-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, B3PD1QXDhYqHN4vLZ1NcBM9pgAOEjbbl4vQc70L24QwgEmUd4xEM+MhWu9VIPOe0 L6eoJdpR2dJ5B0XoARb6Qw== 0001193125-10-181237.txt : 20100806 0001193125-10-181237.hdr.sgml : 20100806 20100806151653 ACCESSION NUMBER: 0001193125-10-181237 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 11 CONFORMED PERIOD OF REPORT: 20100630 FILED AS OF DATE: 20100806 DATE AS OF CHANGE: 20100806 FILER: COMPANY DATA: COMPANY CONFORMED NAME: iShares Silver Trust CENTRAL INDEX KEY: 0001330568 STANDARD INDUSTRIAL CLASSIFICATION: GOLD & SILVER ORES [1040] IRS NUMBER: 000000000 STATE OF INCORPORATION: NY FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-32863 FILM NUMBER: 10998128 BUSINESS ADDRESS: STREET 1: 45 FREMONT STREET CITY: SAN FRANCISCO STATE: CA ZIP: 94105 BUSINESS PHONE: 415-875-4879 MAIL ADDRESS: STREET 1: 45 FREMONT STREET CITY: SAN FRANCISCO STATE: CA ZIP: 94105 10-Q 1 d10q.htm FORM 10-Q Form 10-Q
Table of Contents

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 10-Q

 

 

 

x Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the quarterly period ended June 30, 2010

 

¨ Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the transition period from              to             

Commission file number: 001-32863

 

 

iShares® Silver Trust

(Exact name of registrant as specified in its charter)

 

 

 

New York   13-7474456

(State or other jurisdiction of

incorporation or organization)

 

(I.R.S. Employer

Identification No.)

c/o BlackRock Asset Management International Inc.

400 Howard Street

San Francisco, California 94105

Attn: Product Management Team

Intermediary Investor and Exchange-Traded Products Department

(Address of principal executive offices)

(415) 670-2000

(Registrant’s telephone number, including area code)

 

 

N/A

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

 

 

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

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

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

 

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

(Do not check if a smaller reporting company)

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

 

 

 


Table of Contents

Table of Contents

 

     Page

PART I – FINANCIAL INFORMATION

  

Item 1.

   Financial Statements    1
   Balance Sheets at June 30, 2010 (Unaudited) and December 31, 2009    1
   Income Statements (Unaudited) for the three and six months ended June 30, 2010 and 2009    2
   Statements of Changes in Shareholders’ Equity (Deficit) for the six months ended June 30, 2010 (Unaudited) and the year ended December 31, 2009    3
   Statements of Cash Flows (Unaudited) for the six months ended June 30, 2010 and 2009    4
   Notes to Financial Statements (Unaudited)    5

Item 2.

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

Item 3.

   Quantitative and Qualitative Disclosures About Market Risk    11

Item 4.

   Controls and Procedures    11

PART II – OTHER INFORMATION

  

Item 1.

   Legal Proceedings    12

Item 1A.

   Risk Factors    12

Item 2.

   Unregistered Sales of Equity Securities and Use of Proceeds    12

Item 3.

   Defaults Upon Senior Securities    12

Item 5.

   Other Information    12

Item 6.

   Exhibits    13

SIGNATURES

   14


Table of Contents

Part I – Financial Information

Item 1. Financial Statements

iShares® Silver Trust

Balance Sheets

At June 30, 2010 (Unaudited) and December 31, 2009

 

(Dollar amounts in $000’s)

   June 30,
2010
    December 31,
2009
 

ASSETS

    

Current assets

    

Silver bullion inventory (fair value of $5,516,245 and $5,185,449, respectively)

   $ 4,131,105      $ 4,210,142   

Payable for capital shares redeemed

     (9,601     —     
                

TOTAL ASSETS

   $ 4,121,504      $ 4,210,142   
                

LIABILITIES, REDEEMABLE CAPITAL SHARES AND SHAREHOLDERS’ EQUITY (DEFICIT)

    

Current liabilities

    

Sponsor’s fees payable

   $ 2,241      $ 2,295   
                

Total liabilities

     2,241        2,295   

Commitments and contingent liabilities (Note 5)

     —          —     

Redeemable capital shares, no par value, unlimited amount authorized (at redemption value) – 300,400,000 issued and outstanding at June 30, 2010 and 310,700,000 issued and outstanding at December 31, 2009

     5,514,003        5,183,154   

Shareholders’ equity (deficit)

     (1,394,740     (975,307
                

TOTAL LIABILITIES, REDEEMABLE CAPITAL SHARES AND SHAREHOLDERS’ EQUITY (DEFICIT)

   $ 4,121,504      $ 4,210,142   
                

See notes to financial statements.

 

1


Table of Contents

iShares® Silver Trust

Income Statements (Unaudited)

For the three and six months ended June 30, 2010 and 2009

 

     Three Months Ended
June 30,
    Six Months Ended
June 30,
 

(Dollar amounts in $000’s, except for per share amounts)

   2010     2009     2010     2009  

Revenue

        

Proceeds from sales of silver to pay expenses

   $ 6,626      $ 4,422      $ 13,026      $ 7,717   

Cost of silver sold to pay expenses

     (5,038     (4,323     (10,287     (7,896
                                

Gain (loss) on sales of silver to pay expenses

     1,588        99        2,739        (179

Gain (loss) on silver distributed for the
redemption of shares

     56,779        (277     110,206        (611
                                

Total gain (loss) on sales and distributions of silver

     58,367        (178     112,945        (790

Market value recovery (Note 2B)

     —          38,870       —          571,784  
                                

Total revenue

     58,367        38,692        112,945        570,994   

Expenses

        

Sponsor’s fees

     (6,690     (4,659     (12,972     (8,467
                                

Total expenses

     (6,690     (4,659     (12,972     (8,467
                                

NET INCOME

   $ 51,677      $ 34,033      $ 99,973      $ 562,527   
                                

Net income per share

   $ 0.17      $ 0.12      $ 0.33      $ 2.14   

Weighted-average shares outstanding

     299,169,780        276,922,527        303,233,978        263,348,343   

See notes to financial statements.

 

2


Table of Contents

iShares® Silver Trust

Statements of Changes in Shareholders’ Equity (Deficit)

For the six months ended June 30, 2010 (Unaudited)

and the year ended December 31, 2009

 

(Dollar amounts in $000’s)

   Six Months
Ended
June 30, 2010
    Year Ended
December 31, 2009
 

Shareholders’ equity (deficit) – beginning of period

   $ (975,307   $ —     

Net income

     99,973        574,523   

Adjustment of redeemable capital shares to redemption value

     (519,406     (1,549,830
                

Shareholders’ equity (deficit) – end of period

   $ (1,394,740   $ (975,307
                

See notes to financial statements.

 

3


Table of Contents

iShares® Silver Trust

Statements of Cash Flows (Unaudited)

For the six months ended June 30, 2010 and 2009

 

     Six Months Ended
June 30,
 

(Dollar amounts in $000’s)

   2010     2009  

CASH FLOWS FROM OPERATING ACTIVITIES:

    

Proceeds from sales of silver

   $ 13,026      $ 7,717   

Expenses – Sponsor’s fees paid

     (13,026     (7,717
                

Net cash provided by operating activities

     —          —     
                

Increase (decrease) in cash

     —          —     

Cash, beginning of period

     —          —     
                

Cash, end of period

   $ —        $ —     
                

RECONCILIATION OF NET INCOME TO NET CASH PROVIDED BY OPERATING ACTIVITIES:

    

Net income

   $ 99,973      $ 562,527   

Adjustments to reconcile net income to net cash provided by operating activities:

    

(Gain) loss on silver distributed for the redemption of shares

     (110,206     611   

Cost of silver sold to pay expenses

     10,287        7,896   

Increase (decrease) in Sponsor’s fees payable

     (54     750   

Market value recovery (Note 2B)

     —          (571,784
                

Net cash provided by operating activities

   $ —        $ —     
                

Supplemental disclosure of non-cash information:

    

Carrying value of silver received for creation of shares

   $ 292,999      $ 964,637   

Carrying value of silver distributed for redemption of shares, at average cost

   $ (371,350   $ (145,125

See notes to financial statements.

 

4


Table of Contents

iShares® Silver Trust

Notes to Financial Statements (Unaudited)

June 30, 2010

1 - Organization

The iShares® Silver Trust (the “Trust”) was organized on April 21, 2006 as a New York trust. The trustee is The Bank of New York Mellon (the “Trustee”) and is responsible for the day to day administration of the Trust. The Trust’s sponsor is BlackRock Asset Management International Inc. (the “Sponsor”), a Delaware corporation. The Trust is governed by the Depositary Trust Agreement (the “Trust Agreement”) executed at the time of organization of the Trust by the Trustee and the Sponsor.

The objective of the Trust is for the value of its shares to reflect, at any given time, the price of silver owned by the Trust at that time, less the Trust’s expenses and liabilities. The Trust is designed to provide a vehicle for investors to own interests in silver bullion.

The accompanying unaudited financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and with the instructions for Form 10-Q and the rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”). In the opinion of management, all material adjustments, consisting only of normal recurring adjustments, considered necessary for a fair statement of the interim period financial statements have been made. Interim period results are not necessarily indicative of results for a full-year period. These financial statements and the notes thereto should be read in conjunction with the Trust’s financial statements included in its Annual Report on Form 10-K for the year ended December 31, 2009 as filed with the SEC on February 26, 2010.

2 - Summary of Significant Accounting Policies

 

A. Basis of Accounting

The following is a summary of significant accounting policies consistently followed by the Trust in the preparation of its financial statements in conformity with U.S. GAAP. The preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates and these differences could be material.

 

B. Silver Bullion

JPMorgan Chase Bank N.A., acting through its London Branch (the “Custodian”), is responsible for safekeeping the silver owned by the Trust.

For financial statement purposes, the silver bullion held by the Trust is valued at the lower of cost or market, using the average cost method. Should the market value of the silver held be lower than its average cost during the interim periods of the same fiscal year, an adjustment of value below cost (“market value reserve”) is recorded by the Trust. Should the market value of the silver held increase subsequent to the market value reserve being recorded, a “market value recovery” is recorded by the Trust. Gain or loss on sales of silver bullion is calculated on a trade date basis. Fair value of the silver bullion is based on the price for an ounce of silver set each working day by three market making members of The London Bullion Market Association (“The London Fix”).

 

5


Table of Contents

The following table summarizes activity in silver bullion for the three months ended June 30, 2010 (all balances in 000’s):

 

     Ounces     Average
Cost
    Fair
Value
    Realized
Gain (Loss)

Beginning balance

   296,339.0      $ 4,098,504      $ 5,185,932      $ —  

Silver contributed

   11,222.7        206,197        206,197        —  

Silver distributed

   (12,842.2     (178,159     (234,938     56,779

Silver sold

   (362.7     (5,038     (6,626     1,588

Adjustment for realized gain

   —          —          58,367        —  

Adjustment for unrealized gain on silver bullion

   —          —          307,313        —  
                            

Ending balance

   294,356.8      $ 4,121,504      $ 5,516,245      $ 58,367
                            

The following table summarizes activity in silver bullion for the six months ended June 30, 2010 (all balances in 000’s):

 

     Ounces     Average
Cost
    Fair
Value
    Realized
Gain (Loss)

Beginning balance

   305,206.0      $ 4,210,142      $ 5,185,449      $ —  

Silver contributed

   16,718.2        292,999        292,999        —  

Silver distributed

   (26,824.6     (371,350     (481,556     110,206

Silver sold

   (742.8     (10,287     (13,026     2,739

Adjustment for realized gain

   —          —          112,945        —  

Adjustment for unrealized gain on silver bullion

   —          —          419,434        —  
                            

Ending balance

   294,356.8      $ 4,121,504      $ 5,516,245      $ 112,945
                            

 

C. Redeemable Capital Shares

Shares of the Trust are classified as “redeemable” for balance sheet purposes, since they are subject to redemption. Trust shares are issued and redeemed continuously in aggregations of 50,000 shares in exchange for silver bullion rather than cash. Individual investors cannot purchase or redeem shares in direct transactions with the Trust. The Trust only transacts with registered broker-dealers eligible to settle securities transactions through the book-entry facilities of the Depository Trust Company and which have entered into a contractual arrangement with the Trust and the Sponsor governing, among other matters, the creation and redemption processes (such broker-dealers are the “Authorized Participants”). Holders of shares of the Trust may redeem their shares at any time acting through an Authorized Participant and in the prescribed aggregations of 50,000 shares; provided, that redemptions of shares may be suspended during any period while regular trading on NYSE Arca is suspended or restricted, or in which an emergency exists as a result of which delivery, disposal or evaluation of silver is not reasonably practicable.

The per-share amount of silver exchanged for a purchase or redemption is calculated daily by the Trustee, using The London Fix to calculate the silver amount in respect of any liabilities for which covering silver sales have not yet been made, and represents the per-share amount of silver held by the Trust, after giving effect to its liabilities, sales to cover expenses and liabilities and any losses that may have occurred.

When silver is exchanged in settlement of a redemption, it is considered a sale of silver for financial statement purposes.

Due to the expected continuing sales and redemption of capital stock and the three-day period for share settlement the Trust reflects capital shares sold as a receivable, rather than as contra equity. Shares redeemed are reflected as a contra asset on the trade date. Outstanding Trust shares are reflected at redemption value, which is the net asset value per share at the period ended date. Adjustments to redemption value are reflected in shareholders’ equity.

 

6


Table of Contents

Net asset value is computed by deducting all accrued fees, expenses and other liabilities of the Trust, including the Sponsor’s fees, from the fair value of the silver bullion held by the Trust.

Activity in redeemable capital shares is as follows (all balances in 000’s):

 

     Three Months Ended
June 30, 2010
    Six Months Ended
June 30, 2010
 
     Shares     Amount     Shares     Amount  

Beginning balance

   302,050      $ 5,183,755      310,700      $ 5,183,154   

Shares issued

   11,450        206,197      17,050        292,999   

Shares redeemed

   (13,100     (234,938   (27,350     (481,556

Redemption value adjustment

   —          358,989      —          519,406   
                            

Ending balance

   300,400      $ 5,514,003      300,400      $ 5,514,003   
                            

 

D. Federal Income Taxes

The Trust is treated as a “grantor trust” for federal income tax purposes and, therefore, no provision for federal income taxes is required. Any interest and gains and losses are deemed “passed through” to the holders of shares of the Trust.

3 - Expenses

The Trust pays to the Sponsor a Sponsor’s fee that accrues daily at an annualized rate equal to 0.50% of the adjusted net asset value of the Trust, paid monthly in arrears. The Sponsor has agreed to assume the following administrative and marketing expenses incurred by the Trust: the Trustee’s fee, the Custodian’s fee, NYSE Arca listing fees, SEC registration fees, printing and mailing costs, audit fees and expenses, and up to $100,000 per annum in legal fees and expenses.

4 - Related Parties

The Sponsor and the Trustee are considered to be related parties to the Trust. The Trustee’s fee is paid by the Sponsor and is not a separate expense of the Trust.

5 - Indemnification

Under the Trust’s organizational documents, the Sponsor is indemnified against liabilities or expenses it incurs without negligence, bad faith or willful misconduct on its part. 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.

6 - Concentration Risk

Substantially all of the Trust’s assets are holdings of silver bullion, which creates a concentration risk associated with fluctuations in the price of silver. Accordingly, a decline in the price of silver will have an adverse effect on the value of the shares of the Trust. Factors that may have the effect of causing a decline in the price of silver include a change in economic conditions (such as a recession), an increase in the hedging activities of silver producers, and changes in the attitude towards silver of speculators, investors and other market participants.

 

7


Table of Contents

7 - Subsequent Events

In connection with the preparation of the financial statements of the Trust as of and for the period ended June 30, 2010, management has evaluated the impact of all subsequent events through the date the financial statements were issued and has determined that there were no subsequent events requiring adjustment or disclosure in the financial statements.

 

8


Table of Contents

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

This information should be read in conjunction with the financial statements and notes to financial statements included in Item 1 of Part I of this Form 10-Q. The discussion and analysis that follows may contain statements that relate to future events or future performance. In some cases, such forward-looking statements can be identified by terminology such as “may,” “should,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential” or the negative of these terms or other comparable terminology. Neither the Sponsor, nor any other person assumes responsibility for the accuracy or completeness of forward-looking statements. Neither the Trust nor the Sponsor is under a duty to update any of the forward-looking statements to conform such statements to actual results or to a change in the Sponsor’s expectations or predictions.

Introduction

The iShares® Silver Trust (the “Trust”) is a grantor trust formed under the laws of the State of New York. The Trust does not have any officers, directors, or employees, and is administered by The Bank of New York Mellon (the “Trustee”) acting as trustee pursuant to the Depositary Trust Agreement (“Trust Agreement”) between the Trustee and BlackRock Asset Management International Inc., the sponsor of the Trust (the “Sponsor”). The Trust issues shares representing fractional undivided beneficial interests in its net assets. The assets of the Trust consist primarily of silver bullion held by a custodian as an agent of the Trust and responsible only to the Trustee.

The Trust is a passive investment vehicle and the objective of the Trust is merely for the value of each share to approximately reflect, at any given time, the price of silver owned by the Trust less the Trust’s liabilities (anticipated to be principally for accrued operating expenses) divided by the number of outstanding shares. The Trust does not engage in any activities designed to obtain a profit from, or ameliorate losses caused by, changes in the price of silver.

The Trust issues and redeems shares only in exchange for silver, only in aggregations of 50,000 shares or integral multiples thereof (each, a “Basket”), and only in transactions with registered broker-dealers that have previously entered into an agreement with the Trust governing the terms and conditions of such issuance (such dealers, the “Authorized Participants”). A list of current Authorized Participants is available from the Sponsor or the Trustee.

Shares of the Trust trade on NYSE Arca under the symbol “SLV.”

Valuation of Silver; Computation of Net Asset Value

On each business day, as soon as practicable after 4:00 p.m. (New York time), the Trustee evaluates the silver held by the Trust and determines the net asset value of the Trust and the net asset value per share. The Trustee values the silver held by the Trust using the announced price for an ounce of silver set each working day by three market making members of The London Bullion Market Association (“The London Fix”). Having valued the silver held by the Trust, the Trustee then subtracts all accrued fees (other than the fees to be computed by reference to the value of the Trust or its assets), expenses and other liabilities of the Trust from the value of the silver and other assets of the Trust. The result is the adjusted net asset value of the Trust, which is used to compute all fees (including the Sponsor’s fee), which are calculated from the value of the Trust’s assets. To determine the net asset value of the Trust, the Trustee subtracts from the adjusted net asset value of the Trust the amount of accrued fees computed from the value of the Trust’s assets. The Trustee also computes the net asset value per share, by dividing the net asset value of the Trust by the number of shares outstanding on the date the computation is made.

Liquidity

The Trust is not aware of any trends, demands, conditions or events that are reasonably likely to result in material changes to its liquidity needs. In exchange for a fee, the Sponsor has agreed to assume most of the expenses incurred by the Trust. As a result, the only ordinary expense of the Trust during the period covered by this report was the Sponsor’s fee. The Trust’s only source of liquidity is its sales of silver.

 

9


Table of Contents

Critical Accounting Policies

The financial statements and accompanying notes are prepared in accordance with accounting principles generally accepted in the United States of America. The preparation of these financial statements relies on estimates and assumptions that impact the Trust’s financial position and results of operations. These estimates and assumptions affect the Trust’s application of accounting policies. Below we describe the valuation of silver bullion, a critical accounting policy that we believe is important to understanding our results of operations and financial position. In addition, please refer to Note 2 to the financial statements for further discussion of our accounting policies.

Valuation of Silver Bullion

Silver bullion held by the Trust is recorded at the lower of cost or market. For purposes of this calculation, market values are based on The London Fix. Should the market value of the silver bullion held be lower than its average cost, an adjustment of value below cost (“market value reserve”) is recorded by the Trust and The London Fix is used as the value for financial statement purposes. Should the market value of the silver held increase subsequent to the market value reserve being recorded, a “market value recovery” is recorded by the Trust. As indicated above, The London Fix is also used to value silver bullion held for purposes of calculating the net asset value of the Trust, which in turn is used for the calculation of the redemption value of outstanding Trust shares.

There are other indicators of the value of silver bullion that are available that could be different than that chosen by the Trust. The London Fix is used since it is commonly used by the U.S. silver market as an indicator of the value of silver, and is required by the Trust Agreement. The use of an indicator of value of silver bullion other than The London Fix could result in materially different fair value pricing of the silver in the Trust, and as such, could result in different lower of cost or market adjustments or in different redemption value adjustments of the outstanding redeemable capital shares.

Results of Operations

The Quarter Ended June 30, 2010

The Trust’s net asset value grew from $5,183,755,134 at March 31, 2010 to $5,514,003,303 at June 30, 2010, a 6.37% increase. The increase in the Trust’s net asset value resulted primarily from an increase in The London Fix price, which rose 7.09% from $17.50 at March 31, 2010 to $18.74 at June 30, 2010. The increase in the Trust’s net asset value was partially offset by a decrease in outstanding shares, which fell from 302,050,000 shares at March 31, 2010 to 300,400,000 shares at June 30, 2010, a consequence of 11,450,000 shares (229 Baskets) being created and 13,100,000 shares (262 Baskets) being redeemed during the quarter.

The 6.99% increase in the Trust’s net asset value per share from $17.16 at March 31, 2010 to $18.36 at June 30, 2010 is directly related to an increase in The London Fix price, which rose 7.09%.

The Trust’s net asset value per share increased slightly less than the price of silver on a percentage basis due to the Sponsor’s fees, which were $6,690,404 for the quarter, or 0.12% of the Trust’s average weighted net assets of $5,371,137,978 during the quarter. The net asset value per share of $19.25 on May 14, 2010 was the highest during the quarter, compared with a low during the quarter of $17.01 on June 7, 2010. The net asset value of the Trust is obtained by subtracting the Trust’s expenses and liabilities on any day from the value of the silver owned by the Trust on that day; the net asset value per share is obtained by dividing the net asset value of the Trust on a given day by the number of shares outstanding on that day.

Net income for the quarter ended June 30, 2010 was $51,676,705, resulting from a net gain of $1,588,249 on the sale of silver to pay expenses, a net gain of $56,778,860 on silver distributed for the redemption of shares offset by Sponsor’s fees of $6,690,404. Other than the Sponsor’s fees the Trust had no expenses during the quarter.

 

10


Table of Contents

The Six Months Ended June 30, 2010

The Trust’s net asset value grew from $5,183,153,950 at December 31, 2009 to $5,514,003,303 at June 30, 2010, a 6.38% increase. The increase in the Trust’s net asset value resulted primarily from an increase in The London Fix price, which rose 10.30% from $16.99 at December 31, 2009 to $18.74 at June 30, 2010. The increase in the Trust’s net asset value was partially offset by a decrease in outstanding shares, which fell from 310,700,000 shares at December 31, 2009 to 300,400,000 shares at June 30, 2010, a consequence of 17,050,000 shares (341 Baskets) being created and 27,350,000 shares (547 Baskets) being redeemed during the period.

The 10.07% increase in the Trust’s net asset value per share from $16.68 at December 31, 2009 to $18.36 at June 30, 2010 is directly related to an increase in The London Fix price, which rose 10.30%.

The Trust’s net asset value per share increased slightly less than the price of silver on a percentage basis due to the Sponsor’s fees, which were $12,972,160 for the period, or 0.25% of the Trust’s average weighted net assets of $5,233,814,618 during the period. The net asset value per share of $19.25 on May 14, 2010 was the highest during the period, compared with a low during the period of $14.86 on February 8, 2010. The net asset value of the Trust is obtained by subtracting the Trust’s expenses and liabilities on any day from the value of the silver owned by the Trust on that day; the net asset value per share is obtained by dividing the net asset value of the Trust on a given day by the number of shares outstanding on that day.

Net income for the six months ended June 30, 2010 was $99,973,130 resulting from a net gain of $2,739,341 on the sale of silver to pay expenses, a net gain of $110,205,949 on silver distributed for the redemption of shares offset by Sponsor’s fees of $12,972,160. Other than the Sponsor’s fees the Trust had no expenses during the period.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

Not applicable.

Item 4. Controls and Procedures

The duly authorized officers of the Sponsor performing functions equivalent to those a principal executive officer and principal financial officer of the Trust would perform if the Trust had any officers, and with the participation of the Trustee, have evaluated the effectiveness of the Trust’s disclosure controls and procedures, and have concluded that the disclosure controls and procedures of the Trust have been effective as of the end of the period covered by this quarterly report.

There were no changes in the Trust’s internal control over financial reporting that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Trust’s internal control over financial reporting.

 

11


Table of Contents

Part II – Other Information

Item 1. Legal Proceedings

None.

Item 1A. Risk Factors

There have been no material changes to the Risk Factors last reported under Part I, Item 1A of the registrant’s Annual Report on Form 10-K for the year ended December 31, 2009, filed with the Securities and Exchange Commission on February 26, 2010.

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

 

a) None.

 

b) Not applicable.

 

c) 13,100,000 shares (262 Baskets) were redeemed during the quarter ended June 30, 2010.

 

Period

   Total Number of Shares
Redeemed
   Average Ounces of Silver
Per Share

04/01/10 to 04/30/10

   9,850,000    0.9805

05/01/10 to 05/31/10

   —      —  

06/01/10 to 06/30/10

   3,250,000    0.9797
       

Total

   13,100,000    0.9803
       

Item 3. Defaults Upon Senior Securities

None.

Item 5. Other Information

None.

 

12


Table of Contents

Item 6. Exhibits

 

Exhibit No.

  

Description

4.1   

Depositary Trust Agreement is incorporated by reference to Exhibit 4.1 filed with Registration Statement No.

333-156506 on December 8, 2008

4.2    First Amendment to Depositary Trust Agreement is incorporated by reference to Exhibit 4.1 filed with Current Report on Form 8-K on December 2, 2009
4.3    Standard Terms for Authorized Participant Agreements is incorporated by reference to Exhibit 4.2 filed with Registration Statement No. 333-156506 on December 30, 2008
10.1      Custodian Agreement is incorporated by reference to Exhibit 10.1 filed with Registration Statement No. 333-156506 on December 30, 2008
10.2      Sub-license Agreement is incorporated by reference to Exhibit 10.2 filed with Registration Statement No. 333-156506 on December 30, 2008
10.3      Amendment No. 1 to Custodian Agreement is incorporated by reference to Exhibit 10.3 filed with Registration Statement No. 333-137621 on September 27, 2006
10.4      Second Amendment to Custodian Agreement is incorporated by reference to Exhibit 10.1 filed with Current Report on Form 8-K on February 10, 2010
31.1      Certification by Principal Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2      Certification by Principal Financial Officer Pursuant to Section 302 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

 

* Pursuant to Rule 406T of Regulation S-T, these interactive data files are deemed not filed or part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, are deemed not filed for the purposes of Section 18 of the Securities and Exchange Act of 1934, as amended, and otherwise are not subject to liability under those sections.

 

13


Table of Contents

SIGNATURES

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

 

BlackRock Asset Management International Inc.

Sponsor of the iShares® Silver Trust (Registrant)

/s/    Michael A. Latham

Michael A. Latham

President and Chief Executive Officer

(Principal executive officer)

 

Date: August 6, 2010

 

/s/    Geoffrey D. Flynn

Geoffrey D. Flynn

Chief Operating Officer and Chief Financial Officer

(Principal financial and accounting officer)

Date: August 6, 2010

 

* The Registrant is a trust and the persons are signing in their capacities as officers of BlackRock Asset Management International Inc., the Sponsor of the Registrant.

 

14

EX-31.1 2 dex311.htm CERTIFICATION BY PRINCIPAL EXECUTIVE OFFICER PURSUANT TO SECTION 302 Certification by Principal Executive Officer Pursuant to Section 302

Exhibit 31.1

CERTIFICATIONS

I, Michael A. Latham, certify that:

 

  1.

I have reviewed this report on Form 10-Q of the iShares® Silver Trust;

 

  2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

  3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

  4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

  a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

  b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

  c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 

  d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

  5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors, and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

  a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

 

  b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: August 6, 2010

 

/s/    Michael A. Latham

Michael A. Latham

President and Chief Executive Officer

(Principal executive officer)

EX-31.2 3 dex312.htm CERTIFICATION BY PRINCIPAL FINANCIAL OFFICER PURSUANT TO SECTION 302 Certification by Principal Financial Officer Pursuant to Section 302

Exhibit 31.2

CERTIFICATIONS

I, Geoffrey D. Flynn, certify that:

 

  1.

I have reviewed this report on Form 10-Q of the iShares® Silver Trust;

 

  2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

  3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

  4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:  

 

  a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

  b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

  c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 

  d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

  5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

  a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

 

  b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: August 6, 2010

 

/s/    Geoffrey D. Flynn

Geoffrey D. Flynn

Chief Operating Officer and Chief Financial Officer

(Principal financial officer)

EX-32.1 4 dex321.htm CERTIFICATION BY PRINCIPAL EXECUTIVE OFFICER PURSUANT TO SECTION 906 Certification by Principal Executive Officer Pursuant to Section 906

Exhibit 32.1

Certifications Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

In connection with the Quarterly Report of iShares® Silver Trust (the “Trust”) on Form 10-Q for the period ended June 30, 2010 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Michael A. Latham, Chief Executive Officer of BlackRock Asset Management International Inc., the Sponsor of the Trust, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:

1. The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Trust.

Date: August 6, 2010

 

/s/    Michael A. Latham

Michael A. Latham *

President and Chief Executive Officer

(Principal executive officer)

 

* The Registrant is a trust and Mr. Latham is signing in his capacity as an officer of BlackRock Asset Management International Inc., the Sponsor of the Registrant.
EX-32.2 5 dex322.htm CERTIFICATION BY PRINCIPAL FINANCIAL OFFICER PURSUANT TO SECTION 906 Certification by Principal Financial Officer Pursuant to Section 906

Exhibit 32.2

Certifications Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

In connection with the Quarterly Report of iShares® Silver Trust (the “Trust”) on Form 10-Q for the period ended June 30, 2010 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Geoffrey D. Flynn, Chief Financial Officer of BlackRock Asset Management International Inc., the Sponsor of the Trust, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:

1. The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Trust.

Date: August 6, 2010

 

/s/    Geoffrey D. Flynn

Geoffrey D. Flynn *

Chief Operating Officer and Chief Financial Officer

(Principal financial officer)

 

* The Registrant is a trust and Mr. Flynn is signing in his capacity as an officer of BlackRock Asset Management International Inc., the Sponsor of the Registrant.
EX-101.INS 6 slv-20100630.xml XBRL INSTANCE DOCUMENT 0001330568 2009-06-30 0001330568 2009-12-31 0001330568 2010-04-01 2010-06-30 0001330568 2009-04-01 2009-06-30 0001330568 2009-01-01 2009-06-30 0001330568 2009-01-01 2009-12-31 0001330568 2010-06-30 0001330568 2010-01-01 2010-06-30 iso4217:USD xbrli:shares iso4217:USD xbrli:shares false --12-31 Q2 2010 2010-06-30 10-Q 0001330568 300400000 Large Accelerated Filer iShares Silver Trust -1549830000 -519406000 -145125000 -371350000 964637000 292999000 7896000 4323000 10287000 5038000 -7717000 -13026000 -179000 99000 2739000 1588000 -611000 -277000 110206000 56779000 750000 -54000 571784000 38870000 2.14 0.12 0.33 0.17 9601000 7717000 4422000 13026000 6626000 -5183154000 -5514003000 310700000 300400000 310700000 300400000 0 0 975307000 1394740000 4210142000 4131105000 5185449000 5516245000 8467000 4659000 12972000 6690000 -2295000 -2241000 -790000 -178000 112945000 58367000 4210142000 4121504000 263348343 276922527 303233978 299169780 4210142000 4121504000 0 0 <div> <p style="margin-top: 18px; margin-bottom: 0px;"><font style="font-family: Times New Roman;" class="_mt" size="2"><b>5 - Indemnification </b></font></p><font style="font-family: Times New Roman;" class="_mt" size="2"> </font> <p style="margin-top: 6px; margin-bottom: 0px;"><font style="font-family: Times New Roman;" class="_mt" size="2">Under the Trust's organizational documents, the Sponsor is indemnified against liabilities or expenses it incurs without negligence, bad faith or willful misconduct on its part. 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.</font></p> </div> <div> <p style="margin-top: 18px; margin-bottom: 0px;"><font style="font-family: Times New Roman;" class="_mt" size="2"><b>6 - Concentration Risk </b></font></p><font style="font-family: Times New Roman;" class="_mt" size="2"> </font> <p style="margin-top: 6px; margin-bottom: 0px;"><font style="font-family: Times New Roman;" class="_mt" size="2">Substantially all of the Trust's assets are holdings of silver bullion, which creates a concentration risk associated with fluctuations in the price of silver. Accordingly, a decline in the price of silver will have an adverse effect on the value of the shares of the Trust. Factors that may have the effect of causing a decline in the price of silver include a change in economic conditions (such as a recession), an increase in the hedging activities of silver producers, and changes in the attitude towards silver of speculators, investors and other market participants.</font></p> </div> -2295000 -2241000 562527000 574523000 34033000 99973000 51677000 8467000 4659000 12972000 6690000 <div> <p style="margin-top: 12px; margin-bottom: 0px;"><font style="font-family: Times New Roman;" class="_mt" size="2"><b>1 - Organization </b></font></p> <p style="padding-bottom: 0px; margin-top: 6px; margin-bottom: 0px;"><font style="font-family: Times New Roman;" class="_mt" size="2">The iShares<font style="font-family: Times New Roman;" class="_mt" size="1"><sup style="position: relative; bottom: 0.8ex; vertical-align: baseline;">&#174;</sup></font> Silver Trust (the "Trust") was organized on April&nbsp;21, 2006 as a New York trust. The trustee is The Bank of New York Mellon (the "Trustee") and is responsible for the day to day administration of the Trust. The Trust's sponsor is BlackRock Asset Management International Inc. (the "Sponsor"), a Delaware corporation. The Trust is governed by the Depositary Trust Agreement (the "Trust Agreement") executed at the time of organization of the Trust by the Trustee and the Sponsor. </font></p> <p style="margin-top: 12px; margin-bottom: 0px;"><font style="font-family: Times New Roman;" class="_mt" size="2">The objective of the Trust is for the value of its shares to reflect, at any given time, the price of silver owned by the Trust at that time, less the Trust's expenses and liabilities. The Trust is designed to provide a vehicle for investors to own interests in silver bullion. </font></p> <p style="margin-top: 12px; margin-bottom: 0px;"><font style="font-family: Times New Roman;" class="_mt" size="2">The accompanying unaudited financial statements were prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") for interim financial information and with the instructions for Form 10-Q and the rules and regulations of the U.S. Securities and Exchange Commission (the "SEC"). In the opinion of management, all material adjustments, consisting only of normal recurring adjustments, considered necessary for a fair statement of the interim period financial statements have been made. Interim period results are not necessarily indicative of results for a full-year period. These financial statements and the notes thereto should be read in conjunction with the Trust's financial statements included in its Annual Report on Form 10-K for the year ended December&nbsp;31, 2009 as filed with the SEC on February&nbsp;26, 2010.</font> ;</p> </div> <div> <p style="margin-top: 18px; margin-bottom: 0px;"><font style="font-family: Times New Roman;" class="_mt" size="2"><b>3 - Expenses </b></font></p><font style="font-family: Times New Roman;" class="_mt" size="2"> </font> <p style="margin-top: 6px; margin-bottom: 0px;"><font style="font-family: Times New Roman;" class="_mt" size="2">The Trust pays to the Sponsor a Sponsor's fee that accrues daily at an annualized rate equal to 0.50% of the adjusted net asset value of the Trust, paid monthly in arrears. The Sponsor has agreed to assume the following administrative and marketing expenses incurred by the Trust: the Trustee's fee, the Custodian's fee, NYSE Arca listing fees, SEC registration fees, printing and mailing costs, audit fees and expenses, and up to $100,000 per annum in legal fees and expenses. </font></p> </div> <div> <p style="margin-top: 18px; margin-bottom: 0px;"><font style="font-family: Times New Roman;" class="_mt" size="2"><b>4 - Related Parties </b></font></p><font style="font-family: Times New Roman;" class="_mt" size="2"> </font> <p style="margin-top: 6px; margin-bottom: 0px;"><font style="font-family: Times New Roman;" class="_mt" size="2">The Sponsor and the Trustee are considered to be related parties to the Trust. The Trustee's fee is paid by the Sponsor and is not a separate expense of the Trust. </font></p> </div> 570994000 38692000 112945000 58367000 <div> <p style="margin-top: 0px; margin-bottom: 0px;"><font style="font-family: Times New Roman;" class="_mt" size="2"><b>7 - Subsequent Events </b></font></p> <p style="margin-top: 6px; margin-bottom: 0px;"><font style="font-family: Times New Roman;" class="_mt" size="2">In connection with the preparation of the financial statements of the Trust as of and for the period ended June&nbsp;30, 2010, management has evaluated the impact of all subsequent events through the date the financial statements were issued and has determined that there were no subsequent events requiring adjustment or disclosure in the financial statements.</font></p> </div> <div> <p style="margin-top: 18px; margin-bottom: 0px;"><font style="font-family: Times New Roman;" class="_mt" size="2"><b>2 - Summary of Significant Accounting Policies </b></font></p> <p style="margin-top: 6px; margin-bottom: 0px;"><font style="font-family: Times New Roman;" class="_mt" size="2"><i> </i>A. <i>Basis of Accounting </i></font></p> <p style="margin-top: 6px; margin-bottom: 0px;"><font style="font-family: Times New Roman;" class="_mt" size="2">The following is a summary of significant accounting policies consistently followed by the Trust in the preparation of its financial statements in conformity with U.S. GAAP. The preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates and these differences could be material. </font></p> <p style="margin-top: 18px; margin-bottom: 0px;"><font style="font-family: Times New Roman;" class="_mt" size="2"><i> </i>B. <i>Silver Bullion </i></font></p> <p style="margin-top: 6px; margin-bottom: 0px;"><font style="font-family: Times New Roman;" class="_mt" size="2">JPMorgan Chase Bank N.A., acting through its London Branch (the "Custodian"), is responsible for safekeeping the silver owned by the Trust. </font></p> <p style="margin-top: 12px; margin-bottom: 0px;"><font style="font-family: Times New Roman;" class="_mt" size="2">For financial statement purposes, the silver bullion held by the Trust is valued at the lower of cost or market, using the average cost method. Should the market value of the silver held be lower than its average cost during the interim periods of the same fiscal year, an adjustment of value below cost ("market value reserve") is recorded by the Trust. Should the market value of the silver held increase subsequent to the market value reserve being recorded, a "market value recovery" is recorded by the Trust. Gain or loss on sales of silver bullion is calculated on a trade date basis. Fair value of the silver bullion is based on the price for an ounce of silver set each working day by three market making members of The London Bullion Market Association ("The London Fix"). </font></p> <p style="margin-top: 0px; margin-bottom: 0px;"><font class="_mt" size="1"> </font>&nbsp;</p> <p style="margin-top: 0px; margin-bottom: 0px;"><font style="font-family: Times New Roman;" class="_mt" size="2">The following table summarizes activity in silver bullion for the three months ended June&nbsp;30, 2010 (all balances in 000's): </font></p> <p style="margin-top: 0px; margin-bottom: 0px; font-size: 12px;">&nbsp;</p> <table border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td width="66%"> </td> <td valign="bottom" width="2%"> </td> <td> </td> <td> </td> <td valign="bottom" width="2%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="2%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="2%"> </td> <td> </td> <td> </td></tr> <tr><td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td style="border-bottom: #000000 1px solid;" valign="bottom" align="center"><font style="font-family: Times New Roman;" class="_mt" size="1"><b>Ounces</b></font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center"><font style="font-family: Times New Roman;" class="_mt" size="1"><b>Average<br />Cost</b></font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center"><font style="font-family: Times New Roman;" class="_mt" size="1"><b>Fair</b></font><br /><font style="font-family: Times New Roman;" class="_mt" size="1"><b>Value</b></font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center"><font style="font-family: Times New Roman;" class="_mt" size="1"><b>Realized<br />Gain&nbsp;(Loss)</b></font></td></tr> <tr bgcolor="#cceeff"><td valign="top"> <p style="text-indent: -1em; margin-left: 1em;"><font style="font-family: Times New Roman;" class="_mt" size="2">Beginning balance</font></p></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">296,339.0</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">4,098,504</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">5,185,932</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">&#8212;&nbsp;&nbsp;</font></td></tr> <tr><td valign="top"> <p style="text-indent: -1em; margin-left: 1em;"><font style="font-family: Times New Roman;" class="_mt" size="2">Silver contributed</font></p></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">11,222.7</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">206,197</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">206,197</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">&#8212;&nbsp;&nbsp;</font></td></tr> <tr bgcolor="#cceeff"><td valign="top"> <p style="text-indent: -1em; margin-left: 1em;"><font style="font-family: Times New Roman;" class="_mt" size="2">Silver distributed</font></p></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">(12,842.2</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">)&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">(178,159</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">)&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">(234,938</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">)&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">56,779</font></td></tr> <tr><td valign="top"> <p style="text-indent: -1em; margin-left: 1em;"><font style="font-family: Times New Roman;" class="_mt" size="2">Silver sold</font></p></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">(362.7</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">)&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">(5,038</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">)&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">(6,626</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">)&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">1,588</font></td></tr> <tr bgcolor="#cceeff"><td valign="top"> <p style="text-indent: -1em; margin-left: 1em;"><font style="font-family: Times New Roman;" class="_mt" size="2">Adjustment for realized gain</font></p></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">&#8212;&nbsp;&nbsp;</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">&#8212;&nbsp;&nbsp;</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">58,367</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">&#8212;&nbsp;&nbsp;</font></td></tr> <tr><td valign="top"> <p style="text-indent: -1em; margin-left: 1em;"><font style="font-family: Times New Roman;" class="_mt" size="2">Adjustment for unrealized gain on silver bullion</font></p></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">&#8212;&nbsp;&nbsp;</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">&#8212;&nbsp;&nbsp;</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">307,313</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">&#8212;&nbsp;&nbsp;</font></td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">&nbsp;&nbsp;</td> <td style="border-top: #000000 1px solid;" valign="bottom">&nbsp;</td> <td>&nbsp;</td> <td valign="bottom">&nbsp;</td> <td style="border-top: #000000 1px solid;" valign="bottom">&nbsp;</td> <td style="border-top: #000000 1px solid;" valign="bottom">&nbsp;</td> <td>&nbsp;</td> <td valign="bottom">&nbsp;</td> <td style="border-top: #000000 1px solid;" valign="bottom">&nbsp;</td> <td style="border-top: #000000 1px solid;" valign="bottom">&nbsp;</td> <td>&nbsp;</td> <td valign="bottom">&nbsp;</td> <td style="border-top: #000000 1px solid;" valign="bottom">&nbsp;</td> <td style="border-top: #000000 1px solid;" valign="bottom">&nbsp;</td></tr> <tr bgcolor="#cceeff"><td valign="top"> <p style="text-indent: -1em; margin-left: 1em;"><font style="font-family: Times New Roman;" class="_mt" size="2">Ending balance</font></p></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">294,356.8</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">4,121,504</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">5,516,245</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">58,367</font></td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">&nbsp;&nbsp;</td> <td style="border-top: #000000 3px double;" valign="bottom">&nbsp;</td> <td>&nbsp;</td> <td valign="bottom">&nbsp;</td> <td style="border-top: #000000 3px double;" valign="bottom">&nbsp;</td> <td style="border-top: #000000 3px double;" valign="bottom">&nbsp;</td> <td>&nbsp;</td> <td valign="bottom">&nbsp;</td> <td style="border-top: #000000 3px double;" valign="bottom">&nbsp;</td> <td style="border-top: #000000 3px double;" valign="bottom">&nbsp;</td> <td>&nbsp;</td> <td valign="bottom">&nbsp;</td> <td style="border-top: #000000 3px double;" valign="bottom">&nbsp;</td> <td style="border-top: #000000 3px double;" valign="bottom">&nbsp;</td></tr></table> <p style="margin-top: 12px; margin-bottom: 0px;"><font style="font-family: Times New Roman;" class="_mt" size="2">The following table summarizes activity in silver bullion for the six months ended June&nbsp;30, 2010 (all balances in 000's): </font></p> <p style="margin-top: 0px; margin-bottom: 0px; font-size: 12px;">&nbsp;</p> <table border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td width="65%"> </td> <td valign="bottom" width="2%"> </td> <td> </td> <td> </td> <td valign="bottom" width="2%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="2%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="2%"> </td> <td> </td> <td> </td></tr> <tr><td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td style="border-bottom: #000000 1px solid;" valign="bottom" align="center"><font style="font-family: Times New Roman;" class="_mt" size="1"><b>Ounces</b></font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center"><font style="font-family: Times New Roman;" class="_mt" size="1"><b>Average<br />Cost</b></font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center"><font style="font-family: Times New Roman;" class="_mt" size="1"><b>Fair</b></font><br /><font style="font-family: Times New Roman;" class="_mt" size="1"><b>Value</b></font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center"><font style="font-family: Times New Roman;" class="_mt" size="1"><b>Realized<br />Gain&nbsp;(Loss)</b></font></td></tr> <tr bgcolor="#cceeff"><td valign="top"> <p style="text-indent: -1em; margin-left: 1em;"><font style="font-family: Times New Roman;" class="_mt" size="2">Beginning balance</font></p></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">305,206.0</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">4,210,142</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">5,185,449</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">&#8212;&nbsp;&nbsp;</font></td></tr> <tr><td valign="top"> <p style="text-indent: -1em; margin-left: 1em;"><font style="font-family: Times New Roman;" class="_mt" size="2">Silver contributed</font></p></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">16,718.2</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">292,999</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">292,999</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">&#8212;&nbsp;&nbsp;</font></td></tr> <tr bgcolor="#cceeff"><td valign="top"> <p style="text-indent: -1em; margin-left: 1em;"><font style="font-family: Times New Roman;" class="_mt" size="2">Silver distributed</font></p></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">(26,824.6</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">)&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">(371,350</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">)&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">(481,556</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">)&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">110,206</font></td></tr> <tr><td valign="top"> <p style="text-indent: -1em; margin-left: 1em;"><font style="font-family: Times New Roman;" class="_mt" size="2">Silver sold</font></p></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">(742.8</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">)&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">(10,287</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">)&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">(13,026</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">)&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">2,739</font></td></tr> <tr bgcolor="#cceeff"><td valign="top"> <p style="text-indent: -1em; margin-left: 1em;"><font style="font-family: Times New Roman;" class="_mt" size="2">Adjustment for realized gain</font></p></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">&#8212;&nbsp;&nbsp;</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">&#8212;&nbsp;&nbsp;</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">112,945</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">&#8212;&nbsp;&nbsp;</font></td></tr> <tr><td valign="top"> <p style="text-indent: -1em; margin-left: 1em;"><font style="font-family: Times New Roman;" class="_mt" size="2">Adjustment for unrealized gain on silver bullion</font></p></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">&#8212;&nbsp;&nbsp;</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">&#8212;&nbsp;&nbsp;</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">419,434</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">&#8212;&nbsp;&nbsp;</font></td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">&nbsp;&nbsp;</td> <td style="border-top: #000000 1px solid;" valign="bottom">&nbsp;</td> <td>&nbsp;</td> <td valign="bottom">&nbsp;</td> <td style="border-top: #000000 1px solid;" valign="bottom">&nbsp;</td> <td style="border-top: #000000 1px solid;" valign="bottom">&nbsp;</td> <td>&nbsp;</td> <td valign="bottom">&nbsp;</td> <td style="border-top: #000000 1px solid;" valign="bottom">&nbsp;</td> <td style="border-top: #000000 1px solid;" valign="bottom">&nbsp;</td> <td>&nbsp;</td> <td valign="bottom">&nbsp;</td> <td style="border-top: #000000 1px solid;" valign="bottom">&nbsp;</td> <td style="border-top: #000000 1px solid;" valign="bottom">&nbsp;</td></tr> <tr bgcolor="#cceeff"><td valign="top"> <p style="text-indent: -1em; margin-left: 1em;"><font style="font-family: Times New Roman;" class="_mt" size="2">Ending balance</font></p></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">294,356.8</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">4,121,504</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">5,516,245</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">112,945</font></td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">&nbsp;&nbsp;</td> <td style="border-top: #000000 3px double;" valign="bottom">&nbsp;</td> <td>&nbsp;</td> <td valign="bottom">&nbsp;</td> <td style="border-top: #000000 3px double;" valign="bottom">&nbsp;</td> <td style="border-top: #000000 3px double;" valign="bottom">&nbsp;</td> <td>&nbsp;</td> <td valign="bottom">&nbsp;</td> <td style="border-top: #000000 3px double;" valign="bottom">&nbsp;</td> <td style="border-top: #000000 3px double;" valign="bottom">&nbsp;</td> <td>&nbsp;</td> <td valign="bottom">&nbsp;</td> <td style="border-top: #000000 3px double;" valign="bottom">&nbsp;</td> <td style="border-top: #000000 3px double;" valign="bottom">&nbsp;</td></tr></table> <p style="margin-top: 18px; margin-bottom: 0px;"><font style="font-family: Times New Roman;" class="_mt" size="2"><i> </i>C. <i>Redeemable Capital Shares</i> </font></p> <p style="margin-top: 6px; margin-bottom: 0px;"><font style="font-family: Times New Roman;" class="_mt" size="2">Shares of the Trust are classified as "redeemable" for balance sheet purposes, since they are subject to redemption. Trust shares are issued and redeemed continuously in aggregations of 50,000 shares in exchange for silver bullion rather than cash. Individual investors cannot purchase or redeem shares in direct transactions with the Trust. The Trust only transacts with registered broker-dealers eligible to settle securities transactions through the book-entry facilities of the Depository Trust Company and which have entered into a contractual arrangement with the Trust and the Sponsor governing, among other matters, the creation and redemption processes (such broker-dealers are the "Authorized Participants"). Holders of shares of the Trust may redeem their shares at any time acting through an Authorized Participant and in the prescribed aggregations of 50,000 shares; <i>provided, </i>that redemptions of shares may be suspended during any period while regular trading on NYSE Arca is suspended or restricted, or in which an emergency exists as a result of which delivery, disposal or evaluation of silver is not reasonably practicable. </font></p> <p style="margin-top: 12px; margin-bottom: 0px;"><font style="font-family: Times New Roman;" class="_mt" size="2">The per-share amount of silver exchanged for a purchase or redemption is calculated daily by the Trustee, using The London Fix to calculate the silver amount in respect of any liabilities for which covering silver sales have not yet been made, and represents the per-share amount of silver held by the Trust, after giving effect to its liabilities, sales to cover expenses and liabilities and any losses that may have occurred. </font></p> <p style="margin-top: 12px; margin-bottom: 0px;"><font style="font-family: Times New Roman;" class="_mt" size="2">When silver is exchanged in settlement of a redemption, it is considered a sale of silver for financial statement purposes. </font></p> <p style="margin-top: 12px; margin-bottom: 0px;"><font style="font-family: Times New Roman;" class="_mt" size="2">Due to the expected continuing sales and redemption of capital stock and the three-day period for share settlement the Trust reflects capital shares sold as a receivable, rather than as contra equity. Shares redeemed are reflected as a contra asset on the trade date. Outstanding Trust shares are reflected at redemption value, which is the net asset value per share at the period ended date. Adjustments to redemption value are reflected in shareholders' equity. </font></p> <p style="margin-top: 0px; margin-bottom: 0px;"><font class="_mt" size="1">&nbsp; </font></p> <p style="margin-top: 0px; margin-bottom: 0px;"><font style="font-family: Times New Roman;" class="_mt" size="2">Net asset value is computed by deducting all accrued fees, expenses and other liabilities of the Trust, including the Sponsor's fees, from the fair value of the silver bullion held by the Trust. </font></p> <p style="margin-top: 12px; margin-bottom: 0px;"><font style="font-family: Times New Roman;" class="_mt" size="2">Activity in redeemable capital shares is as follows (all balances in 000's): </font></p> <p style="margin-top: 0px; margin-bottom: 0px; font-size: 12px;">&nbsp;</p> <table border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td width="68%"> </td> <td valign="bottom" width="2%"> </td> <td> </td> <td> </td> <td valign="bottom" width="2%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="2%"> </td> <td> </td> <td> </td> <td valign="bottom" width="2%"> </td> <td> </td> <td> </td> <td> </td></tr> <tr><td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="5" align="center"><font style="font-family: Times New Roman;" class="_mt" size="1"><b>Three Months Ended<br />June&nbsp;30, 2010</b></font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="5" align="center"><font style="font-family: Times New Roman;" class="_mt" size="1"><b>Six Months Ended<br />June&nbsp;30, 2010</b></font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td></tr> <tr><td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td style="border-bottom: #000000 1px solid;" valign="bottom" align="center"><font style="font-family: Times New Roman;" class="_mt" size="1"><b>Shares</b></font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center"><font style="font-family: Times New Roman;" class="_mt" size="1"><b>Amount</b></font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td style="border-bottom: #000000 1px solid;" valign="bottom" align="center"><font style="font-family: Times New Roman;" class="_mt" size="1"><b>Shares</b></font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center"><font style="font-family: Times New Roman;" class="_mt" size="1"><b>Amount</b></font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td></tr> <tr bgcolor="#cceeff"><td valign="top"> <p style="text-indent: -1em; margin-left: 1em;"><font style="font-family: Times New Roman;" class="_mt" size="2">Beginning balance</font></p></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">302,050</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">5,183,755</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">310,700</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">5,183,154</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td></tr> <tr><td valign="top"> <p style="text-indent: -1em; margin-left: 1em;"><font style="font-family: Times New Roman;" class="_mt" size="2">Shares issued</font></p></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">11,450</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">206,197</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">17,050</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">292,999</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td></tr> <tr bgcolor="#cceeff"><td valign="top"> <p style="text-indent: -1em; margin-left: 1em;"><font style="font-family: Times New Roman;" class="_mt" size="2">Shares redeemed</font></p></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">(13,100</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">)&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">(234,938 </font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">)&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">(27,350</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">)&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">(481,556 </font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">)&nbsp;</font></td></tr> <tr><td valign="top"> <p style="text-indent: -1em; margin-left: 1em;"><font style="font-family: Times New Roman;" class="_mt" size="2">Redemption value adjustment</font></p></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">&#8212;&nbsp;&nbsp;</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">358,989</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">&#8212;&nbsp;&nbsp;</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">519,406</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">&nbsp;&nbsp;</td> <td style="border-top: #000000 1px solid;" valign="bottom">&nbsp;</td> <td>&nbsp;</td> <td valign="bottom">&nbsp;</td> <td style="border-top: #000000 1px solid;" valign="bottom">&nbsp;</td> <td style="border-top: #000000 1px solid;" valign="bottom">&nbsp;</td> <td>&nbsp;</td> <td valign="bottom">&nbsp;</td> <td style="border-top: #000000 1px solid;" valign="bottom">&nbsp;</td> <td>&nbsp;</td> <td valign="bottom">&nbsp;</td> <td style="border-top: #000000 1px solid;" valign="bottom">&nbsp;</td> <td style="border-top: #000000 1px solid;" valign="bottom">&nbsp;</td> <td>&nbsp;</td></tr> <tr bgcolor="#cceeff"><td valign="top"> <p style="text-indent: -1em; margin-left: 1em;"><font style="font-family: Times New Roman;" class="_mt" size="2">Ending balance</font></p></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">300,400</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">5,514,003</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">300,400</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">5,514,003</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">&nbsp;&nbsp;</td> <td style="border-top: #000000 3px double;" valign="bottom">&nbsp;</td> <td>&nbsp;</td> <td valign="bottom">&nbsp;</td> <td style="border-top: #000000 3px double;" valign="bottom">&nbsp;</td> <td style="border-top: #000000 3px double;" valign="bottom">&nbsp;</td> <td>&nbsp;</td> <td valign="bottom">&nbsp;</td> <td style="border-top: #000000 3px double;" valign="bottom">&nbsp;</td> <td>&nbsp;</td> <td valign="bottom">&nbsp;</td> <td style="border-top: #000000 3px double;" valign="bottom">&nbsp;</td> <td style="border-top: #000000 3px double;" valign="bottom">&nbsp;</td> <td>&nbsp;</td></tr></table> <p style="margin-top: 18px; margin-bottom: 0px;"><font style="font-family: Times New Roman;" class="_mt" size="2"><i> </i>D. <i>Federal Income Taxes</i> </font></p> <p style="margin-top: 6px; margin-bottom: 0px;"><font style="font-family: Times New Roman;" class="_mt" size="2">The Trust is treated as a "grantor trust" for federal income tax purposes and, therefore, no provision for federal income taxes is required. Any interest and gains and losses are deemed "passed through" to the holders of shares of the Trust. </font></p> </div> EX-101.SCH 7 slv-20100630.xsd XBRL TAXONOMY EXTENSION SCHEMA 00100 - Statement - Balance Sheets link:presentationLink link:calculationLink link:definitionLink 00200 - Statement - Income Statements link:presentationLink link:calculationLink link:definitionLink 00300 - Statement - Statements of Changes in Shareholders' Equity (Deficit) link:presentationLink link:calculationLink link:definitionLink 00400 - Statement - Statements of Cash Flows link:presentationLink link:calculationLink link:definitionLink 00090 - Document - Document and Entity Information link:presentationLink link:calculationLink link:definitionLink 00110 - Statement - Balance Sheets (Parenthetical) link:presentationLink link:calculationLink link:definitionLink 10101 - Disclosure - Organization link:presentationLink link:calculationLink link:definitionLink 10201 - Disclosure - Summary of Significant Accounting Policies link:presentationLink link:calculationLink link:definitionLink 10301 - Disclosure - Expenses link:presentationLink link:calculationLink link:definitionLink 10401 - Disclosure - Related Parties link:presentationLink link:calculationLink link:definitionLink 10501 - Disclosure - Indemnification link:presentationLink link:calculationLink link:definitionLink 10601 - Disclosure - Concentration Risk link:presentationLink link:calculationLink link:definitionLink 10701 - Disclosure - Subsequent Events link:presentationLink link:calculationLink link:definitionLink EX-101.CAL 8 slv-20100630_cal.xml XBRL TAXONOMY EXTENSION CALCULATION LINKBASE EX-101.DEF 9 slv-20100630_def.xml XBRL TAXONOMY EXTENSION DEFINITION LINKBASE EX-101.LAB 10 slv-20100630_lab.xml XBRL TAXONOMY EXTENSION LABEL LINKBASE EX-101.PRE 11 slv-20100630_pre.xml XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE XML 12 R11.xml IDEA: Indemnification  2.2.0.7 false Indemnification 10501 - Disclosure - Indemnification true false false false 1 USD false false Unit12 Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 Unit13 Divide http://www.xbrl.org/2003/iso4217 USD iso4217 http://www.xbrl.org/2003/instance shares xbrli 0 Unit1 Standard http://www.xbrl.org/2003/instance shares xbrli 0 $ 5 3 us-gaap_CommitmentsAndContingenciesDisclosureTextBlock us-gaap true na duration No definition available. false false false false false false false false false false false terselabel false 1 false false false false 0 0 <div> <p style="margin-top: 18px; margin-bottom: 0px;"><font style="font-family: Times New Roman;" class="_mt" size="2"><b>5 - Indemnification </b></font></p><font style="font-family: Times New Roman;" class="_mt" size="2"> </font> <p style="margin-top: 6px; margin-bottom: 0px;"><font style="font-family: Times New Roman;" class="_mt" size="2">Under the Trust's organizational documents, the Sponsor is indemnified against liabilities or expenses it incurs without negligence, bad faith or willful misconduct on its part. 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.</font></p> </div> 5 - Indemnification Under the Trust's organizational documents, the Sponsor is indemnified against liabilities or expenses it incurs without negligence, bad false false false us-types:textBlockItemType textblock Includes disclosure of commitments and contingencies. This element may be used as a single block of text to encapsulate the entire disclosure including data and tables. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name FASB Interpretation (FIN) -Number 14 -Paragraph 3 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 5 -Paragraph 9, 10, 11, 12 false 1 1 false UnKnown UnKnown UnKnown false true XML 13 R10.xml IDEA: Related Parties  2.2.0.7 false Related Parties 10401 - Disclosure - Related Parties true false false false 1 USD false false Unit12 Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 Unit13 Divide http://www.xbrl.org/2003/iso4217 USD iso4217 http://www.xbrl.org/2003/instance shares xbrli 0 Unit1 Standard http://www.xbrl.org/2003/instance shares xbrli 0 $ 5 3 us-gaap_RelatedPartyTransactionsDisclosureTextBlock us-gaap true na duration No definition available. false false false false false false false false false false false false 1 false false false false 0 0 <div> <p style="margin-top: 18px; margin-bottom: 0px;"><font style="font-family: Times New Roman;" class="_mt" size="2"><b>4 - Related Parties </b></font></p><font style="font-family: Times New Roman;" class="_mt" size="2"> </font> <p style="margin-top: 6px; margin-bottom: 0px;"><font style="font-family: Times New Roman;" class="_mt" size="2">The Sponsor and the Trustee are considered to be related parties to the Trust. The Trustee's fee is paid by the Sponsor and is not a separate expense of the Trust. </font></p> </div> 4 - Related Parties The Sponsor and the Trustee are considered to be related parties to the Trust. The Trustee's fee is paid by the Sponsor and is not a false false false us-types:textBlockItemType textblock This element may be used for the entire related party transactions disclosure as a single block of text. Disclosure may include: the nature of the relationship(s), a description of the transactions, the amount of the transactions, the effects of any change in the method of establishing the terms of the transaction from the previous period, stated interest rate, expiration date, terms and manner of settlement per the agreement with the related party, and amounts due to or from related parties. If the entity and one or more other entities are under common ownership or management control and this control affects the operating results or financial position, disclosure includes the nature of the control relationship even if there are no transactions between the entities. Disclosure may also include the aggregate amount of current and deferred tax expense for each statement of earnings presented where the entity is a member of a group that files a consolidated tax return, the amount of an y tax related balances due to or from affiliates as of the date of each statement of financial position presented, the principal provisions of the method by which the consolidated amount of current and deferred tax expense is allocated to the members of the group and the nature and effect of any changes in that method. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Paragraph b -Article 3A Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Paragraph k -Article 4 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 57 -Paragraph 1-4 false 1 1 false UnKnown UnKnown UnKnown false true ZIP 14 0001193125-10-181237-xbrl.zip IDEA: XBRL DOCUMENT begin 644 0001193125-10-181237-xbrl.zip M4$L#!!0````(`"AZ!CWB*G\/NQX``#]6`0`0`!P``L``00E#@``!#D!``#L/6ESV\BQWU.5_S"/FTWL M*HK$Q0.RO2E*ME+.^HJD?2_[R34$AN2L<#`X)#&__G7/X.0E@J0HRD(JM2:` MF;ZFNZ>[Y]#;O]^[#KEE0(PQ,:6IPW_O[+G__T M]G].3OY]=OF)V+X5N\R+B!4P&C&;W/%H0LX#/PQ'/&!$-/K@T:'#`C*Y^&#@$>/+"=XU)%$U/V^V[N[L6OF[YP1@Z*7J; M>V%$/8LU9,M3AWLW:YKCYR&0E3:_7VA_IXO6JFF:;?$U;6HSGC440..P#>\0 MKGFBJ">ZF@&%K[P"S:%S6VK-PPE(-VQ9OBLDQ&[!T5C5@3Z M)=0!OEC):VZ_:PS"[U]'W[O?=>4[4B)I@#:@S#R:)4_PS&U\,^*@OX(V5A)% MR*S6V+]MGW_\M?&+`@+1=:73[;]MY]U2P.T2Y+=3%G#?+N`1XHM^D6+!\7K; M3M^E$`I]WK839E9QIFK?=?4(65,U&/%M67L?!Q0']+OQ'7E3E>_7?CJ&JO+D MC`)+0?0>'-,OTNH,T.^W[?QMUI!Y=J&9'.STW4X240"*Y M^N\H$?592$1](HD(W>1N4/8T46JS\)%;C#6V[A( MB`%^\_A"`!#C.Y02?E3U3!HVOP5.PP>7T3`.V"])A'3Z MV]7[M^WT9=:]O;R_`/N>>;[+O56`1>AW*N.W59`70;QM%SB0C98QK&4,/\C' M:B`+,%:37`0"(W(=0Q`W/R3P_H/#1`XQ]P5BX],!?+#QXX5#QR09XDL,_Q[2 M\Q%U0O:VO0`DAWT>!P&^Y*%%G=\9#3Y(]:J$YB3U0^L@YCC?)_F2;/)-Z.\% MO`LK(?V7)O&MA+8*(=)4'1W^=QG"#-HB.DG+-@(MVOM*B(L(KR%/J(0'L/RK MC`%!Y(`_"#=V#N\#ZGST;';_*YM5PE#TDRLA+B#T7=?WKB+?NKD2%O4UCG`: MP"2\A'U^!B-H:N*+M%)B,XN[8`3O&D"+KBB&@O\KD;(&USQ=%QPR^',0_=@/ MJHGA$PW&C`PLBSGH#R%I%["*A)2`SV.^9&,>@LB\Z`MUJXTQEVR1*^[,'=XKH_Y'RNBH6B?C M;7?J#L5IY5'4>ZK>40['Z26S&+\5@$2]KP!FGR-H=HVNWEO/UAI2'H>)JH.C MF9IIFOM@`L8E[7#E._:U_XW./MQ/F1?N5^R]OIE[A+58=R)N>5WD(>(,7=,/ M0-QV8ZTJ6K]W,-%5I:ZCZ/VJQ*5OKJ:^%_I!>,%8^(UR>Z^.NM=3[E3V03Y/DC=SF3-PQ.Z MI:ONZ4\ET\J>IM/O[T[J1H'!7K6VJZK+R-Z(D'VSL)TVGVB]WM&PL.4T!?-4 M(>A_:B:VG,VZO>4>L"(/'SU<(0_9>R;__>B5G?P,,Z"]AE>%2'TCY'NDM7I^ M:&Q+ZV<:W+!(A+D0WOHP)FNK$U6EV(&8H9\3MP3;%J1LYQ'TO@CZMJ7D/N2G M'G?>-:(@9HW=1J^=H_K"(A@QWV5H%M\@R$.]WV$$]"+;&DR6+=60'"_%M!4A M&\E_GA"EI6K[)F0C>2\2HNN/(Y'*A*B]C0A)C!;3SF*)1U9^F%VEK+DD>5?R MJ?X!1`6*`M]BS`XO`M\]3"!=2CXV0[\?Q)RMPPU2FG4X<5;E=YN M=P=R5U1,EYA1E8IS1^WK:F$>7H%E&S*J!`(=%4C0=Z;B8QC&2SW+:I$4:?GX MY0(F7%7I*52C[1H/% MM9&')%::-G%9<"TY*8I=:-EL!M^"%/%^XCLV"\(/_XEY-'O/1MSBT6Z^Q^QU M="6?'5=BV8Z0*K.(:?0,I1(APE&?Q8X#D\%'[Y9YT?SZ:&5Q&)JJJ$8^_2[' ML04-FTO"4'7(WCL[DG!!^1;VLIB#J?V.89@/$),AVX6J"G6!CMK5C(]J>V*X>Q)E*!=3+ZB;5PS1- M,SM+D2Y41C;#72$VTS1#W0SUM0^3R%RY>.#96;4,9)X%N?M=XBF,2!4B]DGZ MEO5>M==_TKJX;?=U(JGA8^.5IXP.WW6YV$B*_AY/?8+< MF&?!M(",5!9!T;H>#=4"EYMC@D#$]:[@T&'/O)/*GIT3M3^_?D.3-T(\BWSTE"KQK8$_L-@*D M:4_\?3*B+G=FI^2:NY!E?6%WY-)WJ?<&).'0$)3_NQLU2,C_RW#M*`4SQ!\= MIGLD0@HA@[]&)MT#B.0WD$)`H@F36]7_ M%A(_&%./_U<(A3K9&I`)E-Z)CBV3'BY$$2`"(L7 M%0>A.*WOQQ'QV-CAJ&.L28;4)B.*Q_BASQUWG%'L$!<4S_?LV(KP.#Z'Z6)* M@ZA%K@NTNO2>N[&+>(2*@O4F[(`3`)]&08L%\4AO[-UX_IU':`@-X/G.CQT; MR+KU(;8FHSA"`"`G[F(#&@'T&1DR^,=F&8.9I&23"86NGA^1&0,R+0M/X]BM M%0HD52PQAH)3KF1\\X8+`L33'3A:ESR\^2'-M0OF6N*4(*LOU&*OXJ$XI,FI MX\P(_(?XHY(!4QE'[)QL@!:XQ%`S1_@74:<(OE\%MX[,8/$*LS:P)8B$4<[K$5S86U2RNB M8)DVWL[!"!N-F#1[['(K(J"$27GFK\1RBUQ0*_*#@M4*@-@@A30B%HU##+#$6"AD@$!^Z!JB'-^"5T&M"!CH%E0DK>Z:'O4O9'Q62Y'U5'9>`KH)S MFVKC@RB_L`@#T6^!CT=@[;/9;R&#*/3K%(^;P5`/\I%^Q)#X4:BH'!"7=N+L M=2-<%XL"I0$IX=J)C"J+03VCDQS-V`\=6V[&,Q1]GU1L5WDU3;.W?UE4+J&J MW=[&FI'9PV-LLLK6P%9BVXJ8'5?%]DO,KNMDCR&:K5?.-B6FD`6=8\KC<%L\ M0(C^#2(0F!:3TVP7W*,0K%/G"M[(;.-00;AVR"!,2!-&J3M]\Y/:,Z0D`?2"B$NGR\DK#!0;XG?C-;FC60HO+[(; M0(#K"*#>,)R^T=0F`;/LRL@5&?S=#VY()"-I%(_XR1BFS/AX1KT;C#>SII^9 MXP#<`EK&`#$&GM`%!(LE`HYKOR-?EA9L",DC7_Q#;9=[X@2\T*%R'%],[<.\ MT'#F4.OF$HU(%'C)9^I1F=>3CV!4@9?6*F`&:"5T)76*!D;DY#V,Q)W^9&$@:S)(V@W'`),X"X_E;$`"[AX`<I:V8>DF M2=M`"0(VI7RWZSHA/(L M%*3F1MQF(5@?P`:BIC*$!E6Y99`6)ZJ;)U70!"M''+4-7HGTK)Q/'_5@44C) M74@`L<0/$R6-(8<%QD?IS`4HTJF+W`&'(`\&:2/#ZICH'-AXS:(L`N!S+&I4 M.%;0?PHC0,;,@_E45"0LBTTCV1>'!>=C>!*SHTA\!RZ#,:;D5>.WUE6+_&,P M^`;6(P4.\N5N@3#NP7M7F@X.IZ``H6(Q+H@MF8ICWPMH1_"&ET94(0&,#)C-$@`23,+&3+:4C'!A`P8;4!`]L*)Z(4.X0Q8U0H M#@C@C]@3PYN/>6K@2R$G91O1&SW.P/-B:'$)?CP0I:1407[-/)0@FGG8Z3TP MZPY9D,^3NIPG39PG1]QA!=T#;1``V3"(86`*L%>L0IF8)Q,NL$.?3W)3.Q.157+FAZ2^T),;D5`I..X@!O$W1 MW,74#/]'"Q)A)%ZB1-A_T*``FM+J*#^GGD?Z+>&H(EEZ+A=L!2%-H(3;Q`5^ M)L*=X.(,6%\R)Z>D33`FQ8A*3,H`+'9E&7?D0\AY)]UD'C_>RI!)UCGQ8[[< MY,F5F%+<<%H,MB3S,N0XAS>^S:F7OOSR^]4',@A@CG(2MPVOP2VCX0?)!4[" M-1,$R08_ZB MO4?F*Y+I.LM0Y&G.-#8!Y15SMA3;-!%;XF_F<[K4YC#V%MX@LZ"[:VH[X]YY MS^[NC&^_YW8];KQ8WH:\X>L(EUEAQH,0ZP.>K`@?U=Y MFG=HM_11)`4>F\L)9*9:JJTL30]*50HJGM'AI*E`D@/)9."?L<<*B8`B@_IF M(=D3D0K#.$=X/I&!08(M5YHQ#PQS^3(IWV@2^/%XDM3#(K::5)&!@D6CI^4NP!?#(Y_)*W%QC9RXO3<^7D5`Q?]G`:.:LC(_E MQBLO&F35A&^0]N">EQ\HJ-"$I;DN9N^@&`6V2A-$,#S7`_%S("=C M\?N,AEQ6>'+F\I;'R=-U*;O@6!,/\Q$+"R-6K'NE(Y84=D#5G5D"9KY8F>TR M*?DIK%"L*&,@4"QZ\6@FW5Q6)9/!U!RDRE`2W\#"HC^#F,VE-Q#*1G378@E>NOXCEW0**EE>YV MBU9VBG*7N<[!9U6_)?0$[,'`!7"RQ)#*-@ZDO2A0%OI)5#C)ASKQ_"V6] M)UOV0A\82-L.1[#/%(:)GCK$ M`7)P=PX,;HAG#Q>WBB($$)38;"B7E"F)`MP4+9SR$&=]W(/)@Z7L%:`,TS^N MEB_TB34$H"+V2JM^6$9D%*SQS@]ND%-<.Q;4!RR3",Q8^,D5E7M!.,Z/J34G M:.7%9+AR++:RBC6=1J'=!;_'I9WJ1KI9SK9JU\`UEGBRNA64Z5C!76?,.UF15YA2G3D#I43)H`$3+UOX6O3_+YCMO1!$9747XN%/6B(*4\ MLM,FW>[/!16([$)K&RT(8LYW#4E[!E9;W:7J^P.@>%FHY<]@Q:#/X=W(.R+6+<&CS$LZ><2=Y"S8CXM2RWGV M5YP]PG7I\WZE]L3@MQ\*RT.Q7-`VO@*+V>OQ^G(Q@E#MS6# MDH[=OM&*P\:U,AR9,EPRN>9?''E,%')67^$6^]9$,Q\"-#Q'53Y;% MV&B4X2X,`,1QA0@JB_*P%'R"9TZ]Z)2`5OMEG`'S&`+:'P6\2 MF:X(1I]T5EXQUP9X\<,^A:&9W::NFRVE,D6>?Q?@GV26_^ZU9+4'@1W2B>S& M[5^.1A>,IF+VFQW%J'7AQ>M"IZGV.TU3UVI=>/&Z(`^N]#55JS0$2\*$XPT* M"K?!)7^$XR5'!:K:U#2MU:N-_XF,_PAU0E.Z3=6L5:)6B5HE:I5X_%CA.944 MDNC!SO^$UTN.'EZI6K-O:*UCRAU>U_[@B72AUV^J';-6A5H5--UHFGJ_5H47 MKPJ=;K/76^D3GF/A(/2=ESWGZ]WCJA?4IOU$BM!I*K6/KQ7AS:MNLZMU:T5X M\8J@-CO]E0[AF2?^@WQK.>Z.#9(]%@0OE7[)X<"69:"Z8OCRW$.M*K6J;)HV M]IMZ]YB2C%HCGJ?S>%85AKD8(_9*488XWU4ZIU/''?5D4KN.6E5J5=D72;K2 M:^JJ7JM$K1*/L,^A2$ARCK5XY'>Y9#8A$G;C!3`!:.7/_'NJ26!_9/\[:#=[@`+^7U]`UCNJ-,;P#KU#6`_$NHEL_;ZV?E0 M05-]`]@11K(OZ#*A^@:PYS%.]0U@M3)DHU+?`%;?`+9L<;O3U)1N?0-87<-Z M8S0U56FJQC&=W*YUX:EJVW@#F&$>^VZ7XPT*ZAO`2H>VNLV>VC^J M*SQ>EO$?H4YHIM8TS7H^J%6B5HE:)>H;P.H;P%9?]=-M]C6C51__K_W!*[VG M-O7.,967:E5X(E4P^FJSTZF]0JT*JJI@U?E'JAR\^"O`>H9V5#OD:]M^(D5` MV^X?TST-M28\E2;H3:6^!*S6A#=:LZ=7N?#S.>7^]25@]0T+M7NH5:56E<-D MCEK3K$_`U;-)[3IJ5:E5Y.Y-Q,_S%LE>7S*;,5='=0/DU$Z:)MV*`=G:H@6VKE@"#'ND*=KB(HL> M2:7QO]^Y)"W+CE.T&^I(-=]B2[J\'^=>7M+4R=,]6!;49'KJR(;4Z*VBBG,/C&D*XPNIZ%42=:7P^QS#5+-N5" ME>'V&-,7$K%1,&\95?I%SQ>\6GIOOR^4*%C!;R3S="I02548G(?7>S$8.8@; M0X[UOZEMFNJ%T*?+!92"NV8:;B?&D(SQN<9R6'O'S[F#=`"$[A5&^C`V\0ZX M8`NCA;3`$?O.UE!KRSD$%'I\<%&[0AO_D]X[;IP2"O8X._C^B+W694[WPG:[ M`]ESOEP%%%\JTV"0#$&TX^X_J)_`9C=XWGM@0>2OH`08=2$,/PAF/ZX M+ADP%O"3>=8J*8"G:SFD;09I/J&$LHM`(Y@#%5"3U%Y(H[2/)?""P>N2&P*+ MWXZ`7]_^=?F271C!D6 MJ$M'>H4;Z0B6!WH0O):BJ M'/V'\K@W`DCX=^C#0)"N*]>J5NJ0XT#T8Z23]N5`0!0T065(^@$V&A5'RR*@"D4@B3 MH*PD\?%QQ`G7?=I33):HX1,I*S@SAR8A+0G32'@;`'Z_"PI9YAO&0,`4RDNJ&ZE&UT#MS&:9')?VKE MED>QRULW+31HE"^CL/@$'"&I'0@JHSA+U`&'PO=[[1"YL'=\IS%JR6K/#-11 MUU`N9+<*.5I!?AC%7R5O1#=PMTIB+^AU9ZJ5"$`=V@QB_>5"&&I_IY** MXD85#-U3NQ:V^QG4B$J4=1[ZE:8)>V2CJ*G1OM%!5XA>)V@2G]_JC^\4\$&/=T' M-^@5=1OL-^T9W5_25.HO19;0W>3NWMY)8WE'?UGH!L'K7H)XB:55ST*8JL!# M,ZRW=G13+G>'K/G";TBDL*0,Z4\H#C)#=LQ@?3K>E[C06\XX&1UGHTY15:5S M/`]UIFM\?I*=G:8S7=V(Q\EXE)V-4F:FS`R9.3[MZ\G;CUOQ=J0[N%SM.]-! MED/N#,;C[$EJ#!ZL_'00$<>CI]GX69=8SGH`B<^7GV>I<4_YN?FV5I^IZ7N^ MJ[!U@.20.P?B0!QW:N62.!`?"`G')T^R9R?G.\YG)"SL,PQGB8\^)>1LS4?? MLX3LU0["'W?.7C9G,P^Y*_@V\4ZE*O616]^GY]FS\[XN9+ZT[B$E;DK.4T<1/A'3>PFVC MA6CD\X!%3^>MF=2(]!EK??SKUU_.?M.T;Y?].Q1P?S:A48Q\04E,`[1@\1A= M"2[EB`F*$J'KB`Q#*M!PA?IL3F,TX*-X06`X70R9;:-MN;;7QBZV#4U+E[@D M$E3">*+&;./-R%6Z'(]ZR-4=W32P@=R>8?6L+KJXW\C=`_H1.R88LNC[$-9" MX(!(GK?&<3SMZ?IBL6@OAR)L<_$$$PU+SP1;:\G>4K(=Z865R6+]V_W=P!_3 M"=%8)&,2^<^SE)J\>=CS/#T9!5')>C*9?\=]$B7,FB!#Q`Z$SRD?3I""8!>O)K2\Y9DDVFH@"?/QH*.X%DXUY0;#<38PB\;/M\HJMQO6BR7A>H6]C"$[KY M61G7X?S:H#TK?1A=C4GT1.5M-%!`QCP,(#>N_YNQ>/6)CIC/XJK`JVI_';.( M'-^$?%'9[05*4I`^"?U9F*3%'4!*@2D-I^VV;6/I,J910(/-4Q8KM8:R%6EH MHP*^IUI0JB;!!NA"[N]H#%4&<['KOQ1F3)8\XA,&*).,G4D=J/:)D*E*7$^G M8;QYHO+6TPR/Y.5(O<;+J[(E,4D3#:8[-.`@I."/4RE9FQ0;07Y0NP"),+/5,/7 M@[COCX5*U,PA9: M4/8TCL];&@Q-!>,"DC"1JR$<`Q;"F7HY"T-8[#::PS;E8I43A2+!M^'\(O2I MS\U"G[^"R[]P"/X=(T,6LIAE.T#MC9V-<1$%+W#O07QJT5K'AJJ`N0R2'[FM M:H[.9O,5"Q[-^5?8?P46Y<2G4/(]1:?0R%?FAAJ/\RV'%)SI6Q)KMK2[IHNM MCF59'<]X/P$M:V\:6^M'YMU@RB/)A;RA5*;%0!XGYDDU>L@>\^4>V>7A/Y'F MSO2]LKVF6O[PAE:JG#F5MUQN4\"L/;^>&-4U:=0>\T* M>2H;3DLZTW:]CN-:+G9P0UF0X[Q#NGD1=A-G?$*K?Q,6*<0/T8"$"8=^8C(6 M;#A3".":O*Z*BXK)TM,;9:<77;]+3=6L:B)L>^`R,%\X,.GU+*UU2)JUM/N$-RG-)`W8'JEF):;F![(AF$; MENMT'<]I,JHG1V:O4W*ZZ=5";-42XBLNXPSA`.K38Y%]4?[9*NQT/`>;COWV M`UK=XJ-WK]U>F%TW^R90-VQ$@QLNU,UDDN``4XINS%55/#O/ZKAF!UO6.V#E MTRVO=N6NAZ'OB?A.XW]).*-]ZG.`GM?^S)5Z*X5/+OBWT]YXF%(!WHB>"DBU M4"ZE%L?K8-?QS([K.C_S+:(<_HK46$^2;-_JCS0M&DZ+ZG>T7@S]D2[W9WTO6`O>WY8RQSYF#NA#:X5- MD9B"`&>I^E`^G,/9"N`^4]A(`=""H$323W3]6N4-TM/?BLWMBXVW:Z'C2[NFDVU MWZOZ]O1+VIZU3=S#,T"[[6F6]W^#8M$W&*9B8TZL__*.N;/-_\G@Q_]02P,$ M%`````@`*'H&/8&@#&\+#0``0>```!0`'`!S;'8M,C`Q,#`V,S!?9&5F+GAM M;%54"0`#O%]<3+Q?7$QU>`L``00E#@``!#D!``#M75MSV[H1?N],_P/K\]#3 M!UF2[3BV)^D91;8ZFCJQQW+:TZ<,1$(2&A)0>+&M\^N[(*D+14($)5Z@%$^V MQ,5B+]#B6^Q"^O#;FV,;+]CU"*,?3[JGG1,#4Y-9A$X_G@1>"WDF(2>__?W/ M?_KPEU;K]T]/]X;%S,#!U#=,%R,?6\8K\6=&WV6>-R$N-D*B.XK&-G:-\<)X M(B_8-T9LXK\B>!Q/9IR==D[/KRZN3[M7W8M.JQ5/\0EYP!*>AVS.3KNK)_UX M.D9OC*OV9?NLT^T85S>=\YOS]T;O\XKN,T@_(7F$-J'?QS"7`0:@WL>3F>_/ M;]KMU]?7T[>Q:Y\R=PH#.^?M)>%)1'GSYI$$]>OYDK;;_OWS_U"/5\ M1,WU*,XF:USW^OJZ'3Y=D<+TEK^BW93F73MZ"*0>N?'"J>Z9B?S0>[DJ&$(* M_JJU)&OQMUK=L]9Y]_3-LT[`7(;QP64V?L(3(Y3UQE_,\<<3CSASF^L8OC=S M\03>LU]:W.*=R_,.'_[+;;Q>EG][U+JC/O$70SIAKA,*?V)P]E^?A@DMB#># M%>.=FLQI\^=M.5;M`P4>^;#../M/R.8^',TP]CU)$46#JQ'J$2:G_@S[Q$3V M01)N<2I-W"%$$P>O7A8V8WI\::*MF3Y,^C-$I]@;TA$79,9L"\+4W8\`UM8M MGA"3^$4%+\J]&K60-QO8[+6PV05,#A7REGBFS;S`Q0_N%%'R1Z%/OV!P>4*- M`L=![N)A,B)3"IN(B2#&F"8+(,C0Z2.SP558UI;%V9:GR-W;'%-O#U'7`\L3 MY@G;?..&"./O8[WMX>4)5EB4,B?O,XB]U'?#1?Q$O.^%IY>"@1P*4ZQN,@U9246()@E,.+0Y5VHR0Q8N&8PQBV+0!SSPD@1 M3[0I_(H+H7X;2-LQ33N3084"KV9I6 M+0<[8^P6%#0YM$(AD6T7$RT<$`L$5B24\"!P#U/'`G"J,L#TIHKXS+S23J=SG7':!E+1IO_(FH9$5=CDVTH.(AN,S,Q@\V3&>9F6M%';XPR!_:` MR)B!UX8$=8K0G-OTNHUM?_4.M^QUJ].-4YA?XK>_K6#-,T]/E]/8:(SM,-W- M)&I7(2V%Y1^^LC#9EA;>^G:/I\B.+-=[(]Z6J)D4*SG7"Z+G)B6&Y;/D%*^D M/0,A97KZ_NNR^/X?HU?A[.]O%/6N:Y2Y@+GZ+0X2KL#SV0S>+R#6PT MS3#YUO-:;7Z^K\VWA%;.Z,LU\8A!,H#_UBUHM&.];]'5ZH2+0Q?^EO#*.F-` M/!/9_\'('<`[6=!?2%FK0]X=ZI"4^(J[)%I`UR5B^97S2K1Z!L3&;A\DG#)7_`'9HJHW MU>X<]OG8DEU1/_29XS`Z\IGY/2S'>P^!SYMU>,^3.&[M'%2OE_;*T&55R7?: MAW:RX'!0$4+4+B-5=NAV>-EAQ0+^C[D8,9O&SW@:+S,4DG9D8HK`_QD%AQS: M8R@]Y*B@S/E@+-57ZLVQ&78R9AZ:2]`W7*:06E\)SXA5^>F\HV2-HSR/*5W^ M6&EE^@&R=]8_LDF;+(!(K\0L/R754,8?NB2B0$E$QE,]SP-`XI;XI+IX:["%6(0]E+@EMUE^05 M6_81+?BG;<`@'9T3']E1IO.$+0RKP,HP<>X(%5;Q;EOGJE![0BX?4G:&$C6J M?6+C;TM;\>*^)VA,;,*[H2/?KAK-I*4`>D2&SQUQ'*>IN6HT8_BAYP69]9X<>O5O MMD@HT8S)Q>V4LH/4O\4BJTE3>5SZ6[.DLK>S5$-EQ,C8X-0XC-`)FT[8=,*F M$S:=L.F$[1@3MA(]]80AP0EP7D->FDS]9$XL>]6M8RXS,;:\`0@[0C8`NDF4 M5#ZS1[18?S]B"MG*#E0A6HD6SJJ53%*7BGW19YZ_G'G$;"O/!3GT*JSZ/,OG MJ%"QP?\!BMPSSWN@A9:^W#`5#C+RS"^G27U>"&>_Y3?`R3CPL35@+L\[G7`Z MD$[4]%"UIB)>W- M003_V"UWK)S\0$RNPI8MER>(=:BQ/SNKKI9XK`+VSUL<67W6BJ[SASGFWWY. MIP)LNH-.A5Q`QA,[5%#2)5]P7'S@`$#@CBT:%9"G7)#9$KSBR)*8[1'208YI M,T*,@$X%N)A?11,(7[%I_XW)=`990P]`$YIBF<)E_A`5,&.^P?/U:*IH6?07 MZ'..G36H;,.G77HK$-G'<>8 M=90+A_G._.BR%P+;^J?%5Y!J2%>E&5A?Y"6\])]3<-V'D?H9SB':Z:;.PV/B M_LM3L;;/Y43);_HB6=?XQ*0J?%X.]XA8/U4/#"05/C@RJG'4<)B']]%:2;]S MZ?G7@,$??J[U`K$#4MGH)Z2&U'0Q\O`MCOZ*FI`*L5#A1*,G]"%)W$`VTUBX\1!ZC,K!R)7,Y4*_:7E M+*-J[*/DJE.]"B'Z8O0*/RRUU#&J"1Q?P`Z@=)@]UAA$*IJVUH4F^/G"T@-* M1;;2MZ8J#S25?KB4O87U$UX3K=NGS5X[W52M0?:R^V%()\QU4.BIW;A,>K0*GUS)0I>L2E7OA9O' M",N(#HL)DY=P>^Y#-,A!0<59J("""J[(U<976-DF')@'L7I^?)V#[^.R+BW( M5`585*:3"ZI?KWH&+']PIHN2/4$&I_K(N+*FNT3+6+.!%@DOCK0Z- M-Y7E_53X/9XB^R[\O>R,5K),BF-H(,L47)V?9L_L$DL_;K@I;,?Z2/[2NFJ= M7]%/+_29,T=TL;/Q*Y.RR5U>M$8V(5BFT*K87G=Y'4N7U^9.V>L]]!E4_@:S?!7XN?QHE`)K4>BE?]\;0V2AP M'.0N.*B<4C(A)J)^SS19$/X@VB-H9FYTN^3@MK,T;HOY\UL!&S,8ZRF,U1R- MAS:-ZC2JTZA.HSJ-ZC2J4PW5[=R>\[":[.#C06"R&C6&J[;+MSG(Z3R-G%8< M&@\.&A=I7*1QD<9%&A=I7*0:+GKP9]B-6AAZU`I?Q1MG@:.L8CR.!R455*PQ ML/2$;5#'@I#@RQ\V7:0A4\S'6#)J/'QHY*21DT9.&CEIY*21DVK(:6/373R[ MB'K(Y(H4*`$6XG`\J*F06HUA)DF4]"Z-DH9`Z$2G9[J;2J,DC9(T2M(H2:,D MC9*R?XK(<4ATA89_ZP$+"TV8\C*3/%`JRN1XL%)1S1J#2R":"5*Z(>1Y(MYW M2?QTF<9/"59&R*OQ.*(AE(90&D)I"*4AE(90ZD&HK:VW"'"2&7I,<$E&GP;K M<"\$OPZ8.PK&'OX1@*AW+QS;28*E]UG]WTM.1LRJ\8"AL9+&2AHK::RDL9+& M2JIAI9$YPU9@\TO^6UMP;H^WS,CC04I2ZNP%E#ZT^61CY&%X\3]02P,$%``` M``@`*'H&/5I%TC_F%```?_T``!0`'`!S;'8M,C`Q,#`V,S!?;&%B+GAM;%54 M"0`#O%]<3+Q?7$QU>`L``00E#@``!#D!``#M76UOXSB2_G[`_0=>[H!.`W;B M=+IGNQLSNW`[]H[ODC@;NV=WT#@,:(F.=2U+'DG.R_[Z)2E1U@NIMT@L#7`? M&AW;5>135%6Q2!9+/_[E>6>C1^+YENO\=')Q-CI!Q#%?CHY^$/L&Y9U M\I<___N__?@?P^$_OMQ?(],U#COB!,CP"`Z(B9ZL8(LFGNO[&\LCB!--';RV MB8?6+^C>>B0!6KJ;X`G3GZ/.T+NST=GEQ_>?SBX^7KP?#8=1%U^P3YNDO_-F MWIU=Q+],HNY/[#^;O1Q0A]_#RZ_'SY)S2^B>EN*/J-549H6\[W->T+ MT0%P_)].MD&P_WQ^_O3T=/:\]NPSUWN@C*/+7'V[)LG=`P0^M%S;7)/-H@#^!R\[,E/)[ZUV]L,./]NZY&- M'(7M>>>,_]PA#^S!L!X^#FDG80__&7U]@AC1U_MYW`IOX>"?4_5ZP'@?-F+C M-;'/8YYS;?A6;H#M)B`C1GU([XAGN>8RP%[0!&^*73?JJ=-($1+,$6+^\S5% MEL),G@/BF$QQPF]92P6V$W;$;(XWRIIUC52#-C-`UTN/@F\_#IDS&?UP.>(B MTB]^NXK)D[&]?;3L5V?NZN"*4+C5>7ZSUW96GI0P'O'=@V>0.H]0 M3$6\IX:#'`*C7IHRLDF/.,.ORY,_"U:$'1.%S"C!C;X)_O_],539=B5+/1UH MB:K81B1.@)]=Q]U9Q#_+6C<5[M,YL8/X&^8P/@U'%\)A1%__1EU40!C2%8LA M,H.@(M)K*<50F5W(*3JQ`IFN%'6?TXR8"'WC9%TJ@.,ZX2>36%D%H%_]=DT= MOQUJY_C9\C-B22GT/OH"D.RY2W[6]M"5?>>>.*<23N`;(X1\YB&.*W>'K:P7 MS_^L_VG+X(E'G?Q-ZW/.=YQ[R.+QAD307OV.+OZ<8.+N]MAYN2&[-?$4/DM* M">/?"T`GG;R$3+NG5V+(Z45(B2)2]"TDAM:/>!*BP3V9TS^SOK^($'CVST&6 M1@`Q%5P4D(%0%`DP4L1I(:<&$;2N:$\2+YC^6?_4((,GIH;D;UJGAGS'ZK4` MHP%\O&,*PF1`9C9^D(B2^5W_`Y8"%$\X]:/61RSI.?>,8QK$B'I@P_%FSA5U M,@5ZFZ&#LVHIX*QYIXA`[%R"0&WP(3$-_4W$R'N@%C/+-[#]*\'>C'XC6_$I M*>%40P$ZJQP9,A#UD&)0*TA(CA@]X@R]49%0=:LI28H66DTDP.6*DB`$5)4< MBE)EB9P*M+J$"]Y[\F"QC4PGN,4[V3PC)X/:5Y##3>\OI&D`]AED`%3[#4=: MQ(C!]6%"%=7#]MPQR?/_D!>EC#DZ*(U0`$ZK1(8(0">D"%1*$1$C3HTH.:!: M3`Z>EYH7U2&IFE2_"CQZ$J*'RSBR;>!.*Y,'U MU.XC0P7E/*1@TZXC10+@."3]J]P&)T6"%EP3)NYNYSK+P#6^+[>8CLSB$+`\ M'Y8NI?:3A4Q@DTP%43(S3@$'Q/13"DZ^;(0O-C/+P8YA MT9#<]:V"A))ZK,";Y17$DFZ?%_#!;:B7@BK88G!7Z)Q M62(8W9)#36I1FD*[OLBZSV_8B;=V?7+]:K3+Y72U;**CTC2ZI653 M9%\.MDV-8.X\4@/)1UM%A/I3Y8HAB^0X.15(.EP1E'Q(CCWOAF-2NNEF#+M!26(.\$<4`\N:VU M!AN=;K#EH4=L'PA['O_U8?#AXH?!N_*(?_7CQ\V(2.L^9$KE+.?3;C6=WHR_7$_19'PW9_J^_'E\/UVB\>U5^.?/B^NKZ?WR#9K^[>M\ M]2LZO9K.YI/YZBW4[9'_'YW2F/R/,43M+;OWKN.[GC\CQ(\"!]E"148%L.!6 M@XU7VWD2F*6V"D=I`&[295S@\EC:#QL1H77@'?R@1Z%V=1D%)6*D**(%"*AK M(W[CHPV#O)=#UAPW)WR3(BA+4N?])M3'/`=RMV>'X1SCK=HB"Y'H\%[ M^F\T&JD>+>7\[X-#*.D`\7(_C.#R8C3X4RG?%3'X_4=*SGA'G_2O.7LUUN\& MHP]E8W9#/<\V&K!V![OY0E:U))+`Q.W],G#:QE:Q']J[')G!$>(H6778=J,[X@6>M#TR!"?8<^C-=^GK(#/OA MZH7-_Z-K8IY-0]?,GLHRQ(]);=>\5JXY7$GZ-XAP#G0:B9Z+9W0LG?]0`B3J M1G4L"?69A/FY#=KS/O5(%E7QZEZV-7FP'&9Z;4FHL)N]>&#*7(D>/[5"F?BC MTB95A>?5>(KE2_G7[8]+AJ"55O5/VRT.AIC@6V@2)!1H#;=B\XAJ,K9ME.AA M@!)!<-2)2.1F84&B'QI*3",SB?IZJW?F[W!T^"%[9V=*W>X@_J&'!NI&P-(@ M#J8^75(9K806..=?!ER:Y)\DA,OJSZ-0I_$/D*#NOI!:)66)T'QU6+(GKX0L MK:Q6@1Y(:\7MEDB6[J4=+Z\Y4:`VKKKD!(3V M=R6+YJ7KW#'<'8FW9TKJ%RBI81:P)>"3:U@%J?9E;"&.G`J%U"A19[HOY2[N M"5UT'$A9P8L\&8RFJ.`F521+HUTWY``D?B4DZT'IBWJ(V[M#[[D&(:8_H\]X MB6WJC#?AFGCEWN&7Z?.>.+XTS;0J(\"-^EHBQ1?K*W'!W*^O`2U_*3MB1B;Q MK$=B(C90X24?VE1BU\8\>.STGOT2'M^SW*4]?CG>`'KC(Q)UIOEJ?2L#P+@1 M9T>+#8IV?E8NNQ6$1!OZ5[[MR,8?JL]EBY^H;D_6K31"&XGB237V@!/7#P3* MI6N;98ZOA%Z_OZLD@'!SA<0@WJT"(LDM##]9,,2G;'WV7VV)6&("]61HE(RI M29+&QOQ7;#G7KN\OG%K!3#4V_:9=1QQAX55X0`R].C!)U(MM?GO@@;;!4K%M MV@Y[5W-VDNBQ$WB%^(P5G3*9W\J$;M4M-$FG`A.M#3_!.[HZIOS/7.\^SMBG MHJCNV=5O`M1_U!)3XDLJ\4/[E1H@:_B8R+4D;H6P"E?A]9'X:@?36=X\F%=Y MC?!9,ZPG,D`@TI+"ORZS/S-]C!TS%HKV&D\GDL&HQPZ4 MJU]3O%12?D5>N.S[6@`5:?:>RO/&NU0LM=Y,M'N,$`!2ZML0^4$6]F2E['HO MISQ%O@^B-O8M-]C[3@*>/W)/#)I M'AQNX<=)A;+YX14;]GG'VXPR"2EHXCV2_&+N#-W(Z"R?7\UUPG*PV,EIXU4"3@2(C0^]6RW@Y?-246)'JR1?0TT.5;*K&'ZZ5I><%J!(5Q&0 M_'N6VMXG3-9ME+C5],^P=4FSX6+R-_!*I*KK(V&)2\LL*CP*5UNT2E%1X&*B ME:J(`CO.!8W>,2NRHSB!*Z"#<95*P$D?F2/2[AP5"'+*$-.UE.;RNA*C55&' M4S_,H5:[6#6;VRT)PH4WV[E1"):A@3$S*="DB:4(M)N7I/?<@Z$8\? METAF6P6=_F"O$+"(^J1$(.%?`1)IC;YC83XG?MCQ88#8-XR2.NA_B&!C&QY' M,1YU!;YD(ZFW?2V6`J))'\ZK76.Z&94 M"B66U++NSWPRP?YV9KM/9<>YCY9)S"\O7WUBSIUX.W#,WF7-*X>6:%N3AL`VXQJ*G-FQJ]D*Q+9> M(XCY>TWCY<]H=KWX^Q+-[A/):OX+K_[ZN;4(1^Q`I]\D M9\G.A]2D^B.5,M@B&E'1@40^%B'GYO9Y]7N[C^SS:OFV5Z/+L4 M;)KRD$@TP;;"3EDKB%W8.)[E'EL".UQZO:2ALTQ(ZL;R8:5\NO.^*$;VAD#Z M']O`H.L>]O:_\'4H<\?P"/;)%0G_5XQ5O2:`\L,:B)G*&:O!KS^/K#8XR>N2 MJ:JR>PO\CT0K`Q2V@T1#[(4/X5^:TY1;E/8HBRED89LCS%YAW(U>F7KA8L:! M>$6W;+^R)F^?G(I"L')ODF'LB1N1HJKC/S";\J-;)K]T5H"W\$U7;4DX@'^] M57NBZ'H'64.'WDM1FOGQ]DUH@'A2'K!C/VZM\]UXYC$MFZ22*%9N.UN-W70% M,VUT.6S)6::+?K1/2MT)D;\K-)TL;B?SZ_EX-5__NBW=CE+1TO.CCS@.QTVFA'W8+;:Z?#J;#=3OJ$M.,.!2HX M_8U.>*/.DFF8]'NGZFY->T<>V67=W$GO[KZP0VK)7G!%/OV'(;4$$BF7"5"O,N"A)S>4Y&[\Y*7B.[8A\B>XS"F]!_DM*=9&^*1=.=.W+8 M[VV>A8!MD;@P=S:NM^/Z7I9&4I4;**.DGG"IY))JK/KS3.K@RJ><)+A9Y1G# M=OU#>'7`<9TAG]FL8VM(-`>SWMB%L,+C,]>;L,(IQ545 MZS::_#!EF1N!E&S9I*KG'"M[>E%3/!?"B!KKN+2>:C+OF:SM MVE]9@__'I+%?6'@/V+'^6137JLGTVVX17&&-,AH0^U(#R==A2)!V_<8A ME>JW#U=W,9$$J@E;5MJ6&4KCF'>L(F#TJ!:;F>5@Q["P':>;^U=Q,+PBS\$7 MBO6[(@)OOQN@4B8=#5>J$DK+?>@OI-*)`(4&U5Z%JL-NA[T7-HL].-;&,K`3 MC`V#92/3B>B.BF*HSR6:-`!0Y:J1B'$=K%K<,)6R&D"4K/IY(_S6Y;$9=&P' MB8:@YI[^B*E[J[%(WK*9J"HST$9C+=%2^XR5./5O,]:`]0KEA(ZB@BWQV$+F M6%OQ.(\=SQ"+]\#K-@(4`342-17?U&I!?_32`%X^-F&-(/ZJ+I9@%;6#C@T- M$EN-8.>KP2)P*SS_E1J`TTJ_7!J`2UQ4TI\-5&X!1X7KHU%>ZOC%*Q$F[ MB6]*CV_:%*>UA<(]*Z=#S#OL%20J%1'J#_R+(8L`7TX%$L@709$4WN;$**(& M"LI?`[D_$T%"BI>5AQV?Y2/1E7SU::!6"U#5Y6L+F2Y`7YD=H$9]36QEJMEB M$II)=F$D7[)]KJ2$2#0K!'U,+9.2`263%6"1)!JEJ*%V-+H"K?W-!KN=%::` MLJL9+E^J$H>M4ZL[T+J-0+T%H8FHZ7%)7MD<-Q+>MTDVDU@4 M]B#6;D7>C&5"!S.6_YT)\Y5JLQ=@RZEPLZ"$!RA@J2)(*D0I8M`?E)2CR8XG("CRLZ0UO'PU=AA?+KU<5*>_-R/@`?7A64Q',G6!'C;?&D M<>V3WP^T]>DC=[=%9XHJ4HC3PV+8QW-".1W0B6`1&,FY@R!'(3W<$5]GN'6? MV1E;8AYLEAZ6D:GTP*X*)]!I776A4D=UY6SZS^FJ8I*]\,XB3SP-+Z=_0.G^ MC64I%"#Z^YKV2#_33_2/-?8)_?`O4$L#!!0````(`"AZ!CV:YLX[HQ$``$4( M`0`4`!P`.*N/-?WYY:'N:C19\=XM+''/;YQ#]8S#KBI.P]>#/@Y>1@G7O`7 M2)/T"T$3)/[\/'G$1\,'DO![1$:\$+)?KI+'N$Y[QZ-W2.4N MOV3MO@#WK=9/+R\G+Q^NC9%ZZW@(X\FJ0- MS^*6[UY]J]3Z!:5MA&N>6XP>&8^:]0C)5_01=UR?1K]#4M][Y M4?];US2"R"2M?'&U+<)/YVFS\_"KDN)^'O$S)2DST9G@;@/"'YCX8=&F;ZA''@ M$[)8U[D?IN[AX4[PA`/+-.R].-R@1(W=&P@12YQ][*S&[?[46,N)WLVOG@QG M@?T;9QHR\N3:,X@]GW]?@V]]PG/+M(*NC'>EWH]8AO]T;;LOG=5>0V1?)C]9 MOFF[_MK#=]["<*P_.HW^FL[TF)JNETO#>[N;3ZV%`S.#:4",,4UW#4'&6=R[ M-I@*D^JR.UEZ@GQ^76''WX'5O",]9AZP'<[&$&&"7;2WV9T>8YU9H?GP*Q=B MKQ-XD1,_6/[WSMQ44*!IM&<+OUR[WG3]Z./?U_"@S\\=`C@1I83=%?2$+R(Y M;H&[A,>0#@T\4-0"?@VP,\.S[%LK"!_"\[S.<^=<2JCX7\.9<3%5KD@V8AV8 MMUVS]`0[Q&.NUZ)H^.);$]>7CSX8U@Q2,K;QB.V(#F&W22?^$B4'QJOKN$L8 M9C$^7/L3`/8+PUB%,%&?8#O(O@E1HG[."PE*_&OR];=LYO@:POH-_JL;?5.0 M)(A(Y#6-1QK/R[)2$*#H'9=>61C#,],GP'^W'*8,)/,VQM M6@Z^^G:+%X8=RWOY:OD;9JMLP<)`'92=6ZB2^UI;,%%_S-DG=VE83H7NRS^S M4'R#CZ0J+C-Y6/V2!*9XA7/E+E>&\_8%+Q^Q5Q.=*ENRTGJ5:Q3C3B6SP]-^ M-F)A@L(E1@N4[H8CD20QG31XT\5>2&:\0MM<:%T!EQ6UXYG` MR&1)#"@/T(`Q?'W`"RM<.CO!+\:R*EY6-_8`KM;>OZ=^L@K.0("V+JPV5#ITP-2-1Y65=T_4B, MV5FH=/7-DQCW_61S?VC/7:.Z$@VB?2*!#_>),A+P_X0*EY!AGF"[FU];#G!D M`6YT?:MA-ZE+U\2.@BIK$I)554)]C;Z]-YG@X5L-!C&,NJHW'VM5(@TXQSLU ML6/`2*[82BI)4F['PD95BJU1>YG9`6H_X>]7QU]A,ZIKK-Q0BH2J;\O<"E7. MDQFCGN_A&N32#-:&W;CC5-V4F2G:/*FTU5')^@"MT;8!57)"QIM/'<(2LQTF M$J5?^CY@HA;X46Z4`D91EU0%4"./&"U#Z[2\/00(!&C8;\)S#*O8V6VLE%J& M(VZ?L??H^CAJNU?92&5!TM2RX0$?U[8-S-TX89'6]DJTJ2%+E$5@A-QR34)0 M,E6`O0I#(2J&NC?>PIAP[<(2>F4%AATONQ[P#(.WSBHLUMKCJ$S7*DW##F*E M#3<#7,1XI+Z)@Q=A^>E>1J0>42NFKO2'HS%DD>F&S<-.8\X%7TC&'(5A=FL9 MCY9MA67'L6N%3E?RN$MG5EO2WU#"28OP,*=%FA)V'<@,@O%TY3J^Z_G7&/M) M8*J:,K=;1>-#D1"2880HBJ)+B(U)Z?MZ-L<22MUUSNT6KR6&\;J@UQKX6V@1 M1TR5UQ4]]#(1Z>HI>02IQ/1G[Z_AQ#`4EPC3Y580':X"#5ZYT2D@[(1G@,(> M-6[2TBM6I*2HB%<%B=<$23M%U]E%"WU4)E7.!#6R5LP&M2U/QV*-8C94'%&( M]S*=>;W^K.;V[-YVKO-4+-H@:$,1$@6;ZE1L<#^VFFPOI4J)Z6GU!124.1 MU*ZKP@KP?Z#]Y8T#]F2;S4+S9C/W4XGJWT]U\WD(VP:=CS,*JB*INJ"KZF"J MA0FLTWJDL2P6PR.-M':D6]H.PG#U!FBPVJEL6!.T'X21ZC:N"?@?KG&.:O.: MV+-.<@/[J$Y0$D#= M:ZX%\'"=O5I[#-M>K>Q3VBK9LA>=;$H-^S>^OZ[8W;BMDWFZ5%D)*LJ0BI2!$8'>HD+V:V(\\Z]!`U/#!C0_ MC],>7]U[XRV_ZW9K.4/:D27\(C)3>8U#*M91&/?*]8.4_ZEKS]ILVM@^4YZD M:R+2D,QZSVX'ZW87L-\R>8V*F?\)D_6MZ_MW3J<13-;MR"Q,)E0/Q?2TQVY! MD$B"3^%].=;C&CSHVO7"5,PRXAHDK"NAZT[B>(U-*&!?Z2DZ&>"H)&C#@R^= M6286\)IY=%V1%7'W([-U-^&Z5MHQ&.!?#.\[#J*=B0=LNL!VU3G"RE9'9KI* M&2A5KE$#4#VL@RJ6G/E/1V3#,N,-5WP=YB`:U7,&?E0EGR*#EI5K7?-,?[K. MBR*OZ*RNX2-?P782A>"V64K'JPN'H:KJ"4H_LQQ!G=17CH9E(?H]UL4R"MZM M%6=1LP2I;9<<>!*1SLL:TI$@,SJGLZ>QNPEX@!-=++WA%YSLKX;PK<83 M2FTRY2H*TE1-T%BE&\AC:CO_O:X[Z=0VE(2XQUZT-XC3,=$EF25ED!^/J>^;EUPH2%%5I/&= MQ^:/6L2RNWYK-C''DA8F>\=C2@'YKD70W.>BGHN*7L@"?7K#7104#R$-H`<75%D6=:':G)R_BD=A*G; M?.E\=5#EB+V<_6_M!S'PK#EZ\-7--WGK#C7M0B97FB9HJBQ*BC14HU,5L:]C M-Y1V!WH*X8/=K-E!$/K7!F7OM:L,X0?*E!C^T[7MOI">R9':$B)`CXL),H=S M!>G($QU;79)KO6#(2+R,=!E)+.]O.];\!IE:Q[3&D-8/8UIC3&N,:8TQK3&P ML$0_K4%W%1Q.=?>>^VP!?OKX]JN/9S=.5JD`3F,]1[?2M4"2[H32&5640O2J M*@HZAO4T#2'[>*$ZBS,]R<(#B8JL\JK*"PJC*Y@IVZ>\[MI#%[V^'H/.+9\I M_^7;QZVJ:T;JFYZM%'=8E^TQF@KUG@,P`""D\+XM(9Q3Y>_,A2CH95I48 MS7)K4$IX)SG\"5-9SQ!6G<"/$TPWCNEAP\>?VNEURJXSH>C>G>Y2["#Y[V!RJMV#3KUC5_6H?""A@15DY`B_%A.1J(. M6J>Q!C=[LO`NQF^\'IQ["=3.DJW2G8Y!^5B^N1=MXIFN8UHV+NWQ?G7IK.;[ M>%2.<#1)TF5).ME)^&#::SB!-P24MUN)A2+KF@9P1`-8(C*.<0>S)$GMQJ9B M>KYYA"58*^C]%]`Y*#C*R1TP[/7RV&32$F4=\;HH*QIB]!:[0X;`PVDR&1!: M[WE5!E=RY%$#(H8.9E88SYY,+%S.TE'1X<#.W1[J^B:)%Q11E)#(RZ,G[:"P MOFX05ZDXS&:JY\8A>_,J8;\?W%L(M40K>UN9[*!36;OSU3/9F%`E79)E'?[\ M\&Y!JJ9^7^C(\DKNP^\AR1$&E10$P?F'=D!*&NSUNBRF;S=;KU9V5.%AV&EQ MYXTS=[UE["0M!;=DO2.5(B2H2.`U5=-%5AN;Y"4M^T@VK+WP:N1HT7"%4S@+2NUKB0R50FZAB#H"SKC1?X^)MZ`R314T=>[DN@<+:D4L6UA M>1DD5U2$ZPA2%^I$--.D*/!(57E0PTD[U?[*Z6N!EKD9]0,O(+-IN_[:PW?> MPG"L/R(21`==!'!C@3OG^O[9L@@,WS_KN$[\:8:M34O!5]]N81UC?W:"\!Z1[2,IE2T&<5"H M7MFYA2JY/VSY?9OZ8\XJ#Z-L_\Q"\0T^DJJXS.3PCC?$;Q^_Q MYX=WXU%:3\FM8'$"Y(F`MH4&,&#=M\N73YZ"#5T@1@]XN?I M>KDTO+=P,;%PK+EE&DYP:9KNV@E38/<@NEG(0;8@:W$;62?TPP/DA2=P^2.X M[!D4+CL@$J8!D7?9L5[QY^['FN-"T=&D%U<'PK07?=J: M^UH3W5UHI-J3)8"=HB:HZE%@ZOUE[/5.'ND`H/P!V]%MK(87D">QI6UHGM#A M4D+[9ZK+G#5DI.L:L@^).^!FE9>0)"-99IAY;M8\`38N"C%BXYXGK**R1VP\ M8N,1&P]&^Z>&C:M#S7%AX\+D]O;5,QP?IC;@J4,)2`<*N>8D45%X#8E'@8OW ME7`@"6="-"MOH]D;:+B,T^V4ZITW*#;`V=J6[,/8#GA6!Y(*^"BKZW@)=$\` M:(M2C("VYUFFJ.P1T(Z`=@2T@]'^J0':ZE!S7(`6G&9IQ4?%PWL.W:@P`#MA M60`YINU&)#GLK0J*S&N2+`B*,A#S-L):"D+VFN]%!\#$(+4))+R(QH/E9P[1 M`I*5;9!<(L5%M)@MZN#AH4U_!8Z\`&(LP?5L+7W8Q]CN:#MT5!TIDH`8+S.) M[-&.NTORC+B[W\FPI.P1=X^X>\3=@]'^B>'NFE!S;+A[`TEU0=OM73-="8*L M:P)26,_II!A[1]$&DC-^P,\6?KEVO>GZT<>_KX',87YF[Q@-[=4W9A[..$%>1Y/#%Q+JNRK`J8WDTKUG[+`L``00E M#@``!#D!``#M6UUOVS84?1^P_\#Y91LP^2/.TL1(6B1N4AA(FL#.MKX5M$3; M7"G2)2D[WJ_?)259MF1)=A(C&N:7QA+O/;R'AQ^7I'K^X<`.?<(U<2;`F'II3/4%= M*90:44F0-;KF>,B(1,,%ZM,9T6@@1GJ.H3BJ#!W5F_7VZ?%9O77:.FXZ3E3% M%58`">46YJC>6I9TH^H$[Z#3QDGCJ-EJHM-.L]UIOT.7=TN[.XA^1,L,E3LA M/D9`GZN+VD3K::?1F,_G]7F[+N08G)JMQI>[VX&UJX6&G:>A9'3-W+R)'=H- MRI7&W"6Q/:/\6X&Y*1X"X25\QCZ*IG5V=M:PI36DL1P3_1G[1$VQ2];,J9I` M&ZNZ*WQ+VVF>..UF#*_8;"MKPH@1^$9(_R,9X8#IB]KW`#/;K#6$M99T&&BR M9A#P%9.P/N@_>C$E2?M:]H%JQ`6F%:/0_;R1]DG#!=#-[_E[^WL*P0**I7T++R+O MR*3(T\7,#=@S')/(\OVBMW%3OXX"/9A=?+)\3(N0*2[6X2BC0PB0O#I(D2M% MTD;WH^X$\S%1/3XPUA/!/)BFK[\'5"]@A%.7ZI10.SH7R]C.R)C`(S%"406( M\!$+^>):;PMGG2;GZ%JNM//HLM#'S!\;-5=SW:J-88`$LW@Y$YDFY,I9@2NW"LGFB' M<5-MW#\N*T&F%O4;P@RB;+P6;U!Y5][ICK$GY@\KU>R'._337;FGNO:>J'>3 M6O;#G.'AKLS!A;`]85T[KR&FWZD_*BV/<)82$_FXAQ'X[A[!R=62$6KLZRHM!XR?! MA0]RU5?#,)T`.@G@SA%92$[&)H<6`S)MGQ^,1^AJQ<,'#)\![=BR4SXC2KQI.")D7472K M:S,UF$:_%ATF7PX5I,2NKED"R0%TB2UES%S[7]2T#&!J"*=Q>V?>`1O*QSU- M?)/O`%=(ZP`H,`B?I`BFL2$%DQK"$6@,%9;!Y$N%]VAAO4!&IWHY_`:4S8B\ M"A@#JQXWN:.0BQM,Y9^8&@K$%873ZG&S-Z+J9Y2@;E_#ZF5&17)%5J^`JW="-P'VOB9[T]* M6*Q;OB65!RE<0CQU(X4_P+"4F&-+TZD>Q0->)*=E(9VMK??;[9+AD^IWKB1> M0">1LYEAF]$;7B(?4)4WXKE+KGY2)N:5M-"5>"MU'#=COZH,># M';L9;O[4X`(K.W0VD-[6KYH-\`B)-TM)""O;D@]`+B6-R>_H4TWB=UA^(]JN M:WWB"@AU$?/;7%1-&I?>WX'2YM7]*&=U>!1)?UQ;[I_I6\D9:_4*,IVQY915 M*T/;ZI8OS6QGKTIQ7K^I27/++:T4A]0-1II$?G&E6'2QE`NHTP[Q>.J&N8_0 MF5W0[/?&&Y;!9_A5(4MLBM2-9>:S;O#XKUC1;>, MMQ0/*:-F8LE9^""?R?V",SW(7PVM4G."S?)>1FTM87PQU-MTI))!\1>AXPF, MZV@`Y^[`Q0````(`"AZ!CWB M*G\/NQX``#]6`0`0`!@```````$```"D@0````!S;'8M,C`Q,#`V,S`N>&UL M550%``.\7UQ,=7@+``$$)0X```0Y`0``4$L!`AX#%`````@`*'H&/=%UU65F M!0``%B@``!0`&````````0```*2!!1\``'-L=BTR,#$P,#8S,%]C86PN>&UL M550%``.\7UQ,=7@+``$$)0X```0Y`0``4$L!`AX#%`````@`*'H&/8&@#&\+ M#0``0>```!0`&````````0```*2!N20``'-L=BTR,#$P,#8S,%]D968N>&UL M550%``.\7UQ,=7@+``$$)0X```0Y`0``4$L!`AX#%`````@`*'H&/5I%TC_F M%```?_T``!0`&````````0```*2!$C(``'-L=BTR,#$P,#8S,%]L86(N>&UL M550%``.\7UQ,=7@+``$$)0X```0Y`0``4$L!`AX#%`````@`*'H&/9KFSCNC M$0``10@!`!0`&````````0```*2!1D<``'-L=BTR,#$P,#8S,%]P&UL M550%``.\7UQ,=7@+``$$)0X```0Y`0``4$L!`AX#%`````@`*'H&/;P^'71) M!P``]CH``!``&````````0```*2!-UD``'-L=BTR,#$P,#8S,"YX`L``00E#@``!#D!``!02P4&``````8`!@`4`@``RF`````` ` end XML 15 R8.xml IDEA: Summary of Significant Accounting Policies  2.2.0.7 false Summary of Significant Accounting Policies 10201 - Disclosure - Summary of Significant Accounting Policies true false false false 1 USD false false Unit12 Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 Unit13 Divide http://www.xbrl.org/2003/iso4217 USD iso4217 http://www.xbrl.org/2003/instance shares xbrli 0 Unit1 Standard http://www.xbrl.org/2003/instance shares xbrli 0 $ 5 3 us-gaap_SignificantAccountingPoliciesTextBlock us-gaap true na duration No definition available. false false false false false false false false false false false false 1 false false false false 0 0 <div> <p style="margin-top: 18px; margin-bottom: 0px;"><font style="font-family: Times New Roman;" class="_mt" size="2"><b>2 - Summary of Significant Accounting Policies </b></font></p> <p style="margin-top: 6px; margin-bottom: 0px;"><font style="font-family: Times New Roman;" class="_mt" size="2"><i> </i>A. <i>Basis of Accounting </i></font></p> <p style="margin-top: 6px; margin-bottom: 0px;"><font style="font-family: Times New Roman;" class="_mt" size="2">The following is a summary of significant accounting policies consistently followed by the Trust in the preparation of its financial statements in conformity with U.S. GAAP. The preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates and these differences could be material. </font></p> <p style="margin-top: 18px; margin-bottom: 0px;"><font style="font-family: Times New Roman;" class="_mt" size="2"><i> </i>B. <i>Silver Bullion </i></font></p> <p style="margin-top: 6px; margin-bottom: 0px;"><font style="font-family: Times New Roman;" class="_mt" size="2">JPMorgan Chase Bank N.A., acting through its London Branch (the "Custodian"), is responsible for safekeeping the silver owned by the Trust. </font></p> <p style="margin-top: 12px; margin-bottom: 0px;"><font style="font-family: Times New Roman;" class="_mt" size="2">For financial statement purposes, the silver bullion held by the Trust is valued at the lower of cost or market, using the average cost method. Should the market value of the silver held be lower than its average cost during the interim periods of the same fiscal year, an adjustment of value below cost ("market value reserve") is recorded by the Trust. Should the market value of the silver held increase subsequent to the market value reserve being recorded, a "market value recovery" is recorded by the Trust. Gain or loss on sales of silver bullion is calculated on a trade date basis. Fair value of the silver bullion is based on the price for an ounce of silver set each working day by three market making members of The London Bullion Market Association ("The London Fix"). </font></p> <p style="margin-top: 0px; margin-bottom: 0px;"><font class="_mt" size="1"> </font>&nbsp;</p> <p style="margin-top: 0px; margin-bottom: 0px;"><font style="font-family: Times New Roman;" class="_mt" size="2">The following table summarizes activity in silver bullion for the three months ended June&nbsp;30, 2010 (all balances in 000's): </font></p> <p style="margin-top: 0px; margin-bottom: 0px; font-size: 12px;">&nbsp;</p> <table border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td width="66%"> </td> <td valign="bottom" width="2%"> </td> <td> </td> <td> </td> <td valign="bottom" width="2%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="2%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="2%"> </td> <td> </td> <td> </td></tr> <tr><td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td style="border-bottom: #000000 1px solid;" valign="bottom" align="center"><font style="font-family: Times New Roman;" class="_mt" size="1"><b>Ounces</b></font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center"><font style="font-family: Times New Roman;" class="_mt" size="1"><b>Average<br />Cost</b></font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center"><font style="font-family: Times New Roman;" class="_mt" size="1"><b>Fair</b></font><br /><font style="font-family: Times New Roman;" class="_mt" size="1"><b>Value</b></font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center"><font style="font-family: Times New Roman;" class="_mt" size="1"><b>Realized<br />Gain&nbsp;(Loss)</b></font></td></tr> <tr bgcolor="#cceeff"><td valign="top"> <p style="text-indent: -1em; margin-left: 1em;"><font style="font-family: Times New Roman;" class="_mt" size="2">Beginning balance</font></p></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">296,339.0</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">4,098,504</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">5,185,932</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">&#8212;&nbsp;&nbsp;</font></td></tr> <tr><td valign="top"> <p style="text-indent: -1em; margin-left: 1em;"><font style="font-family: Times New Roman;" class="_mt" size="2">Silver contributed</font></p></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">11,222.7</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">206,197</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">206,197</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">&#8212;&nbsp;&nbsp;</font></td></tr> <tr bgcolor="#cceeff"><td valign="top"> <p style="text-indent: -1em; margin-left: 1em;"><font style="font-family: Times New Roman;" class="_mt" size="2">Silver distributed</font></p></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">(12,842.2</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">)&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">(178,159</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">)&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">(234,938</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">)&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">56,779</font></td></tr> <tr><td valign="top"> <p style="text-indent: -1em; margin-left: 1em;"><font style="font-family: Times New Roman;" class="_mt" size="2">Silver sold</font></p></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">(362.7</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">)&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">(5,038</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">)&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">(6,626</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">)&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">1,588</font></td></tr> <tr bgcolor="#cceeff"><td valign="top"> <p style="text-indent: -1em; margin-left: 1em;"><font style="font-family: Times New Roman;" class="_mt" size="2">Adjustment for realized gain</font></p></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">&#8212;&nbsp;&nbsp;</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">&#8212;&nbsp;&nbsp;</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">58,367</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">&#8212;&nbsp;&nbsp;</font></td></tr> <tr><td valign="top"> <p style="text-indent: -1em; margin-left: 1em;"><font style="font-family: Times New Roman;" class="_mt" size="2">Adjustment for unrealized gain on silver bullion</font></p></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">&#8212;&nbsp;&nbsp;</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">&#8212;&nbsp;&nbsp;</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">307,313</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">&#8212;&nbsp;&nbsp;</font></td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">&nbsp;&nbsp;</td> <td style="border-top: #000000 1px solid;" valign="bottom">&nbsp;</td> <td>&nbsp;</td> <td valign="bottom">&nbsp;</td> <td style="border-top: #000000 1px solid;" valign="bottom">&nbsp;</td> <td style="border-top: #000000 1px solid;" valign="bottom">&nbsp;</td> <td>&nbsp;</td> <td valign="bottom">&nbsp;</td> <td style="border-top: #000000 1px solid;" valign="bottom">&nbsp;</td> <td style="border-top: #000000 1px solid;" valign="bottom">&nbsp;</td> <td>&nbsp;</td> <td valign="bottom">&nbsp;</td> <td style="border-top: #000000 1px solid;" valign="bottom">&nbsp;</td> <td style="border-top: #000000 1px solid;" valign="bottom">&nbsp;</td></tr> <tr bgcolor="#cceeff"><td valign="top"> <p style="text-indent: -1em; margin-left: 1em;"><font style="font-family: Times New Roman;" class="_mt" size="2">Ending balance</font></p></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">294,356.8</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">4,121,504</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">5,516,245</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">58,367</font></td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">&nbsp;&nbsp;</td> <td style="border-top: #000000 3px double;" valign="bottom">&nbsp;</td> <td>&nbsp;</td> <td valign="bottom">&nbsp;</td> <td style="border-top: #000000 3px double;" valign="bottom">&nbsp;</td> <td style="border-top: #000000 3px double;" valign="bottom">&nbsp;</td> <td>&nbsp;</td> <td valign="bottom">&nbsp;</td> <td style="border-top: #000000 3px double;" valign="bottom">&nbsp;</td> <td style="border-top: #000000 3px double;" valign="bottom">&nbsp;</td> <td>&nbsp;</td> <td valign="bottom">&nbsp;</td> <td style="border-top: #000000 3px double;" valign="bottom">&nbsp;</td> <td style="border-top: #000000 3px double;" valign="bottom">&nbsp;</td></tr></table> <p style="margin-top: 12px; margin-bottom: 0px;"><font style="font-family: Times New Roman;" class="_mt" size="2">The following table summarizes activity in silver bullion for the six months ended June&nbsp;30, 2010 (all balances in 000's): </font></p> <p style="margin-top: 0px; margin-bottom: 0px; font-size: 12px;">&nbsp;</p> <table border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td width="65%"> </td> <td valign="bottom" width="2%"> </td> <td> </td> <td> </td> <td valign="bottom" width="2%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="2%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="2%"> </td> <td> </td> <td> </td></tr> <tr><td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td style="border-bottom: #000000 1px solid;" valign="bottom" align="center"><font style="font-family: Times New Roman;" class="_mt" size="1"><b>Ounces</b></font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center"><font style="font-family: Times New Roman;" class="_mt" size="1"><b>Average<br />Cost</b></font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center"><font style="font-family: Times New Roman;" class="_mt" size="1"><b>Fair</b></font><br /><font style="font-family: Times New Roman;" class="_mt" size="1"><b>Value</b></font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center"><font style="font-family: Times New Roman;" class="_mt" size="1"><b>Realized<br />Gain&nbsp;(Loss)</b></font></td></tr> <tr bgcolor="#cceeff"><td valign="top"> <p style="text-indent: -1em; margin-left: 1em;"><font style="font-family: Times New Roman;" class="_mt" size="2">Beginning balance</font></p></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">305,206.0</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">4,210,142</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">5,185,449</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">&#8212;&nbsp;&nbsp;</font></td></tr> <tr><td valign="top"> <p style="text-indent: -1em; margin-left: 1em;"><font style="font-family: Times New Roman;" class="_mt" size="2">Silver contributed</font></p></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">16,718.2</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">292,999</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">292,999</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">&#8212;&nbsp;&nbsp;</font></td></tr> <tr bgcolor="#cceeff"><td valign="top"> <p style="text-indent: -1em; margin-left: 1em;"><font style="font-family: Times New Roman;" class="_mt" size="2">Silver distributed</font></p></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">(26,824.6</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">)&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">(371,350</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">)&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">(481,556</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">)&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">110,206</font></td></tr> <tr><td valign="top"> <p style="text-indent: -1em; margin-left: 1em;"><font style="font-family: Times New Roman;" class="_mt" size="2">Silver sold</font></p></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">(742.8</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">)&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">(10,287</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">)&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">(13,026</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">)&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">2,739</font></td></tr> <tr bgcolor="#cceeff"><td valign="top"> <p style="text-indent: -1em; margin-left: 1em;"><font style="font-family: Times New Roman;" class="_mt" size="2">Adjustment for realized gain</font></p></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">&#8212;&nbsp;&nbsp;</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">&#8212;&nbsp;&nbsp;</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">112,945</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">&#8212;&nbsp;&nbsp;</font></td></tr> <tr><td valign="top"> <p style="text-indent: -1em; margin-left: 1em;"><font style="font-family: Times New Roman;" class="_mt" size="2">Adjustment for unrealized gain on silver bullion</font></p></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">&#8212;&nbsp;&nbsp;</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">&#8212;&nbsp;&nbsp;</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">419,434</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">&#8212;&nbsp;&nbsp;</font></td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">&nbsp;&nbsp;</td> <td style="border-top: #000000 1px solid;" valign="bottom">&nbsp;</td> <td>&nbsp;</td> <td valign="bottom">&nbsp;</td> <td style="border-top: #000000 1px solid;" valign="bottom">&nbsp;</td> <td style="border-top: #000000 1px solid;" valign="bottom">&nbsp;</td> <td>&nbsp;</td> <td valign="bottom">&nbsp;</td> <td style="border-top: #000000 1px solid;" valign="bottom">&nbsp;</td> <td style="border-top: #000000 1px solid;" valign="bottom">&nbsp;</td> <td>&nbsp;</td> <td valign="bottom">&nbsp;</td> <td style="border-top: #000000 1px solid;" valign="bottom">&nbsp;</td> <td style="border-top: #000000 1px solid;" valign="bottom">&nbsp;</td></tr> <tr bgcolor="#cceeff"><td valign="top"> <p style="text-indent: -1em; margin-left: 1em;"><font style="font-family: Times New Roman;" class="_mt" size="2">Ending balance</font></p></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">294,356.8</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">4,121,504</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">5,516,245</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">112,945</font></td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">&nbsp;&nbsp;</td> <td style="border-top: #000000 3px double;" valign="bottom">&nbsp;</td> <td>&nbsp;</td> <td valign="bottom">&nbsp;</td> <td style="border-top: #000000 3px double;" valign="bottom">&nbsp;</td> <td style="border-top: #000000 3px double;" valign="bottom">&nbsp;</td> <td>&nbsp;</td> <td valign="bottom">&nbsp;</td> <td style="border-top: #000000 3px double;" valign="bottom">&nbsp;</td> <td style="border-top: #000000 3px double;" valign="bottom">&nbsp;</td> <td>&nbsp;</td> <td valign="bottom">&nbsp;</td> <td style="border-top: #000000 3px double;" valign="bottom">&nbsp;</td> <td style="border-top: #000000 3px double;" valign="bottom">&nbsp;</td></tr></table> <p style="margin-top: 18px; margin-bottom: 0px;"><font style="font-family: Times New Roman;" class="_mt" size="2"><i> </i>C. <i>Redeemable Capital Shares</i> </font></p> <p style="margin-top: 6px; margin-bottom: 0px;"><font style="font-family: Times New Roman;" class="_mt" size="2">Shares of the Trust are classified as "redeemable" for balance sheet purposes, since they are subject to redemption. Trust shares are issued and redeemed continuously in aggregations of 50,000 shares in exchange for silver bullion rather than cash. Individual investors cannot purchase or redeem shares in direct transactions with the Trust. The Trust only transacts with registered broker-dealers eligible to settle securities transactions through the book-entry facilities of the Depository Trust Company and which have entered into a contractual arrangement with the Trust and the Sponsor governing, among other matters, the creation and redemption processes (such broker-dealers are the "Authorized Participants"). Holders of shares of the Trust may redeem their shares at any time acting through an Authorized Participant and in the prescribed aggregations of 50,000 shares; <i>provided, </i>that redemptions of shares may be suspended during any period while regular trading on NYSE Arca is suspended or restricted, or in which an emergency exists as a result of which delivery, disposal or evaluation of silver is not reasonably practicable. </font></p> <p style="margin-top: 12px; margin-bottom: 0px;"><font style="font-family: Times New Roman;" class="_mt" size="2">The per-share amount of silver exchanged for a purchase or redemption is calculated daily by the Trustee, using The London Fix to calculate the silver amount in respect of any liabilities for which covering silver sales have not yet been made, and represents the per-share amount of silver held by the Trust, after giving effect to its liabilities, sales to cover expenses and liabilities and any losses that may have occurred. </font></p> <p style="margin-top: 12px; margin-bottom: 0px;"><font style="font-family: Times New Roman;" class="_mt" size="2">When silver is exchanged in settlement of a redemption, it is considered a sale of silver for financial statement purposes. </font></p> <p style="margin-top: 12px; margin-bottom: 0px;"><font style="font-family: Times New Roman;" class="_mt" size="2">Due to the expected continuing sales and redemption of capital stock and the three-day period for share settlement the Trust reflects capital shares sold as a receivable, rather than as contra equity. Shares redeemed are reflected as a contra asset on the trade date. Outstanding Trust shares are reflected at redemption value, which is the net asset value per share at the period ended date. Adjustments to redemption value are reflected in shareholders' equity. </font></p> <p style="margin-top: 0px; margin-bottom: 0px;"><font class="_mt" size="1">&nbsp; </font></p> <p style="margin-top: 0px; margin-bottom: 0px;"><font style="font-family: Times New Roman;" class="_mt" size="2">Net asset value is computed by deducting all accrued fees, expenses and other liabilities of the Trust, including the Sponsor's fees, from the fair value of the silver bullion held by the Trust. </font></p> <p style="margin-top: 12px; margin-bottom: 0px;"><font style="font-family: Times New Roman;" class="_mt" size="2">Activity in redeemable capital shares is as follows (all balances in 000's): </font></p> <p style="margin-top: 0px; margin-bottom: 0px; font-size: 12px;">&nbsp;</p> <table border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td width="68%"> </td> <td valign="bottom" width="2%"> </td> <td> </td> <td> </td> <td valign="bottom" width="2%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="2%"> </td> <td> </td> <td> </td> <td valign="bottom" width="2%"> </td> <td> </td> <td> </td> <td> </td></tr> <tr><td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="5" align="center"><font style="font-family: Times New Roman;" class="_mt" size="1"><b>Three Months Ended<br />June&nbsp;30, 2010</b></font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="5" align="center"><font style="font-family: Times New Roman;" class="_mt" size="1"><b>Six Months Ended<br />June&nbsp;30, 2010</b></font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td></tr> <tr><td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td style="border-bottom: #000000 1px solid;" valign="bottom" align="center"><font style="font-family: Times New Roman;" class="_mt" size="1"><b>Shares</b></font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center"><font style="font-family: Times New Roman;" class="_mt" size="1"><b>Amount</b></font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td style="border-bottom: #000000 1px solid;" valign="bottom" align="center"><font style="font-family: Times New Roman;" class="_mt" size="1"><b>Shares</b></font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center"><font style="font-family: Times New Roman;" class="_mt" size="1"><b>Amount</b></font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td></tr> <tr bgcolor="#cceeff"><td valign="top"> <p style="text-indent: -1em; margin-left: 1em;"><font style="font-family: Times New Roman;" class="_mt" size="2">Beginning balance</font></p></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">302,050</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">5,183,755</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">310,700</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">5,183,154</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td></tr> <tr><td valign="top"> <p style="text-indent: -1em; margin-left: 1em;"><font style="font-family: Times New Roman;" class="_mt" size="2">Shares issued</font></p></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">11,450</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">206,197</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">17,050</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">292,999</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td></tr> <tr bgcolor="#cceeff"><td valign="top"> <p style="text-indent: -1em; margin-left: 1em;"><font style="font-family: Times New Roman;" class="_mt" size="2">Shares redeemed</font></p></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">(13,100</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">)&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">(234,938 </font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">)&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">(27,350</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">)&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">(481,556 </font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">)&nbsp;</font></td></tr> <tr><td valign="top"> <p style="text-indent: -1em; margin-left: 1em;"><font style="font-family: Times New Roman;" class="_mt" size="2">Redemption value adjustment</font></p></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">&#8212;&nbsp;&nbsp;</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">358,989</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">&#8212;&nbsp;&nbsp;</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">519,406</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">&nbsp;&nbsp;</td> <td style="border-top: #000000 1px solid;" valign="bottom">&nbsp;</td> <td>&nbsp;</td> <td valign="bottom">&nbsp;</td> <td style="border-top: #000000 1px solid;" valign="bottom">&nbsp;</td> <td style="border-top: #000000 1px solid;" valign="bottom">&nbsp;</td> <td>&nbsp;</td> <td valign="bottom">&nbsp;</td> <td style="border-top: #000000 1px solid;" valign="bottom">&nbsp;</td> <td>&nbsp;</td> <td valign="bottom">&nbsp;</td> <td style="border-top: #000000 1px solid;" valign="bottom">&nbsp;</td> <td style="border-top: #000000 1px solid;" valign="bottom">&nbsp;</td> <td>&nbsp;</td></tr> <tr bgcolor="#cceeff"><td valign="top"> <p style="text-indent: -1em; margin-left: 1em;"><font style="font-family: Times New Roman;" class="_mt" size="2">Ending balance</font></p></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">300,400</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">5,514,003</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">300,400</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">5,514,003</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">&nbsp;&nbsp;</td> <td style="border-top: #000000 3px double;" valign="bottom">&nbsp;</td> <td>&nbsp;</td> <td valign="bottom">&nbsp;</td> <td style="border-top: #000000 3px double;" valign="bottom">&nbsp;</td> <td style="border-top: #000000 3px double;" valign="bottom">&nbsp;</td> <td>&nbsp;</td> <td valign="bottom">&nbsp;</td> <td style="border-top: #000000 3px double;" valign="bottom">&nbsp;</td> <td>&nbsp;</td> <td valign="bottom">&nbsp;</td> <td style="border-top: #000000 3px double;" valign="bottom">&nbsp;</td> <td style="border-top: #000000 3px double;" valign="bottom">&nbsp;</td> <td>&nbsp;</td></tr></table> <p style="margin-top: 18px; margin-bottom: 0px;"><font style="font-family: Times New Roman;" class="_mt" size="2"><i> </i>D. <i>Federal Income Taxes</i> </font></p> <p style="margin-top: 6px; margin-bottom: 0px;"><font style="font-family: Times New Roman;" class="_mt" size="2">The Trust is treated as a "grantor trust" for federal income tax purposes and, therefore, no provision for federal income taxes is required. Any interest and gains and losses are deemed "passed through" to the holders of shares of the Trust. </font></p> </div> 2 - Summary of Significant Accounting Policies A. Basis of Accounting The following is a summary of significant accounting policies consistently followed by false false false us-types:textBlockItemType textblock This element may be used to describe all significant accounting policies of the reporting entity. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Principles Board Opinion (APB) -Number 22 -Paragraph 8 false 1 1 false UnKnown UnKnown UnKnown false true XML 16 R12.xml IDEA: Concentration Risk  2.2.0.7 false Concentration Risk 10601 - Disclosure - Concentration Risk true false false false 1 USD false false Unit12 Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 Unit13 Divide http://www.xbrl.org/2003/iso4217 USD iso4217 http://www.xbrl.org/2003/instance shares xbrli 0 Unit1 Standard http://www.xbrl.org/2003/instance shares xbrli 0 $ 5 3 us-gaap_ConcentrationRiskDisclosureTextBlock us-gaap true na duration No definition available. false false false false false false false false false false false false 1 false false false false 0 0 <div> <p style="margin-top: 18px; margin-bottom: 0px;"><font style="font-family: Times New Roman;" class="_mt" size="2"><b>6 - Concentration Risk </b></font></p><font style="font-family: Times New Roman;" class="_mt" size="2"> </font> <p style="margin-top: 6px; margin-bottom: 0px;"><font style="font-family: Times New Roman;" class="_mt" size="2">Substantially all of the Trust's assets are holdings of silver bullion, which creates a concentration risk associated with fluctuations in the price of silver. Accordingly, a decline in the price of silver will have an adverse effect on the value of the shares of the Trust. Factors that may have the effect of causing a decline in the price of silver include a change in economic conditions (such as a recession), an increase in the hedging activities of silver producers, and changes in the attitude towards silver of speculators, investors and other market participants.</font></p> </div> 6 - Concentration Risk Substantially all of the Trust's assets are holdings of silver bullion, which creates a concentration risk associated with false false false us-types:textBlockItemType textblock Description of any concentrations existing at the date of the financial statements that make an entity vulnerable to a reasonably possible, near-term, severe impact. The entity should inform financial statement users about the general nature of the risk associated with the concentration, and may indicate the percentage of concentration risk as of the balance sheet date. Disclosure of any financial instrument credit risk concentration also should indicate the maximum amount of loss that would be incurred upon complete failure of the counterparty to perform and the entity's collateral policies or other policies that limit the loss exposure. This element may be used as a single block of text to encapsulate the entire disclosure including data and tables. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 107 -Paragraph 15A Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Statement of Position (SOP) -Number 94-6 -Paragraph 21, 22, 24 false 1 1 false UnKnown UnKnown UnKnown false true XML 17 R3.xml IDEA: Balance Sheets (Parenthetical)  2.2.0.7 false Balance Sheets (Parenthetical) (USD $) 00110 - Statement - Balance Sheets (Parenthetical) true false In Thousands, except Share data false false 1 USD false false Unit1 Standard http://www.xbrl.org/2003/instance shares xbrli 0 Unit12 Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 Unit13 Divide http://www.xbrl.org/2003/iso4217 USD iso4217 http://www.xbrl.org/2003/instance shares xbrli 0 $ false 2 USD false false Unit12 Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 Unit1 Standard http://www.xbrl.org/2003/instance shares xbrli 0 Unit13 Divide http://www.xbrl.org/2003/iso4217 USD iso4217 http://www.xbrl.org/2003/instance shares xbrli 0 $ 5 3 slv_SilverBullionInventoryFairValue slv false debit instant Fair value of silver bullion. false false false false false false false false false false false label false 1 true true false false 5516245000 5516245 false false false 2 true true false false 5185449000 5185449 false false false xbrli:monetaryItemType monetary Fair value of silver bullion. No authoritative reference available. false 6 3 slv_RedeemableCapitalSharesParValue slv false na instant Redeemable capital shares, par value false false false false false false false false false false false label true 1 true true false false 0 0 false false false 2 true true false false 0 0 false false false us-types:perShareItemType decimal Redeemable capital shares, par value No authoritative reference available. false 7 3 slv_RedeemableCapitalSharesIssued slv false na instant Redeemable capital shares, issued false false false false false false false false false false false label false 1 false true false false 300400000 300400000 false false false 2 false true false false 310700000 310700000 false false false xbrli:sharesItemType shares Redeemable capital shares, issued No authoritative reference available. false 8 3 slv_RedeemableCapitalSharesOutstanding slv false na instant Redeemable capital shares, outstanding false false false false false false false false false false false label false 1 false true false false 300400000 300400000 false false false 2 false true false false 310700000 310700000 false false false xbrli:sharesItemType shares Redeemable capital shares, outstanding No authoritative reference available. false 2 4 false Thousands NoRounding NoRounding false true XML 18 R4.xml IDEA: Income Statements  2.2.0.7 false Income Statements (USD $) 00200 - Statement - Income Statements true false In Thousands, except Share data false false 1 USD false false Unit12 Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 Unit13 Divide http://www.xbrl.org/2003/iso4217 USD iso4217 http://www.xbrl.org/2003/instance shares xbrli 0 Unit1 Standard http://www.xbrl.org/2003/instance shares xbrli 0 $ false 2 USD false false Unit12 Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 Unit13 Divide http://www.xbrl.org/2003/iso4217 USD iso4217 http://www.xbrl.org/2003/instance shares xbrli 0 Unit1 Standard http://www.xbrl.org/2003/instance shares xbrli 0 $ false 3 USD false false Unit12 Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 Unit13 Divide http://www.xbrl.org/2003/iso4217 USD iso4217 http://www.xbrl.org/2003/instance shares xbrli 0 Unit1 Standard http://www.xbrl.org/2003/instance shares xbrli 0 $ false 4 USD false false Unit12 Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 Unit13 Divide http://www.xbrl.org/2003/iso4217 USD iso4217 http://www.xbrl.org/2003/instance shares xbrli 0 Unit1 Standard http://www.xbrl.org/2003/instance shares xbrli 0 $ 5 3 us-gaap_RevenuesAbstract us-gaap true na duration No definition available. false false false false false true false false false false false verboselabel false 1 false false false false 0 0 false false false 2 false false false false 0 0 false false false 3 false false false false 0 0 false false false 4 false false false false 0 0 false false false xbrli:stringItemType string No definition available. false 6 4 slv_ProceedsFromSalesOfSilverToPayExpenses slv false credit duration Proceeds derived from the sale of silver during the period to pay the trust's expenses. false false false false false false false false false false false verboselabel false 1 true true false false 6626000 6626 false false false 2 true true false false 4422000 4422 false false false 3 true true false false 13026000 13026 false false false 4 true true false false 7717000 7717 false false false xbrli:monetaryItemType monetary Proceeds derived from the sale of silver during the period to pay the trust's expenses. No authoritative reference available. false 7 4 slv_CostOfSilverSoldToPayExpenses slv false debit duration Cost of silver sold during the period to pay the trust's expenses. false false false false false false false false false false true negated false 1 false true false false -5038000 -5038 false false false 2 false true false false -4323000 -4323 false false false 3 false true false false -10287000 -10287 false false false 4 false true false false -7896000 -7896 false false false xbrli:monetaryItemType monetary Cost of silver sold during the period to pay the trust's expenses. No authoritative reference available. false 8 4 slv_GainLossOnSalesOfSilverToPayExpenses slv false credit duration Realized gain or loss on sales of silver during the period to pay the trust's expenses. false false false false false false false false false false false totallabel false 1 false true false false 1588000 1588 false false false 2 false true false false 99000 99 false false false 3 false true false false 2739000 2739 false false false 4 false true false false -179000 -179 false false false xbrli:monetaryItemType monetary Realized gain or loss on sales of silver during the period to pay the trust's expenses. No authoritative reference available. true 9 4 slv_GainLossOnSilverDistributedForRedemptionOfShares slv false credit duration Realized gain or loss on silver distributed for the redemption of shares. false false false false false false false false false false false label false 1 false true false false 56779000 56779 false false false 2 false true false false -277000 -277 false false false 3 false true false false 110206000 110206 false false false 4 false true false false -611000 -611 false false false xbrli:monetaryItemType monetary Realized gain or loss on silver distributed for the redemption of shares. No authoritative reference available. false 10 4 slv_TotalGainLossOnSalesAndDistributionsOfSilver slv false credit duration Total realized gain or loss on the sale and distribution of silver. false false false false false false false false false false false totallabel false 1 false true false false 58367000 58367 false false false 2 false true false false -178000 -178 false false false 3 false true false false 112945000 112945 false false false 4 false true false false -790000 -790 false false false xbrli:monetaryItemType monetary Total realized gain or loss on the sale and distribution of silver. No authoritative reference available. true 11 4 slv_MarketValueRecovery slv false credit duration Income recognized for the reversal of the market value reserve during the period. Market value reserve is defined as an... false false false false false false false false false false false verboselabel false 1 false false false false 0 0 false false false 2 false true false false 38870000 38870 false false false 3 false false false false 0 0 &nbsp; &nbsp; false false false 4 false true false false 571784000 571784 false false false xbrli:monetaryItemType monetary Income recognized for the reversal of the market value reserve during the period. Market value reserve is defined as an adjustment to the carrying value to equal the fair value of silver, when the carrying value is greater than the fair value. No authoritative reference available. false 12 4 us-gaap_Revenues us-gaap true credit duration No definition available. false false false false false false false false false false false totallabel false 1 false true false false 58367000 58367 false false false 2 false true false false 38692000 38692 false false false 3 false true false false 112945000 112945 false false false 4 false true false false 570994000 570994 false false false xbrli:monetaryItemType monetary Aggregate revenue recognized during the period (derived from goods sold, services rendered, insurance premiums, or other activities that constitute an entity's earning process). For financial services companies, also includes investment and interest income, and sales and trading gains. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 1 -Article 5 true 13 3 us-gaap_CostsAndExpensesAbstract us-gaap true na duration No definition available. false false false false false true false false false false false false 1 false false false false 0 0 false false false 2 false false false false 0 0 false false false 3 false false false false 0 0 false false false 4 false false false false 0 0 false false false xbrli:stringItemType string No definition available. false 14 4 slv_SponsorsFees slv false debit duration Fees paid to the sponsor of the trust. false false false false false false false false false false true negated false 1 false true false false -6690000 -6690 false false false 2 false true false false -4659000 -4659 false false false 3 false true false false -12972000 -12972 false false false 4 false true false false -8467000 -8467 false false false xbrli:monetaryItemType monetary Fees paid to the sponsor of the trust. No authoritative reference available. false 15 4 us-gaap_OperatingExpenses us-gaap true debit duration No definition available. false false false false false false false false false false true negatedtotal false 1 false true false false -6690000 -6690 false false false 2 false true false false -4659000 -4659 false false false 3 false true false false -12972000 -12972 false false false 4 false true false false -8467000 -8467 false false false xbrli:monetaryItemType monetary Generally recurring costs associated with normal operations except for the portion of these expenses which can be clearly related to production and included in cost of sales or services. Includes selling, general and administrative expense. No authoritative reference available. true 16 3 us-gaap_NetIncomeLoss us-gaap true credit duration No definition available. false false false false false false false false false false false totallabel false 1 true true false false 51677000 51677 false false false 2 true true false false 34033000 34033 false false false 3 true true false false 99973000 99973 false false false 4 true true false false 562527000 562527 false false false xbrli:monetaryItemType monetary The portion of consolidated profit or loss for the period, net of income taxes, which is attributable to the parent. If the entity does not present consolidated financial statements, the amount of profit or loss for the period, net of income taxes. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 19 -Article 5 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Research Bulletin (ARB) -Number 51 -Paragraph 38 -Subparagraph d Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Research Bulletin (ARB) -Number 51 -Paragraph A7 -Appendix A Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Research Bulletin (ARB) -Number 51 -Paragraph 38 -Subparagraph a Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Paragraph 20 -Article 9 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 130 -Paragraph 10, 15 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Emerging Issues Task Force (EITF) -Number 87-21 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 28, 29, 30 true 17 3 slv_NetIncomeLossPerShare slv false na duration The amount of net income or loss for the period per each share of redeemable capital shares outstanding during the reporting... false false false false false false false false false false false terselabel true 1 true true false false 0.17 0.17 false false false 2 true true false false 0.12 0.12 false false false 3 true true false false 0.33 0.33 false false false 4 true true false false 2.14 2.14 false false false us-types:perShareItemType decimal The amount of net income or loss for the period per each share of redeemable capital shares outstanding during the reporting period. No authoritative reference available. false 18 3 slv_WeightedAverageSharesOutstanding slv false na duration Number of shares determined by relating the portion of time within a reporting period that redeemable capital shares have... false false false false false false false false false false false label false 1 false true false false 299169780 299169780 false false false 2 false true false false 276922527 276922527 false false false 3 false true false false 303233978 303233978 false false false 4 false true false false 263348343 263348343 false false false xbrli:sharesItemType shares Number of shares determined by relating the portion of time within a reporting period that redeemable capital shares have been outstanding to the total time in that period. No authoritative reference available. false 4 14 false Thousands NoRounding NoRounding false true XML 19 R9.xml IDEA: Expenses  2.2.0.7 false Expenses 10301 - Disclosure - Expenses true false false false 1 USD false false Unit12 Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 Unit13 Divide http://www.xbrl.org/2003/iso4217 USD iso4217 http://www.xbrl.org/2003/instance shares xbrli 0 Unit1 Standard http://www.xbrl.org/2003/instance shares xbrli 0 $ 5 3 us-gaap_OtherIncomeAndOtherExpenseDisclosureTextBlock us-gaap true na duration No definition available. false false false false false false false false false false false terselabel false 1 false false false false 0 0 <div> <p style="margin-top: 18px; margin-bottom: 0px;"><font style="font-family: Times New Roman;" class="_mt" size="2"><b>3 - Expenses </b></font></p><font style="font-family: Times New Roman;" class="_mt" size="2"> </font> <p style="margin-top: 6px; margin-bottom: 0px;"><font style="font-family: Times New Roman;" class="_mt" size="2">The Trust pays to the Sponsor a Sponsor's fee that accrues daily at an annualized rate equal to 0.50% of the adjusted net asset value of the Trust, paid monthly in arrears. The Sponsor has agreed to assume the following administrative and marketing expenses incurred by the Trust: the Trustee's fee, the Custodian's fee, NYSE Arca listing fees, SEC registration fees, printing and mailing costs, audit fees and expenses, and up to $100,000 per annum in legal fees and expenses. </font></p> </div> 3 - Expenses The Trust pays to the Sponsor a Sponsor's fee that accrues daily at an annualized rate equal to 0.50% of the adjusted net asset value of the false false false us-types:textBlockItemType textblock Discloses other income or other expense items (both operating and nonoperating). Sources of nonoperating income or nonoperating expense that should be disclosed in this note, or in the income statement, include amounts earned from dividends, interest on securities, profits (losses) on securities, net and miscellaneous other income or income deductions. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 3, 6, 7, 9 -Article 5 false 1 1 false UnKnown UnKnown UnKnown false true XML 20 R6.xml IDEA: Statements of Cash Flows  2.2.0.7 false Statements of Cash Flows (USD $) 00400 - Statement - Statements of Cash Flows true false In Thousands false false 1 USD false false Unit12 Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 Unit13 Divide http://www.xbrl.org/2003/iso4217 USD iso4217 http://www.xbrl.org/2003/instance shares xbrli 0 Unit1 Standard http://www.xbrl.org/2003/instance shares xbrli 0 $ false 2 USD false false Unit12 Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 Unit13 Divide http://www.xbrl.org/2003/iso4217 USD iso4217 http://www.xbrl.org/2003/instance shares xbrli 0 Unit1 Standard http://www.xbrl.org/2003/instance shares xbrli 0 $ 5 3 us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract us-gaap true na duration No definition available. false false false false false true false false false false false false 1 false false false false 0 0 false false false 2 false false false false 0 0 false false false xbrli:stringItemType string The net cash from (used in) all of the entity's operating activities, including those of discontinued operations, of the reporting entity. Operating activities include all transactions and events that are not defined as investing or financing activities. Operating activities generally involve producing and delivering goods and providing services. Cash flows from operating activities are generally the cash effects of transactions and other events that enter into the determination of net income. false 6 4 slv_ProceedsFromSalesOfSilverToPayExpenses slv false credit duration Proceeds derived from the sale of silver during the period to pay the trust's expenses. false false false false false false false false false false false terselabel false 1 true true false false 13026000 13026 false false false 2 true true false false 7717000 7717 false false false xbrli:monetaryItemType monetary Proceeds derived from the sale of silver during the period to pay the trust's expenses. No authoritative reference available. false 7 4 slv_ExpensesSponsorsFeesPaid slv false credit duration The amount of cash paid during the current period for fees due to the sponsor of the trust. false false false false false false false false false false false terselabel false 1 false true false false -13026000 -13026 false false false 2 false true false false -7717000 -7717 false false false xbrli:monetaryItemType monetary The amount of cash paid during the current period for fees due to the sponsor of the trust. No authoritative reference available. false 8 4 us-gaap_NetCashProvidedByUsedInOperatingActivities us-gaap true na duration No definition available. false false false false false false false false false false false totallabel false 1 false false false false 0 0 &nbsp; &nbsp; false false false 2 false false false false 0 0 &nbsp; &nbsp; false false false xbrli:monetaryItemType monetary The net cash from (used in) all of the entity's operating activities, including those of discontinued operations, of the reporting entity. Operating activities generally involve producing and delivering goods and providing services. Operating activity cash flows include transactions, adjustments, and changes in value that are not defined as investing or financing activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 28 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 26 true 9 4 us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease us-gaap true na duration No definition available. false false false false false false false false false false false terselabel false 1 false false false false 0 0 &nbsp; &nbsp; false false false 2 false false false false 0 0 &nbsp; &nbsp; false false false xbrli:monetaryItemType monetary The net change between the beginning and ending balance of cash and cash equivalents. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 26 false 10 4 us-gaap_CashAndCashEquivalentsAtCarryingValue us-gaap true debit instant No definition available. false false false false false false false false false false false terselabel false 1 false true false false 0 0 false false false 2 false true false false 0 0 false false false xbrli:monetaryItemType monetary Includes currency on hand as well as demand deposits with banks or financial institutions. It also includes other kinds of accounts that have the general characteristics of demand deposits in that the Entity may deposit additional funds at any time and also effectively may withdraw funds at any time without prior notice or penalty. Cash equivalents, excluding items classified as marketable securities, include short-term, highly liquid investments that are both readily convertible to known amounts of cash, and so near their maturity that they present minimal risk of changes in value because of changes in interest rates. Generally, only investments with original maturities of three months or less qualify under that definition. Original maturity means original maturity to the entity holding the investment. For example, both a three-month US Treasury bill and a three-year Treasury note purchased three months from maturity qualify as cash equivalents. However, a Treasury note purchased th ree years ago does not become a cash equivalent when its remaining maturity is three months. Compensating balance arrangements that do not legally restrict the withdrawal or usage of cash amounts may be reported as Cash and Cash Equivalents, while legally restricted deposits held as compensating balances against borrowing arrangements, contracts entered into with others, or company statements of intention with regard to particular deposits should not be reported as cash and cash equivalents. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 7, 26 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 8, 9 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 7 -Footnote 1 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 1 -Article 5 false 11 4 us-gaap_CashAndCashEquivalentsAtCarryingValue us-gaap true debit instant No definition available. false false false false false false false false false true false periodendlabel false 1 false true false false 0 0 false false false 2 false true false false 0 0 false false false xbrli:monetaryItemType monetary Includes currency on hand as well as demand deposits with banks or financial institutions. It also includes other kinds of accounts that have the general characteristics of demand deposits in that the Entity may deposit additional funds at any time and also effectively may withdraw funds at any time without prior notice or penalty. Cash equivalents, excluding items classified as marketable securities, include short-term, highly liquid investments that are both readily convertible to known amounts of cash, and so near their maturity that they present minimal risk of changes in value because of changes in interest rates. Generally, only investments with original maturities of three months or less qualify under that definition. Original maturity means original maturity to the entity holding the investment. For example, both a three-month US Treasury bill and a three-year Treasury note purchased three months from maturity qualify as cash equivalents. However, a Treasury note purchased th ree years ago does not become a cash equivalent when its remaining maturity is three months. Compensating balance arrangements that do not legally restrict the withdrawal or usage of cash amounts may be reported as Cash and Cash Equivalents, while legally restricted deposits held as compensating balances against borrowing arrangements, contracts entered into with others, or company statements of intention with regard to particular deposits should not be reported as cash and cash equivalents. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 7, 26 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 8, 9 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 7 -Footnote 1 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 1 -Article 5 false 12 4 us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract us-gaap true na duration No definition available. false false false false false true false false false false false false 1 false false false false 0 0 false false false 2 false false false false 0 0 false false false xbrli:stringItemType string No definition available. false 13 5 us-gaap_NetIncomeLoss us-gaap true credit duration No definition available. false false false false false false false false false false false verboselabel false 1 false true false false 99973000 99973 false false false 2 false true false false 562527000 562527 false false false xbrli:monetaryItemType monetary The portion of consolidated profit or loss for the period, net of income taxes, which is attributable to the parent. If the entity does not present consolidated financial statements, the amount of profit or loss for the period, net of income taxes. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 19 -Article 5 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Research Bulletin (ARB) -Number 51 -Paragraph 38 -Subparagraph d Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Research Bulletin (ARB) -Number 51 -Paragraph A7 -Appendix A Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Research Bulletin (ARB) -Number 51 -Paragraph 38 -Subparagraph a Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Paragraph 20 -Article 9 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 130 -Paragraph 10, 15 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Emerging Issues Task Force (EITF) -Number 87-21 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 28, 29, 30 false 14 4 us-gaap_AdjustmentsNoncashItemsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract us-gaap true na duration No definition available. false false false false false true false false false false false false 1 false false false false 0 0 false false false 2 false false false false 0 0 false false false xbrli:stringItemType string No definition available. false 15 5 slv_GainLossOnSilverDistributedForRedemptionOfShares slv false credit duration Realized gain or loss on silver distributed for the redemption of shares. false false false false false false false false false false true negated false 1 false true false false -110206000 -110206 false false false 2 false true false false 611000 611 false false false xbrli:monetaryItemType monetary Realized gain or loss on silver distributed for the redemption of shares. No authoritative reference available. false 16 5 slv_CostOfSilverSoldToPayExpenses slv false debit duration Cost of silver sold during the period to pay the trust's expenses. false false false false false false false false false false false label false 1 false true false false 10287000 10287 false false false 2 false true false false 7896000 7896 false false false xbrli:monetaryItemType monetary Cost of silver sold during the period to pay the trust's expenses. No authoritative reference available. false 17 5 slv_IncreaseDecreaseInSponsorsFeesPayable slv false debit duration The net change during the reporting period in fees due to the sponsor of the trust. false false false false false false false false false false false terselabel false 1 false true false false -54000 -54 false false false 2 false true false false 750000 750 false false false xbrli:monetaryItemType monetary The net change during the reporting period in fees due to the sponsor of the trust. No authoritative reference available. false 18 5 slv_MarketValueRecovery slv false credit duration Income recognized for the reversal of the market value reserve during the period. Market value reserve is defined as an... false false false false false false false false false false true negated false 1 false false false false 0 0 &nbsp; &nbsp; false false false 2 false true false false -571784000 -571784 false false false xbrli:monetaryItemType monetary Income recognized for the reversal of the market value reserve during the period. Market value reserve is defined as an adjustment to the carrying value to equal the fair value of silver, when the carrying value is greater than the fair value. No authoritative reference available. false 19 5 us-gaap_NetCashProvidedByUsedInOperatingActivities us-gaap true na duration No definition available. false false false false false false false false false false false totallabel false 1 false false false false 0 0 &nbsp; &nbsp; false false false 2 false false false false 0 0 &nbsp; &nbsp; false false false xbrli:monetaryItemType monetary The net cash from (used in) all of the entity's operating activities, including those of discontinued operations, of the reporting entity. Operating activities generally involve producing and delivering goods and providing services. Operating activity cash flows include transactions, adjustments, and changes in value that are not defined as investing or financing activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 28 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 26 true 20 3 us-gaap_SupplementalCashFlowInformationAbstract us-gaap true na duration No definition available. false false false false false true false false false false false terselabel false 1 false false false false 0 0 false false false 2 false false false false 0 0 false false false xbrli:stringItemType string No definition available. false 21 4 slv_CarryingValueOfSilverReceivedForCreationOfShares slv false debit duration Carrying value of silver received for creation of shares false false false false false false false false false false false label false 1 false true false false 292999000 292999 false false false 2 false true false false 964637000 964637 false false false xbrli:monetaryItemType monetary Carrying value of silver received for creation of shares No authoritative reference available. false 22 4 slv_CarryingValueOfSilverDistributedForRedemptionOfSharesAtAverageCost slv false credit duration Carrying value of silver distributed for redemption of shares, at average cost false false false false false false false false false false false label false 1 true true false false -371350000 -371350 false false false 2 true true false false -145125000 -145125 false false false xbrli:monetaryItemType monetary Carrying value of silver distributed for redemption of shares, at average cost No authoritative reference available. false 2 18 false Thousands UnKnown UnKnown false true XML 21 R5.xml IDEA: Statements of Changes in Shareholders' Equity (Deficit)  2.2.0.7 false Statements of Changes in Shareholders' Equity (Deficit) (USD $) 00300 - Statement - Statements of Changes in Shareholders' Equity (Deficit) true false In Thousands false false 1 USD false false Unit12 Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 Unit13 Divide http://www.xbrl.org/2003/iso4217 USD iso4217 http://www.xbrl.org/2003/instance shares xbrli 0 Unit1 Standard http://www.xbrl.org/2003/instance shares xbrli 0 $ false 2 USD false false Unit12 Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 Unit1 Standard http://www.xbrl.org/2003/instance shares xbrli 0 Unit13 Divide http://www.xbrl.org/2003/iso4217 USD iso4217 http://www.xbrl.org/2003/instance shares xbrli 0 $ 5 3 slv_ShareholdersEquityDeficit slv false credit instant The cumulative amount of the reporting entity's undistributed earnings or deficit and adjustment to redeemable capital shares... false false false false false false false false true false true negatedperiodstart false 1 true true false false -975307000 -975307 false false false 2 false false false false 0 0 false false false xbrli:monetaryItemType monetary The cumulative amount of the reporting entity's undistributed earnings or deficit and adjustment to redeemable capital shares to redemption value. No authoritative reference available. false 6 3 us-gaap_NetIncomeLoss us-gaap true credit duration No definition available. false false false false false false false false false false false verboselabel false 1 false true false false 99973000 99973 false false false 2 false true false false 574523000 574523 false false false xbrli:monetaryItemType monetary The portion of consolidated profit or loss for the period, net of income taxes, which is attributable to the parent. If the entity does not present consolidated financial statements, the amount of profit or loss for the period, net of income taxes. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 19 -Article 5 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Research Bulletin (ARB) -Number 51 -Paragraph 38 -Subparagraph d Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Research Bulletin (ARB) -Number 51 -Paragraph A7 -Appendix A Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Research Bulletin (ARB) -Number 51 -Paragraph 38 -Subparagraph a Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Paragraph 20 -Article 9 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 130 -Paragraph 10, 15 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Emerging Issues Task Force (EITF) -Number 87-21 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 28, 29, 30 false 7 3 slv_AdjustmentOfRedeemableCapitalSharesToRedemptionValue slv false debit duration Adjustment reflecting the change in fair value of redeemable capital shares during the period. false false false false false false false false false false false label false 1 false true false false -519406000 -519406 false false false 2 false true false false -1549830000 -1549830 false false false xbrli:monetaryItemType monetary Adjustment reflecting the change in fair value of redeemable capital shares during the period. No authoritative reference available. false 8 3 slv_ShareholdersEquityDeficit slv false credit instant The cumulative amount of the reporting entity's undistributed earnings or deficit and adjustment to redeemable capital shares... false false false false false false false false false true true negatedperiodend false 1 true true false false -1394740000 -1394740 false false false 2 true true false false -975307000 -975307 false false false xbrli:monetaryItemType monetary The cumulative amount of the reporting entity's undistributed earnings or deficit and adjustment to redeemable capital shares to redemption value. No authoritative reference available. false 2 4 false Thousands UnKnown UnKnown false true XML 22 defnref.xml IDEA: XBRL DOCUMENT Proceeds derived from the sale of silver during the period to pay the trust's expenses. No authoritative reference available. No authoritative reference available. No authoritative reference available. Realized gain or loss on sales of silver during the period to pay the trust's expenses. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. Carrying amount due to the sponsor of the trust as of the balance sheet date. No authoritative reference available. No authoritative reference available. No authoritative reference available. Redeemable capital shares, issued No authoritative reference available. The net change during the reporting period in fees due to the sponsor of the trust. No authoritative reference available. No authoritative reference available. No authoritative reference available. The amount of cash paid during the current period for fees due to the sponsor of the trust. No authoritative reference available. Total realized gain or loss on the sale and distribution of silver. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. Fees paid to the sponsor of the trust. No authoritative reference available. No authoritative reference available. No authoritative reference available. Carrying amount of silver bullion as of the balance sheet date. No authoritative reference available. Total of all Liabilities, Redeemable Capital Shares and Shareholder's Equity (Deficit). No authoritative reference available. No authoritative reference available. No authoritative reference available. The amount of net income or loss for the period per each share of redeemable capital shares outstanding during the reporting period. No authoritative reference available. No authoritative reference available. No authoritative reference available. Carrying amount of silver bullion payable for capital shares redeemed as of the balance sheet date. No authoritative reference available. The cumulative amount of the reporting entity's undistributed earnings or deficit and adjustment to redeemable capital shares to redemption value. No authoritative reference available. Fair value of silver bullion. No authoritative reference available. Redeemable capital shares, outstanding No authoritative reference available. Redeemable capital shares, par value No authoritative reference available. Carrying value of silver distributed for redemption of shares, at average cost No authoritative reference available. Income recognized for the reversal of the market value reserve during the period. Market value reserve is defined as an adjustment to the carrying value to equal the fair value of silver, when the carrying value is greater than the fair value. No authoritative reference available. Number of shares determined by relating the portion of time within a reporting period that redeemable capital shares have been outstanding to the total time in that period. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. Adjustment reflecting the change in fair value of redeemable capital shares during the period. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. Cost of silver sold during the period to pay the trust's expenses. No authoritative reference available. Dollar value of issued and outstanding shares No authoritative reference available. Carrying value of silver received for creation of shares No authoritative reference available. Realized gain or loss on silver distributed for the redemption of shares. No authoritative reference available. XML 23 R13.xml IDEA: Subsequent Events  2.2.0.7 false Subsequent Events 10701 - Disclosure - Subsequent Events true false false false 1 USD false false Unit12 Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 Unit13 Divide http://www.xbrl.org/2003/iso4217 USD iso4217 http://www.xbrl.org/2003/instance shares xbrli 0 Unit1 Standard http://www.xbrl.org/2003/instance shares xbrli 0 $ 5 3 us-gaap_ScheduleOfSubsequentEventsTextBlock us-gaap true na duration No definition available. false false false false false false false false false false false terselabel false 1 false false false false 0 0 <div> <p style="margin-top: 0px; margin-bottom: 0px;"><font style="font-family: Times New Roman;" class="_mt" size="2"><b>7 - Subsequent Events </b></font></p> <p style="margin-top: 6px; margin-bottom: 0px;"><font style="font-family: Times New Roman;" class="_mt" size="2">In connection with the preparation of the financial statements of the Trust as of and for the period ended June&nbsp;30, 2010, management has evaluated the impact of all subsequent events through the date the financial statements were issued and has determined that there were no subsequent events requiring adjustment or disclosure in the financial statements.</font></p> </div> 7 - Subsequent Events In connection with the preparation of the financial statements of the Trust as of and for the period ended June&nbsp;30, 2010, false false false us-types:textBlockItemType textblock Describes disclosed significant events or transactions that occurred after the balance sheet date, but before the issuance of the financial statements. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, losses resulting from fire or flood, losses on receivables, significant realized and unrealized gains and losses that result from changes in quoted market prices of securities, declines in market prices of inventory, changes in authorized or issued debt (SEC), significant foreign exchange rate changes, substantial loans to insiders or affiliates, significant long-term investments, and substantial dividends not in the ordinary course of business. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 5 -Paragraph 11 false 1 1 false UnKnown UnKnown UnKnown false true XML 24 R1.xml IDEA: Document and Entity Information  2.2.0.7 false Document and Entity Information 00090 - Document - Document and Entity Information true false false false 1 USD false false Unit12 Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 Unit13 Divide http://www.xbrl.org/2003/iso4217 USD iso4217 http://www.xbrl.org/2003/instance shares xbrli 0 Unit1 Standard http://www.xbrl.org/2003/instance shares xbrli 0 $ 5 3 dei_DocumentType dei false na duration No definition available. false false false false false false false false false false false false 1 false false false false 0 0 10-Q 10-Q false false false us-types:SECReportItemType na The type of document being provided (such as 10-K, 10-Q, N-1A, etc). The document type should be limited to the same value as the supporting SEC submission type. The acceptable values are as follows: S-1, S-3, S-4, S-11, F-1, F-3, F-4, F-9, F-10, 6-K, 8-K, 10, 10-K, 10-Q, 20-F, 40-F, N-1A, 485BPOS, NCSR, N-Q, and Other. No authoritative reference available. false 6 3 dei_AmendmentFlag dei false na duration No definition available. false false false false false false false false false false false false 1 false false false false 0 0 false false false false false xbrli:booleanItemType na If the value is true, then the document as an amendment to previously-filed/accepted document. No authoritative reference available. false 7 3 dei_DocumentPeriodEndDate dei false na duration No definition available. false false false false false false false false false false false false 1 false false false false 0 0 2010-06-30 2010-06-30 false false false xbrli:dateItemType date The end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements this will be the filing date. The format of the date is CCYY-MM-DD. No authoritative reference available. false 8 3 dei_DocumentFiscalYearFocus dei false na duration No definition available. false false false false false false false false false false false false 1 false false false false 0 0 2010 2010 false false false xbrli:gYearItemType positiveinteger This is focus fiscal year of the document report in CCYY format. For a 2006 annual report, which may also provide financial information from prior periods, fiscal 2006 should be given as the fiscal year focus. Example: 2006. No authoritative reference available. false 9 3 dei_DocumentFiscalPeriodFocus dei false na duration No definition available. false false false false false false false false false false false false 1 false false false false 0 0 Q2 Q2 false false false us-types:fiscalPeriodItemType na This is focus fiscal period of the document report. For a first quarter 2006 quarterly report, which may also provide financial information from prior periods, the first fiscal quarter should be given as the fiscal period focus. Values: FY, Q1, Q2, Q3, Q4, H1, H2, M9, T1, T2, T3, M8, CY. No authoritative reference available. false 10 3 dei_EntityRegistrantName dei false na duration No definition available. false false false false false false false false false false false false 1 false false false false 0 0 iShares Silver Trust iShares Silver Trust false false false xbrli:normalizedStringItemType normalizedstring The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation 12B -Number 240 -Section 12b -Subsection 1 false 11 3 dei_EntityCentralIndexKey dei false na duration No definition available. false false false false false false false false false false false false 1 false false false false 0 0 0001330568 0001330568 false false false us-types:centralIndexKeyItemType na A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation 12B -Number 240 -Section 12b -Subsection 1 false 12 3 dei_CurrentFiscalYearEndDate dei false na duration No definition available. false false false false false false false false false false false false 1 false false false false 0 0 --12-31 --12-31 false false false xbrli:gMonthDayItemType monthday End date of current fiscal year in the format --MM-DD. No authoritative reference available. false 13 3 dei_EntityFilerCategory dei false na duration No definition available. false false false false false false false false false false false false 1 false false false false 0 0 Large Accelerated Filer Large Accelerated Filer false false false us-types:filerCategoryItemType na Indicate whether the registrant is one of the following: (1) Large Accelerated Filer, (2) Accelerated Filer, (3) Non-accelerated Filer, or (4) Smaller Reporting Company. Definitions of these categories are stated in Rule 12b-2 of the Exchange Act. This information should be based on the registrant's current or most recent filing containing the related disclosure. No authoritative reference available. false 14 3 dei_EntityCommonStockSharesOutstanding dei false na instant No definition available. false false false false false false false false false false false false 1 false true false false 300400000 300400000 false false false xbrli:sharesItemType shares Indicate number of shares outstanding of each of registrant's classes of common stock, as of latest practicable date. Where multiple classes exist define each class by adding class of stock items such as Common Class A [Member], Common Class B [Member] onto the Instrument [Domain] of the Entity Listings, Instrument No authoritative reference available. false 1 10 false UnKnown NoRounding UnKnown false true XML 25 R2.xml IDEA: Balance Sheets  2.2.0.7 false Balance Sheets (USD $) 00100 - Statement - Balance Sheets true false In Thousands false false 1 USD false false Unit12 Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 Unit13 Divide http://www.xbrl.org/2003/iso4217 USD iso4217 http://www.xbrl.org/2003/instance shares xbrli 0 Unit1 Standard http://www.xbrl.org/2003/instance shares xbrli 0 $ false 2 USD false false Unit12 Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 Unit1 Standard http://www.xbrl.org/2003/instance shares xbrli 0 Unit13 Divide http://www.xbrl.org/2003/iso4217 USD iso4217 http://www.xbrl.org/2003/instance shares xbrli 0 $ 5 3 us-gaap_AssetsAbstract us-gaap true na duration No definition available. false false false false false true false false false false false verboselabel false 1 false false false false 0 0 false false false 2 false false false false 0 0 false false false xbrli:stringItemType string No definition available. false 6 4 slv_SilverBullionInventory slv false debit instant Carrying amount of silver bullion as of the balance sheet date. false false false false false false false false false false false terselabel false 1 true true false false 4131105000 4131105 false false false 2 true true false false 4210142000 4210142 false false false xbrli:monetaryItemType monetary Carrying amount of silver bullion as of the balance sheet date. No authoritative reference available. false 7 4 slv_PayableForCapitalSharesRedeemed slv false credit instant Carrying amount of silver bullion payable for capital shares redeemed as of the balance sheet date. false false false false false false false false false false true negated false 1 false true false false -9601000 -9601 false false false 2 false false false false 0 0 false false false xbrli:monetaryItemType monetary Carrying amount of silver bullion payable for capital shares redeemed as of the balance sheet date. No authoritative reference available. false 8 4 us-gaap_Assets us-gaap true debit instant No definition available. false false false false false false false false false false false totallabel false 1 false true false false 4121504000 4121504 false false false 2 false true false false 4210142000 4210142 false false false xbrli:monetaryItemType monetary Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Concepts (CON) -Number 6 -Paragraph 25 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 18 -Article 5 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 12 -Article 7 true 9 3 slv_LiabilitiesRedeemableCapitalSharesAndShareholdersEquityDeficitAbstract slv false na duration LIABILITIES, REDEEMABLE CAPITAL SHARES AND SHAREHOLDERS' EQUITY (DEFICIT) [Abstract] false false false false false true false false false false false terselabel false 1 false false false false 0 0 false false false 2 false false false false 0 0 false false false xbrli:stringItemType string LIABILITIES, REDEEMABLE CAPITAL SHARES AND SHAREHOLDERS' EQUITY (DEFICIT) [Abstract] false 10 4 slv_SponsorsFeesPayable slv false credit instant Carrying amount due to the sponsor of the trust as of the balance sheet date. false false false false false false false false false false true negated false 1 false true false false 2241000 2241 false false false 2 false true false false 2295000 2295 false false false xbrli:monetaryItemType monetary Carrying amount due to the sponsor of the trust as of the balance sheet date. No authoritative reference available. false 11 4 us-gaap_Liabilities us-gaap true credit instant No definition available. false false false false false false false false false false true negatedtotal false 1 false true false false 2241000 2241 false false false 2 false true false false 2295000 2295 false false false xbrli:monetaryItemType monetary Sum of the carrying amounts as of the balance sheet date of all liabilities that are recognized. Liabilities are probable future sacrifices of economic benefits arising from present obligations of an entity to transfer assets or provide services to other entities in the future. No authoritative reference available. true 12 4 us-gaap_CommitmentsAndContingencies2009 us-gaap true na duration No definition available. false false false false false false false false false false false false 1 false false false false 0 0 &nbsp; &nbsp; false false false 2 false false false false 0 0 &nbsp; &nbsp; false false false xbrli:stringItemType string Represents the caption on the face of the balance sheet to indicate that the entity has entered into (1) purchase or supply arrangements that will require expending a portion of its resources to meet the terms thereof, and (2) is exposed to potential losses or, less frequently, gains, arising from (a) possible claims against a company's resources due to future performance under contract terms, and (b) possible losses or likely gains from uncertainties that will ultimately be resolved when one or more future events that are deemed likely to occur do occur or fail to occur. This caption alerts the reader that one or more notes to the financial statements disclose pertinent information about the entity's commitments and contingencies. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 19 -Article 7 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 5 -Paragraph 8, 9 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 25 -Article 5 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 17 -Article 9 false 13 4 slv_RedeemableCapitalShares slv false credit instant Dollar value of issued and outstanding shares false false false false false false false false false false true negated false 1 false true false false 5514003000 5514003 false false false 2 false true false false 5183154000 5183154 false false false xbrli:monetaryItemType monetary Dollar value of issued and outstanding shares No authoritative reference available. false 14 4 slv_ShareholdersEquityDeficit slv false credit instant The cumulative amount of the reporting entity's undistributed earnings or deficit and adjustment to redeemable capital shares... false false false false false false false false false false true negated false 1 false true false false -1394740000 -1394740 false false false 2 false true false false -975307000 -975307 false false false xbrli:monetaryItemType monetary The cumulative amount of the reporting entity's undistributed earnings or deficit and adjustment to redeemable capital shares to redemption value. No authoritative reference available. false 15 4 slv_TotalLiabilitiesRedeemableCapitalSharesAndShareholdersEquityDeficit slv false credit instant Total of all Liabilities, Redeemable Capital Shares and Shareholder's Equity (Deficit). false false false false false false false false false false false totallabel false 1 true true false false 4121504000 4121504 false false false 2 true true false false 4210142000 4210142 false false false xbrli:monetaryItemType monetary Total of all Liabilities, Redeemable Capital Shares and Shareholder's Equity (Deficit). No authoritative reference available. true 2 11 false Thousands UnKnown UnKnown false true XML 26 FilingSummary.xml IDEA: XBRL DOCUMENT 2.2.0.7 true Sheet 00090 - Document - Document and Entity Information Document and Entity Information http://www.ishares.com/role/DocumentDocumentAndEntityInformation false R1.xml false Sheet 00100 - Statement - Balance Sheets Balance Sheets http://www.ishares.com/role/StatementBalanceSheets false R2.xml false Sheet 00110 - Statement - Balance Sheets (Parenthetical) Balance Sheets (Parenthetical) http://www.ishares.com/role/StatementBalanceSheetsParenthetical false R3.xml false Sheet 00200 - Statement - Income Statements Income Statements http://www.ishares.com/role/StatementIncomeStatements false R4.xml false Sheet 00300 - Statement - Statements of Changes in Shareholders' Equity (Deficit) Statements of Changes in Shareholders' Equity (Deficit) http://www.ishares.com/role/StatementStatementsOfChangesInShareholdersEquityDeficit false R5.xml false Sheet 00400 - Statement - Statements of Cash Flows Statements of Cash Flows http://www.ishares.com/role/StatementStatementsOfCashFlows false R6.xml false Sheet 10101 - Disclosure - Organization Organization http://www.ishares.com/role/DisclosureOrganization false R7.xml false Sheet 10201 - Disclosure - Summary of Significant Accounting Policies Summary of Significant Accounting Policies http://www.ishares.com/role/DisclosureSummaryOfSignificantAccountingPolicies false R8.xml false Sheet 10301 - Disclosure - Expenses Expenses http://www.ishares.com/role/DisclosureExpenses false R9.xml false Sheet 10401 - Disclosure - Related Parties Related Parties http://www.ishares.com/role/DisclosureRelatedParties false R10.xml false Sheet 10501 - Disclosure - Indemnification Indemnification http://www.ishares.com/role/Disclosure false R11.xml false Sheet 10601 - Disclosure - Concentration Risk Concentration Risk http://www.ishares.com/role/DisclosureConcentrationRisk false R12.xml false Sheet 10701 - Disclosure - Subsequent Events Subsequent Events http://www.ishares.com/role/DisclosureReviewForSubsequentEvents false R13.xml false Book All Reports All Reports false 1 8 0 0 3 50 false false Duration_1_1_2010_To_6_30_2010 36 Duration_1_1_2009_To_12_31_2009 3 Duration_4_1_2010_To_6_30_2010 11 As_Of_6_30_2009 1 Duration_1_1_2009_To_6_30_2009 18 As_Of_6_30_2010 14 As_Of_12_31_2009 11 Duration_4_1_2009_To_6_30_2009 12 true true EXCEL 27 Financial_Report.xls IDEA: XBRL DOCUMENT begin 644 Financial_Report.xls M[[N_34E-12U697)S:6]N.B`Q+C`-"E@M1&]C=6UE;G0M5'EP93H@5V]R:V)O M;VL-"D-O;G1E;G0M5'EP93H@;75L=&EP87)T+W)E;&%T960[(&)O=6YD87)Y M/2(M+2TM/5].97AT4&%R=%\P,&(U8S1F.5\Q.#AF7S0W8SA?8C0T,5\Y8C0V M9&$W8S`Q-C'!L;W)E&UL;G,Z=CTS1")U&UL;G,Z;STS1")U&UL/@T*(#QX.D5X8V5L5V]R:V)O;VL^#0H@(#QX M.D5X8V5L5V]R:W-H965T5]);F9O#I%>&-E;%=O#I%>&-E;%=O#I7;W)K#I7;W)K#I7;W)K#I7;W)K'!E;G-E#I.86UE/@T*("`@(#QX.E=O#I%>&-E;%=O#I.86UE/E)E;&%T961?4&%R=&EE#I.86UE/@T*("`@(#QX M.E=O#I%>&-E;%=O M#I.86UE/DEN9&5M;FEF:6-A=&EO;CPO>#I.86UE M/@T*("`@(#QX.E=O#I%>&-E;%=O#I.86UE/D-O;F-E;G1R871I;VY? M4FES:SPO>#I.86UE/@T*("`@(#QX.E=O#I%>&-E;%=O#I.86UE/E-U M8G-E<75E;G1?179E;G1S/"]X.DYA;64^#0H@("`@/'@Z5V]R:W-H965T4V]U M#I%>&-E;%=O#I!8W1I=F53:&5E=#XP/"]X.D%C=&EV95-H965T/@T*("`\>#I0 M#I%>&-E;%=O7!E.B!T M97AT+VAT;6P[(&-H87)S970](G5S+6%S8VEI(@T*#0H\:'1M;#X-"B`@/&AE M860^#0H@("`@/$U%5$$@:'1T<"UE<75I=CTS1$-O;G1E;G0M5'EP92!C;VYT M96YT/3-$)W1E>'0O:'1M;#L@8VAA'0^ M,3`M43QS<&%N/CPO'0^:5-H87)E M2!#96YT3PO=&0^ M#0H@("`@("`@(#QT9"!C;&%S'0^,#`P,3,S,#4V.#QS<&%N/CPO M'0^+2TQ,BTS,3QS<&%N/CPO7!E M.B!T97AT+VAT;6P[(&-H87)S970](G5S+6%S8VEI(@T*#0H\:'1M;#X-"B`@ M/&AE860^#0H@("`@/$U%5$$@:'1T<"UE<75I=CTS1$-O;G1E;G0M5'EP92!C M;VYT96YT/3-$)W1E>'0O:'1M;#L@8VAA'0^/'-P86X^/"]S M<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S M<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$'0^)FYB'0^ M)FYB3X-"CPO:'1M;#X-"@T*+2TM+2TM/5].97AT4&%R=%\P,&(U8S1F M.5\Q.#AF7S0W8SA?8C0T,5\Y8C0V9&$W8S`Q-C<-"D-O;G1E;G0M3&]C871I M;VXZ(&9I;&4Z+R\O0SHO,#!B-6,T9CE?,3@X9E\T-V,X7V(T-#%?.6(T-F1A M-V,P,38W+U=O'0O:'1M;#L@8VAA&-E<'0@ M4VAA7!E.B!T97AT+VAT;6P[(&-H87)S M970](G5S+6%S8VEI(@T*#0H\:'1M;#X-"B`@/&AE860^#0H@("`@/$U%5$$@ M:'1T<"UE<75I=CTS1$-O;G1E;G0M5'EP92!C;VYT96YT/3-$)W1E>'0O:'1M M;#L@8VAA&-E<'0@4VAA2!E>'!E;G-E M2!E>'!E M;G-E'!E;G-E M3X-"CPO:'1M;#X-"@T*+2TM+2TM M/5].97AT4&%R=%\P,&(U8S1F.5\Q.#AF7S0W8SA?8C0T,5\Y8C0V9&$W8S`Q M-C<-"D-O;G1E;G0M3&]C871I;VXZ(&9I;&4Z+R\O0SHO,#!B-6,T9CE?,3@X M9E\T-V,X7V(T-#%?.6(T-F1A-V,P,38W+U=O'0O:'1M;#L@8VAA7!E(&-O;G1E;G0],T0G=&5X="]H=&UL.R!C:&%R7!E.B!T97AT+VAT;6P[(&-H87)S970](G5S+6%S M8VEI(@T*#0H\:'1M;#X-"B`@/&AE860^#0H@("`@/$U%5$$@:'1T<"UE<75I M=CTS1$-O;G1E;G0M5'EP92!C;VYT96YT/3-$)W1E>'0O:'1M;#L@8VAA7!E/3-$=&5X="]J879A'0^)FYB'0^ M)FYB2!O<&5R871I;F<@86-T:79I=&EE2!E>'!E;G-E7!E.B!T97AT+VAT;6P[(&-H87)S970](G5S+6%S8VEI(@T*#0H\ M:'1M;#X-"B`@/&AE860^#0H@("`@/$U%5$$@:'1T<"UE<75I=CTS1$-O;G1E M;G0M5'EP92!C;VYT96YT/3-$)W1E>'0O:'1M;#L@8VAA#L@;6%R9VEN+6)O='1O;3H@ M,'!X.R<^/&9O;G0@F4],T0R/CQB/C$@+2!/#LG M/CQF;VYT('-T>6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UE6QE/3-$)W!O#L@=F5R=&EC86PM86QI9VXZ(&)AF5D(&]N($%P#L@;6%R9VEN+6)O='1O;3H@,'!X.R<^/&9O;G0@F4],T0R M/E1H92!O8FIE8W1I=F4@;V8@=&AE(%1R=7-T(&ES(&9O2!T:&4@5')U6QE/3-$)VUA#LG/CQF;VYT('-T>6QE/3-$)V9O M;G0M9F%M:6QY.B!4:6UE3X-"CPO:'1M;#X-"@T*+2TM+2TM/5].97AT4&%R=%\P,&(U M8S1F.5\Q.#AF7S0W8SA?8C0T,5\Y8C0V9&$W8S`Q-C<-"D-O;G1E;G0M3&]C M871I;VXZ(&9I;&4Z+R\O0SHO,#!B-6,T9CE?,3@X9E\T-V,X7V(T-#%?.6(T M-F1A-V,P,38W+U=O'0O:'1M;#L@8VAA2!O9B!3:6=N:69I8V%N M="!!8V-O=6YT:6YG(%!O;&EC:65S/&)R/CPO'0^ M/&1I=CX@#0H\<"!S='EL93TS1"=M87)G:6XM=&]P.B`Q.'!X.R!M87)G:6XM M8F]T=&]M.B`P<'@[)SX\9F]N="!S='EL93TS1"=F;VYT+69A;6EL>3H@5&EM M97,@3F5W(%)O;6%N.R<@8VQA6QE/3-$)VUA#L@;6%R M9VEN+6)O='1O;3H@,'!X.R<^/&9O;G0@F4],T0R/CQI/B`\ M+VD^02X@/&D^0F%S:7,@;V8@06-C;W5N=&EN9R`\+VD^/"]F;VYT/CPO<#X- M"CQP('-T>6QE/3-$)VUA#L@;6%R9VEN+6)O='1O;3H@ M,'!X.R<^/&9O;G0@F4],T0R/E1H92!F;VQL;W=I;F<@:7,@ M82!S=6UM87)Y(&]F('-I9VYI9FEC86YT(&%C8V]U;G1I;F<@<&]L:6-I97,@ M8V]N#L@;6%R9VEN+6)O='1O;3H@,'!X.R<^/&9O M;G0@F4],T0R/CQI/B`\+VD^0BX@/&D^4VEL=F5R($)U;&QI M;VX@/"]I/CPO9F]N=#X\+W`^#0H\<"!S='EL93TS1"=M87)G:6XM=&]P.B`V M<'@[(&UA#LG/CQF;VYT('-T>6QE/3-$)V9O;G0M M9F%M:6QY.B!4:6UE2!T:&4@ M5')U3H@5&EM97,@3F5W(%)O;6%N.R<@8VQA65A M2!T:&4@5')U2!T:&4@5')U"(I+B`\+V9O;G0^/"]P/@T*/'`@6QE/3-$)VUA#L@;6%R9VEN+6)O='1O;3H@,'!X.R<^ M/&9O;G0@F4],T0R/E1H92!F;VQL;W=I;F<@=&%B;&4@2!I;B!S:6QV97(@8G5L;&EO;B!F;W(@=&AE('1H M#L@9F]N="US:7IE.B`Q M,G!X.R<^)FYBF4],T0Q/B9N8G-P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$ M)V)O6QE M/3-$)V9O;G0M9F%M:6QY.B!4:6UEF4],T0Q/B9N8G-P.SPO9F]N=#X\+W1D M/@T*/'1D('-T>6QE/3-$)V)O6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UE3H@5&EM97,@3F5W(%)O M;6%N.R<@8VQAF4],T0Q/B9N8G-P.SPO9F]N=#X\+W1D/@T*/'1D('9A;&EG;CTS1&)O M='1O;3X\9F]N="!C;&%S3H@5&EM97,@3F5W M(%)O;6%N.R<@8VQA6QE M/3-$)W1E>'0M:6YD96YT.B`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`M,65M.R!M87)G:6XM;&5F=#H@,65M M.R<^/&9O;G0@F4],T0R/E-I;'9E3H@5&EM97,@3F5W(%)O;6%N.R<@8VQAF4],T0Q/B9N8G-P.SPO9F]N=#X\+W1D M/@T*/'1D('9A;&EG;CTS1&)O='1O;3X\9F]N="!S='EL93TS1"=F;VYT+69A M;6EL>3H@5&EM97,@3F5W(%)O;6%N.R<@8VQA6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UE6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UE3H@5&EM97,@3F5W(%)O;6%N.R<@8VQAF4],T0R/B9N8G-P M.R9N8G-P.SPO9F]N=#X\+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O;3X\9F]N M="!C;&%S3H@5&EM97,@3F5W(%)O;6%N.R<@8VQA3H@5&EM97,@3F5W(%)O M;6%N.R<@8VQA3H@5&EM97,@3F5W(%)O;6%N.R<@8VQA MF4],T0R/B9N8G-P.SPO9F]N=#X\+W1D/@T*/'1D('9A;&EG;CTS M1&)O='1O;2!A;&EG;CTS1')I9VAT/CQF;VYT('-T>6QE/3-$)V9O;G0M9F%M M:6QY.B!4:6UEF4],T0R/BDF;F)S<#L\+V9O M;G0^/"]T9#X-"CQT9"!V86QI9VX],T1B;W1T;VT^/&9O;G0@8VQA6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UE6QE/3-$)V9O M;G0M9F%M:6QY.B!4:6UEF4],T0Q/B9N8G-P.SPO9F]N=#X\+W1D M/@T*/'1D('9A;&EG;CTS1&)O='1O;3X\9F]N="!S='EL93TS1"=F;VYT+69A M;6EL>3H@5&EM97,@3F5W(%)O;6%N.R<@8VQA6QE/3-$ M)W1E>'0M:6YD96YT.B`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`Q,G!X.R<^)FYBF4],T0Q/B9N8G-P.SPO9F]N=#X\ M+W1D/@T*/'1D('-T>6QE/3-$)V)O6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UEF4],T0Q M/B9N8G-P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)V)O6QE/3-$)V9O;G0M9F%M M:6QY.B!4:6UE3H@5&EM97,@3F5W(%)O;6%N.R<@8VQAF4],T0Q/B9N8G-P.SPO9F]N=#X\+W1D M/@T*/'1D('9A;&EG;CTS1&)O='1O;3X\9F]N="!C;&%S3H@5&EM97,@3F5W(%)O;6%N.R<@8VQA6QE/3-$)W1E>'0M:6YD96YT.B`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`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`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`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`\+V9O;G0^/"]P/@T*/'`@3H@5&EM97,@3F5W(%)O;6%N.R<@8VQA'!E;G-E6QE M/3-$)VUA#LG/CQF M;VYT('-T>6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UE#L@9F]N="US:7IE.B`Q,G!X.R<^)FYB MF4],T0Q/B9N8G-P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)V)O6QE/3-$)V9O M;G0M9F%M:6QY.B!4:6UEF4],T0Q/B9N8G-P.R9N8G-P.SPO M9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)V)O6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UEF4],T0Q/B9N8G-P.SPO9F]N=#X\+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O M;3X\9F]N="!C;&%S3H@5&EM97,@3F5W(%)O M;6%N.R<@8VQAF4],T0Q/B9N8G-P.SPO9F]N=#X\+W1D/@T* M/'1D('-T>6QE/3-$)V)O6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UEF4],T0Q/B9N8G-P.SPO9F]N=#X\+W1D/CPO='(^#0H\='(@8F=C;VQO6QE/3-$)W1E>'0M M:6YD96YT.B`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`M,65M.R!M87)G:6XM;&5F M=#H@,65M.R<^/&9O;G0@F4],T0R/E)E9&5M<'1I;VX@=F%L M=64@861J=7-T;65N=#PO9F]N=#X\+W`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`P,SPO9F]N=#X\+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O;2!N;W=R87`] M,T1N;W=R87`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`Q-C<- M"D-O;G1E;G0M3&]C871I;VXZ(&9I;&4Z+R\O0SHO,#!B-6,T9CE?,3@X9E\T M-V,X7V(T-#%?.6(T-F1A-V,P,38W+U=O'0O:'1M;#L@8VAA7!E(&-O;G1E;G0],T0G=&5X="]H=&UL.R!C:&%R#L@;6%R9VEN+6)O='1O;3H@,'!X M.R<^/&9O;G0@F4],T0R/CQB/C,@+2!%>'!E;G-E3H@5&EM97,@ M3F5W(%)O;6%N.R<@8VQA#LG/CQF;VYT('-T>6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UE'!E;G-E2!T:&4@5')U'!E;G-E'!E;G-E3X- M"CPO:'1M;#X-"@T*+2TM+2TM/5].97AT4&%R=%\P,&(U8S1F.5\Q.#AF7S0W M8SA?8C0T,5\Y8C0V9&$W8S`Q-C<-"D-O;G1E;G0M3&]C871I;VXZ(&9I;&4Z M+R\O0SHO,#!B-6,T9CE?,3@X9E\T-V,X7V(T-#%?.6(T-F1A-V,P,38W+U=O M'0O:'1M M;#L@8VAA'0^/&1I=CX@#0H\<"!S='EL93TS1"=M M87)G:6XM=&]P.B`Q.'!X.R!M87)G:6XM8F]T=&]M.B`P<'@[)SX\9F]N="!S M='EL93TS1"=F;VYT+69A;6EL>3H@5&EM97,@3F5W(%)O;6%N.R<@8VQA3H@5&EM97,@3F5W M(%)O;6%N.R<@8VQA#LG M/CQF;VYT('-T>6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UE2!T:&4@ M4W!O;G-O7!E.B!T97AT+VAT;6P[(&-H87)S M970](G5S+6%S8VEI(@T*#0H\:'1M;#X-"B`@/&AE860^#0H@("`@/$U%5$$@ M:'1T<"UE<75I=CTS1$-O;G1E;G0M5'EP92!C;VYT96YT/3-$)W1E>'0O:'1M M;#L@8VAA#L@;6%R9VEN+6)O='1O;3H@,'!X.R<^/&9O;G0@'1087)T7S`P8C5C-&8Y7S$X.&9?-#=C.%]B-#0Q7SEB-#9D83=C,#$V M-PT*0V]N=&5N="U,;V-A=&EO;CH@9FEL93HO+R]#.B\P,&(U8S1F.5\Q.#AF M7S0W8SA?8C0T,5\Y8C0V9&$W8S`Q-C'0O:F%V87-C3X-"B`@("`\=&%B;&4@8VQA6QE/3-$)VUA#LG/CQF;VYT('-T>6QE/3-$)V9O;G0M M9F%M:6QY.B!4:6UE6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UE6QE/3-$)VUA M#L@;6%R9VEN+6)O='1O;3H@,'!X.R<^/&9O;G0@2P@82!D96-L:6YE(&EN('1H92!P7!E.B!T97AT+VAT;6P[(&-H87)S970](G5S M+6%S8VEI(@T*#0H\:'1M;#X-"B`@/&AE860^#0H@("`@/$U%5$$@:'1T<"UE M<75I=CTS1$-O;G1E;G0M5'EP92!C;VYT96YT/3-$)W1E>'0O:'1M;#L@8VAA M6QE/3-$)VUA#L@;6%R9VEN+6)O='1O;3H@,'!X.R<^/&9O;G0@6QE/3-$)VUA#L@;6%R9VEN+6)O='1O;3H@ M,'!X.R<^/&9O;G0@F4],T0R/DEN(&-O;FYE8W1I;VX@=VET M:"!T:&4@<')E<&%R871I;VX@;V8@=&AE(&9I;F%N8VEA;"!S=&%T96UE;G1S M(&]F('1H92!4'1087)T7S`P M8C5C-&8Y7S$X.&9?-#=C.%]B-#0Q7SEB-#9D83=C,#$V-PT*0V]N=&5N="U, M;V-A=&EO;CH@9FEL93HO+R]#.B\P,&(U8S1F.5\Q.#AF7S0W8SA?8C0T,5\Y M8C0V9&$W8S`Q-C'1087)T7S`P8C5C-&8Y7S$X.&9?-#=C.%]B-#0Q 17SEB-#9D83=C,#$V-RTM#0H` ` end XML 28 R7.xml IDEA: Organization  2.2.0.7 false Organization 10101 - Disclosure - Organization true false false false 1 USD false false Unit12 Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 Unit13 Divide http://www.xbrl.org/2003/iso4217 USD iso4217 http://www.xbrl.org/2003/instance shares xbrli 0 Unit1 Standard http://www.xbrl.org/2003/instance shares xbrli 0 $ 5 3 us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock us-gaap true na duration No definition available. false false false false false false false false false false false false 1 false false false false 0 0 <div> <p style="margin-top: 12px; margin-bottom: 0px;"><font style="font-family: Times New Roman;" class="_mt" size="2"><b>1 - Organization </b></font></p> <p style="padding-bottom: 0px; margin-top: 6px; margin-bottom: 0px;"><font style="font-family: Times New Roman;" class="_mt" size="2">The iShares<font style="font-family: Times New Roman;" class="_mt" size="1"><sup style="position: relative; bottom: 0.8ex; vertical-align: baseline;">&#174;</sup></font> Silver Trust (the "Trust") was organized on April&nbsp;21, 2006 as a New York trust. The trustee is The Bank of New York Mellon (the "Trustee") and is responsible for the day to day administration of the Trust. The Trust's sponsor is BlackRock Asset Management International Inc. (the "Sponsor"), a Delaware corporation. The Trust is governed by the Depositary Trust Agreement (the "Trust Agreement") executed at the time of organization of the Trust by the Trustee and the Sponsor. </font></p> <p style="margin-top: 12px; margin-bottom: 0px;"><font style="font-family: Times New Roman;" class="_mt" size="2">The objective of the Trust is for the value of its shares to reflect, at any given time, the price of silver owned by the Trust at that time, less the Trust's expenses and liabilities. The Trust is designed to provide a vehicle for investors to own interests in silver bullion. </font></p> <p style="margin-top: 12px; margin-bottom: 0px;"><font style="font-family: Times New Roman;" class="_mt" size="2">The accompanying unaudited financial statements were prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") for interim financial information and with the instructions for Form 10-Q and the rules and regulations of the U.S. Securities and Exchange Commission (the "SEC"). In the opinion of management, all material adjustments, consisting only of normal recurring adjustments, considered necessary for a fair statement of the interim period financial statements have been made. Interim period results are not necessarily indicative of results for a full-year period. These financial statements and the notes thereto should be read in conjunction with the Trust's financial statements included in its Annual Report on Form 10-K for the year ended December&nbsp;31, 2009 as filed with the SEC on February&nbsp;26, 2010.</font> ;</p> </div> 1 - Organization The iShares&#174; Silver Trust (the "Trust") was organized on April&nbsp;21, 2006 as a New York trust. The trustee is The Bank of New York false false false us-types:textBlockItemType textblock Description containing the entire organization, consolidation and basis of presentation of financial statements disclosure. May be provided in more than one note to the financial statements, as long as users are provided with an understanding of (1) the significant judgments and assumptions made by an enterprise in determining whether it must consolidate a VIE and/or disclose information about its involvement with a VIE, (2) the nature of restrictions on a consolidated VIE's assets reported by an enterprise in its statement of financial position, including the carrying amounts of such assets, (3) the nature of, and changes in, the risks associated with an enterprise's involvement with the VIE, and (4) how an enterprise's involvement with the VIE affects the enterprise's financial position, financial performance, and cash flows. Describes procedure if disclosures are provided in more than one note to the financial statements. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name FASB Staff Position (FSP) -Number FAS140-4 and FIN46(R)-8 -Paragraph 8, C1, C7 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Research Bulletin (ARB) -Number 51 -Paragraph 2-6 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Statement of Position (SOP) -Number 94-6 -Paragraph 10 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name FASB Interpretation (FIN) -Number 46R -Paragraph 4, 14, 15 false 1 1 false UnKnown UnKnown UnKnown false true
-----END PRIVACY-ENHANCED MESSAGE-----