments (the “Sponsor”) nor any other person assumes responsibility for the accuracy or completeness of forward-looking statements contained in this report. The forward-looking statements are made as of the date of this report, and will not be revised or updated to reflect actual results or changes in the Sponsor’s expectations or predictions. 11

10 Liquidity

~~Table~~The Sponsor is not aware of ~~Contents~~any trends, demands, conditions or events that are reasonably likely to result in material changes to the Trust’s liquidity needs. The Trust’s Depository, JPMorgan Chase Bank, N.A., London Branch, maintains two deposit accounts for the Trust, a primary deposit account that may earn interest and a secondary deposit account that does not earn interest. Interest on the primary deposit account, if any, accrues daily and is paid monthly. The interest rate in effect as of October 31, 2018 was an annual nominal rate of 1.05%. The following chart provides the daily rate paid by the Depository since October 31, 2013:

~~Movements~~In inexchange for a fee, the ~~Price~~Sponsor bears most of the expenses incurred by the Trust. As a result, the only ordinary expense of the Trust during the periods covered by this report was the Sponsor’s fee. Each month the Depository deposits into the secondary deposit account accrued but unpaid interest, if any, and the Trustee withdraws Singapore ~~Dollar~~Dollars from the secondary deposit account to pay the accrued Sponsor’s fee for the previous month plus other Trust expenses, if any. When the interest deposited, if any, exceeds the sum of the Sponsor’s fee for the prior month plus other Trust expenses, if any, the Trustee converts the excess into USD at the prevailing market rate and distributes the USD as promptly as practicable to Shareholders on a pro-rata basis (in accordance with the number of Shares that they own). Distributions paid during the current reporting period follow (annualized yield reflects the estimated annual yield an investor would receive if a monthly distribution stayed the same for the entire year going forward, and is calculated by annualizing the monthly distribution and dividing by the Trust NAV for the dates listed below):

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 Singapore Dollars. Each outstanding Share represents a proportional interest in the Singapore Dollars held by the Trust. The following chart provides recent trends on the price of the Singapore Dollar. The chart illustrates recent movements in the price of Singapore Dollars in USD and is based on the Closing Spot Rate:

FXSG Distribution History
Date	Value		NAV		Yield	Annualized Yield
10/1/2018	$	0.01428	$	71.97	0.02%	0.24%
9/4/2018	$	0.03623	$	71.80	0.05%	0.59%
8/1/2018	$	0.02681	$	72.25	0.04%	0.44%

11Critical Accounting Estimates

~~Table~~The preparation of ~~Contents~~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.

~~NAV~~In ~~per~~addition ~~Share;~~to ~~Valuation~~the ofdescription below, please refer to Note 3 to the ~~Singapore~~financial ~~Dollar~~statements for further discussion of our accounting policies.

The following chart illustrates the movement in the price of the Shares based on (1) NAV per Share, (2) the “bid” and “ask” midpoint offered on NYSE Arca and (3) the Closing Spot Rate expressed as a multiple of 100 Singapore Dollars: 12

12The functional currency of the Trust is the Singapore Dollar in accordance with ASC 830, Foreign Currency Translation.

~~Table~~Results of ~~Contents~~Operations

~~Liquidity~~As of October 31, 2016, the number of Singapore Dollars owned by the Trust was 4,931,491, resulting in a redeemable capital share value of $3,541,792. During the year ended October 31, 2017, no shares were created or redeemed, and 13,596 Singapore Dollars were withdrawn to pay the portion of the Sponsor’s fee that exceeded the interest earned. As of October 31, 2017, the number of Singapore Dollars owned by the Trust was 4,917,895, resulting in a redeemable capital share value of $3,609,970. During the year ended October 31, 2018, no shares were created or redeemed, and 2,024 Singapore Dollars were withdrawn to pay the portion of the Sponsor’s fee that exceeded the interest earned. As of October 31, 2018, the number of Singapore Dollars owned by the Trust was 4,915,871, resulting in a redeemable capital share value of $3,551,144.

~~The~~A ~~Sponsor~~decrease ~~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.~~redeemable ~~The~~capital ~~Trust’s~~share ~~Depository~~value from $3,609,970 ~~JPMorgan~~at ~~Chase~~October ~~Bank~~31, ~~N.A.,~~2017 ~~London~~to ~~Branch~~$3,551,144 ~~maintains~~at ~~two~~October ~~deposit~~31, ~~accounts~~2018, ~~for~~was primarily the ~~Trust,~~result of a ~~primary~~decrease ~~deposit~~in ~~account~~the ~~that~~Closing ~~may~~Spot ~~earn~~Rate ~~interest~~from ~~and~~0.73400 aat ~~secondary~~October ~~deposit~~31, ~~account~~2017 ~~that~~to ~~does~~0.72213 ~~not~~at ~~earn~~October ~~interest~~31, 2018. An ~~Interest~~increase onin the ~~primary~~ ~~deposit~~Trust’s ~~account,~~redeemable ifcapital ~~any,~~share ~~accrues~~value ~~daily~~from ~~and~~$3,541,792 isat ~~paid~~October ~~monthly.~~31, ~~The~~2016 ~~interest~~to ~~rate~~$3,609,970 inat ~~effect as of~~ October 31, ~~2016~~2017, was anprimarily ~~annual~~the ~~nominal~~result ~~rate~~ of ~~0.00%.~~an ~~The~~increase ~~following~~in ~~chart~~the ~~provides~~Closing ~~the~~Spot ~~daily~~Rate ~~rate~~from ~~paid~~0.71844 byat ~~the~~October ~~Depository~~31, ~~since~~2016 ~~the~~to ~~Shares began~~0.73400 ~~trading:~~at October 31, 2017.

InInterest ~~exchange~~income ~~for~~increased afrom ~~fee~~$5,899 for the ~~Sponsor~~year ~~bears~~ended ~~most~~October of31, ~~the~~2017 ~~expenses~~to ~~incurred~~$20,489 byfor the ~~Trust.~~year Asended aOctober ~~result~~31, ~~the~~2018 ~~only~~attributable ~~ordinary~~primarily ~~expense of~~to ~~the~~an ~~Trust~~increase ~~during~~in the ~~period~~annual ~~covered~~nominal byinterest ~~this~~rate ~~report~~paid ~~was~~by the ~~Sponsor’s fee. Each month the~~ Depository ~~deposits into the secondary deposit account accrued but unpaid interest~~, ifas ~~any,~~set ~~and~~forth in the ~~Trustee~~chart ~~withdraws~~above. Interest ~~Singapore~~income ~~Dollars~~increased from ~~the secondary~~$1,229 ~~deposit account to pay the accrued Sponsor’s fee~~ for the ~~previous~~year ~~month~~ended ~~plus~~October ~~other Trust expenses~~31, if2016 ~~any.~~to ~~When the interest deposited~~$5,899 ~~if any, exceeds the sum of the Sponsor’s fee~~ for the ~~prior~~year ~~month~~ended ~~plus~~October ~~other Trust expenses~~31, if ~~any,~~2017 ~~the~~attributable ~~Trustee~~primarily ~~converts~~to ~~the~~an ~~excess~~increase ~~into~~in ~~USD at~~ the ~~prevailing~~annual ~~market~~nominal interest rate ~~and~~paid ~~distributes~~by the ~~USD~~Depository, as ~~promptly~~set asforth ~~practicable to Shareholders on a pro-rata basis (~~in ~~accordance with~~ the ~~number~~chart ~~of Shares that they own)~~above. ~~The Trust did not make any distributions during the quarter ended October 31, 2016.~~

~~Critical~~The ~~Accounting~~Sponsor’s ~~Estimates~~fee accrues daily at an annual nominal rate of 0.40% of Singapore Dollars in the Trust. Due primarily to an increase in the Closing Spot Rate as set forth in the Closing Spot Rate chart, the Sponsor’s fee increased from $14,140 for the year ended October 31, 2017 to $14,619 for the year ended October 31, 2018. The only expense of the Trust during the year ended October 31, 2018 was the Sponsor’s fee. Due primarily to a decrease in the Closing Spot Rate as set forth in the Closing Spot Rate chart, the Sponsor’s fee decreased from $14,334 for the year ended October 31, 2016 to $14,140 for the year ended October 31, 2017. The only expense of the Trust during the year ended October 31, 2017 was the Sponsor’s fee.

The ~~preparation~~Trust’s ofnet ~~financial~~comprehensive ~~statements~~income infor ~~conformity~~the ~~with~~year ~~accounting~~ended ~~principles~~October ~~generally~~31, ~~accepted~~2018 inwas ~~the~~$5,870, ~~United~~due ~~States~~to interest income of ~~America~~$20,489 ~~requires~~exceeding the Sponsor’s ~~management~~ tofee ~~make~~of ~~estimates~~$14,619. The ~~and~~Trust’s ~~assumptions~~net ~~that~~comprehensive ~~affect~~loss for the ~~reported~~year ~~amounts~~ended ofOctober ~~the~~31, ~~assets~~2017 ~~and~~was ~~liabilities~~$8,241, ~~and~~due ~~disclosures~~to ofthe ~~contingent~~Sponsor’s ~~liabilities~~fee atof $14,140 exceeding the ~~date~~interest income of ~~the~~$5,899. The ~~financial~~Trust’s ~~statements~~net ~~and~~comprehensive loss for the ~~reported~~year ~~amounts~~ended ofOctober ~~revenue~~31, ~~and~~2016 ~~expenses~~was ~~during~~$13,105, due to the ~~period~~ ~~covered~~Sponsor’s byfee ~~this~~of ~~report.~~$14,334 exceeding the interest income of $1,229.

InCash ~~addition~~dividends toper Share increased from $0.00 per Share for the ~~description~~year ~~below,~~ended ~~please~~October ~~refer~~31, 2017 to ~~Note~~$0.13 2per toShare for the ~~financial~~year ~~statements~~ended ~~for~~October ~~further~~31, ~~discussion~~2018. The increase in cash dividends per Share was primarily the result of ~~our accounting~~an ~~policies~~increase in the annual nominal interest rate paid by the Depository. Cash dividends were not paid by the Trust in the years ended October 31, 2017 and October 31, 2016 as the Trust’s interest income did not exceed the Trust’s expenses during those periods.

~~The~~Item ~~functional~~7A. ~~currency~~Quantitative ofand ~~the~~Qualitative ~~Trust~~Disclosures isabout ~~the~~Market ~~Singapore Dollar in accordance with ASC 830, Foreign Currency Translation.~~ Risk

13Except as described above with respect to the Singapore Dollar/USD exchange rate and 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 instruments.

~~Table~~Item of8. ~~Contents~~Financial Statements and Supplementary Data

~~Results~~See Index to Financial Statements on page F-1 for a list of ~~Operations~~the financial statements filed with this report.

AsItem ~~of October 31, 2014, the number of Singapore Dollars owned by the Trust was~~ 9~~,935,007,~~. ~~resulting~~Changes in ~~a redeemable capital share value of $7,725,891. During the year ended October 31, 2015, no shares were created~~ and ~~50,000~~Disagreements ~~shares~~with ~~were~~Accountants ~~redeemed~~on inAccounting exchange for 4,956,265 Singapore Dollars. In addition, 29,622 Singapore Dollars were withdrawn to pay the portion of sponsor fee that exceeded the interest earned. As of October 31, 2015, the number of Singapore Dollars owned by the Trust was 4,949,120, resulting in a redeemable capital share value of $3,532,920. During the year ended October 31, 2016, no shares were created or redeemed, and ~~17,629~~Financial Singapore Dollars were withdrawn to pay the portion of sponsor fee that exceeded the interest earned. As of October 31, 2016, the number of Singapore Dollars owned by the Trust was 4,931,491, resulting in a redeemable capital share value of $3,541,792. Disclosures

An increase in the Trust’s redeemable capital Share value from $3,532,920 at October 31, 2015 to $3,541,792 at October 31, 2016, was primarily the result of an increase in the Closing Spot Rate from 0None.71403 at October 31, 2015 to 0.71844 at October 31, 2016. A decrease in the Trust’s redeemable capital share value from $7,725,891 at October 31, 2014 to $3,532,920 at October 31, 2015, was primarily the result of a decrease in the number of shares outstanding from 100,000 at October 31, 2014 to 50,000 at October 31, 2015 coupled with a decrease in the Closing Spot Rate from 0.77791 at October 31, 2014 to 0.71403 at October 31, 2015.

~~Interest~~Item income decreased from $1,772 for the year ended October 31, 2015 to $1,229 for the year ended October 31, 2016, attributable primarily to a decrease in the weighted-average Singapore Dollars in the Trust9A. ~~Interest~~Controls ~~income~~and increased from $1 for the year ended October 31, 2014 to $1,772 for the year ended October 31, 2015 attributable primarily to an increase in the annual nominal interest rate paid by the Depository, as set forth in the chart above. Procedures

~~The~~Evaluation ~~Sponsor’s fee accrues daily at an annual nominal rate~~ of ~~0.40%~~Disclosure ofControls ~~Singapore~~and Dollars in the Trust. Due primarily to a decrease in the weighted-average Singapore Dollars in the Trust, the Sponsor’s fee decreased from $22,173 for the year ended October 31, 2015 to $14,334 for the year ended October 31, 2016. The only expense of the Trust during the year ended October 31, 2016 was the Sponsor’s fee. Due primarily to a decrease in the weighted-average Singapore Dollar in the Trust, the Sponsor’s fee decreased from $31,635 for the year ended October 31, 2014 to $22,173 for the year ended October 31, 2015. The only expense of the Trust during the year ended October 31, 2015 was the Sponsor’s fee. Procedures

~~The~~Under ~~Trust’s~~the ~~net~~supervision ~~loss~~and ~~during~~with ~~October 31, 2016 was $13,105, due to~~ the ~~Sponsor’s~~participation ~~fee~~ of ~~$14,334 exceeding~~ the ~~interest~~management ~~income~~ of ~~$1,229. The Trust’s net loss for~~ the ~~year ended October 31~~Sponsor, ~~2015~~including ~~was~~Daniel ~~$20~~Draper,~~401~~ ~~due~~its toPrincipal ~~the~~Executive ~~Sponsor’s fee of $22~~Officer,~~173~~ ~~exceeding~~and ~~the~~Kelli ~~interest income of $1~~Gallegos,~~772.~~ ~~The~~its ~~Trust’s~~Principal ~~net~~Financial ~~loss~~and ~~for~~Accounting ~~the year ended October 31~~Officer, ~~2014~~Investment ~~was $31~~Pools,~~634,~~ ~~due to the Sponsor’s fee of $31,635 exceeding the interest income of $1.~~

Cash dividends were not paid by the Trust in the years ended October 31, 2016, October 31, 2015 and October 31, 2014 as the Trust’s interest income did not exceed the Trust’s expenses during those periods. 13

~~Item~~the ~~7A.~~Trust ~~Quantitative~~carried out an evaluation of the effectiveness of the design and ~~Qualitative~~operation ~~Disclosures~~of ~~about~~its ~~Market~~disclosure ~~Risk~~controls and procedures (as defined in Rule 13a-15(e) or 15d-15(e) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) as of the end of the period covered by this annual report, and, based upon that evaluation, Daniel Draper, the Principal Executive Officer of the Sponsor, and Kelli Gallegos, the Principal Financial and Accounting Officer, Investment Pools, of the Sponsor concluded that the Trust’s disclosure controls and procedures were effective to ensure that information the Trust is required to disclose in the reports that it files or submits with the SEC under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the SEC’s rules and forms, and to ensure that information required to be disclosed by the Trust in the reports that it files or submits under the Exchange Act is accumulated and communicated to management of the Sponsor, including its Principal Executive Officer and Principal Financial Officer, as appropriate to allow timely decisions regarding required disclosure.

~~Except~~Changes asin ~~described~~Internal ~~above~~Control ~~with~~Over ~~respect~~Financial to the Singapore Dollar/USD exchange rate and the nominal annual interest rate to be 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 instruments. Reporting

~~Item~~There 8.has ~~Financial~~been ~~Statements~~no change in internal control over financial reporting (as defined in the Rules 13a-15(f) and ~~Supplementary~~15d-15(f) ~~Data~~of the Exchange Act) that occurred during the Trust’s last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Trust’s internal control over financial reporting.

~~See~~Management’s ~~Index~~Annual toReport ~~Financial Statements~~ on ~~page~~Internal ~~F-1~~Control ~~for~~Over aFinancial ~~list of the financial statements filed with this report.~~ Reporting

~~Item~~Management 9of the Sponsor is responsible for establishing and maintaining adequate internal control over financial reporting, as defined under Rules 13a-15(f) and 15d-15(f) of the Exchange Act, for the Trust. ~~Changes~~Daniel inDraper, the Principal Executive Officer of the Sponsor, and ~~Disagreements~~Kelli Gallegos, the Principal Financial and Accounting Officer, Investment Pools, of the Sponsor, assessed the effectiveness of the Trust’s internal control over financial reporting as of October 31, 2018. Their report in connection with ~~Accountants~~their assessment may be found in the “Report of Management on ~~Accounting~~Internal ~~and~~Control Over Financial ~~Disclosures~~Reporting” on page F-2 of this Annual Report on Form 10-K.

~~None.~~The Trust’s independent registered public accounting firm, PricewaterhouseCoopers LLP, has audited the Trust’s internal control over financial reporting as of October 31, 2018, as stated in their report on page F-3 of this Form 10-K.

14Item 9B. Other Information

~~Table~~Not ~~of Contents~~applicable.

~~Item 9A. Controls and Procedures~~14

~~Evaluation~~PART ~~of Disclosure Controls and Procedures~~ III

~~The~~Item chief executive officer and chief financial officer of the Sponsor have evaluated the effectiveness of the Trust’s disclosure controls and procedures (as defined in Rule 13a-15(e) and Rule 15d-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) as of October 31, 201610. ~~Based on that evaluation~~Directors, ~~the~~Executive ~~chief~~Officers ~~executive officer~~ and ~~chief~~Corporate ~~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 annual report.~~ Governance

~~Management’s~~The ~~Report~~following onexecutive ~~Internal~~officers ~~Control~~of ~~over~~the ~~Financial~~Sponsor ~~Reporting~~serve in the capacities specified for them:

~~The~~Name ~~Sponsor’s~~Capacity ~~management~~Daniel isDraper ~~responsible~~Chief ~~for~~Executive ~~establishing~~Officer and ~~maintaining~~Principal ~~adequate~~Executive ~~internal~~Officer;Board ~~control~~of ~~over~~Managers ~~financial~~Kelli ~~reporting,~~Gallegos asPrincipal ~~defined~~Financial ~~under Rules 13a-15(f)~~ and ~~15d-15(f)~~Accounting ofOfficer ~~the Exchange Act. The Trust’s internal control over financial reporting is based on criteria established in Internal Control~~ – ~~Integrated~~ ~~Framework~~Investment ~~issued~~Pools byAnnette ~~the~~J. ~~Committee~~Lege ofChief ~~Sponsoring~~Financial ~~Organizations~~Officer ofMelanie ~~the~~Zimdars ~~Treadway~~Chief ~~Commission~~Compliance ~~(2013~~Officer ~~framework)~~David ~~(COSO),~~C. ~~and~~Warren isBoard ~~designed to provide reasonable assurance regarding the reliability~~ of ~~financial~~Managers ~~reporting~~John ~~and the preparation of financial statements for external purposes in accordance with accounting principles generally accepted in the United States~~M. ~~Internal~~Zerr ~~control~~Board ~~over financial reporting includes those policies and procedures that: (1) pertain to the maintenance~~ of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the Trust’s assets; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that the Trust’s receipts and expenditures are being made only in accordance with appropriate authorizations; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the Trust’s assets that could have a material effect on the financial statements. Managers

~~Because~~The ofSponsor ~~its~~is ~~inherent~~managed ~~limitations,~~by ~~internal~~a ~~control~~Board ~~over~~of ~~financial reporting may not prevent or detect misstatements~~Managers. ~~Also,~~The ~~projections~~Board of ~~any~~Managers ~~evaluation~~is ~~of effectiveness~~composed ~~to future periods are subject to the risk that controls may become ineffective because~~ of ~~changes~~Messrs. ~~in conditions~~Draper, orWarren ~~that~~and ~~the degree of compliance with policies or procedures may deteriorate~~Zerr.

~~The~~Daniel ~~chief~~Draper ~~executive~~(50) ~~officer~~currently serves as Chief Executive Officer and ~~chief~~Principal ~~financial~~Executive ~~officer~~Officer of the Sponsor, ~~have~~and ~~assessed~~also serves as a member of the ~~effectiveness~~Sponsor’s Board of Managers. He has served in such capacities since April 6, 2018. In his role, he has general oversight responsibilities for all of the ~~Trust~~Sponsor’s ~~internal~~business. ~~control~~Mr. ~~over~~Draper ~~financial reporting~~also serves as Chief Executive Officer of ~~October 31~~Invesco Capital Management (“Invesco Capital Management”), an affiliate of the Sponsor, and has served in such capacity since March 2016. ~~Their~~In ~~assessment~~such ~~included~~capacity, anMr. ~~evaluation~~Draper ofis responsible for managing the ~~design~~operations of various Invesco funds. Mr. Draper also presently serves as a member of the ~~Trust’s~~Board ~~internal~~of ~~control~~Managers ~~over~~of ~~financial~~Invesco ~~reporting~~Capital Management and ~~testing~~has ofserved in such capacity since September 2013. Previously, Mr. Draper was the ~~operation~~Global ~~effectiveness~~Head of ~~its~~Exchange ~~internal~~Traded ~~controls~~Funds ~~over~~for Credit Suisse Asset Management (“Credit Suisse”) based in London from March 2010 until June 2013, followed by a three month non-compete period pursuant to his employment terms with Credit Suisse. Credit Suisse is an asset management business of Credit Suisse Group, a financial ~~reporting~~services company. ~~Based~~ onFrom ~~their~~January ~~assessment~~2007 ~~and~~to ~~those~~March ~~criteria~~2010, he was the ~~chief~~Global ~~executive~~Head ~~officer~~of ~~and~~Exchange ~~chief~~Traded ~~financial~~Funds ~~officer~~for Lyxor Asset Management in London, an investment management business unit of Societe Generale Corporate & Investment Banking. Mr. Draper was previously registered as a Significant Influence Functions (“SIF”) person with the ~~Sponsor~~UK’s ~~believe~~Financial ~~that~~Conduct Authority. He withdrew SIF person status on June 30, 2013 when he left Credit Suisse. Mr. Draper received his MBA from the ~~Trust~~Kenan-Flagler ~~maintained~~Business ~~effective~~School ~~internal~~at ~~control~~the ~~over~~University ~~financial~~of ~~reporting~~North asCarolina at Chapel Hill and his BA from the College of ~~October 31,~~William ~~2016~~and Mary in Virginia. Mr. Draper is currently registered with FINRA and holds the Series 7, 24 and 63 registrations.

~~Changes~~Kelli Gallegos (48) currently serves as Principal Financial and Accounting Officer – Investment Pools of the Sponsor and has served in ~~Internal~~this ~~Control~~capacity ~~over~~since September 2018. Additionally, since September 2018, Ms. Gallegos has been Principal Financial and Accounting Officer – Investment Pools of Invesco Capital Management LLC, the managing owner of a suite of commodity exchange-traded funds (“ICM”), Head of North America Fund Reporting of Invesco, Ltd., a global investment management company (“Invesco”), and Vice President and Treasurer of Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust, each a registered investment company offering series of exchange-traded funds (the “Invesco ETFs”). She has also served as Vice President (since March 2016), Principal Financial Officer (since March 2016) and Assistant Treasurer (since December 2008) for a suite of mutual funds advised by Invesco Advisers, Inc., a registered investment adviser (the “Invesco Funds”). In her roles with the Sponsor, ICM, Invesco, the Invesco ETFs and the Invesco Funds, Ms. Gallegos has financial and administrative oversight responsibilities for, and serves as Principal Financial Officer of, the Invesco ETFs, the CurrencyShares Trusts sponsored by the Sponsor, of which the registrant is one (the “CurrencyShares Trusts”), and the exchange-traded commodity funds for which ICM serves as managing owner (the “Commodity Funds”). Previously, she was Director of Fund Financial Services from December 2008 to September 2018, Assistant Treasurer for ICM from January 2013 to September 2018, Assistant Treasurer of the Sponsor from April 2018 to September 2018, Assistant Treasurer for the Invesco ETFs from September 2014 to September 2018 and Assistant Vice President for the Invesco Funds from December 2008 to March 2016. In such roles, Ms. Gallegos managed the group of personnel responsible for the preparation of fund financial statements and other information necessary for shareholder reports, fund prospectuses, regulatory filings, and for the coordination and oversight of third-party service providers of the CurrencyShares Trusts, the Invesco ETFs, the Invesco Funds and the Commodity Funds. Ms. Gallegos earned a BBA in accounting from Harding University in Searcy, AR.

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. 15

~~Item~~Annette 9BLege (49) currently serves as Chief Financial Officer of the Sponsor and has served in this capacity since April 6, 2018. ~~Other~~Ms. ~~Information~~Lege also serves as Chief Accounting Officer and Head of Finance and Corporate Services (“FCS”) Business Services for Invesco and has served in such capacity since March 2017. In her roles for the Sponsor and Invesco, she is responsible for all aspects of Corporate Accounting, including group financial reporting, internal controls and group accounting policies. Ms. Lege also manages Invesco’s Finance operations and shared service centers and has held this role since September 2015. Previously, Ms. Lege was Head of FCS Transformation Office from October 2013 through September 2015, with responsibility for business transformation initiatives taking place across FCS at Invesco. Before assuming that role in October 2013, Ms. Lege held the position of North American Corporate Controller at Invesco from March 2007 to October 2013. Ms. Lege is a CPA, is licensed by FINRA as a Financial Operations Principal, and is a member of the Texas State Board of Public Accountants. Ms. Lege earned a BBA in accounting from the University of Houston.

~~Not~~Melanie ~~applicable~~H. Zimdars (42) currently serves as Chief Compliance Officer of the Sponsor and has served in this capacity since April 6, 2018. In her role, she is responsible for all aspects of regulatory compliance for the Sponsor. Ms. Zimdars has also served as Chief Compliance Officer of Invesco Capital Management, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Commodity Fund Trust since November 2017. From September 2009 to October 2017, she served as Vice President and Deputy Chief Compliance Officer at ALPS Holdings, Inc. where she was Chief Compliance Officer for six different mutual fund complexes, including active and passive ETFs and open-end and closed-end funds. Through its subsidiary companies, ALPS Holdings, Inc. is a provider of investment products and customized servicing solutions to the financial services industry. Ms. Zimdars received a BS degree from the University of Wisconsin-La Crosse.

15David Warren (61) currently serves as a member of the Board of Managers of the Sponsor and has served in this capacity since April 6, 2018. Mr. Warren also serves as Chief Administrative Officer, Americas, for Invesco. He was appointed to such position in January 2007, and also holds the roles of Director, Executive Vice President and Chief Financial Officer of Invesco Canada Ltd., a Canadian investment management subsidiary of Invesco, since January 2009. He has been a member of the Board of Managers and Chief Administrative Officer of Invesco Capital Management since January 2010, as well. In these capacities, Mr. Warren is responsible for general management support, in addition to executing on various strategic initiatives and overseeing the risk management framework for the business units operating within the Americas division of Invesco. He obtained a Bachelor’s Degree in Commerce from the University of Toronto as both a chartered accountant and a certified public accountant and is a member of the Chartered Professional Accountants of Canada.

~~Table~~John Zerr (56) currently serves as a member of ~~Contents~~the Board of Managers of the Sponsor and has served in this capacity since April 6, 2018. Mr. Zerr is also a member of the Board of Managers of Invesco Capital Management and the Chief Operating Officer of Americas for Invesco Ltd., and has served in these roles since March 2006 and February 2018, respectively. Mr. Zerr previously served as the Managing Director and General Counsel for U.S. Retail of Invesco Management Group, Inc., a registered investment adviser affiliated with the Sponsor, from March 2006 through February 2018. Mr. Zerr has also been a Senior Vice President and Secretary of IDI since March 2006 and June 2006, respectively. He also served as a Director of that entity until February 2010. Mr. Zerr has served as Senior Vice President of Invesco Advisers, Inc., a registered investment adviser affiliated with the Sponsor, since December 2009. Mr. Zerr serves as a Director, Vice President and Secretary of Invesco Investment Services, Inc., a registered transfer agency since May 2007. Mr. Zerr has served as Director, Senior Vice President, General Counsel and Secretary of a number of other Invesco wholly-owned subsidiaries which service or serviced portions of Invesco’s U.S. Retail business since May 2007 and since June 2010 with respect to certain Van Kampen entities engaged in the asset management business that were acquired by Invesco from Morgan Stanley. In each of the foregoing positions Mr. Zerr is responsible for overseeing legal operations. In such capacity, Mr. Zerr also is responsible for overseeing the legal activities of various Invesco funds. Mr. Zerr earned a BA degree in economics from Ursinus College. He graduated cum laude with a J.D. from Temple University School of Law.

~~PART~~Item ~~III~~11. Executive Compensation

~~Item~~The 10Trust has no employees, officers or directors. The ~~Directors~~Sponsor receives a Sponsor’s fee, ~~Executive~~which ~~Officers~~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 ~~Corporate~~is ~~Governance~~paid monthly.

~~John~~For ~~Sullivan~~the ~~and Keith~~year ~~Kemp~~ended ~~serve~~October as31, 2018, the ~~Chief~~Trust ~~Executive~~has ~~Officer~~incurred ~~and~~Sponsor’s ~~Chief~~Fees ~~Financial~~of ~~Officer~~$14,619 of ~~the~~which ~~Sponsor~~$13,413 ~~respectively.~~had ~~The~~been paid at October 31, 2018. Sponsor’s ~~Board~~Fees of ~~Managers~~$1,206 iswere ~~composed~~unpaid ofat ~~John~~October ~~Sullivan~~31, ~~Keith~~2018 ~~Kemp~~ and ~~Michael~~are ~~Byrum.~~reported as a liability on the Statement of Financial Condition.

John Sullivan, age 61, has been the Chief Executive Officer of the Sponsor since September 2016. Mr. Sullivan has been Senior Managing Director of the Sponsor since 2010. Mr. Sullivan has also served as Chief Financial Officer, Chief Accounting Officer and Treasurer of certain funds in the Guggenheim fund complex since 2010. Mr. Sullivan served as Managing Director and Chief Compliance Officer of each of the funds in the Van Kampen Investments, Inc. fund complex from 2004 to 2010 and as Chief Financial Officer and Treasurer of the Van Kampen Investments, Inc. fund complex from 1996 to 2004. Mr. Sullivan also served as Managing Director and Head of Fund Accounting and Administration for Morgan Stanley Investment Management from 2002 to 2004. Mr. Sullivan holds a Master of Business Administration degree in Finance from DePaul University and a Bachelor of Business Administration degree in Accounting from Western Illinois University. 16

~~Keith~~For ~~Kemp, age 56, has been~~ the ~~Chief~~year ~~Financial~~ended ~~Officer~~October of31, 2017, the ~~Sponsor since~~Trust ~~September 2016. Mr. Kemp~~ has ~~served~~incurred asSponsor’s ~~Managing~~Fees ~~Director~~ of ~~Guggenheim Partners Investment Management~~$14,140 ~~LLC from April 2015 to the present and as Director~~ of ~~Guggenheim~~which ~~Partners Investment Management~~$12,914 ~~LLC~~had ~~from~~been ~~2010~~paid toat ~~2015.~~October ~~Mr. Kemp has also served as Treasurer and Assistant Treasurer of certain funds in the Guggenheim fund complex since 2010 and 2016~~31, ~~respectively~~2017. ~~Mr. Kemp~~Sponsor’s ~~served~~Fees ~~as Managing Director~~ of ~~Transparent Value~~$1,226 ~~LLC~~were ~~from~~unpaid ~~2015~~at toOctober ~~2016 and as Director of Transparent Value~~31, ~~LLC~~2017 ~~from~~and ~~2010~~are toreported ~~2015. Mr. Kemp also served~~ as ~~Chief Operating Officer of Macquarie Capital Investment Management from 2007 to 2009. Mr. Kemp holds~~ a ~~Bachelor~~liability ofon ~~Science degree in Accounting from~~ the ~~State~~Statement ~~University~~ of ~~New~~Financial ~~York at Oswego~~Condition.

~~Michael~~For ~~Byrum, 46, has served as a Manager of~~ the ~~Sponsor~~year ~~since~~ended ~~September~~October ~~2005.~~31, ~~Since August 2006~~2016, ~~he has served as~~ the ~~Chief~~Trust ~~Investment~~has ~~Officer, of~~incurred ~~Rydex~~Sponsor’s ~~Advisors~~Fees ~~II, LLC (RAII), and Rydex Advisors, LLC (RA), affiliates~~ of ~~the Sponsor~~$14,334 ~~and each~~ of which ~~were merged into Security Investors~~$13,134 ~~LLC,~~had ~~also~~been anpaid ~~affiliate~~at ofOctober ~~the Sponsor~~31, ~~as of January 3, 2011~~2016. ~~Mr. Byrum~~Sponsor’s ~~served~~Fees ~~as the Executive Vice President~~ of ~~RAII from December 2002 to May 2004~~$1,200 ~~and~~were asunpaid ~~President~~at ofOctober ~~RA from May 2004 until January 2011. He has served as Senior Vice President of Security Investors~~31, ~~LLC,~~2016 ~~since December 1, 2010. Mr. Byrum is a Chartered Financial Analyst~~ and ~~has~~are areported ~~Bachelor~~as ~~of Science in Business Administration with~~ a ~~major~~liability inon ~~Finance~~the ~~from~~Statement ~~Miami University~~ of ~~Ohio.~~Financial Condition.

Item 1112. ~~Executive~~Security ~~Compensation~~Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

~~Not~~The ~~applicable~~Trust has no officers or directors. The following table sets forth certain information regarding beneficial ownership of our Shares as of October 31, 2018, as known by management. No person is known by us to own beneficially more than 5% of outstanding Shares.

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Title of Class

Name and Address of Beneficial Owner

Amount and Nature of

Beneficial Ownership

Percent

of Class

Directors and Officers of Invesco Specialized Products, LLC as a group

—

Less than 0.1%

~~None~~The Trust has no securities authorized for issuance under equity compensation plans.

Item 13. Certain Relationships and Related Transactions, and Director Independence

~~Not~~See ~~applicable.~~Item 11.

Item 14. Principal Accountant Fees and Services

~~The~~On ~~following~~April ~~fees~~19, ~~were~~2018, ~~paid~~the byBoard of Managers of the Sponsor, ~~and~~on ~~were~~behalf of the Trust, approved the engagement of PricewaterhouseCoopers LLP (“PwC”) as the independent registered public accounting firm for ~~services~~ ~~performed~~the byTrust, effective that same date. As previously disclosed on Form 8-K filed on April 9, 2018, on April 8, 2018, Ernst & Young LLP (“EY”) resigned as the independent registered public accounting firm for the Trust as EY was no longer independent of the Trust as of that date under the applicable independence standards. The reports of EY on the Trust's financial statements as of and for the fiscal ~~years~~year ended October 31, ~~2016~~2017 did not contain any adverse opinion or a disclaimer of opinion and were not qualified or modified as to uncertainty, audit scope or accounting principles. During the Trust's fiscal year ended October 31, ~~2015:~~2017 and the subsequent interim period through the date of EY's resignation, (i) there was no disagreement between the Trust and EY on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure, which disagreement, if not resolved to the satisfaction of EY, would have caused it to make a reference to the subject matter thereof in its report on the financial statements of the Trust for any such period, and (ii) there were no “reportable events” as described in Item 304(a)(1)(v) of Regulation S-K promulgated by the SEC.

	2016		2015
Audit Fees	$	25,988	$	25,231
Audit-related fees		2,100		0
Tax fees		0		0
All other Fees		0		0
	$	28,088	$	25,231

Audit and Non-Audit Fees

16The following table sets forth the fees for professional services rendered by PwC, the Trust’s independent registered public accounting firm for the year ended October 31, 2018.

	Fiscal Year Ended October 31, 2018
Audit Fees	$	35,000
Audit-Related Fees		—
Tax fees		—
All other Fees		—
Total	$	35,000

~~PART IV~~ 17

~~Item~~The ~~15.~~following ~~Exhibits~~table ~~and~~sets ~~Financial~~forth ~~Statement~~the ~~Schedules~~fees for professional services rendered by EY, the Trust’s former independent registered public accounting firm for the years ended October 31, 2018 and 2017.

Financial Statements

	Fiscal Years Ended October 31,
	2018		2017
Audit Fees	$	—	$	26,767
Audit-related fees⁽¹⁾		6,023		4,400
Tax fees		—		—
All other Fees		—		—
Total	$	6,023	$	31,167

~~See~~(1) ~~Index to Financial Statements on Page F~~Audit-1Related Fees for ~~a list of~~ the ~~financial~~years ~~statements~~ended ~~being~~October ~~filed as a part of this report. Schedules have been omitted since they are either not required~~31, ~~not~~2018 ~~applicable~~and or2017 ~~the~~include ~~information~~fees ~~has~~billed ~~otherwise~~for ~~been~~reviewing ~~included.~~regulatory filings.

~~Exhibits~~ Approval of Independent Registered Public Accounting Firm Services and Fees

Exhibit No.		Description
3.1		Certificate of Formation of Guggenheim Specialized Products, LLC dated September 14, 2005, incorporated herein by reference to Exhibit 3.1 to the Registration Statement on Form S-1 (File No. 333-150684) 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 Exhibit 3.2 to the Registration Statement on Form S-1 (File No. 333-150684) 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 Singapore Dollar 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		Participant Agreement dated as of October 31, 2011 among Knight Execution & Clearing Services LLC, The Bank of New York Mellon, as Trustee, and Guggenheim Specialized Products, LLC (together with Schedule pursuant to Instruction 2 to Item 601 of Regulation S-K), incorporated herein by reference to Exhibit 4.3 to the Annual Report on Form 10-K filed by the Trust on January 14, 2014.
4.4		Form of Participant Agreement among The Bank of New York Mellon, Guggenheim Specialized Products, LLC, and the Authorized Participants listed in the Schedule attached thereto pursuant to Instruction 2 to Item 601 of Regulation S-K, incorporated herein by reference to Exhibit 4.4 to the Post-Effective Amendment No. 1 to the Registration Statement on Form S-1 filed by the Trust on January 14, 2016.
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.

The Sponsor approved all of the services provided by PwC and EY to the Trust described above. The Sponsor pre-approved all audit and allowed non-audit services of the Trust’s independent registered public accounting firm, including all engagement fees and terms.

17 18

~~Table~~PART ~~of Contents~~IV

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 15. Exhibits and Financial Statement Schedules.

18(a)(1) Financial Statements

~~Table~~See offinancial ~~Contents~~statements commencing on page F-1 hereof.

~~CurrencyShares®~~(a)(2) ~~Singapore~~Financial ~~Dollar~~Statement ~~Trust~~ Schedules

~~Financial~~No ~~Statements~~financial asstatement ofschedules ~~October~~are filed herewith because (i) ~~31,~~such ~~2016~~schedules are not required or (ii) the information required has been presented in the aforementioned financial statements.

~~Index~~(a)(3) Exhibits

	Page
Independent Registered Public Accounting Firm Report		F-2
Statements of Financial Condition at October 31, 2016 and October 31, 2015		F-3
Statements of Comprehensive Income for the year ended October 31, 2016, the year ended October 31, 2015 and the year ended October 31, 2014		F-4
Statements of Changes in Shareholders’ Equity for the year ended October 31, 2016, the year ended October 31, 2015 and the year ended October 31, 2014		F-5
Statements of Cash Flows for the year ended October 31, 2016, the year ended October 31, 2015 and the year ended October 31, 2014		F-6
Notes to the Financial Statements		F-7

The following documents (unless otherwise indicated) are filed herewith and made a part of this Annual Report:

F-1

Exhibit No.		Description

3.1		Certificate of Formation of the Sponsor dated September 14, 2005, incorporated herein by reference to Exhibit 3.1 to the Registration Statement on Form S-1 (File No. 333-150684) 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		Certificate of Amendment to the Certificate of Formation of the Sponsor dated April 6, 2018, incorporated herein by reference to Exhibit 3.1 to the Current Report on Form 8-K filed by the Trust on April 9, 2018.

3.4		Third Amended and Restated Limited Liability Company Agreement of the Sponsor, incorporated herein by reference to Exhibit 3.2 to the Current Report on Form 8-K filed by the Trust on April 9, 2018.

4.1		Depositary Trust Agreement dated as of August 7, 2008 among the Sponsor, The Bank of New York Mellon, all registered owners and beneficial owners of Singapore Dollar 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 Agreements dated as of March 6, 2012 between the Sponsor 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		Global Amendment to Depositary Trust Agreements dated as of September 5, 2017 between the Sponsor and The Bank of New York Mellon, incorporated herein by reference to Exhibit 4.5 to the Quarterly Report on Form 10-Q filed by the Trust on September 11, 2017.

4.4		Global Amendment to Depositary Trust Agreements dated as of June 4, 2018 between the Sponsor and The Bank of New York Mellon, incorporated herein by reference to Exhibit 4.1 to the Current Report on Form 8-K filed by the Trust on June 4, 2018.

4.5		Form of Participant Agreement among The Bank of New York Mellon, the Sponsor, and the Authorized Participants listed in the Schedule attached thereto pursuant to Instruction 2 to Item 601 of Regulation S-K.
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		License Agreement dated as of April 6, 2018 between The Bank of New York Mellon and the Sponsor, incorporated herein by reference to Exhibit 10.1 to the Current Report on Form 8-K filed by the Trust on April 9, 2018.

23.1		Consent of PricewaterhouseCoopers LLP.

23.2		Consent of Ernst & Young LLP.

~~Table of Contents~~19

Report of Independent Registered Public Accounting Firm

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.

~~To the Board of Directors and the Shareholders of CurrencyShares® Singapore Dollar Trust:~~ 20

WeInvesco ~~have audited the accompanying statements of financial condition of~~ CurrencyShares® Singapore Dollar Trust (the “Trust”) as of October 31, 2016 and 2015, and the related statements of comprehensive income, changes in shareholders’ equity and cash flows for each of the three years ended October 31, 2016. These financial statements are the responsibility of the Trust’s management. Our responsibility is to express an opinion on these financial statements based on our audits.

WeFinancial ~~conducted~~Statements our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. We were not engaged to perform an audit of the Trust’s internal control over financial reporting. Our audits included consideration of internal control over financial reporting as ~~a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose~~ of ~~expressing~~October ~~an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly~~31, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. 2018

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of CurrencyShares® Singapore Dollar Trust at October 31, 2016 and 2015, and the results of its operations and its cash flows for each of the three years in the period ended October 31, 2016, in conformity with U.S. generally accepted accounting principles. Index

/s/ Ernst & Young LLP

		Page

Report of Management on Internal Control Over Financial Reporting		F-2

Reports of Independent Registered Public Accounting Firms		F-3

Statements of Financial Condition at October 31, 2018 and October 31, 2017		F-6

Statements of Comprehensive Income for the year ended October 31, 2018, the year ended October 31, 2017 and the year ended October 31, 2016		F-7

Statements of Changes in Shareholders’ Equity for the year ended October 31, 2018, the year ended October 31, 2017 and the year ended October 31, 2016		F-8

Statements of Cash Flows for the year ended October 31, 2018, the year ended October 31, 2017 and the year ended October 31, 2016		F-9

Notes to the Financial Statements		F-10

~~McLean, VA~~ F-1

~~January 12,~~Report ~~2017~~of Management on Internal Control Over Financial Reporting

FManagement of Invesco Specialized Products, LLC, as sponsor (the “Sponsor”) of the Invesco CurrencyShares® Singapore Dollar Trust (the “Trust”), is responsible for establishing and maintaining adequate internal control over financial reporting, as defined under Rules 13a-15(f) and 15d-15(f) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with U.S. generally accepted accounting principles. Internal control over financial reporting includes those policies and procedures that: (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the Trust; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that the Trust’s receipts and expenditures are being made only in accordance with appropriate authorizations of management; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the Trust’s assets that could have a material effect on the financial statements.

~~Table~~Because of ~~Contents~~its inherent limitations, internal control over financial reporting may not prevent or detect misstatements, errors or fraud. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

~~CurrencyShares®~~We, ~~Singapore~~Daniel ~~Dollar~~Draper, Principal Executive Officer, and Kelli Gallegos, Principal Financial and Accounting Officer, Investment Pools, of the Sponsor, assessed the effectiveness of the Trust’s internal control over financial reporting as of October 31, 2018. In making this assessment, we used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”) in Internal Control—Integrated Framework (2013). The assessment included an evaluation of the design of the Trust’s internal control over financial reporting and testing of the operational effectiveness of its internal control over financial reporting. Based on our assessment and those criteria, we have concluded that the Trust maintained effective internal control over financial reporting as of October 31, 2018.

~~Statements~~The Trust’s independent registered public accounting firm, PricewaterhouseCoopers LLP, has audited the Trust’s internal control over financial reporting as of ~~Financial~~October ~~Condition~~31, 2018, as stated in their report on page F-3 of the Trust’s Annual Report on Form 10-K.

	October 31, 2016		October 31, 2015
Assets
Current Assets:
Singapore Dollar deposits, interest bearing	$	3,542,992	$	3,533,823
Singapore Dollar deposits, non-interest bearing		—		—
Receivable from accrued interest		—		297
Total Current Assets	$	3,542,992	$	3,534,120
Liabilities, Redeemable Capital Shares and Shareholders’ Equity
Current Liabilities:
Accrued Sponsor’s fee	$	1,200	$	1,200
Total Current Liabilities		1,200		1,200
Commitments and Contingent Liabilities (note 9)		—		—
Redeemable Capital Shares, at redemption value, no par value, 15,150,000 authorized – 50,000 issued and outstanding		3,541,792		3,532,920
Shareholders’ Equity:
Retained Earnings		—		—
Cumulative Translation Adjustment		—		—
Total Liabilities, Redeemable Capital Shares and Shareholders’ Equity	$	3,542,992	$	3,534,120

By:		/S/ DANIEL DRAPER
Name:		Daniel Draper
Title:		Principal Executive Officer

By:		/S/ KELLI GALLEGOS
Name:		Kelli Gallegos
Title:		Principal Financial and Accounting Officer, Investment Pools

~~See~~January ~~Notes~~11, ~~to Financial Statements.~~ 2019

F-3 2

~~Table~~Report of ~~Contents~~Independent Registered Public Accounting Firm

To the Board of Managers and Shareholders of Invesco CurrencyShares® Singapore Dollar Trust :

Opinions on the Financial Statements ofand ~~Comprehensive~~Internal ~~Income~~Control over Financial Reporting

	Year endedOctober 31, 2016			Year endedOctober 31, 2015			Year endedOctober 31, 2014
Income
Interest Income	$	1,229		$	1,772		$	1
Total Income		1,229			1,772			1
Expenses
Sponsor’s fee		(14,334	)		(22,173	)		(31,635	)
Total Expenses		(14,334	)		(22,173	)		(31,635	)
Net Loss	$	(13,105	)	$	(20,401	)	$	(31,634	)
Basic and Diluted Earnings per Share	$	(0.26	)	$	(0.27	)	$	(0.32	)
Weighted-average Shares Outstanding		50,000			75,342			100,000
Cash Dividends per Share	$	—		$	—		$	—
Other Comprehensive (Loss)/Income:
Currency translation adjustment		(32	)		74			207
Total Comprehensive Loss	$	(13,137	)	$	(20,327	)	$	(31,427	)

We have audited the accompanying statement of financial condition of Invesco CurrencyShares Singapore Dollar Trust (the “Trust”) as of October 31, 2018, and the related statements of comprehensive income, of changes in shareholders’ equity and of cash flows for the year ended October 31, 2018, including the related notes (collectively referred to as the “financial statements”). We also have audited the Trust’s internal control over financial reporting as of October 31, 2018, based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

~~See~~In ~~Notes~~our opinion, the financial statements referred to ~~Financial~~above ~~Statements~~present fairly, in all material respects, the financial position of the Trust as of October 31, 2018, and the results of its operations and its cash flows for the year ended October 31, 2018 in conformity with accounting principles generally accepted in the United States of America. Also in our opinion, the Trust maintained, in all material respects, effective internal control over financial reporting as of October 31, 2018, based on criteria established in Internal Control - Integrated Framework (2013) issued by the COSO.

~~F-4~~Basis for Opinions

~~Table~~The Trust’s management is responsible for these financial statements, for maintaining effective internal control over financial reporting, and for its assessment of ~~Contents~~the effectiveness of internal control over financial reporting, included in the accompanying Report of Management on Internal Control Over Financial Reporting. Our responsibility is to express opinions on the Trust’s financial statements and on the Trust’s internal control over financial reporting based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

~~CurrencyShares®~~We ~~Singapore~~conducted ~~Dollar~~our ~~Trust~~audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud, and whether effective internal control over financial reporting was maintained in all material respects.

~~Statements~~Our audits of ~~Changes~~the financial statements included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in ~~Shareholders’~~the ~~Equity~~financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audits also included performing such other procedures as we considered necessary in the circumstances. We believe that our audits provide a reasonable basis for our opinions.

	Year endedOctober 31,2016			Year endedOctober 31,2015			Year endedOctober 31,2014
Retained Earnings, Beginning of Year	$	—		$	—		$	—
Net Loss		(13,105	)		(20,401	)		(31,634	)
Adjustment of redeemable capital shares to redemption value		13,105			20,401			31,634
Retained Earnings, End of Year	$	—		$	—		$	—
Cumulative Translation Adjustment, Beginning of Year	$	—		$	—		$	—
Currency translation adjustment		(32	)		74			207
Adjustment of redeemable capital shares to redemption value		32			(74	)		(207	)
Cumulative Translation Adjustment, End of Year	$	—		$	—		$	—

Definition and Limitations of Internal Control over Financial Reporting

~~See~~A ~~Notes~~trust’s internal control over financial reporting is a process designed to ~~Financial~~provide ~~Statements~~reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A trust’s internal control over financial reporting includes those policies and procedures that (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the trust; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the trust are being made only in accordance with authorizations of management and directors of the trust; and (iii) provide reasonable assurance regarding prevention or timely detection of

F-5 3

~~Table~~unauthorized acquisition, use, or disposition of ~~Contents~~the trust’s assets that could have a material effect on the financial statements.

~~CurrencyShares®~~Because ~~Singapore~~of ~~Dollar~~its ~~Trust~~inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

~~Statements~~/s/ ofPricewaterhouseCoopers ~~Cash~~LLPChicago, ~~Flows~~ Illinois

	Year endedOctober 31,2016			Year endedOctober 31,2015			Year endedOctober 31,2014
Cash flows from operating activities
Cash received for accrued income	$	1,552		$	1,481		$	1
Cash paid for expenses		(14,336	)		(23,307	)		(31,646	)
Net cash used in operating activities		(12,784	)		(21,826	)		(31,645	)
Cash flows from financing activities
Cash paid to redeem redeemable shares		—			(3,651,831	)		—
Net cash used in financing activities		—			(3,651,831	)		—
Adjustment to period cash flows due to currency movement		21,953			(521,036	)		(281,784	)
Increase/(Decrease) in cash		9,169			(4,194,693	)		(313,429	)
Cash at beginning of year		3,533,823			7,728,516			8,041,945
Cash at end of year	$	3,542,992		$	3,533,823		$	7,728,516
Reconciliation of net loss to net cash used in operating activities
Net Loss	$	(13,105	)	$	(20,401	)	$	(31,634	)
Adjustments to reconcile net loss to net cash used in operating activities:
Receivable from accrued interest		—			(297	)		—
Prior period receivable from accrued interest		297			—			—
Currency translation adjustment		24			297			96
Accrued sponsor fee		1,200			1,200			2,625
Prior period accrued sponsor fee		(1,200	)		(2,625	)		(2,732	)
Net cash used in operating activities	$	(12,784	)	$	(21,826	)	$	(31,645	)

January 11, 2019

~~See~~We ~~Notes~~have toserved ~~Financial~~as ~~Statements~~the Trust’s auditor since 2018.

F-6 4

~~Table~~Report of ~~Contents~~Independent Registered Public Accounting Firm

To the Board of Directors and the Shareholders of Invesco CurrencyShares® Singapore Dollar Trust (formerly, CurrencyShares® Singapore Dollar Trust):

~~Notes~~We have audited the accompanying statement of financial condition of Invesco CurrencyShares® Singapore Dollar Trust (the “Trust”) as of October 31, 2017, and the related statements of comprehensive income, changes in shareholders’ equity and cash flows for each of the two years in the period ended October 31, 2017. These financial statements are the responsibility of the Trust’s management. Our responsibility is to ~~Financial~~express ~~Statements~~an opinion on these financial statements based on our audits.

1We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). ~~Organization~~Those standards require that we plan and ~~Description~~perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the ~~Trust~~amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

~~The~~In ~~CurrencyShares®~~our ~~Singapore~~opinion, ~~Dollar Trust (~~the ~~“Trust”)~~financial ~~was~~statements ~~formed~~referred ~~under~~to ~~the~~above ~~laws~~present ~~of the State of New York on August 7~~fairly, ~~2008.~~in Onall ~~August 8,~~material ~~2008~~respects, ~~Guggenheim~~the ~~Specialized~~financial ~~Products,~~position ~~LLC~~of ~~d/b/a “Guggenheim~~Invesco ~~Investments”~~CurrencyShares® ~~(the “Sponsor”) deposited 100~~ Singapore ~~Dollars~~Dollar ~~in the~~ Trust’s ~~primary~~at ~~deposit~~October ~~account held by JPMorgan Chase Bank~~31, ~~N.A.~~2017, ~~London~~and ~~Branch (~~the ~~“Depository”).~~results ~~The~~of ~~Sponsor~~its isoperations aand ~~Delaware~~its ~~limited liability~~cash ~~company~~flows ~~whose sole member is Security Investors, LLC (also d/b/a “Guggenheim Investments”). The Sponsor is responsible~~ for, ~~among~~each ~~other~~of ~~things, overseeing~~ the ~~performance~~two ofyears ~~The~~in ~~Bank of New York Mellon (~~the ~~“Trustee”) and~~period ~~the~~ended ~~Trust’s~~October ~~principal~~31, ~~service providers~~2017, ~~including~~in ~~the~~conformity ~~preparation~~with ~~of financial statements~~U.S. ~~The~~generally ~~Trustee~~accepted isaccounting ~~responsible for the day-to-day administration of the Trust.~~ principles

~~The investment objective of the Trust is for the Trust’~~/s/ ~~shares~~Ernst ~~(the~~& ~~“Shares”)~~Young to reflect the price in USD of the Singapore Dollar plus accrued interest, if any, 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 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 blocks 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. LLP

~~The~~Tysons, ~~accompanying~~VA ~~audited financial statements were prepared in accordance with accounting principles generally accepted in the United States.~~

2.January ~~Significant~~11, ~~Accounting Policies~~2018

~~A. Use of Estimates~~F-5

~~The~~Invesco ~~preparation~~CurrencyShares® ofSingapore ~~financial~~Dollar 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. Trust

B.Statements ~~Foreign~~of ~~Currency~~Financial ~~Translation~~Condition

The Trustee calculates 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 USD/Singapore Dollar exchange rate as determined by The WM Company at 4:00 PM (London time / London fixing) on each day that NYSE Arca is open for regular trading.

	October 31, 2018		October 31, 2017
Assets
Current Assets:
Singapore Dollar deposits, interest bearing	$	3,549,878	$	3,609,729
Singapore Dollar deposits, non-interest bearing		—		—
Receivable from accrued interest		2,472		1,467
Total Current Assets	$	3,552,350	$	3,611,196

Liabilities, Redeemable Capital Shares and Shareholders' Equity
Current Liabilities:
Accrued Sponsor's fee		1,206		1,226
Total Current Liabilities		1,206		1,226

Commitments and Contingent Liabilities (note 9)		—		—

Redeemable Capital Shares, at redemption value, no par value, 15,150,000 authorized – 50,000 issued and outstanding		3,551,144		3,609,970
Shareholders' Equity:
Retained Earnings		—		—
Total Liabilities, Redeemable Capital Shares and Shareholders' Equity	$	3,552,350	$	3,611,196

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

F-7 6

~~Table~~Invesco ofCurrencyShares® ~~Contents~~Singapore Dollar Trust

C.Statements ~~Federal~~of ~~Income~~Comprehensive ~~Taxes~~Income

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.

	Year ended October 31, 2018			Year ended October 31, 2017			Year ended October 31, 2016
Income
Interest Income	$	20,489		$	5,899		$	1,229
Total Income		20,489			5,899			1,229

Expenses
Sponsor's fee		(14,619	)		(14,140	)		(14,334	)
Total Expenses		(14,619	)		(14,140	)		(14,334	)

Net Comprehensive Income/(Loss)	$	5,870		$	(8,241	)	$	(13,105	)

Basic and Diluted Earnings per Share	$	0.12		$	(0.16	)	$	(0.26	)
Weighted-average Shares Outstanding		50,000			50,000			50,000

~~Shareholders~~See ~~generally~~Notes 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 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~~Financial ~~Shareholder~~Statements.

~~The Sponsor’s fee accrues daily and is payable monthly. For U.S. federal income tax purposes, an accrual~~F-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. 7

~~The~~Invesco ~~Trust~~CurrencyShares® ~~does not expect to generate taxable income except for interest income (if any) and gain (if any) upon the sale of~~ Singapore Dollar. 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 Dollar 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.

AStatements ~~non-U.S. Shareholder’s portion~~ of ~~any~~Changes 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~~Shareholders’ ~~States.~~ Equity

D. Revenue Recognition

	Year ended October 31, 2018			Year ended October 31, 2017			Year ended October 31, 2016
Retained Earnings, Beginning of Year	$	—		$	—		$	—
Net Comprehensive Income/(Loss)		5,870			(8,241	)		(13,105	)
Distributions Paid		(6,397	)		—			—
Adjustment of redeemable capital shares to redemption value		527			8,241			13,105
Retained Earnings, End of Year	$	—		$	—		$	—

~~Interest~~See onNotes ~~the~~to ~~primary~~Financial ~~deposit account, if any, accrues daily as earned and is received or paid on a monthly basis~~Statements. ~~Any interest below zero for the period is reflected as interest expense.~~

~~E. Dividends~~F-8

ToInvesco ~~the~~CurrencyShares® 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 (herein referred to as dividends or distributions), the excess interest earned in Singapore Dollar effective on the first business day of the subsequent month. The Trustee will direct that the excess Singapore Dollar 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). Trust

3.Statements ~~Singapore~~of ~~Dollar~~Cash ~~Deposits~~Flows

Singapore Dollar principal deposits are held in a Singapore Dollar-denominated, interest-bearing demand account. The interest rate in effect as of October 31, 2016 was an annual nominal rate of 0.00%. For the year ended October 31, 2016, there were no Singapore Dollar principal deposits, no Singapore Dollar principal redemptions and Singapore Dollar withdrawals (to pay expenses) of 17,629, resulting in an ending Singapore Dollar principal balance of 4,931,491. This equates to 3,542,992 USD. For the year ended October 31, 2015, there were no Singapore Dollar principal deposits, Singapore Dollar principal redemptions of 4,956,265 and Singapore Dollar withdrawals (to pay expenses) of 29,622, resulting in an ending Singapore Dollar principal balance of 4,949,120. This equates to 3,533,823 USD. For the year ended October 31, 2014, there were no Singapore Dollar principal deposits, no Singapore Dollar principal redemptions and Singapore Dollar withdrawals (to pay expenses) of 39,819, resulting in an ending Singapore Dollar principal balance of 9,935,007. This equates to 7,728,516 USD.

	Year ended October 31, 2018			Year ended October 31, 2017			Year ended October 31, 2016
Cash flows from operating activities
Cash received for accrued income	$	19,510		$	4,373		$	1,552
Cash paid for expenses		(14,616	)		(14,135	)		(14,336	)
Net cash provided by (used in) operating activities		4,894			(9,762	)		(12,784	)

Cash flows from financing activities
Cash paid for distributions		(6,397	)		—			—
Net cash used in financing activities		(6,397	)		—			—
Adjustment to period cash flows due to currency movement		(58,348	)		76,499			21,953
Increase/(Decrease) in cash		(59,851	)		66,737			9,169
Cash at beginning of year		3,609,729			3,542,992			3,533,823
Cash at end of year	$	3,549,878		$	3,609,729		$	3,542,992

Reconciliation of net comprehensive income/(loss) to net cash provided by (used in) operating activities
Net Comprehensive Income/(Loss)	$	5,870		$	(8,241	)	$	(13,105	)
Adjustments to reconcile net comprehensive income/(loss) to net cash provided by (used in) operating activities:
Receivable from accrued interest		(2,472	)		(1,467	)		—
Prior period receivable from accrued interest		1,467			—			297
Effect of exchange rate on cash		49			(80	)		24
Accrued sponsor fee		1,206			1,226			1,200
Prior period accrued sponsor fee		(1,226	)		(1,200	)		(1,200	)
Net cash provided by (used in) operating activities	$	4,894		$	(9,762	)	$	(12,784	)

~~Net~~See ~~interest,~~Notes ifto ~~any,~~Financial associated with creation and redemption activity is held in a Singapore Dollar-denominated non-interest-bearing account, and any balance is distributed in full as part of the monthly income distributions, if anyStatements.

F-8 9

~~Table~~Invesco ofCurrencyShares® ~~Contents~~Singapore Dollar Trust

4.Notes ~~Redeemable~~to ~~Capital~~Financial ~~Shares~~Statements

~~Shares are classified as “redeemable” for financial statement purposes, since they are subject to redemption~~1. Shares are issued and redeemed continuously in Baskets in exchange for Singapore Dollar. 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 Depository Trust Company (“DTC”) participant that is a registered broker-dealer or other institution eligible to settle securities transactions through the book-entry facilities of the 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. Background

~~Due~~On toSeptember ~~expected~~28, ~~continuing~~2017, ~~creations~~Guggenheim ~~and~~Capital, ~~redemptions~~LLC of(“Guggenheim”) ~~Baskets~~ and ~~the three-day~~Invesco ~~period for settlement of each creation or redemption, the Trust reflects Shares created as a receivable on the trade date~~Ltd. ~~Shares~~entered ~~redeemed~~into ~~are reflected as~~ a ~~liability~~Transaction onAgreement (the ~~trade~~“Transaction ~~date.~~Agreement”), ~~Outstanding Shares~~pursuant ~~are~~to ~~reflected at a redemption value,~~ which isGuggenheim ~~the~~agreed ~~NAV~~to ~~per~~transfer ~~Share~~all atof the ~~period~~membership ~~end~~interests ~~date.~~of ~~Adjustments~~Guggenheim toSpecialized ~~redeemable capital Shares at redemption value are recorded against retained earnings or~~Products, inLLC (the ~~absence~~“Sponsor”) ofto ~~retained~~Invesco ~~earnings,~~Capital byManagement ~~charges against~~LLC ~~the~~(“Invesco ~~cumulative~~Capital ~~translation adjustment~~Management”).

~~Activity~~The inTransaction ~~redeemable~~Agreement ~~capital~~was ~~Shares~~consummated ison asApril ~~follows:~~6, 2018 (the “Closing”) and immediately following the Closing, Invesco Capital Management changed the name of the Sponsor to Invesco Specialized Products, LLC.

	Year ended				Year ended						Year ended
	October 31, 2016				October 31, 2015						October 31, 2014
	Shares		U.S. DollarAmount		Shares			U.S. DollarAmount			Shares		U.S. DollarAmount
Opening balance		50,000	$	3,532,920		100,000		$	7,725,891			100,000	$	8,039,213
Shares issued		—		—		—			—			—		—
Shares redeemed		—		—		(50,000	)		(3,651,831	)		—		—
Adjustment to period Shares due to currency movement and other		—		8,872		—			(541,140	)		—		(313,322	)
Ending balance		50,000	$	3,541,792		50,000		$	3,532,920			100,000	$	7,725,891

2.	Organization and Description of the Trust

The ~~Trustee~~Invesco ~~calculates~~CurrencyShares® ~~the Trust’s NAV each business day. To calculate the NAV, the Trustee subtracts the Sponsor’s accrued fee through the previous day from the~~ Singapore Dollar ~~held~~Trust by (the “Trust”) ~~(including~~was ~~all~~formed ~~unpaid~~under ~~interest, if any, accrued through~~ the ~~preceding~~laws ~~day)~~of ~~and calculates~~ the ~~value~~State of ~~the~~New ~~Singapore~~York ~~Dollar~~on inAugust ~~USD~~7, ~~based~~2008 ~~upon~~when the ~~Closing~~Sponsor ~~Spot~~deposited ~~Rate.~~100 ~~If, on~~Singapore aDollars ~~particular~~in ~~evaluation day,~~ the ~~Closing~~Trust’s ~~Spot~~primary ~~Rate~~deposit ~~has~~account ~~not~~held ~~been~~by ~~determined~~JPMorgan ~~and~~Chase ~~announced~~Bank, byN.A., ~~6:00~~London PMBranch (~~London~~the ~~time~~“Depository”),. The ~~then~~Sponsor ~~the~~is ~~most~~a ~~recent~~Delaware ~~Closing~~limited ~~Spot~~liability ~~Rate~~company ~~will~~whose besole ~~used~~member tois ~~determine~~Invesco ~~the~~Capital ~~NAV~~Management. The ofSponsor ~~the~~is ~~Trust~~responsible ~~unless the Trustee~~for, inamong ~~consultation~~other ~~with the Sponsor~~things, ~~determines~~overseeing ~~that~~the ~~such~~performance ~~price~~of isThe ~~inappropriate~~Bank toof ~~use~~New asYork ~~the~~Mellon ~~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 ~~Singapore Dollar,~~principal ~~they~~service ~~will~~providers, ~~determine~~including anthe ~~alternative~~preparation ~~basis~~of ~~for~~financial ~~the valuation~~statements. The Trustee ~~also~~is ~~determines~~responsible ~~the~~for ~~NAV per Share, which equals~~ the ~~NAV~~day-to-day administration 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.

FThe investment objective of the Trust is for the Trust’s shares (the “Shares”) to reflect the price in U.S. Dollars (“USD”) of the Singapore Dollar plus accrued interest, if any, less the Trust’s expenses and liabilities. The Shares are intended to provide investors with a simple, cost-9effective means of gaining investment benefits similar to those of holding Singapore Dollars. 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 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 blocks 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.

~~Table~~The accompanying audited financial statements were prepared in accordance with accounting principles generally accepted in the United States of ~~Contents~~America (“U.S. GAAP”).

53. ~~Selected~~Significant ~~Quarterly~~Accounting ~~Information (Unaudited)~~Policies

~~Fiscal~~A. ~~Period~~Use ~~Ended~~of ~~October 31, 2016:~~ Estimates

	Three monthsended			Three monthsended			Three monthsended			Three monthsended
	October 31, 2016			July 31, 2016			April 30, 2016			January 31, 2016
Income
Interest Income	$	—		$	172		$	209		$	848
Total Income		—			172			209			848
Expenses
Sponsor’s fee		(3,637	)		(3,656	)		(3,534	)		(3,507	)
Total Expenses		(3,637	)		(3,656	)		(3,534	)		(3,507	)
Net Loss	$	(3,637	)	$	(3,484	)	$	(3,325	)	$	(2,659	)
Basic and Diluted Earnings per Share	$	(0.07	)	$	(0.07	)	$	(0.07	)	$	(0.05	)
Weighted-average Shares Outstanding		50,000			50,000			50,000			50,000
Cash Dividends per Share	$	—		$	—		$	—		$	—
Other Comprehensive Income/(Loss):
Currency translation adjustment		74			(38	)		(78	)		10
Total Comprehensive Loss	$	(3,563	)	$	(3,522	)	$	(3,403	)	$	(2,649	)

The preparation of financial statements in conformity with U.S. GAAP 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.

~~Fiscal~~B. ~~Period~~Foreign ~~Ended~~Currency ~~October 31, 2015:~~ Translation

	Three monthsended			Three monthsended			Three monthsended			Three monthsended
	October 31, 2015			July 31, 2015			April 30, 2015			January 31, 2015
Income
Interest Income	$	518		$	496		$	737		$	21
Total Income		518			496			737			21
Expenses
Sponsor’s fee		(3,555	)		(3,910	)		(7,107	)		(7,601	)
Total Expenses		(3,555	)		(3,910	)		(7,107	)		(7,601	)
Net Loss	$	(3,037	)	$	(3,414	)	$	(6,370	)	$	(7,580	)
Basic and Diluted Earnings per Share	$	(0.06	)	$	(0.07	)	$	(0.06	)	$	(0.08	)
Weighted-average Shares Outstanding		50,000			52,174			100,000			100,000
Cash Dividends per Share	$	—		$	—		$	—		$	—
Other Comprehensive (Loss)/Income:
Currency translation adjustment		(7	)		53			(176	)		204
Total Comprehensive Loss	$	(3,044	)	$	(3,361	)	$	(6,546	)	$	(7,376	)

For Net Asset Value (“NAV”) calculation purposes, Singapore Dollar deposits (cash) are translated at the Closing Spot Rate, which is the Singapore Dollar/USD exchange rate as determined and published by The WM Company at 4:00 PM (London time / London fixing) on each day that NYSE Arca, Inc. (“NYSE Arca”) is open for regular trading.

~~F-10~~The Trust maintains its books and records in Singapore Dollars. For financial statement reporting purposes, the U.S. Dollar 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 comprehensive income and the statements of cash flows. The redeemable capital shares are adjusted to redemption value and these adjustments are recorded against retained earnings.

~~Table~~C. ofFederal ~~Contents~~Income Taxes

6The Trust is treated as a “grantor trust” for federal income tax purposes and, therefore, no provision for federal income taxes is required. ~~Sponsor’s~~Interest, ~~Fee~~gains and losses are passed through to the Shareholders.

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. F-10

~~The~~Shareholders ~~Sponsor~~generally ~~assumes~~will ~~and~~be ~~pays~~treated, ~~the~~for ~~following~~U.S. ~~administrative~~federal ~~and~~income ~~marketing~~tax ~~expenses~~purposes, ~~incurred~~as byif they directly owned a pro-rata share of the ~~Trust:~~assets held in the ~~Trustee’s~~Trust. ~~monthly~~Shareholders ~~fee,~~also ~~NYSE~~will ~~Arca~~be ~~listing fees,~~treated ~~SEC~~as ~~registration~~if ~~fees,~~they ~~typical~~directly ~~maintenance~~received ~~and~~their ~~transaction~~respective ~~fees~~pro-rata portion of the ~~Depository~~Trust’s income, ~~printing~~if any, and ~~mailing~~as ~~costs,~~if ~~audit~~they ~~fees~~directly ~~and~~incurred ~~expenses,~~their uprespective topro-rata ~~$100,000~~portion ~~per~~of ~~year~~the inTrust’s ~~legal~~expenses. ~~fees~~The ~~and~~acquisition ~~expenses,~~of ~~and~~Shares ~~applicable~~by ~~license~~a ~~fees~~U.S. Shareholder as part of a creation of a Basket will not be a taxable event to the Shareholder.

InThe ~~certain~~Sponsor’s ~~exceptional~~fee ~~cases~~accrues ~~the~~daily ~~Trust~~and ~~will~~is ~~pay~~payable ~~for~~monthly. For ~~some~~U.S. ~~expenses~~federal inincome ~~addition~~tax topurposes, ~~the~~an ~~Sponsor’s~~accrual-basis ~~fee~~U.S. ~~These~~Shareholder ~~exceptions~~generally ~~include~~will ~~expenses~~be ~~not~~required ~~assumed~~to bytake ~~the Sponsor~~into ~~(i.e.,~~account ~~expenses~~as ~~other~~an ~~than~~expense ~~those~~its ~~identified~~allocable inportion of the ~~preceding~~USD-equivalent ~~paragraph),~~of ~~expenses~~the ~~resulting~~amount ~~from~~of athe ~~negative~~Sponsor’s ~~interest~~fee ~~rate,~~that ~~taxes~~is ~~and~~accrued ~~governmental~~on ~~charges~~each day, ~~expenses~~with ~~and~~such ~~costs~~USD-equivalent ofbeing ~~any~~determined ~~extraordinary~~by ~~services~~the ~~performed~~currency byexchange ~~the~~rate ~~Trustee~~that oris ~~the Sponsor~~in effect on ~~behalf~~the ofrespective day. To the ~~Trust~~extent orthat ~~action~~the ~~taken~~currency byexchange rate on the ~~Trustee~~date orof payment of the ~~Sponsor~~accrued toamount ~~protect~~of the ~~Trust~~Sponsor’s orfee ~~the~~differs ~~interests~~from ofthe ~~Shareholders,~~currency ~~indemnification~~exchange ofrate ~~the~~in ~~Sponsor~~effect ~~under~~on the ~~Depositary~~day ~~Trust~~of ~~Agreement~~accrual, ~~audit~~the ~~fees~~U.S. ~~and~~Shareholder ~~legal~~will ~~expenses~~recognize ina ~~excess~~currency ~~of $100,000~~gain ~~per~~or ~~year~~loss for U.S. federal income tax purposes.

7The Trust does not expect to generate taxable income except for interest income (if any) and gain (if any) upon the sale of Singapore Dollars. A ~~Related~~non-U.S. ~~Parties~~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.

~~The~~A ~~Sponsor~~non-U.S. isShareholder’s aportion ~~related~~of ~~party~~any ofinterest income earned by the Trust. ~~The~~generally ~~Sponsor~~will ~~oversees~~not ~~the~~be ~~performance~~subject ~~of the~~to ~~Trustee~~U.S. ~~and~~federal income tax unless the ~~Trust’s~~Shares ~~principal~~owned ~~service~~by ~~providers,~~such ~~including~~non-U.S. ~~the~~Shareholder ~~preparation~~are ofeffectively ~~financial~~connected ~~statements,~~with ~~but~~the ~~does~~conduct ~~not~~by ~~exercise~~the ~~day~~non-~~to-day~~U.S. ~~oversight~~Shareholder ~~over~~of ~~the Trustee~~a trade or ~~the~~business ~~Trust’s~~in ~~service~~the ~~providers.~~United States.

8D. ~~Concentration~~Revenue ~~Risk~~Recognition

~~All~~Interest ofon the ~~Trust’s~~primary ~~assets~~deposit ~~are~~account, ~~Singapore~~if ~~Dollars~~any, ~~which~~accrues ~~creates~~daily aas ~~concentration risk~~earned ~~associated~~and ~~with~~is ~~fluctuations~~received inor ~~the~~paid ~~price~~on ofa ~~the~~monthly ~~Singapore Dollar~~basis. ~~Accordingly,~~Any ainterest ~~decline~~below inzero for the ~~Singapore~~period ~~Dollar~~is toreflected ~~USD~~as ~~exchange~~interest ~~rate~~expense ~~will have an adverse effect~~ on ~~the~~currency ~~value of the Shares~~deposits. ~~Factors~~The ~~that~~Depository may ~~have~~change the ~~effect~~rate ofat ~~causing~~which ainterest ~~decline in~~accrues, ~~the~~including ~~price~~reducing of the ~~Singapore Dollar include national debt levels and trade deficits, domestic and foreign inflation rates, domestic and foreign~~ interest ~~rates,~~rate ~~investment~~to ~~and~~zero ~~trading activities of institutions and global~~ or ~~regional~~below ~~political~~zero, ~~economic~~ orbased ~~financial~~upon ~~events~~the ~~and~~Depository’s ~~situations.~~belief ~~Substantial~~that ~~sales~~SIBSCORA ofdoes ~~Singapore~~not ~~Dollars~~accurately byreflect the ~~official~~market, ~~sector~~changes ~~(central~~in ~~banks~~SIBSCORA, other ~~governmental~~market ~~agencies~~conditions ~~and~~or ~~related~~the ~~institutions~~Depository’s ~~that~~liquidity ~~buy,~~needs. ~~sell~~Interest ~~and~~charged ~~hold~~on ~~Singapore~~the ~~Dollars~~primary asdeposit ~~part~~account ofwill ~~their~~be ~~reserve assets)~~disclosed ~~could~~as ~~adversely~~interest ~~affect~~expense anon ~~investment~~currency ~~in the Shares~~deposits.

~~All of the Trust’s Singapore Dollars are held by the Depository~~E. ~~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 Trust’s beneficiaries in the event that the Depository becomes insolvent. Dividends

9To 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 (herein referred to as dividends or distributions), the excess interest earned in Singapore Dollars effective on the first business day of the subsequent month. ~~Commitments~~The Trustee will direct that the excess Singapore Dollars be converted into USD at the prevailing market rate and ~~Contingencies~~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).

~~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~~table ~~maximum~~below ~~exposure~~shows ~~under~~distributions ~~this~~per ~~arrangement~~Share isand ~~unknown,~~in astotal ~~this~~for ~~would involve future claims that may be made against~~ the ~~Trust~~years ~~that have not yet occurred.~~ presented:

F-11

	Year ended		Year ended		Year ended
	October 31, 2018		October 31, 2017		October 31, 2016
Distribution per Share	$	0.13	$	—	$	—
Distributions paid	$	6,397	$	—	$	—

~~Table~~An income distribution for the month ended October 31, 2018 was paid on November 8, 2018 to holders of ~~Contents~~record as of November 2, 2018 at a rate of $0.0253 per Share and a total distribution of $1,264.

~~SIGNATURES~~4. Singapore Dollar Deposits

~~Pursuant~~Singapore toDollar ~~the~~principal ~~requirements~~deposits are held in a Singapore Dollar-denominated, interest-bearing demand account. The interest rate in effect as of ~~Section 13~~October or31, 152018 was an annual nominal rate of 1.05% For the year ended October 31, 2018, there were no Singapore Dollar principal deposits, no Singapore Dollar principal redemptions and Singapore Dollar withdrawals (dto pay expenses) of ~~the~~2,024, ~~Securities~~resulting ~~Exchange~~in ~~Act~~an ending Singapore Dollar principal balance of ~~1934~~4,915,871. This equates to 3,549,878 USD. For the ~~registrant~~year ~~has~~ended ~~duly~~October ~~caused~~31, ~~this~~2017, ~~report~~there ~~to be~~were ~~signed~~no onSingapore ~~its~~Dollar ~~behalf~~principal bydeposits, ~~the~~no ~~undersigned~~Singapore Dollar principal redemptions and Singapore Dollar withdrawals (to pay expenses) of 13,596, ~~thereunto~~resulting ~~duly~~in ~~authorized~~an ending Singapore Dollar principal balance of 4,917,895. This equates to 3,609,729 USD.

CURRENCYSHARES®
SINGAPORE DOLLAR TRUST
By		Guggenheim Specialized Products, LLC
		Sponsor of the CurrencyShares®
		Singapore Dollar Trust
By:		/S/ JOHN SULLIVAN
John Sullivan
Chief Executive Officer
Date: January 12, 2017

F-11

~~Pursuant~~For to the ~~requirements~~year ofended ~~the~~October ~~Securities~~31, ~~Exchange~~2016, ~~Act~~there ofwere ~~1934~~no Singapore Dollar principal deposits, ~~this~~no ~~report~~Singapore ~~has~~Dollar ~~been~~principal ~~signed~~redemptions ~~below by~~and ~~the~~Singapore ~~following~~Dollar ~~persons~~withdrawals on(to ~~behalf~~pay expenses) of ~~the~~17,629, ~~registrant~~resulting ~~and~~ in ~~the~~an capacities*ending ~~and~~Singapore onDollar ~~the~~principal ~~dates~~balance ~~indicated~~of 4,931,491. This equates to 3,542,992 USD.

Signature	Capacity	Date
/S/ JOHN SULLIVAN John Sullivan	Director and Chief Executive Officer (principal executive officer)	January 12, 2017
/S/ KEITH KEMP Keith Kemp	Director and Chief Financial Officer (principal financial officer and principal accounting officer)	January 12, 2017
/S/ MICHAEL BYRUM Michael Byrum	Director	January 12, 2017

Net interest, if any, associated with creation and redemption activity is held in a Singapore Dollar-denominated non-interest-bearing account, and any balance is distributed in full as part of the monthly income distributions, if any.

*5. ~~The~~Redeemable ~~registrant~~Capital ~~is a trust and the persons are signing in their capacities as officers or directors of Guggenheim Specialized Products, LLC, the Sponsor of the registrant.~~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 Depository Trust Company (“DTC”) participant that is a registered broker-dealer or other institution eligible to settle securities transactions through the book-entry facilities of the 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 two-day period for settlement of each creation or redemption, the Trust reflects Shares created as a receivable on the trade date. 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.

Activity in redeemable capital Shares is as follows:

	Year ended					Year ended				Year ended
	October 31, 2018					October 31, 2017				October 31, 2016
			U.S. Dollar					U.S. Dollar				U.S. Dollar
	Shares		Amount			Shares		Amount		Shares		Amount
Opening Balance		50,000	$	3,609,970			50,000	$	3,541,792		50,000	$	3,532,920
Shares Issued		—		—			—		—		—		—
Shares Redeemed		—		—			—		—		—		—

Adjustment to period Shares due to currency movement		—		(58,826	)		—		68,178		—		8,872
Ending Balance		50,000	$	3,551,144			50,000	$	3,609,970		50,000	$	3,541,792

The Trustee calculates the Trust’s NAV each business day. To calculate the NAV, the Trustee subtracts the Sponsor’s accrued fee through the previous day from the Singapore Dollars held by the Trust (including all unpaid interest, if any, accrued through the preceding day) and calculates 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 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 Singapore Dollars, 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.

F-12

6.Selected Quarterly Information (Unaudited)

Fiscal Period Ended October 31, 2018:

	Three months ended			Three months ended			Three months ended				Three months ended
	October 31, 2018			July 31, 2018			April 30, 2018				January 31, 2018
Income
Interest Income	$	7,413		$	6,155		$	3,859			$	3,062
Total Income		7,413			6,155			3,859				3,062

Expenses
Sponsor's fee		(3,611	)		(3,671	)		(3,640	)			(3,697	)
Total Expenses		(3,611	)		(3,671	)		(3,640	)			(3,697	)

Net Comprehensive Income/(Loss)	$	3,802		$	2,484		$	219			$	(635	)

Basic and Diluted Earnings per Share ⁽¹⁾	$	0.08		$	0.05		$	—		*	$	(0.01	)
Weighted-average Shares Outstanding		50,000			50,000			50,000				50,000
Cash Dividends per Share ⁽¹⁾	$	0.08		$	0.02		$	0.01			$	0.01

⁽¹⁾ The amount shown for a share outstanding for quarterly statements may not correlate with year to date amounts due to timing of subscriptions and redemptions in relation to income earned or distributed.

* Less than $0.01 per Share

Fiscal Period Ended October 31, 2017:

	Three months ended			Three months ended			Three months ended			Three months ended
	October 31, 2017			July 31, 2017			April 30, 2017			January 31, 2017
Income
Interest Income	$	3,192		$	2,126		$	511		$	70
Total Income		3,192			2,126			511			70

Expenses
Sponsor's fee		(3,655	)		(3,587	)		(3,415	)		(3,483	)
Total Expenses		(3,655	)		(3,587	)		(3,415	)		(3,483	)

Net Comprehensive Loss	$	(463	)	$	(1,461	)	$	(2,904	)	$	(3,413	)

Basic and Diluted Earnings per Share ⁽¹⁾	$	(0.01	)	$	(0.03	)	$	(0.06	)	$	(0.07	)
Weighted-average Shares Outstanding		50,000			50,000			50,000			50,000
Cash Dividends per Share ⁽¹⁾	$	—		$	—		$	—		$	—

F-13

7.	Related Parties

The Sponsor is a related party of the Trust. 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.

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), expenses resulting from a negative interest rate, 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, audit fees and legal expenses in excess of $100,000 per year.

8.	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 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 Trust’s beneficiaries in the event that the Depository becomes insolvent.

9.	Commitments and Contingencies

The Trust’s organizational documents provides for the Trust to indemnify the Sponsor and any affiliate of the Sponsor that provides services to the Trust to the maximum extent permitted by applicable law, subject to certain exceptions for disqualifying conduct by the Sponsor or such an affiliate. The Trust's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred. Further, the Trust has not had prior claims or losses pursuant to these contracts. Accordingly, the Sponsor expects the risk of loss to be remote.

F-14

Signatures

Pursuant to the requirements of Section 13 or 15(d) 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.


Invesco CURRENCYSHARES^® SINGAPORE DOLLAR TRUST

By		Invesco Specialized Products, LLC
		Sponsor of the Invesco CurrencyShares^® Singapore Dollar Trust



By:		/s/ Daniel Draper
		Daniel Draper
		Chief Executive Officer
		(Principal Executive Officer)

Date: January 11, 2019

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities* and on the dates indicated.

Signature	Capacity*	Date

/s/ Daniel Draper	Manager and Chief Executive Officer (Principal Executive Officer)	January 11, 2019
Daniel Draper		January 11, 2019

/s/ Kelli Gallegos	Principal Financial and Accounting Officer – Investment Pools (Principal Financial Officer and Principal Accounting Officer)	January 11, 2019
Kelli Gallegos		January 11, 2019

/s/ David C. Warren	Manager	January 11, 2019
David C. Warren	Manager	January 11, 2019

/s/ John M. Zerr	Manager	January 11, 2019
John M. Zerr	Manager	January 11, 2019

*	The registrant is a trust and the persons are signing in their capacities as officers or directors of Invesco Specialized Products, LLC, the Sponsor of the registrant.

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