8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

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

Date of Report (Date of Earliest Event Reported): July 11, 2008

iShares Silver Trust

(Exact name of registrant as specified in its charter)

New York	001-32863	13-7474456
(State or other jurisdiction of incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)

c/o Barclays Global Investors International, Inc.

400 Howard Street

San Francisco, California 94105

Attn: Product Management Team

Intermediary Investor and Exchange-Traded Products Group

(Address of Principal Executive Offices)

Registrant’s telephone number, including area code: (415) 597-2000

Not Applicable

Former name or former address, if changed since last report

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 8.01. Other Events

On July 11, 2008, Barclays Global Investors International, Inc., the sponsor of the registrant, issued a press release announcing a ten-for-one stock split of the shares of the registrant with a record date of July 21, 2008 and a distribution date of July 23, 2008. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated by reference into this Item.

Item 9.01. Financial Statements and Exhibits

Exhibit 99.1 Press release dated July 11, 2008

SIGNATURES

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

	iShares Silver Trust
July 11, 2008	By:	Barclays Global Investors International Inc.
	By:	/s/ Michael A. Latham
	Name:	Michael A. Latham
	Title:	Chief Financial Officer

EX-99.1

Exhibit 99.1

FOR IMMEDIATE RELEASE

Barclays Global Investors Announces Share Split of iShares® Silver Trust

San Francisco, July 11, 2008 – Barclays Global Investors (BGI), a worldwide leader in exchange-traded funds, announced today that the Board of Directors of Barclays Global Investors International, Inc. has authorized a 10 for 1 split of the shares of the iShares Silver Trust for shareholders of record as of the close of business on July 21, 2008, payable after the close of trading on July 23, 2008. The Trust shares will begin trading on a split-adjusted basis on July 24th. Post-split shares are expected to be distributed to shareholders’ accounts on July 28, 2008, and shareholders are expected to see the change in their holdings sometime after July 28th, depending upon their brokerage firm’s procedures.

The 10-for-1 split will lower the share price and increase the number of outstanding shares. The total value of shares outstanding is not affected by a split.

Hypothetical example of 10-for-1 split:

Period	Number of Shares Owned	Hypothetical Market Price/Share		Total Value
Pre-split	100	$	120	$	12,000
Post split	1,000	$	12	$	12,000

Shares of the iShares Silver Trust are expected to reflect, at any given time, the price of the silver owned by the Trust, less the Trust’s expenses and liabilities. As of June 30, 2008, the Trust had $3.4 billion in total net assets. Barclays Global Investors International, Inc., an affiliate of Barclays Global Investors, N.A. is the Trust’s sponsor.

Barclays Global Investors is one of the world’s largest asset managers and a leading global provider of investment management products and services. It has over 2,900 institutional clients and over $2.0 trillion of assets under management. BGI is a global product leader in exchange traded funds (iShares) with over 320 funds for institutions and individuals globally.

Contacts for Press:
Christine Hudacko	415-597-2687 christine.hudacko@barclaysglobal.com
Lance Berg	415-597-2045 lance.berg@barclaysglobal.com

Other Inquiries:

www.ishares.com or 1-800-iSHARES (1-800-474-2737)

Barclays Global Investors International, Inc. (BGII) is the sponsor of the iShares Silver Trust (“Silver Trust”). Barclays Global Investors Services (BGIS) assists in the marketing of the Silver Trust. BGII and BGIS are affiliates of Barclays Global Investors, N.A., which is a majority-owned subsidiary of Barclays Bank PLC.

Investing involves risk, including possible loss of principal. The iShares Silver Trust is not an investment company registered under the Investment Company Act of 1940 or a commodity pool for purposes of the Commodity Exchange Act. Shares of the Silver Trust are not subject to the same regulatory requirements as mutual funds. Because shares of the iShares Silver Trust are expected to reflect the price of the silver held by the Trust, the market price of the shares will be as unpredictable as the price of silver has historically been. Additionally, shares of the Silver Trust are bought and sold at market price (not NAV). Brokerage commissions will reduce returns.

Shares of the Silver Trust are created to reflect, at any given time, the market price of silver owned by the trust at that time less the trust’s expenses and liabilities. The price received upon the sale of shares of the Silver Trust, which trade at market price, may be more or less than the value of the silver represented by them. If an investor sells the shares at a time when no active market for them exists, such lack of an active market will most likely adversely affect the price received for the shares. For a more complete discussion of risk factors relative to the Silver Trust, carefully read the prospectus.

Following an investment in the iShares Silver Trust, several factors may have the effect of causing a decline in the prices of silver and a corresponding decline in the price of the shares. Among them: (i) A change in economic conditions, such as a recession, can adversely affect the price of silver. Silver is used in a wide range of industrial applications, and an economic downturn could have a negative impact on its demand and, consequently, its price and the price of the iShares. (ii) A significant change in the attitude of speculators and investors towards silver. Should the speculative community take a negative view towards silver, a decline in world silver prices could occur, negatively impacting the price of the shares. (iii) A significant increase in silver price hedging activity by silver producers. Traditionally, silver producers have not hedged to the same extent as other producers of precious metals (gold, for example) do. Should there be an increase in the level of hedge activity of silver producing companies, it could cause a decline in world silver prices, adversely affecting the price of the shares.

The amount of silver represented by shares of the iShares Silver Trust will decrease over the life of the trust due to sales necessary to pay the sponsor’s fee and trust expenses. Without increase in the price of silver sufficient to compensate for that decrease, the price of the shares will also decline, and investors will lose money on their investment. The Silver Trust will have limited duration. The liquidation of the trust may occur at a time when the disposition of the trust’s silver will result in losses to investors.

Although BGII believes that market makers will take advantage of differences between the NAV and the trading price of Silver Trust shares through arbitrage opportunities, BGII cannot guarantee that they will do so. BGII cannot guarantee an active trading market for the shares, which may result in losses on your investment at the time of disposition of your shares. The value of the shares of the Silver Trust will be adversely affected if silver owned by the trust is lost or damaged in circumstances in which the trust is not in a position to recover the corresponding loss. The Silver Trust is a passive investment vehicle. This means that the value of your shares may be adversely affected by trust losses that, if the trust had been actively managed, it might have been possible to avoid.

Shares of the iShares Silver Trust are not deposits or other obligations of or guaranteed by Barclays Global Investors, N.A. or its affiliates (“BGI”), and are not insured by the Federal Deposit Insurance Corporation or any other governmental agency.

When comparing commodities and the iShares Silver Trust, it should be remembered that management fees associated with the Trust are not borne by investors in individual commodities. Buying and selling shares of the iShares Silver Trust will result in brokerage commissions. Because the expenses involved in an investment in physical silver will be dispersed among all holders of shares of the Silver Trust, an investment in the Silver Trust may represent a cost-efficient alternative to investments in silver for investors not otherwise able to participate directly in the market for physical silver.

Although shares of the iShares Silver Trust may be bought or sold on the exchange through any brokerage account, shares are not redeemable except in large aggregated units called Baskets.

© 2008 Barclays Global Investors, N.A. All rights reserved. iShares® is a registered trademark of Barclays Global Investors, N.A. All other trademarks, servicemarks or registered trademarks are the property of their respective owners.

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