Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2011

Summary of Significant Accounting Policies

Activity in Silver Bullion

The following table summarizes activity in silver bullion for the three months ended June 30, 2011 (all balances in 000's):

	Ounces			Average Cost			Fair Value			Realized Gain (Loss)
Beginning balance		358,143.9		$	6,464,223		$	13,562,906		$	—
Silver contributed		43,658.9			1,769,807			1,769,807			—
Silver distributed		(94,768.1	)		(1,884,272	)		(3,846,750	)		1,962,478
Silver sold		(424.3	)		(8,263	)		(16,864	)		8,601
Adjustment for realized gain		—			—			1,971,079			—
Adjustment for unrealized gain on silver bullion		—			—			(2,702,684	)		—
Ending balance		306,610.4		$	6,341,495		$	10,737,494		$	1,971,079

The following table summarizes activity in silver bullion for the six months ended June 30, 2011 (all balances in 000's):

	Ounces			Average Cost			Fair Value			Realized Gain (Loss)
Beginning balance		351,136.8		$	5,650,138		$	10,755,319		$	—
Silver contributed		86,720.9			3,174,587			3,174,587			—
Silver distributed		(130,420.6	)		(2,468,315	)		(4,903,925	)		2,435,610
Silver sold		(826.7	)		(14,915	)		(29,286	)		14,371
Adjustment for realized gain		—			—			2,449,981			—
Adjustment for unrealized gain on silver bullion		—			—			(709,182	)		—
Ending balance		306,610.4		$	6,341,495		$	10,737,494		$	2,449,981

Activity in Redeemable Capital Shares

	Three Months Ended June 30, 2011						Six Months Ended June 30, 2011
	Shares			Amount			Shares			Amount
Beginning balance		366,800		$	13,557,591			359,200		$	10,750,994
Shares issued		44,750			1,769,807			88,850			3,174,587
Shares redeemed		(97,150	)		(3,846,750	)		(133,650	)		(4,903,925	)
Redemption value adjustment		—			(747,774	)		—			1,711,218
Ending balance		314,400		$	10,732,874			314,400		$	10,732,874