<SEC-DOCUMENT>0001437749-16-026351.txt : 20160229
<SEC-HEADER>0001437749-16-026351.hdr.sgml : 20160229
<ACCEPTANCE-DATETIME>20160229164907
ACCESSION NUMBER:		0001437749-16-026351
CONFORMED SUBMISSION TYPE:	10-K
PUBLIC DOCUMENT COUNT:		47
CONFORMED PERIOD OF REPORT:	20151231
FILED AS OF DATE:		20160229
DATE AS OF CHANGE:		20160229

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			iShares Silver Trust
		CENTRAL INDEX KEY:			0001330568
		STANDARD INDUSTRIAL CLASSIFICATION:	 [6221]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			NY
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		10-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-32863
		FILM NUMBER:		161468961

	BUSINESS ADDRESS:	
		STREET 1:		400 HOWARD STREET
		CITY:			SAN FRANCISCO
		STATE:			CA
		ZIP:			94105
		BUSINESS PHONE:		415-670-2000

	MAIL ADDRESS:	
		STREET 1:		400 HOWARD STREET
		CITY:			SAN FRANCISCO
		STATE:			CA
		ZIP:			94105
</SEC-HEADER>
<DOCUMENT>
<TYPE>10-K
<SEQUENCE>1
<FILENAME>slv20151231_10k.htm
<DESCRIPTION>FORM 10-K
<TEXT>
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<BODY style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; MARGIN-LEFT: 10px; MARGIN-RIGHT: 10px"><A id=TOCLINK314  href="#TOC">Table Of Contents</A>
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<P id=PARA1 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 18pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>UNITED STATES</B></FONT></P>
<P id=PARA4 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 18pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>SECURITIES AND EXCHANGE COMMISSION</B></FONT></P>
<P id=PARA5 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Washington, D.C. 20549</B></FONT></P>
<P style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><STRONG></STRONG>&nbsp;</P>
<HR style="BORDER-TOP: medium none; HEIGHT: 1px; BORDER-RIGHT: medium none; WIDTH: 15%; BORDER-BOTTOM: medium none; COLOR: #000000;  BORDER-LEFT: medium none; BACKGROUND-COLOR: #000000" align="center">

<P id=PARA6 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 18pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>FORM 10-K</B></FONT></P>
<P id=PARA8 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"></FONT></P>
<HR style="BORDER-TOP: medium none; HEIGHT: 1px; BORDER-RIGHT: medium none; WIDTH: 15%; BORDER-BOTTOM: medium none; COLOR: #000000;  BORDER-LEFT: medium none; BACKGROUND-COLOR: #000000" align="center">

<P id=PARA9 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B></B></FONT>&nbsp;</P>
<TABLE  style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 100%; TEXT-INDENT: 0px" cellSpacing=0 cellPadding=0 border=0>

<TR>
<TD style="WIDTH: 36pt; VERTICAL-ALIGN: top">
<P id=PARA2639><FONT style="FONT-SIZE: 12pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>&#9746;</B></FONT></P></TD>
<TD style="VERTICAL-ALIGN: top">
<P id=PARA2640><FONT style="FONT-SIZE: 12pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Annual report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</B></FONT></P></TD></TR>
<TR>
<TD style="WIDTH: 36pt; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="VERTICAL-ALIGN: top"><B>For the fiscal year ended December&nbsp;31,&nbsp;2015</B></TD></TR></TABLE>
<P id=PARA10 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B></B></FONT></P>
<TABLE id=TBL12  style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 100%; TEXT-INDENT: 0px" cellSpacing=0 cellPadding=0 border=0>

<TR>
<TD style="WIDTH: 36pt; VERTICAL-ALIGN: top">
<P id=PARA2641><FONT style="FONT-SIZE: 12pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>&#9744;</B></FONT></P></TD>
<TD style="VERTICAL-ALIGN: top">
<P id=PARA2642><FONT style="FONT-SIZE: 12pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</B></FONT></P></TD></TR>
<TR>
<TD style="WIDTH: 36pt; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="VERTICAL-ALIGN: top"><B>For the transition period from&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>&nbsp;to <B><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></B></B></TD></TR></TABLE>
<P id=PARA13 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>&nbsp;&nbsp;&nbsp;</B></FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>&nbsp;</B></FONT></P>
<P id=PARA15 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Commission file number: 001-32863</B></FONT></P>
<P id=PARA16 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25">&nbsp;</P>
<HR style="BORDER-TOP: medium none; HEIGHT: 1px; BORDER-RIGHT: medium none; WIDTH: 15%; BORDER-BOTTOM: medium none; COLOR: #000000;  BORDER-LEFT: medium none; BACKGROUND-COLOR: #000000" align="center">

<P id=PARA17 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 18pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>iShares</B><FONT style="FONT-SIZE: 60%; VERTICAL-ALIGN: text-top"><B>&#174;</B></FONT><B> Silver Trust</B></FONT></P>
<P id=PARA18 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>(Exact name of registrant as specified in its charter)</B></FONT></P>
<HR style="BORDER-TOP: medium none; HEIGHT: 1px; BORDER-RIGHT: medium none; WIDTH: 15%; BORDER-BOTTOM: medium none; COLOR: #000000;  BORDER-LEFT: medium none; BACKGROUND-COLOR: #000000" align="center">

<P id=PARA20 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>&nbsp;</B></FONT></P>
<TABLE id=TBL27  style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 100%; TEXT-INDENT: 0px" cellSpacing=0 cellPadding=0 border=0>

<TR>
<TD style="WIDTH: 50%; VERTICAL-ALIGN: top">
<P id=PARA21 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>New York</B></FONT></P></TD>
<TD style="WIDTH: 50%; VERTICAL-ALIGN: top">
<P id=PARA22 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>13-7474456</B></FONT></P></TD></TR>
<TR>
<TD style="WIDTH: 50%; VERTICAL-ALIGN: top">
<P id=PARA23 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>(State or other jurisdiction of</B></FONT></P>
<P id=PARA24 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>incorporation or organization)</B></FONT></P></TD>
<TD style="WIDTH: 50%; VERTICAL-ALIGN: top">
<P id=PARA25 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>(I.R.S. Employer</B></FONT></P>
<P id=PARA26 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Identification No.)</B></FONT></P></TD></TR></TABLE>
<P id=PARA28 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>&nbsp;</B></FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B></B></FONT></P>
<P id=PARA30 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>c/o iShares</B><B> Delaware Trust Sponsor LLC</B></FONT></P>
<P id=PARA31 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>400 Howard Street</B></FONT></P>
<P id=PARA32 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>San Francisco, California 94105</B></FONT></P>
<P id=PARA33 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Attn: Product Management Team</B></FONT></P>
<P id=PARA34 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>iShares</B><B> Product Research &amp; Development</B></FONT></P>
<P id=PARA35 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><B><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: Arial, Helvetica, sans-serif">(Address of principal executive offices)</FONT></B></P>
<P id=PARA36 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>&nbsp;</B></FONT></P>
<P id=PARA37 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>(415) 670-2000</B></FONT></P>
<P id=PARA38 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>(Registrant&#8217;s telephone number, including area code)</B></FONT></P>
<P id=PARA40 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<HR style="BORDER-TOP: medium none; HEIGHT: 1px; BORDER-RIGHT: medium none; WIDTH: 15%; BORDER-BOTTOM: medium none; COLOR: #000000;  BORDER-LEFT: medium none; BACKGROUND-COLOR: #000000" align="center">

<P id=PARA42 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B></B></FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Securities registered pursuant to Section 12(b) of the Act:</B></FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B></B></FONT></P>
<TABLE id=TBL49  style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 100%; TEXT-INDENT: 0px" cellSpacing=0 cellPadding=0 border=0>

<TR>
<TD style="WIDTH: 50%; VERTICAL-ALIGN: top">
<P id=PARA45 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Shares</B></FONT></P></TD>
<TD style="WIDTH: 50%; VERTICAL-ALIGN: top">
<P id=PARA46 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>NYSE Arca, Inc.</B></FONT></P></TD></TR>
<TR>
<TD style="WIDTH: 50%; VERTICAL-ALIGN: top">
<P id=PARA47 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>(Title of class)</B></FONT></P></TD>
<TD style="WIDTH: 50%; VERTICAL-ALIGN: top">
<P id=PARA48 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>(Name of exchange on which registered)</B></FONT></P></TD></TR></TABLE>
<P id=PARA50 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>&nbsp;</B></FONT></P>
<P id=PARA51 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Securities registered pursuant to Section 12(g) of the Act: None</B></FONT>&nbsp;</P>
<HR style="BORDER-TOP: medium none; HEIGHT: 1px; BORDER-RIGHT: medium none; WIDTH: 15%; BORDER-BOTTOM: medium none; COLOR: #000000;  BORDER-LEFT: medium none; BACKGROUND-COLOR: #000000" align="center">

<P id=PARA54 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>&nbsp;</B></FONT></P>
<P id=PARA55 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes&nbsp;&#9746; No &#9744;</FONT></P>
<P id=PARA56 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA57 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes&nbsp;&#9744; No &#9746;</FONT></P>
<P id=PARA58 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA59 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">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&nbsp;&#9746; No &#9744;</FONT></P>
<P id=PARA60 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA61 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">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 (&#167;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&nbsp;&#9746; No &#9744;</FONT></P>
<P id=PARA62 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA63 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (&#167;229.405 of this chapter) is not contained herein, and will not be contained, to the best of registrant&#8217;s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. &#9746;</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"></FONT></P>
<P id=PARA2643.1 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P>
<DIV id=PGBK2643  style="WIDTH: 100%; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<DIV id=PGFTR2643  style="WIDTH: 100%; TEXT-ALIGN: center">&nbsp;</DIV>
<DIV id=PGNUM2643  style="FONT-SIZE: 10pt; WIDTH: 100%; TEXT-ALIGN: center">&nbsp;</DIV>
<HR style="HEIGHT: 2px; WIDTH: 100%; PAGE-BREAK-AFTER: always; COLOR: #000000" noShade>
<A id=TOCLINK2643  href="#TOC">Table Of Contents</A>
<DIV id=PGHDR2643  style="WIDTH: 100%; TEXT-ALIGN: left">&nbsp;</DIV></DIV>
<P id=PARA2643.2 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P>
<P id=PARA65 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">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 &#8220;large accelerated filer,&#8221; &#8220;accelerated filer,&#8221; and &#8220;smaller reporting company&#8221; in Rule 12b-2 of the Exchange Act.</FONT></P>
<P id=PARA66 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<TABLE  style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 100%; TEXT-INDENT: 0px" cellSpacing=0 cellPadding=0>

<TR>
<TD style="WIDTH: 35%">
<P id=PARA2646 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt">Large accelerated filer &#9746;</P></TD>
<TD style="WIDTH: 65%">
<P id=PARA2647 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt">Accelerated filer &#9744;</P></TD></TR>
<TR>
<TD style="MARGIN-BOTTOM: 0px; WIDTH: 35%; MARGIN-TOP: 0px">&nbsp;</TD>
<TD style="MARGIN-BOTTOM: 0px; WIDTH: 65%; MARGIN-TOP: 0px">&nbsp;</TD></TR>
<TR>
<TD style="MARGIN-BOTTOM: 0px; WIDTH: 35%; MARGIN-TOP: 0px">
<P id=PARA2648 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px">Non-accelerated filer &#9744;</P></TD>
<TD style="MARGIN-BOTTOM: 0px; WIDTH: 65%; MARGIN-TOP: 0px">
<P id=PARA2649 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px">Smaller reporting company &#9744;</P></TD></TR></TABLE>
<P id=PARA67 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">(Do not check if a smaller reporting company)</FONT></P>
<P id=PARA71 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA72 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes&nbsp;&#9744; No &#9746;</FONT></P>
<P id=PARA73 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA74 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">As of June 30, 2015, the aggregate market value of the shares held by non-affiliates was approximately $5,116,963,500.</FONT></P>
<P id=PARA75 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>&nbsp;</B></FONT></P>
<P id=PARA76 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>&nbsp;</B></FONT></P>
<P id=PARA77 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>DOCUMENTS INCORPORATED BY REFERENCE:</B></FONT></P>
<P id=PARA78 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">None</FONT></P>
<P style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25">&nbsp;</P>
<HR style="MARGIN-BOTTOM: 2px; BORDER-TOP: medium none; HEIGHT: 1px; BORDER-RIGHT: medium none; WIDTH: 100%; BORDER-BOTTOM: medium none; COLOR: #000000; BORDER-LEFT: medium none; MARGIN-TOP: 0px; BACKGROUND-COLOR: #000000">

<HR style="MARGIN-BOTTOM: 0px; BORDER-TOP: medium none; HEIGHT: 3px; BORDER-RIGHT: medium none; WIDTH: 100%; BORDER-BOTTOM: medium none; POSITION: relative; COLOR: #000000; BORDER-LEFT: medium none; MARGIN-TOP: 0px; TOP: 0px; BACKGROUND-COLOR: #000000">

<P id=PARA2638.1 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P>
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<A id=TOCLINK2638  href="#TOC">Table Of Contents</A>
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<P id=PARA80 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=TOC  name="TOC"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Table of Contents</B></FONT></A></P>
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<P id=PARA81 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><U>Page</U></FONT></P></TD></TR>
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<P id=PARA82 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=LINK259  href="#BKMK276"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">PART I</FONT></A></P></TD>
<TD style="WIDTH: 84%; VERTICAL-ALIGN: top">&nbsp; </TD>
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<P id=PARA83 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Item 1.</FONT></P></TD>
<TD style="WIDTH: 84%; VERTICAL-ALIGN: top">
<P id=PARA84 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=LINK251  href="#BKMK277"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Business</FONT></A></P></TD>
<TD style="WIDTH: 7%; VERTICAL-ALIGN: top">
<P id=PARA85 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">1</FONT></P></TD></TR>
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<P id=PARA86 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Item 1A.</FONT></P></TD>
<TD style="WIDTH: 84%; VERTICAL-ALIGN: top">
<P id=PARA87 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=LINK252  href="#BKMK278"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Risk Factors</FONT></A></P></TD>
<TD style="WIDTH: 7%; VERTICAL-ALIGN: top">
<P id=PARA88 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">8</FONT></P></TD></TR>
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<P id=PARA89 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Item 1B.</FONT></P></TD>
<TD style="WIDTH: 84%; VERTICAL-ALIGN: top">
<P id=PARA90 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=LINK253  href="#BKMK279"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Unresolved Staff Comments</FONT></A></P></TD>
<TD style="WIDTH: 7%; VERTICAL-ALIGN: top">
<P id=PARA91 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">11</FONT></P></TD></TR>
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<P id=PARA92 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Item 2.</FONT></P></TD>
<TD style="WIDTH: 84%; VERTICAL-ALIGN: top">
<P id=PARA93 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=LINK254  href="#BKMK280"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Properties</FONT></A></P></TD>
<TD style="WIDTH: 7%; VERTICAL-ALIGN: top">
<P id=PARA94 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">11</FONT></P></TD></TR>
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<P id=PARA95 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Item 3.</FONT></P></TD>
<TD style="WIDTH: 84%; VERTICAL-ALIGN: top">
<P id=PARA96 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=LINK255  href="#BKMK281"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Legal Proceedings</FONT></A></P></TD>
<TD style="WIDTH: 7%; VERTICAL-ALIGN: top">
<P id=PARA97 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">11</FONT></P></TD></TR>
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<P id=PARA98 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Item 4.</FONT></P></TD>
<TD style="WIDTH: 84%; VERTICAL-ALIGN: top">
<P id=PARA99 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=LINK256  href="#BKMK282"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Mine Safety Disclosures</FONT></A></P></TD>
<TD style="WIDTH: 7%; VERTICAL-ALIGN: top">
<P id=PARA100 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">11</FONT></P></TD></TR>
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<P id=PARA101 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=LINK261  href="#BKMK283"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">PART II</FONT></A></P></TD>
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<P id=PARA102 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Item 5.</FONT></P></TD>
<TD style="WIDTH: 84%; VERTICAL-ALIGN: top">
<P id=PARA103 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=LINK257  href="#BKMK284"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Market for Registrant&#8217;s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities</FONT></A></P></TD>
<TD style="WIDTH: 7%; VERTICAL-ALIGN: top">
<P id=PARA104 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">12</FONT></P></TD></TR>
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<P id=PARA105 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Item 6.</FONT></P></TD>
<TD style="WIDTH: 84%; VERTICAL-ALIGN: top">
<P id=PARA106 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=LINK258  href="#BKMK285"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Selected Financial Data</FONT></A></P></TD>
<TD style="WIDTH: 7%; VERTICAL-ALIGN: top">
<P id=PARA107 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">12</FONT></P></TD></TR>
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<P id=PARA108 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Item 7. </FONT></P></TD>
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<P id=PARA109 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=LINK260  href="#BKMK286"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Management&#8217;s Discussion and Analysis of Financial Condition and Results of Operations</FONT></A></P></TD>
<TD style="WIDTH: 7%; VERTICAL-ALIGN: top">
<P id=PARA110 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">13</FONT></P></TD></TR>
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<P id=PARA111 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Item 7A.</FONT></P></TD>
<TD style="WIDTH: 84%; VERTICAL-ALIGN: top">
<P id=PARA112 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=LINK262  href="#BKMK287"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Quantitative and Qualitative Disclosures About Market Risk</FONT></A></P></TD>
<TD style="WIDTH: 7%; VERTICAL-ALIGN: top">
<P id=PARA113 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">15</FONT></P></TD></TR>
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<P id=PARA114 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Item 8.</FONT></P></TD>
<TD style="WIDTH: 84%; VERTICAL-ALIGN: top">
<P id=PARA115 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=LINK263  href="#BKMK288"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Financial Statements and Supplementary Data</FONT></A></P></TD>
<TD style="WIDTH: 7%; VERTICAL-ALIGN: top">
<P id=PARA116 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">16</FONT></P></TD></TR>
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<P id=PARA117 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Item 9.</FONT></P></TD>
<TD style="WIDTH: 84%; VERTICAL-ALIGN: top">
<P id=PARA118 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=LINK264  href="#BKMK289"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Changes in and Disagreements with Accountants on Accounting and Financial Disclosure</FONT></A></P></TD>
<TD style="WIDTH: 7%; VERTICAL-ALIGN: top">
<P id=PARA119 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">17</FONT></P></TD></TR>
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<P id=PARA120 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Item 9A.</FONT></P></TD>
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<P id=PARA121 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=LINK265  href="#BKMK290"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Controls and Procedures</FONT></A></P></TD>
<TD style="WIDTH: 7%; VERTICAL-ALIGN: top">
<P id=PARA122 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">17</FONT></P></TD></TR>
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<P id=PARA123 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Item 9B.</FONT></P></TD>
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<P id=PARA124 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=LINK266  href="#BKMK291"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Other Information</FONT></A></P></TD>
<TD style="WIDTH: 7%; VERTICAL-ALIGN: top">
<P id=PARA125 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">17</FONT></P></TD></TR>
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<P id=PARA126 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=LINK267  href="#BKMK292"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">PART III</FONT></A></P></TD>
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<P id=PARA127 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Item 10.</FONT></P></TD>
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<P id=PARA128 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=LINK268  href="#BKMK293"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Directors, Executive Officers and Corporate Governance</FONT></A></P></TD>
<TD style="WIDTH: 7%; VERTICAL-ALIGN: top">
<P id=PARA129 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">18</FONT></P></TD></TR>
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<P id=PARA130 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Item 11.</FONT></P></TD>
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<P id=PARA131 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=LINK269  href="#BKMK294"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Executive Compensation</FONT></A></P></TD>
<TD style="WIDTH: 7%; VERTICAL-ALIGN: top">
<P id=PARA132 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">18</FONT></P></TD></TR>
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<P id=PARA133 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Item 12.</FONT></P></TD>
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<P id=PARA134 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=LINK270  href="#BKMK295"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters</FONT></A></P></TD>
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<P id=PARA135 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">18</FONT></P></TD></TR>
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<P id=PARA136 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Item 13.</FONT></P></TD>
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<P id=PARA137 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=LINK271  href="#BKMK296"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Certain Relationships and Related Transactions, and Director Independence</FONT></A></P></TD>
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<P id=PARA138 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">19</FONT></P></TD></TR>
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<P id=PARA139 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Item 14.</FONT></P></TD>
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<P id=PARA140 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=LINK272  href="#BKMK297"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Principal Accounting Fees and Services</FONT></A></P></TD>
<TD style="WIDTH: 7%; VERTICAL-ALIGN: top">
<P id=PARA141 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">19</FONT></P></TD></TR>
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<TD style="WIDTH: 9%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 84%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 7%; VERTICAL-ALIGN: top">&nbsp;</TD></TR>
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<TD style="WIDTH: 9%; VERTICAL-ALIGN: top">
<P id=PARA142 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=LINK273  href="#BKMK299"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">PART IV</FONT></A></P></TD>
<TD style="WIDTH: 84%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 7%; VERTICAL-ALIGN: top">&nbsp; </TD></TR>
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<P id=PARA143 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Item 15.</FONT></P></TD>
<TD style="WIDTH: 84%; VERTICAL-ALIGN: top">
<P id=PARA144 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=LINK274  href="#BKMK298"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Exhibits, Financial Statement Schedules</FONT></A></P></TD>
<TD style="WIDTH: 7%; VERTICAL-ALIGN: top">
<P id=PARA145 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">20</FONT></P></TD></TR></TABLE>
<P id=PARA147 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT></P>
<DIV id=PGBK2650  style="WIDTH: 100%; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<DIV id=PGFTR2650  style="WIDTH: 100%; TEXT-ALIGN: center">&nbsp;</DIV>
<DIV id=PGNUM2650  style="FONT-SIZE: 10pt; WIDTH: 100%; TEXT-ALIGN: center">&nbsp;</DIV>
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<A id=TOCLINK2650  href="#TOC">Table Of Contents</A>
<DIV id=PGHDR2650  style="WIDTH: 100%; TEXT-ALIGN: left">&nbsp;</DIV></DIV>
<P id=PARA2650.2 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"></FONT></P>
<P id=PARA151 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=BKMK276  name="BKMK276"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>PART I</B></FONT></A></P>
<P id=PARA152 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA153 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Item 1. <A id=BKMK277  name="BKMK277">Business</A>.</B></FONT></P>
<P id=PARA154 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA155 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The purpose of the iShares<FONT style="FONT-SIZE: 60%; VERTICAL-ALIGN: text-top">&#174;</FONT> Silver Trust (the &#8220;Trust&#8221;) is to own silver transferred to the Trust in exchange for shares issued by the Trust (&#8220;Shares&#8221;). Each Share represents a fractional undivided beneficial interest in the net assets of the Trust. The assets of the Trust consist primarily of silver held by the Trust&#8217;s custodian on behalf of the Trust. However, there may be situations where the Trust will unexpectedly hold cash. For example, a claim may arise against a third party, which is settled in cash. In situations where the Trust unexpectedly receives cash or other assets, no new Shares will be issued until after the record date for the distribution of such cash or other property has passed.</FONT></P>
<P id=PARA156 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA157 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The Trust was formed on April 21, 2006 when an initial deposit of silver was made in exchange for the issuance of three Baskets (a &#8220;Basket&#8221; consists of 50,000 Shares). The Trust is a grantor trust formed under the laws of the State of New York.</FONT></P>
<P id=PARA159 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA158 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The sponsor of the Trust is iShares Delaware Trust Sponsor LLC (the &#8220;Sponsor&#8221;), a Delaware limited liability company and an indirect subsidiary of BlackRock, Inc. </FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The trustee of the Trust is The Bank of New York Mellon (the &#8220;Trustee&#8221;) and the custodian of the Trust is JPMorgan Chase Bank N.A., London branch (the &#8220;Custodian&#8221;). The agreement between the Trust and the Custodian is governed by English law. The Trust does not have any officers, directors or employees.</FONT></P>
<P id=PARA160 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA161 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The Trust&#8217;s net asset value fell from $5,260,801,879 at December&nbsp;31,&nbsp;2014 to $4,391,943,604 at December&nbsp;31,&nbsp;2015, the Trust&#8217;s fiscal year end. Outstanding Shares of the Trust fell from 344,000,000 Shares outstanding at December&nbsp;31,&nbsp;2014 to 333,550,000 Shares outstanding at December&nbsp;31,&nbsp;2015.</FONT></P>
<P id=PARA162 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA163 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The activities of the Trust are limited to (1) issuing Baskets in exchange for the silver deposited with the Custodian as consideration, (2) selling silver as necessary to cover the Sponsor&#8217;s fee, Trust expenses not assumed by the Sponsor and other liabilities, and (3) delivering silver in exchange for Baskets surrendered for redemption. The Trust is not actively managed. It does not engage in any activities designed to obtain a profit from, or to ameliorate losses caused by, changes in the price of silver.</FONT></P>
<P id=PARA165 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA164 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The Sponsor of the registrant maintains an Internet website at www.ishares.com, through which the registrant&#8217;s annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended (&#8220;Exchange Act&#8221;), are made available free of charge after they have been filed or furnished to the Securities and Exchange Commission (the &#8220;SEC&#8221;). Additional information regarding the Trust may also be found on the SEC&#8217;s EDGAR database at www.sec.gov.</FONT></P>
<P id=PARA166 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA167 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Trust Objective</B></FONT></P>
<P id=PARA168 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA169 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The Trust seeks to reflect generally the performance of the price of silver. The Trust seeks to reflect such performance before payment of the Trust&#8217;s expenses and liabilities. The Shares are intended to constitute a simple and cost-effective means of making an investment similar to an investment in silver. An investment in physical silver requires expensive and sometimes complicated arrangements in connection with the assay, transportation, warehousing and insurance of the metal. Traditionally, such expense and complications have resulted in investments in physical silver being efficient only in amounts beyond the reach of many investors. The Shares have been designed to remove the obstacles represented by the expense and complications involved in an investment in physical silver, while at the same time having an intrinsic value that reflects, at any given time, the price of the silver owned by the Trust at such time, less the Trust&#8217;s expenses and liabilities. Although the Shares are not the exact equivalent of an investment in silver, they provide investors with an alternative that allow a level of participation in the silver market through the securities market.</FONT></P>
<P id=PARA170 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA171 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">An investment in Shares is:</FONT></P>
<P id=PARA172 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA173 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><I>Backed by silver held by the Custodian on behalf of the Trust.</I></FONT></P>
<P id=PARA174 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA175 style="TEXT-ALIGN: left; MARGIN: 0pt 0pt 0pt 36pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The Shares are backed by the assets of the Trust. The Trustee&#8217;s arrangements with the Custodian contemplate that at the end of each business day there can be in the Trust account maintained by the Custodian no more than 1,100 ounces of silver in an unallocated form. The bulk of the Trust&#8217;s silver holdings is represented by physical silver, identified on the Custodian&#8217;s books in allocated and unallocated accounts on behalf of the Trust and held by the Custodian in England, New York and other locations that may be authorized in the future.</FONT></P>
<P id=PARA176 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA177 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><I>As accessible and easy to handle as any other investment in shares.</I></FONT></P>
<P id=PARA178 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA179 style="TEXT-ALIGN: left; MARGIN: 0pt 0pt 0pt 36pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Retail investors may purchase and sell Shares through traditional brokerage accounts. Because the intrinsic value of each Share is a function of the price of silver held by the Trust, the cash outlay necessary for an investment in Shares should be less than the amount required for currently existing means of investing in physical silver. Shares are eligible for margin accounts.</FONT></P>
<P id=PARA180 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA181 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><I>Listed.</I></FONT></P>
<P id=PARA182 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA183 style="TEXT-ALIGN: left; MARGIN: 0pt 0pt 0pt 36pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The Shares are listed and trade on NYSE Arca, Inc. (&#8220;NYSE Arca&#8221;) under the symbol &#8220;SLV.&#8221; </FONT></P>
<P id=PARA184 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA185 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><I>Relatively cost efficient.</I></FONT></P>
<P id=PARA186 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA187 style="TEXT-ALIGN: left; MARGIN: 0pt 0pt 0pt 36pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Because the expenses involved in an investment in physical silver are dispersed among all holders of Shares, an investment in Shares may represent a cost-efficient alternative to investments in silver for investors not otherwise in a position to participate directly in the market for physical silver.</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT></P>
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<DIV id=PGFTR2651  style="WIDTH: 100%; TEXT-ALIGN: center">&nbsp;</DIV>
<DIV id=PGNUM2651  style="FONT-SIZE: 10pt; WIDTH: 100%; TEXT-ALIGN: center">1</DIV>
<HR style="HEIGHT: 2px; WIDTH: 100%; PAGE-BREAK-AFTER: always; COLOR: #000000" noShade>
<A id=TOCLINK2651  href="#TOC">Table Of Contents</A>
<DIV id=PGHDR2651  style="WIDTH: 100%; TEXT-ALIGN: left">&nbsp;</DIV></DIV>
<P id=PARA2651.2 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"></FONT></P>
<P id=PARA191 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Secondary Market Trading</B></FONT></P>
<P id=PARA192 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA193 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">While the Trust seeks to reflect generally the performance of the price of silver less the Trust&#8217;s expenses and liabilities, Shares may trade at, above or below their net asset value per Share, or &#8220;NAV.&#8221; The NAV of Shares will fluctuate with changes in the market value of the Trust&#8217;s assets. The trading prices of Shares will fluctuate in accordance with changes in their NAV, as well as market supply and demand. The amount of the discount or premium in the trading price relative to the NAV may be influenced by non-concurrent trading hours between the major silver markets and NYSE Arca. While the Shares trade on NYSE Arca until 4:00 p.m. (New York time), liquidity in the market for silver may be reduced after the close of the major world silver markets, including London, Zurich and the Commodity Exchange, Inc. (&#8220;COMEX&#8221;) in Chicago. As a result, during this time, trading spreads, and the resulting premium or discount, on Shares may widen. However, given that Baskets of Shares can be created and redeemed in exchange for the underlying amount of silver, the Sponsor believes that the arbitrage opportunities may provide a mechanism to mitigate the effect of such premium or discount.</FONT></P>
<P id=PARA194 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA195 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Custody of the Trust&#8217;s Silver</B></FONT></P>
<P id=PARA196 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA197 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The Custodian is responsible for safekeeping the Trust&#8217;s silver. The Custodian may keep the Trust&#8217;s silver at its vault premises in England or New York, or at the vaults of any sub-custodian in England or New York, unless otherwise agreed between the Custodian and the Trustee (with the Sponsor&#8217;s approval). The Custodian may use sub-custodians to discharge its obligations to the Trust. The Custodian is required to use reasonable care in the appointment of any sub-custodian. Any sub-custodian must be a member of the London Bullion Market Association (&#8220;LBMA&#8221;). The use of sub-custodians does not affect the Custodian&#8217;s liability to the Trustee under the custodian agreement.</FONT></P>
<P id=PARA198 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA199 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The Custodian has agreed to use reasonable care in the performance of its duties under the custodian agreement and will only be responsible for any loss or damage suffered by the Trust as a direct result of any negligence, fraud or willful default on the part of the Custodian. The Custodian&#8217;s liability is limited to the market value of any silver lost and the amount of any balance held on unallocated basis at the time of the Custodian&#8217;s negligence, fraud or willful default. </FONT></P>
<P id=PARA200 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA201 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">None of the Custodian, its directors, employees, agents or affiliates will incur any liability to the Trust if, by reason of any provision of any present or future law or regulation of the United Kingdom or any other country, or of any governmental or regulatory authority or stock exchange, or by reason of any act of God or war, terrorism or other circumstance beyond the Custodian&#8217;s control, the Custodian is prevented or forbidden from, or would be subject to any civil or criminal penalty on account of, or is delayed in, performing its obligations to the Trust. The Custodian has agreed to indemnify the Trustee for any loss or liability directly resulting from a breach of the Custodian&#8217;s representations and warranties in the custodian agreement, a failure of the Custodian to act or refrain from acting in accordance with the Trustee&#8217;s instructions or any physical loss, destruction or damage to the silver held for the Trust&#8217;s account, except for losses due to nuclear fission or fusion, radioactivity, war, terrorist event, invasion, insurrection, civil commotion, riot, strike, act of government or public authority, act of God or a similar cause that is beyond the control of the Custodian.</FONT></P>
<P id=PARA202 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA203 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The Custodian has agreed to maintain insurance in support of its custodial obligations under the custodian agreement, including covering any loss of silver. The Custodian has the right to reduce, cancel or allow to expire without replacement such insurance coverage, provided that it gives prior written notice to the Trustee. In the case of a cancellation or expiration without replacement, the required notice must be at least 30 days prior to the last day of coverage. The Trustee has not received from the Custodian any notice of reduction, cancellation or expiration of its insurance coverage. The insurance is held for the benefit of the Custodian, not for the benefit of the Trust or the Trustee, and the Trustee may not submit a claim under the insurance maintained by the Custodian.</FONT></P>
<P id=PARA204 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA205 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The Custodian has agreed to grant to the officers and properly designated representatives of the Trustee and to the independent public accountants for the Trust access to the Custodian&#8217;s records for the purpose of confirming the content of those records. Upon at least ten days&#8217; prior notice, any such officer or properly designated representative, the independent public accountants for the Trust and any person designated by any regulatory authority having jurisdiction over the Trustee or the Trust is entitled to examine on the Custodian&#8217;s premises the silver held by the Custodian and the records regarding the silver held for the account of the Custodian at a sub-custodian. The Custodian has agreed that it will only retain sub-custodians if they agree to grant to the Trustee and the independent registered public accounting firm of the Trust access to records and inspection rights similar to those set forth above. During the period covered by this report, Inspectorate International Ltd. and Inspectorate American Corporation, acting as authorized representatives of the Trustee pursuant to the foregoing provisions, inspected the premises where the Trust&#8217;s silver is warehoused and on April 22, 2015 issued their report summarizing their findings. Such report was posted by the Sponsor on the Trust&#8217;s website. During the period covered by this report, the Sponsor visited the premises where the Trust&#8217;s silver is warehoused once (in the quarter ended March 31, 2015).</FONT></P>
<P id=PARA206 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA207 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Valuation of Silver; Computation of Net Asset Value</B></FONT></P>
<P id=PARA208 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA209 style="MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">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 NAV. For purposes of making these calculations, a business day means any day other than a day when NYSE Arca is closed for regular trading.</FONT></P>
<P id=PARA210 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA211 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The Trustee values the silver held by the Trust using the price per ounce of silver determined by the CME Group at approximately 12:00 p.m., London time, and announced by Thomson Reuters shortly thereafter on each day that the London silver market is open for business (&#8220;LBMA Silver Price&#8221;). If there is no announced LBMA Silver Price on a business day, the Trustee is authorized to use the most recently announced LBMA Silver Price unless the Trustee, in consultation with the Sponsor, determines that such price is inappropriate as a basis for evaluation.</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"></FONT></P>
<P id=PARA2652.1 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P>
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<DIV id=PGFTR2652  style="WIDTH: 100%; TEXT-ALIGN: center">&nbsp;</DIV>
<DIV id=PGNUM2652  style="FONT-SIZE: 10pt; WIDTH: 100%; TEXT-ALIGN: center">2</DIV>
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<A id=TOCLINK2652  href="#TOC">Table Of Contents</A>
<DIV id=PGHDR2652  style="WIDTH: 100%; TEXT-ALIGN: left">&nbsp;</DIV></DIV>
<P id=PARA2652.2 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P>
<P id=PARA213 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The LBMA Silver Price is the spot price per ounce, in U.S. dollars, of a London Good Delivery Bar determined by the CME Group following one or more thirty-second electronic auctions conducted starting at 12:00 p.m., London time, on each day that the London silver market is open for business, and announced by Thomson Reuters shortly thereafter, all under the auspices of the LBMA. Twenty seconds before noon (London time) on each day that the LBMA Silver Price is to be determined, a seed price for the first auction is determined by the CME Group, taking into account relevant pricing information available at the time, and announced to eligible auction participants previously qualified on the basis of criteria set by the LBMA. Beginning at 12:00 p.m., London time, such participants are allowed, but not required, to electronically submit during a thirty-second period buy and/or sell orders for spot transactions at the seed price. If at the conclusion of the thirty-second auction the market is determined by the CME Group to be balanced, the seed price is the LBMA Silver Price for that date and announced as such by Thomson Reuters. If the market is not balanced at the end of the first auction, a new seed price is automatically calculated and announced, and an additional thirty-second auction is held at the new price. If necessary, the process is repeated until the market is determined to be balanced and the price at which that determination occurs is the LBMA Silver Price for that date. For these purposes, the market is considered to be balanced when, at the end of an auction, the total number of ounces of silver for which buy orders were submitted in that auction falls within a certain pre-determined margin of tolerance from the total number of ounces of silver for which sell orders were submitted in the auction. Once the LBMA Silver Price has been determined for a given day, the buy and sell orders entered by the auction participants during the last auction will be executed at that day&#8217;s LBMA Silver Price. Any market imbalance remaining after the last auction (which must be within the margin of tolerance) is allocated equally among all participants in all auctions conducted on that day (and not only those participating in the last auction). As of the date of this report, information publicly available on LBMA&#8217;s website indicates that the entities currently qualified to submit orders during the electronic auctions used for the daily determination of the LBMA Silver Price are HSBC Bank USA NA, JP Morgan Chase Bank, The Bank of Nova Scotia - ScotiaMocatta, The Toronto Dominion Bank and UBS AG. </FONT></P>
<P id=PARA214 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA215 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Once the value of the silver has been determined, the Trustee subtracts all accrued fees, expenses and other liabilities of the Trust from the value of the silver and all other assets of the Trust. The resulting figure is the net asset value of the Trust. The Trustee determines the NAV by dividing the net asset value of the Trust by the number of Shares outstanding at the time the computation is made. </FONT></P>
<P id=PARA216 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA217 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Trust Expenses</B></FONT></P>
<P id=PARA218 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA219 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The Trust&#8217;s only ordinary recurring expense is expected to be the Sponsor&#8217;s fee. In exchange for the Sponsor&#8217;s fee, the Sponsor has agreed to assume the following administrative and marketing expenses incurred by the Trust: the Trustee&#8217;s fee, the Custodian&#8217;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>
<P id=PARA220 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA221 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The Sponsor&#8217;s fee is accrued daily at an annualized rate equal to 0.50% of the net asset value of the Trust and is payable monthly in arrears. The Trustee will, when directed by the Sponsor, and, in the absence of such direction, may, in its discretion, sell silver in such quantity and at such times as may be necessary to permit payment of the Sponsor&#8217;s fee and of Trust expenses or liabilities not assumed by the Sponsor. The Trustee is authorized to sell silver at such times and in the smallest amounts required to permit such payments as they become due, it being the intention to avoid or minimize the Trust&#8217;s holdings of assets other than silver. Accordingly, the amount of silver to be sold will vary from time to time depending on the level of the Trust&#8217;s expenses and the market price of silver. The Custodian has agreed to purchase from the Trust, at the request of the Trustee, silver needed to cover Trust expenses at a price equal to the price used by the Trustee to determine the value of the silver held by the Trust on the date of the sale. Cash held by the Trustee pending payment of the Trust&#8217;s expenses will not bear any interest.</FONT></P>
<P id=PARA222 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA223 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The Sponsor earned $25,294,785 for the year ended December&nbsp;31,&nbsp;2015.</FONT></P>
<P id=PARA224 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA225 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Deposit of Silver; Issuance of Baskets</B></FONT></P>
<P id=PARA226 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA227 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The Trust creates and redeems Shares on a continuous basis, but only in Baskets of 50,000 Shares. Only registered broker-dealers who have entered into written agreements with the Sponsor and the Trustee (each, an &#8220;Authorized Participant&#8221;) can deposit silver and receive Baskets of Shares in exchange. Upon the deposit of the corresponding amount of silver with the Custodian, and the payment of the Trustee&#8217;s applicable fee and of any expenses, taxes or charges (such as stamp taxes or stock transfer taxes or fees), the Trustee will deliver the appropriate number of Baskets to the Depository Trust Company account of the depositing Authorized Participant. As of the date of this report, Barclays Capital Inc., Citigroup Global Markets, Inc., Credit Suisse Securities (USA), LLC, Goldman Sachs &amp; Co., Goldman Sachs Execution &amp; Clearing L.P., J.P. Morgan Securities LLC., KCG Americas LLC, Merrill Lynch Professional Clearing Corp., Morgan Stanley &amp; Co. LLC., SG Americas Securities, LLC, RBC Capital Markets, LLC, Scotia Capital (USA) Inc., UBS Securities LLC, Virtu Financial BD LLC and Virtu Financial Capital Markets, LLC are the only Authorized Participants. The Sponsor and the Trustee maintain a current list of Authorized Participants. Silver deposited with the Custodian must meet the specifications for weight, dimensions, fineness (or purity), identifying marks and appearance of silver bars as set forth in &#8220;The Good Delivery Rules for Gold and Silver Bars&#8221; published by the LBMA.</FONT></P>
<P id=PARA228 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA229 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Before making a deposit, the Authorized Participant must deliver to the Trustee a written purchase order indicating the number of Baskets it intends to acquire and the location or locations where it expects to make the corresponding deposit of silver with the Custodian. The date the Trustee receives that order determines the amount of silver the Authorized Participant needs to deposit (such amount, the &#8220;Basket Silver Amount&#8221;). However, orders received by the Trustee after 3:59 p.m. (New York time) on a business day are treated as received on the next following business day. The Trustee has entered into an agreement with the Custodian which contains arrangements so that silver can be delivered to the Custodian in England, New York or at other locations that may be authorized in the future.</FONT></P>
<P id=PARA230 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA231 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">If the Trustee accepts the purchase order, it transmits to the Authorized Participant, via facsimile or electronic mail message, no later than 5:00 p.m. (New&nbsp;York&nbsp;time) on the date such purchase order is received, or deemed received, a copy of the purchase order endorsed &#8220;Accepted&#8221; by the Trustee and indicating the Basket Silver Amount that the Authorized Participant must deliver to the Custodian in exchange for each Basket. Prior to the Trustee&#8217;s acceptance as specified above, a purchase order only represents the Authorized Participant&#8217;s unilateral offer to deposit silver in exchange for Baskets of Shares and has no binding effect upon the Trust, the Trustee, the Custodian or any other party. </FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"></FONT></P>
<P id=PARA2653.1 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P>
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<DIV id=PGFTR2653  style="WIDTH: 100%; TEXT-ALIGN: center">&nbsp;</DIV>
<DIV id=PGNUM2653  style="FONT-SIZE: 10pt; WIDTH: 100%; TEXT-ALIGN: center">3</DIV>
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<A id=TOCLINK2653  href="#TOC">Table Of Contents</A>
<DIV id=PGHDR2653  style="WIDTH: 100%; TEXT-ALIGN: left">&nbsp;</DIV></DIV>
<P id=PARA2653.2 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P>
<P id=PARA233 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The Basket Silver Amount necessary for the creation of a Basket changes from day to day. The initial Basket Silver Amount at the time of the creation of the Trust was 500,000 ounces of silver. On each day that NYSE Arca is open for regular trading, the Trustee adjusts the quantity of silver constituting the Basket Silver Amount as appropriate to reflect sales of silver, any loss of silver that may occur, and accrued expenses. The computation is made by the Trustee as promptly as practicable after 4:00 p.m. (New York time). The Basket Silver Amount so determined is communicated via facsimile or electronic mail message to all Authorized Participants, and made available on the Sponsor&#8217;s website for the Shares. NYSE Arca also publishes the Basket Silver Amount determined by the Trustee as indicated above.</FONT></P>
<P id=PARA234 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA235 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Because the Sponsor has assumed what are expected to be most of the Trust&#8217;s expenses, and the Sponsor&#8217;s fee accrues daily at the same rate (i<I>.</I></FONT>e.<FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">, 1/365th of the net asset value of the Trust multiplied by 0.50%), in the absence of any extraordinary expenses or liabilities, the amount of silver by which the Basket Silver Amount decreases each day is predictable. The Trustee intends to make available on each business day, through the same channels used to disseminate the actual Basket Silver Amount determined by the Trustee as indicated above, an indicative Basket Silver Amount for the next business day. Authorized Participants may use that indicative Basket Silver Amount as guidance regarding the amount of silver that they may expect to have to deposit with the Custodian in respect of purchase orders placed by them on such next business day and accepted by the Trustee. The agreement entered into with each Authorized Participant provides, however, that once a purchase order has been accepted by the Trustee, the Authorized Participant will be required to deposit with the Custodian the Basket Silver Amount determined by the Trustee on the effective date of the purchase order.</FONT></P>
<P id=PARA236 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA237 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">No Shares are issued unless and until the Custodian has informed the Trustee that it has allocated to the Trust&#8217;s account (except that any amounts of less than 1,100 ounces may be held in the Trust account on an unallocated basis) the corresponding amount of silver. In accordance with the procedures that the Custodian has agreed to follow in connection with the creation of Shares, silver received by the Custodian no later than 11:30 a.m. (London time) is required to be allocated to the Trust&#8217;s account no later than 9:00 a.m. (New York time) on the next day that the Custodian is open for business at the place of delivery. All taxes incurred in connection with the delivery of silver to the Custodian in exchange for Baskets of Shares (including any applicable value added tax) will be the sole responsibility of the Authorized Participant making such delivery.</FONT></P>
<P id=PARA238 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA239 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Redemption of Baskets; Withdrawal of Silver</B></FONT></P>
<P id=PARA240 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA241 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Authorized Participants, acting on authority of the registered holder of Shares, may surrender Baskets of Shares in exchange for the corresponding Basket Silver Amount announced by the Trustee. Upon the surrender of such Shares and the payment of the Trustee&#8217;s applicable fee and of any expenses, taxes or charges (such as stamp taxes or stock transfer taxes or fees), the Trustee will deliver to the order of the redeeming Authorized Participant the amount of silver corresponding to the redeemed Baskets. Shares can only be surrendered for redemption in Baskets of 50,000 Shares each.</FONT></P>
<P id=PARA242 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA243 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Before surrendering Baskets of Shares for redemption, an Authorized Participant must deliver to the Trustee a written request indicating the number of Baskets it intends to redeem and the location where it would like to take delivery of the silver represented by such Baskets. The date the Trustee receives that order determines the Basket Silver Amount to be received in exchange. However, orders received by the Trustee after 3:59 p.m. (New York time) on a business day are treated as received on the next following business day.</FONT></P>
<P id=PARA244 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA245 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The Custodian may make the silver available for collection at its office or at the office of a sub-custodian if the silver is being held by a sub-custodian. Silver is delivered at the locations designated by the Trustee, in consultation with the Custodian. All taxes incurred in connection with the delivery of silver to an Authorized Participant in exchange for Baskets of Shares (including any applicable value added tax) will be the sole responsibility of the Authorized Participant taking such delivery.</FONT></P>
<P id=PARA247 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA246 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Unless otherwise agreed to by the Custodian, silver is delivered to the redeeming Authorized Participants in the form of physical bars only (except that any amount of less than 1,100 ounces may be transferred to an unallocated account of or as ordered by, the redeeming Authorized Participant).</FONT></P>
<P id=PARA248 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA249 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Redemptions may be suspended only (i) during any period in which regular trading on NYSE Arca is suspended or restricted or the exchange is closed (other than scheduled holiday or weekend closings), or (ii) during an emergency as a result of which delivery, disposal or evaluation of silver is not reasonably practicable.</FONT></P>
<P id=PARA250 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA251 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Fees and Expenses of the Trustee</B></FONT></P>
<P id=PARA252 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA253 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Each deposit of silver for the creation of Baskets of Shares and each surrender of Baskets of Shares for the purpose of withdrawing Trust property (including if the trust agreement terminates) must be accompanied by a payment to the Trustee of a fee of $500 (or such other fee as the Trustee, with the prior written consent of the Sponsor, may from time to time announce).</FONT></P>
<P id=PARA254 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA255 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The Trustee is entitled to reimburse itself from the assets of the Trust for all expenses and disbursements incurred by it for extraordinary services it may provide to the Trust or in connection with any discretionary action the Trustee may take to protect the Trust or the interests of the holders.</FONT></P>
<P id=PARA256 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA257 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Trust Expenses and Silver Sales</B></FONT></P>
<P id=PARA258 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA259 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">In addition to the fee payable to the Sponsor, the following expenses are paid out of the assets of the Trust:</FONT></P>
<P id=PARA260 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
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<TD style="WIDTH: 18pt">&nbsp;</TD>
<TD style="WIDTH: 18pt; VERTICAL-ALIGN: top">
<P id=PARA263 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&#9679;</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"></FONT></P></TD>
<TD style="VERTICAL-ALIGN: top">
<P id=PARA264 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"></FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">any expenses or liabilities of the Trust that are not assumed by the Sponsor;</FONT></P></TD></TR></TABLE>
<P id=PARA265 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
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<TD style="WIDTH: 18pt">&nbsp;</TD>
<TD style="WIDTH: 18pt; VERTICAL-ALIGN: top">
<P id=PARA268 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&#9679;</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"></FONT></P></TD>
<TD style="VERTICAL-ALIGN: top">
<P id=PARA269 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"></FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">any taxes and other governmental charges that may fall on the Trust or its property;</FONT></P></TD></TR></TABLE>
<P id=PARA270 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"></FONT>&nbsp;</P>
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<TD style="VERTICAL-ALIGN: top">
<P id=PARA274 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"></FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">expenses and costs of any action taken by the Trustee or the Sponsor to protect the Trust and the rights and interests of holders of Shares; and</FONT></P></TD></TR></TABLE>&nbsp;</P>
<P style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt">
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<TD style="WIDTH: 18pt; VERTICAL-ALIGN: top">
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<TD style="VERTICAL-ALIGN: top">
<P id=PARA279 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"></FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">any indemnification of the Sponsor as described below.</FONT></P></TD></TR></TABLE></P>
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<DIV id=PGNUM2654  style="FONT-SIZE: 10pt; WIDTH: 100%; TEXT-ALIGN: center">4</DIV>
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<A id=TOCLINK2654  href="#TOC">Table Of Contents</A>
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<P id=PARA2654.2 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA281 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The Trustee sells the Trust&#8217;s silver from time to time as necessary to permit payment of the fees and expenses that the Trust is required to pay. See &#8220;Trust Expenses.&#8221;</FONT></P>
<P id=PARA282 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA283 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The Trustee is not responsible for any depreciation or loss incurred by reason of sales of silver made in compliance with the trust agreement.</FONT></P>
<P id=PARA284 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA285 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Payment of Taxes</B></FONT></P>
<P id=PARA286 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA287 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The Trustee may deduct the amount of any taxes owed from any distributions it makes. It may also sell Trust assets, by public or private sale, to pay any taxes owed. Registered holders of Shares will remain liable if the proceeds of the sale are not enough to pay the taxes.</FONT></P>
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<P id=PARA289 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>UNITED STATES FEDERAL INCOME TAX CONSEQUENCES</B></FONT></P>
<P id=PARA290 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA291 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The following discussion of the material United States federal income tax consequences that generally will apply to the purchase, ownership and disposition of Shares by a U.S. Shareholder (as defined below), and certain United States federal income consequences that may apply to an investment in Shares by a Non-U.S. Shareholder (as defined below), is based on the United States Internal Revenue Code of 1986, as amended (the &#8220;Code&#8221;), Treasury Regulations promulgated thereunder and judicial and administrative interpretations of the Code, all as in effect on the date of this report and all of which are subject to change either prospectively or retroactively. The tax treatment of owners of beneficial interests in the Shares (&#8220;Shareholders&#8221;) may vary depending upon their own particular circumstances. Certain Shareholders (including banks, financial institutions, insurance companies, tax-exempt organizations, broker-dealers, traders, Shareholders that are partnerships for United States federal income tax purposes, persons holding Shares as a position in a &#8220;hedging,&#8221; &#8220;straddle,&#8221; &#8220;conversion,&#8221; or &#8220;constructive sale&#8221; transaction for United States federal income tax purposes, persons whose &#8220;functional currency&#8221; is not the U.S. dollar, or other investors with special circumstances) may be subject to special rules not discussed below. In addition, the following discussion applies only to investors who will hold Shares as &#8220;capital assets&#8221; within the meaning of section 1221 of the Code. Moreover, the discussion below does not address the effect of any state, local or foreign tax law on an owner of Shares. Purchasers of Shares are urged to consult their own tax advisers with respect to all federal, state, local and foreign tax law considerations potentially applicable to their investment in Shares.</FONT></P>
<P id=PARA292 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA293 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">For purposes of this discussion, a &#8220;U.S. Shareholder&#8221; is a Shareholder that is:</FONT></P>
<P id=PARA294 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
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<P id=PARA297 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&#9679;</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"></FONT></P></TD>
<TD style="VERTICAL-ALIGN: top">
<P id=PARA298 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"></FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">an individual who is treated as a citizen or resident of the United States for United States federal income tax purposes;</FONT></P></TD></TR></TABLE>
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<TD style="WIDTH: 18pt">&nbsp;</TD>
<TD style="WIDTH: 18pt; VERTICAL-ALIGN: top">
<P id=PARA302 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&#9679;</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"></FONT></P></TD>
<TD style="VERTICAL-ALIGN: top">
<P id=PARA303 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"></FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">a corporation (or entity treated as a corporation for United States federal income tax purposes) created or organized in or under the laws of the United States, any state thereof or the District of Columbia;</FONT></P></TD></TR></TABLE>
<P id=PARA304 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
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<TD style="WIDTH: 18pt; VERTICAL-ALIGN: top">
<P id=PARA307 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&#9679;</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"></FONT></P></TD>
<TD style="VERTICAL-ALIGN: top">
<P id=PARA308 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"></FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">an estate, the income of which is includible in gross income for United States federal income tax purposes regardless of its source; or</FONT></P></TD></TR></TABLE>
<P id=PARA309 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
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<P id=PARA312 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&#9679;</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"></FONT></P></TD>
<TD style="VERTICAL-ALIGN: top">
<P id=PARA313 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"></FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">a trust, if a court within the United States is able to exercise primary supervision over the administration of the trust and one or more United States persons have the authority to control all substantial decisions of the trust, or a trust that has made a valid election under applicable Treasury Regulations to be treated as a domestic trust.</FONT></P></TD></TR></TABLE>
<P id=PARA314 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA315 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">A Shareholder that is not (i) a U.S. Shareholder as defined above or (ii) a partnership for United States federal income tax purposes is considered a &#8220;Non-U.S. Shareholder&#8221; for purposes of this discussion.</FONT></P>
<P id=PARA316 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA317 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Taxation of the Trust</B></FONT></P>
<P id=PARA318 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA319 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The Sponsor and the Trustee will treat the Trust as a &#8220;grantor trust&#8221; for United States federal income tax purposes. In the opinion of Clifford Chance US LLP, special United States federal income tax counsel to the Sponsor, the Trust will be classified as a &#8220;grantor trust&#8221; for United States federal income tax purposes. As a result, the Trust itself will not be subject to United States federal income tax. Instead, the Trust&#8217;s income and expenses will &#8220;flow through&#8221; to the Shareholders, and the Trustee will report the Trust&#8217;s income, gains, losses and deductions to the Internal Revenue Service (&#8220;IRS&#8221;) on that basis. The opinion of Clifford Chance US LLP represents only its best legal judgment and is not binding on the IRS or any court. Accordingly, there can be no assurance that the IRS will agree with the conclusions of counsel&#8217;s opinion and it is possible that the IRS or another tax authority could assert a position contrary to one or all of those conclusions and that a court could sustain that contrary position. Neither the Sponsor nor the Trustee will request a ruling from the IRS with respect to the classification of the Trust for United States federal income tax purposes. If the IRS were to assert successfully that the Trust is not classified as a &#8220;grantor trust,&#8221; the Trust would be classified as a partnership for United States federal income tax purposes, which may affect timing and other tax consequences to the Shareholders.</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"></FONT></P>
<P id=PARA1.1 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P>
<P id=PARA321 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The following discussion assumes that the Trust will be classified as a &#8220;grantor trust&#8221; for United States federal income tax purposes.</FONT></P>
<P id=PARA323 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA322 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Taxation of U.S. Shareholders</B></FONT></P>
<P id=PARA324 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA325 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Shareholders will be treated, for United States federal income tax purposes, as if they directly owned a pro rata share of the underlying assets held in the Trust. Shareholders also will be treated as if they directly received their respective pro rata shares of the Trust&#8217;s income, if any, and as if they directly incurred their respective pro rata shares of the Trust&#8217;s expenses. In the case of a Shareholder that purchases Shares for cash, its initial tax basis in its pro rata share of the assets held in the Trust at the time it acquires its Shares will be equal to its cost of acquiring the Shares. In the case of a Shareholder that acquires its Shares as part of a creation of a Basket, the delivery of silver to the Trust in exchange for the underlying silver represented by the Shares will not be a taxable event to the Shareholder, and the Shareholder&#8217;s tax basis and holding period for the Shareholder&#8217;s pro rata share of the silver held in the Trust will be the same as its tax basis and holding period for the silver delivered in exchange therefor. For purposes of this discussion, and unless stated otherwise, it is assumed that all of a Shareholder&#8217;s Shares are acquired on the same date and at the same price per Share. Shareholders that hold multiple lots of Shares, or that are contemplating acquiring multiple lots of Shares, should consult their own tax advisers as to the determination of the tax basis and holding period for the underlying silver related to such Shares.</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"></FONT></P>
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<DIV id=PGNUM2  style="FONT-SIZE: 10pt; WIDTH: 100%; TEXT-ALIGN: center">5</DIV>
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<A id=TOCLINK2  href="#TOC">Table Of Contents</A>
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<P id=PARA327 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">When the Trust sells silver, for example to pay expenses, a Shareholder will recognize gain or loss in an amount equal to the difference between (a) the Shareholder&#8217;s pro rata share of the amount realized by the Trust upon the sale and (b) the Shareholder&#8217;s tax basis for its pro rata share of the silver that was sold. A Shareholder&#8217;s tax basis for its share of any silver sold by the Trust generally will be determined by multiplying the Shareholder&#8217;s total basis for its share of all of the silver held in the Trust immediately prior to the sale, by a fraction the numerator of which is the amount of silver sold, and the denominator of which is the total amount of the silver held in the Trust immediately prior to the sale. After any such sale, a Shareholder&#8217;s tax basis for its pro rata share of the silver remaining in the Trust will be equal to its tax basis for its share of the total amount of the silver held in the Trust immediately prior to the sale, less the portion of such basis allocable to its share of the silver that was sold.</FONT></P>
<P id=PARA328 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA329 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Upon a Shareholder&#8217;s sale of some or all of its Shares, the Shareholder will be treated as having sold the portion of its pro rata share of the silver held in the Trust at the time of the sale that is attributable to the Shares sold. Accordingly, the Shareholder generally will recognize gain or loss on the sale in an amount equal to the difference between (a) the amount realized pursuant to the sale of the Shares, and (b) the Shareholder&#8217;s tax basis for the portion of its pro rata share of the silver held in the Trust at the time of sale that is attributable to the Shares sold, as determined in the manner described in the preceding paragraph.</FONT></P>
<P id=PARA330 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA331 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">A redemption of some or all of a Shareholder&#8217;s Shares in exchange for the underlying silver represented by the Shares redeemed generally will not be a taxable event to the Shareholder. The Shareholder&#8217;s tax basis for the silver received in the redemption generally will be the same as the Shareholder&#8217;s tax basis for the portion of its pro rata share of the silver held in the Trust immediately prior to the redemption that is attributable to the Shares redeemed. The Shareholder&#8217;s holding period with respect to the silver received should include the period during which the Shareholder held the Shares redeemed. A subsequent sale of the silver received by the Shareholder will be a taxable event.</FONT></P>
<P id=PARA332 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA333 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">After any sale or redemption of less than all of a Shareholder&#8217;s Shares, the Shareholder&#8217;s tax basis for its pro rata share of the silver held in the Trust immediately after such sale or redemption generally will be equal to its tax basis for its share of the total amount of the silver held in the Trust immediately prior to the sale or redemption, less the portion of such basis which is taken into account in determining the amount of gain or loss recognized by the Shareholder upon such sale or, in the case of a redemption, is treated as the basis of the silver received by the Shareholder in the redemption. </FONT></P>
<P id=PARA334 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA335 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Maximum 28% Long-Term Capital Gains Tax Rate for U.S. Shareholders Who Are Individuals</B></FONT></P>
<P id=PARA336 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA337 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Under current law, gains recognized by individuals from the sale of &#8220;collectibles,&#8221; including silver, held for more than one year are taxed at a maximum rate of 28%, rather than the current maximum 20% rate applicable to most other long-term capital gains. For these purposes, gain recognized by an individual upon the sale of an interest in a trust that holds collectibles is treated as gain recognized on the sale of collectibles, to the extent that the gain is attributable to unrealized appreciation in value of the collectibles held by the Trust. Therefore, any gain recognized by an individual U.S. Shareholder attributable to a sale of Shares held for more than one year, or attributable to the Trust&#8217;s sale of any silver which the Shareholder is treated (through its ownership of Shares) as having held for more than one year, generally will be taxed at a maximum rate of 28%. The tax rates for capital gains recognized upon the sale of assets held by an individual U.S. Shareholder for one year or less or by a taxpayer other than an individual United States taxpayer are generally the same as those at which ordinary income is taxed.</FONT></P>
<P id=PARA338 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA339 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>3.8% Tax on Net Investment Income</B></FONT></P>
<P id=PARA340 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA341 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Certain U.S. Shareholders who are individuals are required to pay a 3.8% tax on the lesser of the excess of their modified adjusted gross income over a threshold amount ($250,000 for married persons filing jointly and $200,000 for single taxpayers) or their &#8220;net investment income,&#8221; which generally includes capital gains from the disposition of property. This tax is in addition to any capital gains taxes due on such investment income. A similar tax will apply to estates and trusts. U.S. Shareholders should consult their own tax advisers regarding the effect, if any, this law may have on their investment in the Shares.</FONT></P>
<P id=PARA342 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA343 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Brokerage Fees and Trust Expenses</B></FONT></P>
<P id=PARA344 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA345 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Any brokerage or other transaction fee incurred by a Shareholder in purchasing Shares will be treated as part of the Shareholder&#8217;s tax basis in the underlying assets of the Trust. Similarly, any brokerage fee incurred by a Shareholder in selling Shares will reduce the amount realized by the Shareholder with respect to the sale.</FONT></P>
<P id=PARA346 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA347 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Shareholders will be required to recognize the full amount of gain or loss upon a sale of silver by the Trust (as discussed above), even though some or all of the proceeds of such sale are used by the Trustee to pay Trust expenses. Shareholders may deduct their respective pro rata shares of each expense incurred by the Trust to the same extent as if they directly incurred the expense. Shareholders who are individuals, estates or trusts, however, may be required to treat some or all of the expenses of the Trust as miscellaneous itemized deductions. Individuals may deduct certain miscellaneous itemized deductions only to the extent they exceed 2% of adjusted gross income. In addition, such deductions may be subject to phase outs and other limitations under applicable provisions of the Code.</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"></FONT></P>
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<A id=TOCLINK3  href="#TOC">Table Of Contents</A>
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<P id=PARA3.2 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"></FONT></P>
<P id=PARA353 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Investment by U.S. Tax-Exempt Shareholders</B></FONT></P>
<P id=PARA354 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA355 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Certain U.S. Shareholders (&#8220;U.S. Tax-Exempt Shareholders&#8221;) are subject to United States federal income tax only on their &#8220;unrelated business taxable income&#8221; (&#8220;UBTI&#8221;). Unless they incur debt in order to purchase Shares, it is expected that U.S. Tax-Exempt Shareholders should not realize UBTI in respect of income or gains from the Shares. U.S. Tax-Exempt Shareholders should consult their own independent tax advisers regarding the United States federal income tax consequences of holding Shares in light of their particular circumstances. </FONT></P>
<P id=PARA356 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA357 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Investment by Regulated Investment Companies</B></FONT></P>
<P id=PARA358 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA359 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Mutual funds and other investment vehicles which are &#8220;regulated investment companies&#8221; within the meaning of Code section 851 should consult with their tax advisers concerning (i) the likelihood that an investment in Shares, although they are a &#8220;security&#8221; within the meaning of the Investment Company Act of 1940, as amended (the &#8220;Investment Company Act&#8221;), may be considered an investment in the underlying silver for purposes of Code section 851(b), and (ii) the extent to which an investment in Shares might nevertheless be consistent with preservation of their qualification under Code section 851. </FONT></P>
<P id=PARA360 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA361 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Investment by Certain Retirement Plans</B></FONT></P>
<P id=PARA362 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA363 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Section 408(m) of the Code provides that the purchase of a &#8220;collectible&#8221; as an investment for an individual retirement account (&#8220;IRA&#8221;), or for a participant-directed account maintained under any plan that is tax-qualified under section 401(a) of the Code, is treated as a taxable distribution from the account to the owner of the IRA, or to the participant for whom the plan account is maintained, of an amount equal to the cost to the account of acquiring the collectible. The Trust has received a private letter ruling from the IRS which provides that the purchase of Shares by an IRA or a participant-directed account maintained under a plan that is tax-qualified under section 401(a) of the Code, will not constitute the acquisition of a collectible or be treated as resulting in a taxable distribution to the IRA owner or plan participant under Code section 408(m). However, in the event any redemption of Shares results in the distribution of silver bullion to an IRA or a participant-directed account maintained under a plan that is tax-qualified under Section 401(a) of the Code, such distribution would constitute the acquisition of a collectible to the extent provided under section 408(m) of the Code. See &#8220;ERISA and Related Considerations.&#8221; </FONT></P>
<P id=PARA364 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA365 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Taxation of Non-U.S. Shareholders</B></FONT></P>
<P id=PARA366 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA367 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">A Non-U.S. Shareholder generally will not be subject to United States federal income tax with respect to gain recognized upon the sale or other disposition of Shares, or upon the sale of silver by the Trust, unless (1) the Non-U.S. Shareholder is an individual and is present in the United States for 183 days or more during the taxable year of the sale or other disposition, and the gain is treated as being from United States sources; or (2) the gain is effectively connected with the conduct by the Non-U.S. Shareholder of a trade or business in the United States and certain other conditions are met.</FONT></P>
<P id=PARA368 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA369 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>United States Information Reporting and Backup Withholding</B></FONT></P>
<P id=PARA370 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA371 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The Trustee will file certain information returns with the IRS, and provide certain tax-related information to Shareholders, in connection with the Trust. Each Shareholder will be provided with information regarding its allocable portion of the Trust&#8217;s annual income (if any) and expenses. A U.S. Shareholder may be subject to United States backup withholding tax in certain circumstances unless it provides its taxpayer identification number and complies with certain certification procedures. Non-U.S. Shareholders may have to comply with certification procedures to establish that they are not a United States person in order to avoid the information reporting and backup withholding tax requirements.</FONT></P>
<P id=PARA372 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA373 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The amount of any backup withholding will be allowed as a credit against a Shareholder&#8217;s United States federal income tax liability and may entitle such a Shareholder to a refund, provided that the required information is furnished to the IRS in a timely manner.</FONT></P>
<P id=PARA374 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA375 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Taxation in Jurisdictions Other Than the United States</B></FONT></P>
<P id=PARA376 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA377 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Prospective purchasers of Shares that are based in or acting out of a jurisdiction other than the United States are advised to consult their own tax advisers as to the tax consequences, under the laws of such jurisdiction (or any other jurisdiction other than the United States to which they are subject), of their purchase, holding, sale and redemption of or any other dealing in Shares and, in particular, as to whether any value added tax, other consumption tax or transfer tax is payable in relation to such purchase, holding, sale, redemption or other dealing.</FONT></P>
<P id=PARA378 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA379 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>ERISA AND RELATED CONSIDERATIONS</B></FONT></P>
<P id=PARA380 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA381 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The Employee Retirement Income Security Act of 1974 (&#8220;ERISA&#8221;) and/or section 4975 of the Code impose certain requirements on employee benefit plans and certain other plans and arrangements, including individual retirement accounts and annuities, Keogh plans, and certain collective investment funds or insurance company general or separate accounts in which such plans or arrangements are invested, that are subject to ERISA and/or the Code (collectively, &#8220;Plans&#8221;), and on persons who are fiduciaries with respect to the investment of assets treated as &#8220;plan assets&#8221; of a Plan. Investments by Plans are subject to the fiduciary requirements and the applicability of prohibited transaction restrictions under ERISA.</FONT></P>
<P id=PARA382 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA383 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Government plans and some church plans are not subject to the fiduciary responsibility provisions of ERISA or the provisions of section 4975 of the Code, but may be subject to substantially similar rules under state or other federal law. Fiduciaries of any such plans are advised to consult with their counsel prior to an investment in Shares.</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"></FONT></P>
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<DIV id=PGNUM4  style="FONT-SIZE: 10pt; WIDTH: 100%; TEXT-ALIGN: center">7</DIV>
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<A id=TOCLINK4  href="#TOC">Table Of Contents</A>
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<P id=PARA4.2 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P>
<P id=PARA385 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">In contemplating an investment of a portion of Plan assets in Shares, the Plan fiduciary responsible for making such investment should carefully consider, taking into account the facts and circumstances of the Plan, the &#8220;Risk Factors&#8221; discussed below and whether such investment is consistent with its fiduciary responsibilities, including, but not limited to: (a) whether the fiduciary has the authority to make the investment under the appropriate governing plan instrument; (b) whether the investment would constitute a direct or indirect non-exempt prohibited transaction with a party in interest; (c) the Plan&#8217;s funding objectives; and (d) whether under the general fiduciary standards of investment prudence and diversification such investment is appropriate for the Plan, taking into account the overall investment policy of the Plan, the composition of the Plan&#8217;s investment portfolio and the Plan&#8217;s need for sufficient liquidity to pay benefits when due.</FONT></P>
<P id=PARA386 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
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<P id=PARA387 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Item 1A. <A id=BKMK278  name="BKMK278">Risk Factors</A>.</B></FONT></P>
<P id=PARA388 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA389 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><I>Actual or perceived disruptions in the processes used to determine the LBMA Silver Price, or lack of confidence in that benchmark, may adversely affect the return on your investment in the Shares (if any).</I></FONT></P>
<P id=PARA390 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA391 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Because the objective of the Trust is to reflect the performance of the price of silver, any disruptions affecting the processes how the market determines the price of silver will have an effect on the value of the Shares. From its inception until August 14, 2014, the Trust used for the daily valuation of its silver and the computation of the NAV the price of silver set by three market-making members of the LBMA at approximately 12:00 p.m., London time (the "London Fix"). </FONT></P>
<P id=PARA392 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA393 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The LBMA Silver Price is determined through an electronic, auction-based mechanism administered by the CME Group and published by Thomson Reuters. While these features may be improvements over the disappeared London Fix, investors should keep in mind that electronic markets are not exempt from failures, as shown by the experiences of the initial public offerings of Facebook and BATS Global Markets. In addition, electronic trading platforms may be subject to influence by high-frequency traders with results that are highly contested by the industry, regulators and market observers.</FONT></P>
<P id=PARA394 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA395 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">As of the date of this filing, the LBMA Silver Price has been subject to the test of actual trading markets for less than nineteen months. As with any innovation, it is possible that electronic failures or other unanticipated events may occur that could result in delays in the announcement of, or the inability of the system to produce, an LBMA Silver Price on any given date. Furthermore, if a perception were to develop that the LBMA Silver Price is vulnerable to manipulation attempts, or if the proceedings surrounding the determination and publication of the LBMA Silver Price were seen as unfair, biased or otherwise compromised by the markets, the behavior of investors and traders in silver may change, and those changes may have an effect on the price of silver (and, consequently, the value of the Shares). In any of these circumstances, the intervention of extraneous events disruptive of the normal interaction of supply and demand of silver at any given time, may result in distorted prices and losses on an investment in the Shares that, but for such extraneous events, might not have occurred.</FONT></P>
<P id=PARA396 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA397 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Other effects of disruptions in the determination of the LBMA Silver Price on the operations of the Trust include the potential for an incorrect valuation of the Trust&#8217;s silver, an inaccurate computation of the Sponsor&#8217;s fees, and the sales of silver to cover Trust expenses at prices that do not accurately reflect the fundamentals of the silver market. Each of these events could have an adverse effect on the value of the Shares.</FONT></P>
<P id=PARA398 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA399 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">As of the date of this filing, the Sponsor has no reason to believe that the LBMA Silver Price (used by the Trust since August 15, 2014, for the daily valuation of its silver and the determination of the Sponsor&#8217;s fee and the price of silver sold to cover Trust expenses) will not fairly represent the price of the silver held by the Trust. Should this situation change, the Sponsor expects to use the powers granted by the Trust&#8217;s governing documents to seek to replace the LBMA Silver Price with a more reliable indicator of the value of the Trust&#8217;s silver. There is no assurance that such alternative value indicator will be identified, or that the process of changing from the LBMA Silver Price to a new benchmark price will not adversely affect the price of the Shares. </FONT></P>
<P id=PARA400 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA401 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><I>Because the Shares are created to reflect the price of the silver held by the Trust, the market price of the Shares will be as unpredictable as the price of silver has historically been. This creates the potential for losses, regardless of whether you hold Shares for a short-, mid- or long-term.</I></FONT></P>
<P id=PARA402 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA403 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Shares are created to reflect, at any given time, the market price of silver owned by the Trust at that time less the Trust&#8217;s expenses and liabilities. Because the value of Shares depends on the price of silver, it is subject to fluctuations similar to those affecting silver prices. The price of silver has fluctuated widely over the past several years. If silver markets continue to be characterized by the wide fluctuations that they have shown in the past several years, the price of the Shares will change widely and in an unpredictable manner. This exposes your investment in Shares to potential losses if you need to sell your Shares at a time when the price of silver is lower than it was when you made your investment in Shares. Even if you are able to hold Shares for the mid- or long-term, you may never realize a profit, because silver markets have historically experienced extended periods of flat or declining prices.</FONT></P>
<P id=PARA404 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA405 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Following an investment in Shares, several factors may have the effect of causing a decline in the prices of silver and a corresponding decline in the price of Shares. Among them:</FONT></P>
<P id=PARA406 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
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<P id=PARA409 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&#9679;</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"></FONT></P></TD>
<TD style="VERTICAL-ALIGN: top">
<P id=PARA410 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"></FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">A change in economic conditions, such as a recession, can adversely affect the price of silver. Silver is used in a wide range of industrial applications, and an economic downturn could have a negative impact on its demand and, consequently, its price and the price of the Shares.</FONT></P></TD></TR></TABLE>
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<P id=PARA414 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&#9679;</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"></FONT></P></TD>
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<P id=PARA415 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"></FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">A significant increase in silver price hedging activity by silver producers. Traditionally, silver producers have not hedged to the same extent that other producers of precious metals (gold, for example) have. Should there be an increase in the level of hedge activity of silver producing companies, it could cause a decline in world silver prices, adversely affecting the price of the Shares.</FONT></P></TD></TR></TABLE>
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<P id=PARA419 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&#9679;</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"></FONT></P></TD>
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<P id=PARA420 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"></FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">A significant change in the attitude of speculators and investors towards silver. Should the speculative community take a negative view towards silver, a decline in world silver prices could occur, negatively impacting the price of the Shares.</FONT></P></TD></TR></TABLE>
<P id=PARA421 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT></P>
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<DIV id=PGNUM5  style="FONT-SIZE: 10pt; WIDTH: 100%; TEXT-ALIGN: center">8</DIV>
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<A id=TOCLINK5  href="#TOC">Table Of Contents</A>
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<P id=PARA5.2 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P>
<P id=PARA422 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Conversely, several factors may trigger a temporary increase in the price of silver prior to your investment in the Shares. If that is the case, you will be buying Shares at prices affected by the temporarily high prices of silver, and you may incur losses when the causes for the temporary increase disappear. </FONT></P>
<P id=PARA423 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA424 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><I>The amount of silver represented by each Share will decrease over the life of the Trust due to the sales of silver necessary to pay the Sponsor&#8217;s fee and Trust expenses. Without increases in the price of silver sufficient to compensate for that decrease, the price of the Shares will also decline and you will lose money on your investment in Shares.</I></FONT></P>
<P id=PARA425 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA426 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Although the Sponsor has agreed to assume all organizational and certain ordinary administrative and marketing expenses incurred by the Trust, not all Trust expenses have been assumed by the Sponsor. For example, any taxes and other governmental charges that may be imposed on the Trust&#8217;s property will not be paid by the Sponsor. As part of its agreement to assume some of the Trust&#8217;s ordinary administrative expenses, the Sponsor has agreed to pay legal fees and expenses of the Trust not in excess of $100,000 per annum. Any legal fees and expenses in excess of that amount will be the responsibility of the Trust.</FONT></P>
<P id=PARA427 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA428 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Because the Trust does not have any income, it needs to sell silver to cover the Sponsor&#8217;s fee and expenses not assumed by the Sponsor. The Trust may also be subject to other liabilities (for example, as a result of litigation) which have also not been assumed by the Sponsor. The only source of funds to cover those liabilities will be sales of silver held by the Trust. Even if there are no expenses other than those assumed by the Sponsor, and there are no other liabilities of the Trust, the Trustee will still need to sell silver to pay the Sponsor&#8217;s fee. The result of these sales is a decrease in the amount of silver represented by each Share. New deposits of silver, received in exchange for new Shares issued by the Trust, do not reverse this trend.</FONT></P>
<P id=PARA429 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA430 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">A decrease in the amount of silver represented by each Share results in a decrease in its price even if the price of silver has not changed. To retain the Share&#8217;s original price, the price of silver has to increase. Without that increase, the lesser amount of silver represented by the Share will have a correspondingly lower price. If these increases do not occur, or are not sufficient to counter the lesser amount of silver represented by each Share, you will sustain losses on your investment in Shares.</FONT></P>
<P id=PARA431 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA432 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">An increase in the Trust expenses not assumed by the Sponsor, or the existence of unexpected liabilities affecting the Trust, will force the Trustee to sell larger amounts of silver, and will result in a more rapid decrease of the amount of silver represented by each Share and a corresponding decrease in its value.</FONT></P>
<P id=PARA433 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA434 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><I>The Trust is a passive investment vehicle. This means that the value of your Shares may be adversely affected by Trust losses that, if the Trust had been actively managed, it might have been possible to avoid.</I></FONT></P>
<P id=PARA435 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA436 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The Trustee does not actively manage the silver held by the Trust. This means that the Trustee does not sell silver at times when its price is high, or acquire silver at low prices in the expectation of future price increases. It also means that the Trustee does not make use of any of the hedging techniques available to professional silver investors to attempt to reduce the risks of losses resulting from price decreases. Any losses sustained by the Trust will adversely affect the value of your Shares.</FONT></P>
<P id=PARA437 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA438 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><I>The price received upon the sale of Shares may be less than the value of the silver represented by them</I>.</FONT></P>
<P id=PARA439 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA440 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The result obtained by subtracting the Trust&#8217;s expenses and liabilities on any day from the price of the silver owned by the Trust on that day is the net asset value of the Trust which, when divided by the number of Shares outstanding on that day, results in the NAV.</FONT></P>
<P id=PARA441 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA442 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Shares may trade at, above or below their NAV. The NAV will fluctuate with changes in the market value of the Trust&#8217;s assets. The trading prices of Shares will fluctuate in accordance with changes in their NAVs as well as market supply and demand. The amount of the discount or premium in the trading price relative to the NAV may be influenced by non-concurrent trading hours between the major silver markets and NYSE Arca. While the Shares will trade on NYSE Arca until 4:00 p.m. (New York time), liquidity in the market for silver will be reduced after the close of the major world silver markets, including London, Zurich and COMEX. As a result, during this time, trading spreads, and the resulting premium or discount on Shares, may widen.</FONT></P>
<P id=PARA443 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA444 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><I>The liquidation of the Trust may occur at a time when the disposition of the Trust&#8217;s silver will result in losses to investors in Shares.</I></FONT></P>
<P id=PARA445 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA446 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The Trust will have a&nbsp;limited duration. If certain events occur, at any time, the Trustee will have to terminate the Trust. Otherwise, the Trust will terminate automatically on April 21, 2046.</FONT></P>
<P id=PARA447 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA448 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Upon termination of the Trust, the Trustee will sell silver in the amount necessary to cover all expenses of liquidation, and to pay any outstanding liabilities of the Trust. The remaining silver will be distributed among investors surrendering Shares. Any silver remaining in the possession of the Trustee after 90 days may be sold by the Trustee and the proceeds of the sale will be held by the Trustee until claimed by any remaining holders of Shares. Sales of silver in connection with the liquidation of the Trust at a time of low prices will likely result in losses, or adversely affect your gains, on your investment in Shares.</FONT></P>
<P id=PARA449 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA450 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><I>There may be situations where an Authorized Participant is unable to redeem a Basket of Shares. To the extent the value of silver decreases, these delays may result in a decrease in the value of the silver the Authorized Participant will receive when the redemption occurs, as well as a reduction in liquidity for all Shareholders in the secondary market.</I></FONT></P>
<P id=PARA451 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA452 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Although Shares surrendered by Authorized Participants in Basket-size aggregations are redeemable in exchange for the underlying amount of silver, redemptions may be suspended during any period while regular trading on NYSE Arca is suspended or restricted, or in which an emergency exists that makes it reasonably impracticable to deliver, dispose of, or evaluate silver. If any of these events occurs at a time when an Authorized Participant intends to redeem Shares, and the price of silver decreases before such Authorized Participant is able again to surrender for redemption Baskets of Shares, such Authorized Participant will sustain a loss with respect to the amount that it would have been able to obtain in exchange for the silver received from the Trust upon the redemption of its Shares, had the redemption taken place when such Authorized Participant originally intended it to occur. As a consequence, Authorized Participants may reduce their trading in Shares during periods of suspension, decreasing the number of potential buyers of Shares in the secondary market and, therefore, decreasing the price a Shareholder may receive upon sale.</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"></FONT></P>
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<DIV id=PGNUM6  style="FONT-SIZE: 10pt; WIDTH: 100%; TEXT-ALIGN: center">9</DIV>
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<A id=TOCLINK6  href="#TOC">Table Of Contents</A>
<DIV id=PGHDR6  style="WIDTH: 100%; TEXT-ALIGN: left">&nbsp;</DIV></DIV>
<P id=PARA6.2 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P>
<P id=PARA454 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><I>The liquidity of the Shares may also be affected by the withdrawal from participation of Authorized Participants.</I></FONT></P>
<P id=PARA455 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA456 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">In the event that one or more Authorized Participants that have substantial interests in Shares withdraw from participation, the liquidity of the Shares will likely decrease, which could adversely affect the market price of the Shares and result in your incurring a loss on your investment.</FONT></P>
<P id=PARA457 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA458 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><I>Authorized Participants with large holdings may choose to terminate the Trust</I>.</FONT></P>
<P id=PARA459 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA460 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Holders of 75% of the Shares have the power to terminate the Trust. This power may be exercised by a relatively small number of holders. If it is so exercised, investors who wished to continue to invest in silver through the vehicle of the Trust will have to find another vehicle, and may not be able to find another vehicle that offers the same features as the Trust.</FONT></P>
<P id=PARA461 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA462 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><I>The lack of an active trading market for the Shares may result in losses on your investment at the time of disposition of your Shares.</I></FONT></P>
<P id=PARA463 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA464 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Although Shares are listed for trading on NYSE Arca, you should not assume that an active trading market for the Shares will develop or be maintained. If you need to sell your Shares at a time when no active market for them exists, such lack of an active market will most likely adversely affect the price you receive for your Shares (assuming you are able to sell them).</FONT></P>
<P id=PARA465 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA466 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><I>If the process of creation and redemption of Baskets encounters any unanticipated difficulties or is materially restricted due to any illiquidity in the market for physical silver, the possibility for arbitrage transactions by Authorized Participants, intended to keep the price of the Shares closely linked to the price of silver may not exist and, as a result, the price of the Shares may fall or otherwise diverge from NAV.</I></FONT></P>
<P id=PARA467 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA468 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">If the processes of creation and redemption of Shares (which depend on timely transfers of silver to and by the Custodian) encounter any unanticipated difficulties, potential market participants, such as the Authorized Participants and their customers, who would otherwise be willing to purchase or redeem Baskets to take advantage of any arbitrage opportunity arising from discrepancies between the price of the Shares and the price of the underlying silver may not take the risk that, as a result of those difficulties, they may not be able to realize the profit they expect. If this is the case, the liquidity of the Shares may decline and the price of the Shares may fluctuate independently of the price of silver and may fall or otherwise diverge from NAV. Furthermore, in the event that the London market for physical silver should become relatively illiquid and thereby materially restrict opportunities for arbitraging by delivering silver in return for Baskets, the Shares price may diverge from the value of physical silver and may fall.</FONT></P>
<P id=PARA469 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA470 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><I>As an owner of Shares, you will not have the rights normally associated with ownership of other types of shares</I>.</FONT></P>
<P id=PARA471 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA472 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Shares are not entitled to the same rights as shares issued by a corporation. By acquiring Shares, you are not acquiring the right to elect directors, to receive dividends, to vote on certain matters regarding the issuer of your Shares or to take other actions normally associated with the ownership of shares.</FONT></P>
<P id=PARA473 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA474 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><I>As an owner of Shares, you will not have the protections normally associated with ownership of shares in an investment company registered under the Investment Company Act, or the protections afforded by the Commodity Exchange Act of 1936.</I></FONT></P>
<P id=PARA475 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA476 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The Trust is not registered as an investment company for purposes of United States federal securities laws, and is not subject to regulation by the SEC as an investment company. Consequently, the owners of Shares do not have the regulatory protections provided to investors in registered investment companies. For example, the provisions of the Investment Company Act that limit transactions with affiliates, prohibit the suspension of redemptions (except under certain limited circumstances) or limit sales loads, among others, do not apply to the Trust.</FONT></P>
<P id=PARA477 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA478 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The Trust does not hold or trade in commodity futures contracts or any other instruments regulated by the U.S. Commodity Exchange Act (&#8220;CEA&#8221;), as administered by the U.S. Commodity Futures Trading Commission (the &#8220;CFTC&#8221;). Furthermore, the Trust is not a commodity pool for purposes of the CEA. Consequently, the Trustee and Sponsor are not subject to registration as commodity pool operators with respect to the Trust. The owners of Shares do not receive the CEA disclosure document and certified annual report required to be delivered by a registered commodity pool operator with respect to the Trust, and the owners of Shares do not have the regulatory protections provided to investors in commodity pools operated by registered commodity pool operators.</FONT></P>
<P id=PARA479 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA480 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><I>The value of the Shares will be adversely affected if silver owned by the Trust is lost or damaged in circumstances in which the Trust is not in a position to recover the corresponding loss.</I></FONT></P>
<P id=PARA481 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA482 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The Custodian is responsible to the Trust for loss or damage to the Trust&#8217;s silver only under limited circumstances. The agreement with the Custodian contemplates that the Custodian will be responsible to the Trust only if it acts with negligence, fraud or in willful default of its obligations under the custodian agreement. In addition, the Custodian has agreed to indemnify the Trust for any loss or liability directly resulting from a breach of the Custodian&#8217;s representations and warranties in the custodian agreement, a failure of the Custodian to act in accordance with the Trustee&#8217;s instructions or any physical loss, destruction or damage to the silver held for the Trust&#8217;s account, except for losses due to nuclear accidents, terrorism, riots, acts of God, insurrections, strikes and similar causes beyond the control of the Custodian for which the Custodian will not be responsible to the Trust.</FONT></P>
<P id=PARA483 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA484 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The Custodian has no obligation to replace any silver lost under circumstances for which the Custodian is liable to the Trust. The Custodian&#8217;s liability to the Trust, if any, will be limited to the value of any silver lost, or the amount of any balance held on an unallocated basis, at the time of the Custodian&#8217;s negligence, fraud, or willful default, or at the time of the act or omission giving rise to the claim for indemnification.</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"></FONT></P>
<P id=PARA7.1 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P>
<DIV id=PGBK7  style="WIDTH: 100%; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<DIV id=PGFTR7  style="WIDTH: 100%; TEXT-ALIGN: center">&nbsp;</DIV>
<DIV id=PGNUM7  style="FONT-SIZE: 10pt; WIDTH: 100%; TEXT-ALIGN: center">10</DIV>
<HR style="HEIGHT: 2px; WIDTH: 100%; PAGE-BREAK-AFTER: always; COLOR: #000000" noShade>
<A id=TOCLINK7  href="#TOC">Table Of Contents</A>
<DIV id=PGHDR7  style="WIDTH: 100%; TEXT-ALIGN: left">&nbsp;</DIV></DIV>
<P id=PARA7.2 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P>
<P id=PARA486 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">In addition, because the custodian agreement is governed by English law, any rights which the holders of the Shares may have against the Custodian will be different from, and may be more limited than, those that could have been available to them under the laws of a different jurisdiction. The choice of English law to govern the custodian agreement, however, is not expected to affect any rights that the holders of the Shares may have against the Trust or the Trustee.</FONT></P>
<P id=PARA487 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA488 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Any loss of silver owned by the Trust will result in a corresponding loss in the NAV and it is reasonable to expect that such loss will also result in a decrease in the value at which the Shares are traded on NYSE Arca.</FONT></P>
<P id=PARA489 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA490 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><I>Silver transferred to the Trust in connection with the creation of Baskets may not be of the quality required under the trust agreement. The Trust will sustain a loss if the Trustee issues Shares in exchange for silver of inferior quality and that loss will adversely affect the value of all existing Shares.</I></FONT></P>
<P id=PARA491 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA492 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The procedures agreed to with the Custodian contemplate that the Custodian must undertake certain tasks in connection with the inspection of silver delivered by Authorized Participants in exchange for Baskets. The Custodian&#8217;s inspection includes review of the corresponding bar list to ensure that it accurately describes the weight, fineness, refiner marks and bar numbers appearing on the silver bars, but does not include any chemical or other tests designed to verify that the silver received does, in fact, meet the purity requirements referred to in the trust agreement. Accordingly, such inspection procedures may not prevent the deposit of silver that fails to meet these purity standards. Each Authorized Participant that deposits silver in the Trust is liable to the Trust if that silver does not meet the requirements of the trust agreement. The Custodian will not be responsible or liable to the Trust or to any investor in the event any silver otherwise properly inspected by it does not meet the purity requirements contained in the trust agreement. To the extent that Baskets are issued in exchange for silver of inferior quality and the Trust is not able to recover damages from the Authorized Participant that deposited that silver, the total value of the assets of the Trust will be adversely affected and, with it, the NAV. In these circumstances, it is reasonable to expect that the value at which the Shares trade on NYSE Arca will also be adversely affected.</FONT></P>
<P id=PARA493 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA494 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><I>The value of the Shares will be adversely affected if the Trust is required to indemnify the Sponsor or the Custodian as contemplated in the trust agreement and the custodian agreement.</I></FONT></P>
<P id=PARA495 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA496 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Under the trust agreement, the Sponsor has a right to be indemnified from the Trust for any liability or expense it incurs without negligence, bad faith or willful misconduct on its part. Similarly, the custodian agreement provides for indemnification of the Custodian by the Trust under certain circumstances. This means that it may be necessary to sell assets of the Trust in order to cover losses or liability suffered by the Sponsor or the Custodian. Any sale of that kind would reduce the net asset value of the Trust and the value of the Shares.</FONT></P>
<P id=PARA497 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt">&nbsp;</P>
<P id=PARA498 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Item 1B. <A id=BKMK279  name="BKMK279">Unresolved Staff Comments</A>.</B></FONT></P>
<P id=PARA499 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA500 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">None.</FONT></P>
<P style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25">&nbsp;</P>
<P id=PARA501 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA502 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Item 2. <A id=BKMK280  name="BKMK280">Properties</A>.</B></FONT></P>
<P id=PARA503 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA504 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Not applicable.</FONT></P>
<P style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25">&nbsp;</P>
<P id=PARA505 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA506 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Item 3. <A id=BKMK281  name="BKMK281">Legal Proceedings</A>.</B></FONT></P>
<P id=PARA507 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA508 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">None. </FONT></P>
<P style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25">&nbsp;</P>
<P id=PARA509 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA510 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Item 4. <A id=BKMK282  name="BKMK282">Mine Safety Disclosures</A>.</B></FONT></P>
<P id=PARA511 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA512 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Not applicable. </FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"></FONT></P>
<P id=PARA8.1 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P>
<DIV id=PGBK8  style="WIDTH: 100%; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<DIV id=PGFTR8  style="WIDTH: 100%; TEXT-ALIGN: center">&nbsp;</DIV>
<DIV id=PGNUM8  style="FONT-SIZE: 10pt; WIDTH: 100%; TEXT-ALIGN: center">11</DIV>
<HR style="HEIGHT: 2px; WIDTH: 100%; PAGE-BREAK-AFTER: always; COLOR: #000000" noShade>
<A id=TOCLINK8  href="#TOC">Table Of Contents</A>
<DIV id=PGHDR8  style="WIDTH: 100%; TEXT-ALIGN: left">&nbsp;</DIV></DIV>
<P id=PARA8.2 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"></FONT></P>
<P id=PARA516 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=BKMK283  name="BKMK283"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>PART II</B></FONT></A></P>
<P id=PARA517 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA518 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Item 5. <A id=BKMK284  name="BKMK284">Market for Registrant&#8217;s Common Equity</A>, Related Stockholder Matters and Issuer Purchases of Equity Securities.</B></FONT></P>
<P id=PARA519 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA520 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">a) On December 4, 2008, the Shares commenced trading on NYSE Arca under the symbol &#8220;SLV.&#8221; Prior to that, the Shares were traded on the American Stock Exchange, also under the symbol &#8220;SLV,&#8221; since their initial public offering on April 21, 2006.</FONT></P>
<P id=PARA521 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA522 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">For each of the quarters during the fiscal years ended December&nbsp;31,&nbsp;2015 and 2014, the high and low sale prices of the Shares as reported for NYSE Arca transactions were as follows:</FONT></P>
<P id=PARA523 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<TABLE id=TBL575  style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 85%; MARGIN-RIGHT: 15%; TEXT-INDENT: 0px" cellSpacing=0 cellPadding=0 border=0>

<TR id=TBL575.finRow.1>
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom"><B>&nbsp;</B></TD>
<TD id=TBL575.finRow.1.lead.D5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom"><B>&nbsp;</B></TD>
<TD id=TBL575.finRow.1.amt.D5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt" colSpan=14>
<P id=PARA524 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Years Ended December 31,</B></FONT></P></TD>
<TD id=TBL575.finRow.1.trail.D5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px"><B>&nbsp;</B></TD></TR>
<TR id=TBL575.finRow.2>
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom"><B>&nbsp;</B></TD>
<TD id=TBL575.finRow.2.lead.D3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom"><B>&nbsp;</B></TD>
<TD id=TBL575.finRow.2.amt.D3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt" colSpan=6>
<P id=PARA525 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>2015</B></FONT></P></TD>
<TD id=TBL575.finRow.2.trail.D3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px"><B>&nbsp;</B></TD>
<TD id=TBL575.finRow.2.lead.D5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom"><B>&nbsp;</B></TD>
<TD id=TBL575.finRow.2.amt.D5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt" colSpan=6>
<P id=PARA527 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>2014</B></FONT></P></TD>
<TD id=TBL575.finRow.2.trail.D5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px"><B>&nbsp;</B></TD></TR>
<TR id=TBL575.finRow.3>
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom"><B>&nbsp;</B></TD>
<TD id=TBL575.finRow.3.lead.D2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom"><B>&nbsp;</B></TD>
<TD id=TBL575.finRow.3.amt.D2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt" colSpan=2>
<P id=PARA528 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>High</B></FONT></P></TD>
<TD id=TBL575.finRow.3.trail.D2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px"><B>&nbsp;</B></TD>
<TD id=TBL575.finRow.3.lead.D3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom"><B>&nbsp;</B></TD>
<TD id=TBL575.finRow.3.amt.D3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt" colSpan=2>
<P id=PARA530 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Low</B></FONT></P></TD>
<TD id=TBL575.finRow.3.trail.D3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px"><B>&nbsp;</B></TD>
<TD id=TBL575.finRow.3.lead.D4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom"><B>&nbsp;</B></TD>
<TD id=TBL575.finRow.3.amt.D4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt" colSpan=2>
<P id=PARA532 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>High</B></FONT></P></TD>
<TD id=TBL575.finRow.3.trail.D4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px"><B>&nbsp;</B></TD>
<TD id=TBL575.finRow.3.lead.D5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom"><B>&nbsp;</B></TD>
<TD id=TBL575.finRow.3.amt.D5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt" colSpan=2>
<P id=PARA534 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Low</B></FONT></P></TD>
<TD id=TBL575.finRow.3.trail.D5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px"><B>&nbsp;</B></TD></TR>
<TR id=TBL575.finRow.4 style="BACKGROUND-COLOR: #cceeff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 40%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">
<P id=PARA535 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">First Quarter</FONT></P></TD>
<TD id=TBL575.finRow.4.lead.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL575.finRow.4.symb.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">$</TD>
<TD id=TBL575.finRow.4.amt.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">17.61</TD>
<TD id=TBL575.finRow.4.trail.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD>
<TD id=TBL575.finRow.4.lead.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL575.finRow.4.symb.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">$</TD>
<TD id=TBL575.finRow.4.amt.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">14.84</TD>
<TD id=TBL575.finRow.4.trail.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD>
<TD id=TBL575.finRow.4.lead.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL575.finRow.4.symb.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">$</TD>
<TD id=TBL575.finRow.4.amt.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">21.18</TD>
<TD id=TBL575.finRow.4.trail.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD>
<TD id=TBL575.finRow.4.lead.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL575.finRow.4.symb.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">$</TD>
<TD id=TBL575.finRow.4.amt.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">18.45</TD>
<TD id=TBL575.finRow.4.trail.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD></TR>
<TR id=TBL575.finRow.5 style="BACKGROUND-COLOR: #ffffff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">
<P id=PARA548 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Second Quarter</FONT></P></TD>
<TD id=TBL575.finRow.5.lead.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL575.finRow.5.symb.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL575.finRow.5.amt.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">16.89</TD>
<TD id=TBL575.finRow.5.trail.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD>
<TD id=TBL575.finRow.5.lead.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL575.finRow.5.symb.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL575.finRow.5.amt.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">15.03</TD>
<TD id=TBL575.finRow.5.trail.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD>
<TD id=TBL575.finRow.5.lead.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL575.finRow.5.symb.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL575.finRow.5.amt.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">20.25</TD>
<TD id=TBL575.finRow.5.trail.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD>
<TD id=TBL575.finRow.5.lead.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL575.finRow.5.symb.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL575.finRow.5.amt.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">18.02</TD>
<TD id=TBL575.finRow.5.trail.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD></TR>
<TR id=TBL575.finRow.6 style="BACKGROUND-COLOR: #cceeff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">
<P id=PARA557 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Third Quarter</FONT></P></TD>
<TD id=TBL575.finRow.6.lead.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL575.finRow.6.symb.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL575.finRow.6.amt.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">14.99</TD>
<TD id=TBL575.finRow.6.trail.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD>
<TD id=TBL575.finRow.6.lead.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL575.finRow.6.symb.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL575.finRow.6.amt.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">13.56</TD>
<TD id=TBL575.finRow.6.trail.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD>
<TD id=TBL575.finRow.6.lead.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL575.finRow.6.symb.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL575.finRow.6.amt.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">20.57</TD>
<TD id=TBL575.finRow.6.trail.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD>
<TD id=TBL575.finRow.6.lead.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL575.finRow.6.symb.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL575.finRow.6.amt.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">16.35</TD>
<TD id=TBL575.finRow.6.trail.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD></TR>
<TR id=TBL575.finRow.7 style="BACKGROUND-COLOR: #ffffff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">
<P id=PARA566 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Fourth Quarter</FONT></P></TD>
<TD id=TBL575.finRow.7.lead.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL575.finRow.7.symb.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL575.finRow.7.amt.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">15.42</TD>
<TD id=TBL575.finRow.7.trail.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD>
<TD id=TBL575.finRow.7.lead.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL575.finRow.7.symb.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL575.finRow.7.amt.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">13.06</TD>
<TD id=TBL575.finRow.7.trail.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD>
<TD id=TBL575.finRow.7.lead.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL575.finRow.7.symb.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL575.finRow.7.amt.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">16.81</TD>
<TD id=TBL575.finRow.7.trail.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD>
<TD id=TBL575.finRow.7.lead.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL575.finRow.7.symb.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL575.finRow.7.amt.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">14.66</TD>
<TD id=TBL575.finRow.7.trail.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD></TR></TABLE>
<P id=PARA576 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA577 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA578 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The number of Shareholders of record of the registrant as of January 31, 2016 was approximately&nbsp;342,924.</FONT></P>
<P id=PARA579 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA580 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">b) Not applicable.</FONT></P>
<P id=PARA581 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA582 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">c) 14,300,000 Shares (286 Baskets) were redeemed during the fourth quarter of the year ended December&nbsp;31,&nbsp;2015.</FONT></P>
<P id=PARA583 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA584 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<TABLE id=TBL606  style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 80%; MARGIN-RIGHT: 20%; TEXT-INDENT: 0px" cellSpacing=0 cellPadding=0 border=0>

<TR id=TBL606.finRow.1>
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 54%; VERTICAL-ALIGN: bottom">
<P id=PARA585 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; LINE-HEIGHT: 1.25"><U><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Period</B></FONT></U></P></TD>
<TD id=TBL606.finRow.1.lead.D2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom">&nbsp;</TD>
<TD id=TBL606.finRow.1.amt.D2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt" colSpan=2>
<P id=PARA587 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Total Number of Shares<BR>Redeemed</B></FONT></P></TD>
<TD id=TBL606.finRow.1.trail.D2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px">&nbsp;</TD>
<TD id=TBL606.finRow.1.lead.D3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom">&nbsp;</TD>
<TD id=TBL606.finRow.1.amt.D3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt" colSpan=2>
<P id=PARA589 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Average Ounces of<BR>Silver Per Share</B></FONT></P></TD>
<TD id=TBL606.finRow.1.trail.D3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px">&nbsp;</TD></TR>
<TR id=TBL606.finRow.2 style="BACKGROUND-COLOR: #cceeff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">
<P id=PARA590 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">10/01/15 to 10/31/15</FONT></P></TD>
<TD id=TBL606.finRow.2.lead.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL606.finRow.2.symb.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL606.finRow.2.amt.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 20%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">7,150,000</TD>
<TD id=TBL606.finRow.2.trail.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD>
<TD id=TBL606.finRow.2.lead.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL606.finRow.2.symb.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL606.finRow.2.amt.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 20%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">0.9538</TD>
<TD id=TBL606.finRow.2.trail.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD></TR>
<TR id=TBL606.finRow.3 style="BACKGROUND-COLOR: #ffffff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">
<P id=PARA594 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">11/01/15 to 11/30/15</FONT></P></TD>
<TD id=TBL606.finRow.3.lead.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL606.finRow.3.symb.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL606.finRow.3.amt.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 20%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">&#8212;</TD>
<TD id=TBL606.finRow.3.trail.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD>
<TD id=TBL606.finRow.3.lead.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL606.finRow.3.symb.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL606.finRow.3.amt.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 20%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">&#8212;</TD>
<TD id=TBL606.finRow.3.trail.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD></TR>
<TR id=TBL606.finRow.4 style="BACKGROUND-COLOR: #cceeff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">
<P id=PARA598 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">12/01/15 to 12/31/15</FONT></P></TD>
<TD id=TBL606.finRow.4.lead.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL606.finRow.4.symb.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL606.finRow.4.amt.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 20%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">7,150,000</TD>
<TD id=TBL606.finRow.4.trail.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD>
<TD id=TBL606.finRow.4.lead.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL606.finRow.4.symb.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL606.finRow.4.amt.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 20%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">0.9529</TD>
<TD id=TBL606.finRow.4.trail.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD></TR>
<TR id=TBL606.finRow.5 style="BACKGROUND-COLOR: #ffffff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">
<P id=PARA602 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Total</FONT></P></TD>
<TD id=TBL606.finRow.5.lead.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL606.finRow.5.symb.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL606.finRow.5.amt.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 20%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">14,300,000</TD>
<TD id=TBL606.finRow.5.trail.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD>
<TD id=TBL606.finRow.5.lead.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL606.finRow.5.symb.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL606.finRow.5.amt.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 20%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">0.9534</TD>
<TD id=TBL606.finRow.5.trail.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD></TR></TABLE>
<P id=PARA607 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA608 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA609 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Item 6. <A id=BKMK285  name="BKMK285">Selected Financial Data</A>.</B></FONT></P>
<P id=PARA610 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA611 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><I>Financial Highlights (for the years ended December&nbsp;31,&nbsp;2015, 2014, 2013, 2012 and 2011)</I></FONT></P>
<P id=PARA612 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><I>(Dollar amounts in $000&#8217;s, except for per Share amounts)</I></FONT></P>
<P id=PARA613 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<TABLE id=TBL729  style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 100%; TEXT-INDENT: 0px" cellSpacing=0 cellPadding=0 border=0>

<TR id=TBL729.finRow.1>
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom"><B>&nbsp;</B></TD>
<TD id=TBL729.finRow.1.lead.D6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom"><B>&nbsp;</B></TD>
<TD id=TBL729.finRow.1.amt.D6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt" colSpan=18>
<P id=PARA614 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Years Ended December 31,</B></FONT></P></TD>
<TD id=TBL729.finRow.1.trail.D6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px"><B>&nbsp;</B></TD></TR>
<TR id=TBL729.finRow.2>
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom"><B>&nbsp;</B></TD>
<TD id=TBL729.finRow.2.lead.D2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom"><B>&nbsp;</B></TD>
<TD id=TBL729.finRow.2.amt.D2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt" colSpan=2>
<P id=PARA616 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>2015<FONT style="FONT-SIZE: 60%; VERTICAL-ALIGN: text-top">(a)</FONT></B></FONT></P></TD>
<TD id=TBL729.finRow.2.trail.D2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px"><B>&nbsp;</B></TD>
<TD id=TBL729.finRow.2.lead.D3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom"><B>&nbsp;</B></TD>
<TD id=TBL729.finRow.2.amt.D3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt" colSpan=2>
<P id=PARA618 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>2014</B><FONT style="FONT-SIZE: 60%; VERTICAL-ALIGN: text-top"><B>(a)</B></FONT></FONT></P></TD>
<TD id=TBL729.finRow.2.trail.D3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px"><B>&nbsp;</B></TD>
<TD id=TBL729.finRow.2.lead.D4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom"><B>&nbsp;</B></TD>
<TD id=TBL729.finRow.2.amt.D4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt" colSpan=2>
<P id=PARA620 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>2013</B></FONT></P></TD>
<TD id=TBL729.finRow.2.trail.D4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px"><B>&nbsp;</B></TD>
<TD id=TBL729.finRow.2.lead.D5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom"><B>&nbsp;</B></TD>
<TD id=TBL729.finRow.2.amt.D5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt" colSpan=2>
<P id=PARA622 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>2012</B></FONT></P></TD>
<TD id=TBL729.finRow.2.trail.D5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px"><B>&nbsp;</B></TD>
<TD id=TBL729.finRow.2.lead.D6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom"><B>&nbsp;</B></TD>
<TD id=TBL729.finRow.2.amt.D6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt" colSpan=2>
<P id=PARA624 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>2011</B></FONT></P></TD>
<TD id=TBL729.finRow.2.trail.D6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px"><B>&nbsp;</B></TD></TR>
<TR id=TBL729.finRow.3>
<TD>&nbsp;</TD>
<TD id=TBL729.finRow.3.lead.B2>&nbsp;</TD>
<TD id=TBL729.finRow.3.symb.B2>&nbsp;</TD>
<TD id=TBL729.finRow.3.amt.B2>&nbsp;</TD>
<TD id=TBL729.finRow.3.trail.B2>&nbsp;</TD>
<TD id=TBL729.finRow.3.lead.B3>&nbsp;</TD>
<TD id=TBL729.finRow.3.symb.B3>&nbsp;</TD>
<TD id=TBL729.finRow.3.amt.B3>&nbsp;</TD>
<TD id=TBL729.finRow.3.trail.B3>&nbsp;</TD>
<TD id=TBL729.finRow.3.lead.B4>&nbsp;</TD>
<TD id=TBL729.finRow.3.symb.B4>&nbsp;</TD>
<TD id=TBL729.finRow.3.amt.B4>&nbsp;</TD>
<TD id=TBL729.finRow.3.trail.B4>&nbsp;</TD>
<TD id=TBL729.finRow.3.lead.B5>&nbsp;</TD>
<TD id=TBL729.finRow.3.symb.B5>&nbsp;</TD>
<TD id=TBL729.finRow.3.amt.B5>&nbsp;</TD>
<TD id=TBL729.finRow.3.trail.B5>&nbsp;</TD>
<TD id=TBL729.finRow.3.lead.B6>&nbsp;</TD>
<TD id=TBL729.finRow.3.symb.B6>&nbsp;</TD>
<TD id=TBL729.finRow.3.amt.B6>&nbsp;</TD>
<TD id=TBL729.finRow.3.trail.B6>&nbsp;</TD></TR>
<TR id=TBL729.finRow.4 style="BACKGROUND-COLOR: #cceeff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 40%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">
<P id=PARA627 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Total assets</FONT></P></TD>
<TD id=TBL729.finRow.4.lead.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL729.finRow.4.symb.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">$</TD>
<TD id=TBL729.finRow.4.amt.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">4,393,861</TD>
<TD id=TBL729.finRow.4.trail.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD>
<TD id=TBL729.finRow.4.lead.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL729.finRow.4.symb.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">$</TD>
<TD id=TBL729.finRow.4.amt.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">5,263,140</TD>
<TD id=TBL729.finRow.4.trail.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD>
<TD id=TBL729.finRow.4.lead.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL729.finRow.4.symb.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">$</TD>
<TD id=TBL729.finRow.4.amt.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">6,243,467</TD>
<TD id=TBL729.finRow.4.trail.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD>
<TD id=TBL729.finRow.4.lead.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL729.finRow.4.symb.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">$</TD>
<TD id=TBL729.finRow.4.amt.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">8,135,003</TD>
<TD id=TBL729.finRow.4.trail.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD>
<TD id=TBL729.finRow.4.lead.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL729.finRow.4.symb.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">$</TD>
<TD id=TBL729.finRow.4.amt.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">7,191,460</TD>
<TD id=TBL729.finRow.4.trail.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD></TR>
<TR id=TBL729.finRow.5 style="BACKGROUND-COLOR: #ffffff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">
<P id=PARA643 style="TEXT-ALIGN: left; MARGIN: 0pt 0pt 0pt 7.2pt; LINE-HEIGHT: 1.25; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Total gain (loss) on silver bullion</FONT></P></TD>
<TD id=TBL729.finRow.5.lead.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL729.finRow.5.symb.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">$</TD>
<TD id=TBL729.finRow.5.amt.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">&#8212;</TD>
<TD id=TBL729.finRow.5.trail.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD>
<TD id=TBL729.finRow.5.lead.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL729.finRow.5.symb.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">$</TD>
<TD id=TBL729.finRow.5.amt.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">&#8212;</TD>
<TD id=TBL729.finRow.5.trail.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD>
<TD id=TBL729.finRow.5.lead.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL729.finRow.5.symb.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">$</TD>
<TD id=TBL729.finRow.5.amt.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">(1,914,970</TD>
<TD id=TBL729.finRow.5.trail.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>)</TD>
<TD id=TBL729.finRow.5.lead.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL729.finRow.5.symb.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">$</TD>
<TD id=TBL729.finRow.5.amt.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">438,796</TD>
<TD id=TBL729.finRow.5.trail.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD>
<TD id=TBL729.finRow.5.lead.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL729.finRow.5.symb.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">$</TD>
<TD id=TBL729.finRow.5.amt.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">3,127,700</TD>
<TD id=TBL729.finRow.5.trail.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD></TR>
<TR id=TBL729.finRow.6 style="BACKGROUND-COLOR: #cceeff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #cceeff">
<P id=PARA659 style="TEXT-ALIGN: left; MARGIN: 0pt 0pt 0pt 7.2pt; LINE-HEIGHT: 1.25; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Net realized loss on silver bullion</FONT></P></TD>
<TD id=TBL729.finRow.6.lead.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL729.finRow.6.symb.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #cceeff">$</TD>
<TD id=TBL729.finRow.6.amt.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #cceeff">(212,156</TD>
<TD id=TBL729.finRow.6.trail.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>)&nbsp;</TD>
<TD id=TBL729.finRow.6.lead.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL729.finRow.6.symb.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #cceeff">$</TD>
<TD id=TBL729.finRow.6.amt.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #cceeff">(78,450</TD>
<TD id=TBL729.finRow.6.trail.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>)</TD>
<TD id=TBL729.finRow.6.lead.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL729.finRow.6.symb.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #cceeff">$</TD>
<TD id=TBL729.finRow.6.amt.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #cceeff">&#8212;</TD>
<TD id=TBL729.finRow.6.trail.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD>
<TD id=TBL729.finRow.6.lead.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL729.finRow.6.symb.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #cceeff">$</TD>
<TD id=TBL729.finRow.6.amt.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #cceeff">&#8212;</TD>
<TD id=TBL729.finRow.6.trail.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD>
<TD id=TBL729.finRow.6.lead.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL729.finRow.6.symb.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #cceeff">$</TD>
<TD id=TBL729.finRow.6.amt.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #cceeff">&#8212;</TD>
<TD id=TBL729.finRow.6.trail.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD></TR>
<TR id=TBL729.finRow.7 style="BACKGROUND-COLOR: #ffffff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">
<P id=PARA670 style="TEXT-ALIGN: left; MARGIN: 0pt 0pt 0pt 7.2pt; LINE-HEIGHT: 1.25; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Net income (loss)</FONT></P></TD>
<TD id=TBL729.finRow.7.lead.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL729.finRow.7.symb.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">$</TD>
<TD id=TBL729.finRow.7.amt.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">(699,232</TD>
<TD id=TBL729.finRow.7.trail.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>)</TD>
<TD id=TBL729.finRow.7.lead.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL729.finRow.7.symb.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">$</TD>
<TD id=TBL729.finRow.7.amt.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">(1,233,639</TD>
<TD id=TBL729.finRow.7.trail.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>)</TD>
<TD id=TBL729.finRow.7.lead.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL729.finRow.7.symb.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">$</TD>
<TD id=TBL729.finRow.7.amt.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">(1,954,788</TD>
<TD id=TBL729.finRow.7.trail.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>)</TD>
<TD id=TBL729.finRow.7.lead.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL729.finRow.7.symb.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">$</TD>
<TD id=TBL729.finRow.7.amt.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">390,140</TD>
<TD id=TBL729.finRow.7.trail.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD>
<TD id=TBL729.finRow.7.lead.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL729.finRow.7.symb.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">$</TD>
<TD id=TBL729.finRow.7.amt.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">3,070,085</TD>
<TD id=TBL729.finRow.7.trail.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD></TR>
<TR id=TBL729.finRow.8 style="BACKGROUND-COLOR: #cceeff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #cceeff">
<P id=PARA686 style="TEXT-ALIGN: left; MARGIN: 0pt 0pt 0pt 7.2pt; LINE-HEIGHT: 1.25; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Weighted-average Shares outstanding</FONT></P></TD>
<TD id=TBL729.finRow.8.lead.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL729.finRow.8.symb.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL729.finRow.8.amt.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #cceeff">337,569,863</TD>
<TD id=TBL729.finRow.8.trail.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD>
<TD id=TBL729.finRow.8.lead.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL729.finRow.8.symb.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL729.finRow.8.amt.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #cceeff">345,726,575</TD>
<TD id=TBL729.finRow.8.trail.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD>
<TD id=TBL729.finRow.8.lead.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL729.finRow.8.symb.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL729.finRow.8.amt.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #cceeff">345,697,260</TD>
<TD id=TBL729.finRow.8.trail.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD>
<TD id=TBL729.finRow.8.lead.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL729.finRow.8.symb.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL729.finRow.8.amt.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #cceeff">322,923,770</TD>
<TD id=TBL729.finRow.8.trail.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD>
<TD id=TBL729.finRow.8.lead.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL729.finRow.8.symb.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL729.finRow.8.amt.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #cceeff">335,012,740</TD>
<TD id=TBL729.finRow.8.trail.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD></TR>
<TR id=TBL729.finRow.9 style="BACKGROUND-COLOR: #ffffff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">
<P id=PARA697 style="TEXT-ALIGN: left; MARGIN: 0pt 0pt 0pt 7.2pt; LINE-HEIGHT: 1.25; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Net income (loss) per Share</FONT></P></TD>
<TD id=TBL729.finRow.9.lead.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL729.finRow.9.symb.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">$</TD>
<TD id=TBL729.finRow.9.amt.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">(2.07</TD>
<TD id=TBL729.finRow.9.trail.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>)</TD>
<TD id=TBL729.finRow.9.lead.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL729.finRow.9.symb.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">$</TD>
<TD id=TBL729.finRow.9.amt.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">(3.57</TD>
<TD id=TBL729.finRow.9.trail.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>)</TD>
<TD id=TBL729.finRow.9.lead.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL729.finRow.9.symb.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">$</TD>
<TD id=TBL729.finRow.9.amt.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">(5.65</TD>
<TD id=TBL729.finRow.9.trail.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>)</TD>
<TD id=TBL729.finRow.9.lead.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL729.finRow.9.symb.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">$</TD>
<TD id=TBL729.finRow.9.amt.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">1.21</TD>
<TD id=TBL729.finRow.9.trail.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD>
<TD id=TBL729.finRow.9.lead.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL729.finRow.9.symb.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">$</TD>
<TD id=TBL729.finRow.9.amt.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">9.16</TD>
<TD id=TBL729.finRow.9.trail.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD></TR>
<TR id=TBL729.finRow.10 style="BACKGROUND-COLOR: #cceeff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #cceeff">
<P id=PARA713 style="TEXT-ALIGN: left; MARGIN: 0pt 0pt 0pt 7.2pt; LINE-HEIGHT: 1.25; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Net cash flows</FONT></P></TD>
<TD id=TBL729.finRow.10.lead.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL729.finRow.10.symb.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #cceeff">$</TD>
<TD id=TBL729.finRow.10.amt.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #cceeff">&#8212;</TD>
<TD id=TBL729.finRow.10.trail.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD>
<TD id=TBL729.finRow.10.lead.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
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<TD id=TBL729.finRow.10.amt.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #cceeff">&#8212;</TD>
<TD id=TBL729.finRow.10.trail.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD></TR></TABLE>
<P id=PARA398 style="MARGIN: 0pt; LINE-HEIGHT: 1.25">&nbsp;</P>
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<P id=PARA340 style="MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"></P>
<P id=PARA341 style="MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><FONT style="FONT-SIZE: 60%; VERTICAL-ALIGN: text-top">(a)</FONT></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT style="FONT-SIZE: 8pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Effective January 1, 2014, the Trust qualified as an investment company solely&nbsp;for&nbsp;accounting purposes and not for any other purpose. Please refer to Note 2B to the financial statements that appear elsewhere in this report.</FONT></P>
<P style="TEXT-ALIGN: left; MARGIN: 0pt 0pt 0pt 7.2pt; LINE-HEIGHT: 1.25; TEXT-INDENT: -7.2pt">&nbsp;<FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT></P>
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<DIV id=PGNUM9  style="FONT-SIZE: 10pt; WIDTH: 100%; TEXT-ALIGN: center">12</DIV>
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<A id=TOCLINK9  href="#TOC">Table Of Contents</A>
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<P id=PARA9.2 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"></FONT></P>
<P id=PARA733 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Item 7. <A id=BKMK286  name="BKMK286">Management&#8217;s Discussion and Analysis </A>of Financial Condition and Results of Operations.</B></FONT></P>
<P id=PARA734 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA735 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><I>This information should be read in conjunction with the financial statements and notes to financial statements included with this report. 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 &#8220;may,&#8221; &#8220;should,&#8221; "could," &#8220;expect,&#8221; &#8220;plan,&#8221; &#8220;anticipate,&#8221; &#8220;believe,&#8221; &#8220;estimate,&#8221; &#8220;predict,&#8221; &#8220;potential&#8221; or the negative of these terms or other comparable terminology. Except as required by applicable disclosure laws, neither the Sponsor, nor any other person assumes responsibility for the accuracy or completeness of any 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&#8217;s expectations or predictions.</I></FONT></P>
<P id=PARA736 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA737 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Introduction</B></FONT></P>
<P id=PARA738 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA739 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">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 Trustee acting as trustee pursuant to the First Amended and Restated Depositary Trust Agreement (the &#8220;Trust Agreement&#8221;) between the Trustee and 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 responsible only to the Trustee.</FONT></P>
<P id=PARA740 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA741 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The Trust is a passive investment vehicle and the objective of the Trust is for the value of each Share to approximately reflect, at any given time, the price of silver owned by the Trust less the Trust&#8217;s expenses and liabilities 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.</FONT></P>
<P id=PARA742 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA743 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The Trust issues and redeems Shares only in exchange for silver, only in Baskets of 50,000 Shares or integral multiples thereof, and only in transactions with Authorized Participants. A list of current Authorized Participants is available from the Sponsor or the Trustee.</FONT></P>
<P id=PARA744 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA745 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Shares of the Trust trade on NYSE Arca under the symbol &#8220;SLV.&#8221;</FONT></P>
<P id=PARA746 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA747 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Valuation of Silver; Computation of Net Asset Value</B></FONT></P>
<P id=PARA748 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA749 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">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 NAV. The Trustee values the silver held by the Trust on the basis of that day&#8217;s announced LBMA Silver Price. Having valued the silver held by the Trust, the Trustee then subtracts all accrued fees, expenses and other liabilities of the Trust from the value of the silver and other assets of the Trust. The result is the net asset value of the Trust. The Trustee 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. Prior to August 15, 2014, the Trustee valued the silver held by the Trust using the London Fix.</FONT></P>
<P id=PARA750 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA751 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Liquidity</B></FONT></P>
<P id=PARA752 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA753 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">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&#8217;s fee. The Trust&#8217;s only source of liquidity is its sales of silver.</FONT></P>
<P id=PARA754 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA755 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Critical Accounting Policies</B></FONT></P>
<P id=PARA756 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA757 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">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&#8217;s financial position and results of operations. These estimates and assumptions affect the Trust&#8217;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 the Trust&#8217;s accounting policies.</FONT></P>
<P id=PARA758 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA759 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Valuation of Silver Bullion</B></FONT></P>
<P id=PARA760 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA761 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Beginning January 1, 2014, the silver bullion held by the Trust is valued at fair value. Prior to January 1, 2014, silver bullion held by the Trust was valued at the lower of cost or market, using the average cost method. In applying the lower of cost or market valuation, if the fair value of the silver bullion held was lower than its average cost during the interim periods, an adjustment (&#8220;market value reserve&#8221;) to cost was recorded by the Trust to reflect fair value. If the fair value of the silver bullion held increased subsequent to the market value reserve being recorded, a &#8220;market value recovery&#8221; was recorded during an interim period in the same fiscal year that the market value reserve had been recorded by the Trust. The market value recovery recorded at an interim period could not exceed the previously recognized market value reserve. At the end of the Trust&#8217;s fiscal year, management made a determination as to whether the reserve was recovered or whether the cost basis of silver bullion was written down. The market value reserve, market value recovery and inventory write down each were reported as a component of &#8220;Adjustment to silver bullion inventory.&#8221;</FONT></P>
<P style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25">&nbsp;</P>
<P style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25">Fair value of the silver bullion is based on the LBMA Silver price. Prior to August 15, 2014, fair value of the silver bullion was based on the London Fix. </P>
<P id=PARA762 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA763 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">There are other indicators of the value of silver bullion that are available that could be different than that chosen by the Trust. The LBMA Silver Price is used by the Trust because it is commonly used by the U.S. silver market as an indicator of the value of silver, and is permitted to be used under the Trust Agreement. The use of an indicator of the value of silver bullion other than the LBMA Silver Price 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.</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"></FONT></P>
<P id=PARA1.1 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P>
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<DIV id=PGNUM1  style="FONT-SIZE: 10pt; WIDTH: 100%; TEXT-ALIGN: center">13</DIV>
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<A id=TOCLINK1  href="#TOC">Table Of Contents</A>
<DIV id=PGHDR1  style="WIDTH: 100%; TEXT-ALIGN: left">&nbsp;</DIV></DIV>
<P id=PARA1.2 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P>
<P id=PARA765 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The following chart shows the daily London Fix or LBMA Silver Price, as applicable,&nbsp;for the period from December 2010 through December 2015<FONT style="FONT-SIZE: 60%; VERTICAL-ALIGN: text-top">(a)</FONT>:</FONT></P>
<P id=PARA766 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P style="TEXT-ALIGN: center"><IMG src="img.jpg" width=617 height=464></P>
<HR style="BORDER-TOP: medium none; HEIGHT: 1px; BORDER-RIGHT: medium none; WIDTH: 10%; BORDER-BOTTOM: medium none; COLOR: #000000;  BORDER-LEFT: medium none; BACKGROUND-COLOR: #000000" align="left">

<P id=PARA769 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><FONT style="FONT-SIZE: 60%; VERTICAL-ALIGN: text-top">(a)</FONT>&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The London Fix was discontinued on August 15, 2014 and was subsequently replaced by the LBMA Silver Price from that date onward, as reflected in the chart.</FONT> </P>
<P style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25">&nbsp;<FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"></FONT></P>
<P id=PARA771 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Results of Operations</B></FONT></P>
<P id=PARA772 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA773 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><I>The Year Ended </I><I>December&nbsp;31,&nbsp;2015</I></FONT></P>
<P id=PARA774 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA775 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The Trust&#8217;s net asset value fell from $5,260,801,879 at December&nbsp;31,&nbsp;2014 to $4,391,943,604 at December&nbsp;31,&nbsp;2015, a 16.52% decrease for the year. The decrease in the Trust&#8217;s net asset value resulted primarily from a decrease in the price of silver, which fell 13.46% from $15.97 at December&nbsp;31,&nbsp;2014 to $13.82 (the LBMA Silver Price at December&nbsp;31,&nbsp;2015). The decrease in the Trust&#8217;s net asset value was also affected by a decrease in the number of outstanding Shares, which fell from 344,000,000 Shares at December&nbsp;31,&nbsp;2014 to 333,550,000 Shares at December&nbsp;31,&nbsp;2015, a consequence of 57,150,000 Shares (1,143 Baskets) being created and 67,600,000 Shares (1,352 Baskets) being redeemed during the year.</FONT></P>
<P id=PARA776 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA777 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The 13.87% decline in the Trust&#8217;s net asset value per Share from $15.29 at December&nbsp;31,&nbsp;2014 to $13.17 at December&nbsp;31,&nbsp;2015 is directly related to the 13.46% decrease in the price of silver.</FONT></P>
<P id=PARA778 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA779 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The Trust&#8217;s net asset value per Share decreased slightly more than the price of silver on a percentage basis due to the Sponsor&#8217;s fees, which were $25,294,785 for the year, or 0.50% of the Trust&#8217;s average weighted assets of $5,056,528,843 during the year. The net asset value per Share of $17.45 on January 23, 2015 was the highest during the year, compared with a low during the year of $13.07 on December 14, 2015. The net asset value of the Trust is obtained by subtracting the Trust&#8217;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.</FONT></P>
<P id=PARA780 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA781 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Net loss for the year ended December&nbsp;31,&nbsp;2015 was $699,232,160, resulting from a net investment loss of $25,294,785, a net realized loss of $5,703,341 from investment in silver bullion sold to pay expenses, a net realized loss of $206,452,543 on silver bullion distributed for the redemption of Shares and&nbsp;an unrealized loss&nbsp;on investment in silver bullion of $461,781,491. Other than the Sponsor&#8217;s fees of $25,294,785, the Trust had no expenses during the year ended December 31, 2015.</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"></FONT></P>
<P id=PARA2.1 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P>
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<DIV id=PGNUM2  style="FONT-SIZE: 10pt; WIDTH: 100%; TEXT-ALIGN: center">14</DIV>
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<A id=TOCLINK2  href="#TOC">Table Of Contents</A>
<DIV id=PGHDR2  style="WIDTH: 100%; TEXT-ALIGN: left">&nbsp;</DIV></DIV>
<P id=PARA2.2 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"></FONT></P>
<P id=PARA787 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><I>The Year Ended December&nbsp;31,&nbsp;201</I><I>4</I></FONT></P>
<P id=PARA788 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA789 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The Trust&#8217;s net asset value fell from $6,240,747,397 at December&nbsp;31,&nbsp;2013 to $5,260,801,879 at December&nbsp;31,&nbsp;2014, a 15.70% decrease for the year. The decrease in the Trust&#8217;s net asset value resulted primarily from a decrease in the price of silver, which fell 18.10% from $19.50 (the London Fix at December&nbsp;31,&nbsp;2013) to $15.97 (the LBMA Silver Price at December&nbsp;31,&nbsp;2014). The decrease in the Trust&#8217;s net asset value was partially offset by an increase in the number of outstanding Shares, which rose from 332,500,000 Shares at December&nbsp;31,&nbsp;2013 to 344,000,000 Shares at December&nbsp;31,&nbsp;2014, a consequence of 74,950,000 Shares (1,499 Baskets) being created and 63,450,000 Shares (1,269 Baskets) being redeemed during the year. </FONT></P>
<P id=PARA790 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA791 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The 18.54% decline in the Trust&#8217;s net asset value per Share from $18.77 at December&nbsp;31,&nbsp;2013 to $15.29 at December&nbsp;31,&nbsp;2014 is directly related to the 18.10% decrease in the price of silver.</FONT></P>
<P id=PARA792 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA793 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The Trust&#8217;s net asset value per Share decreased slightly more than the price of silver on a percentage basis due to the Sponsor&#8217;s fees, which were $31,579,407 for the year, or 0.50% of the Trust&#8217;s average weighted assets of $6,313,220,546 during the year. The net asset value per Share of $21.21 on February 24, 2014 was the highest during the year, compared with a low during the year of $14.64 on November 6, 2014. The net asset value of the Trust is obtained by subtracting the Trust&#8217;s expenses and liabilities on any day from the value of the silver owned by the Trust on that day&#894; 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. </FONT></P>
<P id=PARA794 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA795 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Net loss for the year ended December&nbsp;31,&nbsp;2014 was $1,233,639,459, resulting from a net investment loss of $31,579,407, a net realized loss of $1,055,702 from investment in silver bullion sold to pay expenses, a net realized loss of $77,394,400 on silver bullion distributed for the redemption of Shares and&nbsp;an unrealized loss&nbsp;on investment in silver bullion of $1,123,609,950. Other than the Sponsor&#8217;s fees of $31,579,407, the Trust had no expenses during the year ended December&nbsp;31,&nbsp;2014.</FONT></P>
<P id=PARA796 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA797 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA798 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><I>The Year Ended December&nbsp;31,&nbsp;2013</I></FONT></P>
<P id=PARA799 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA800 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The Trust&#8217;s net asset value fell from $9,706,654,098 at December&nbsp;31,&nbsp;2012 to $6,240,747,397 at December&nbsp;31,&nbsp;2013, a 35.71% decrease for the year. The decrease in the Trust&#8217;s net asset value resulted primarily from a decline in the London Fix price, which fell 34.89% from $29.95 at December&nbsp;31,&nbsp;2012 to $19.50 at December&nbsp;31,&nbsp;2013. The Trust&#8217;s net asset value was also affected by a decrease in the number of outstanding Shares, which fell from 335,000,000 Shares at December&nbsp;31,&nbsp;2012 to 332,500,000 Shares at December&nbsp;31,&nbsp;2013, a consequence of 85,750,000 Shares (1,715 Baskets) being created and 88,250,000 Shares (1,765 Baskets) being redeemed during the year.</FONT></P>
<P id=PARA801 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA802 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The 35.23% decline in the Trust&#8217;s net asset value per Share from $28.98 at December&nbsp;31,&nbsp;2012 to $18.77 at December&nbsp;31,&nbsp;2013 is directly related to the 34.89% decrease in the London Fix price.</FONT></P>
<P id=PARA803 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA804 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The Trust&#8217;s net asset value per Share decreased slightly more than the price of silver on a percentage basis due to the Sponsor&#8217;s fees, which were $39,817,913 for the year, or 0.50% of the Trust&#8217;s average weighted assets of $7,954,132,223 during the year. The net asset value per Share of $31.17 on January 23, 2013 was the highest during the year, compared with a low during the year of $17.96 on June 27, 2013. The net asset value of the Trust is obtained by subtracting the Trust&#8217;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.</FONT></P>
<P id=PARA805 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA806 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Net loss for the year ended December&nbsp;31,&nbsp;2013 was $1,954,787,818, resulting from a net loss of $1,889,809 on the sales of silver to pay expenses, a net loss of $131,813,981 on silver distributed for the redemption of Shares, a silver inventory write down of $1,781,266,115 as the market value of silver held fell below its average cost, and Sponsor&#8217;s fees of $39,817,913. Other than the Sponsor&#8217;s fees, the Trust had no expenses during the year ended December&nbsp;31,&nbsp;2013.</FONT></P>
<P id=PARA807 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA808 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA809 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Item 7A. <A id=BKMK287  name="BKMK287">Quantitative and Qualitative Disclosures </A>About Market Risk.</B></FONT></P>
<P id=PARA810 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA811 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Not applicable.</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"></FONT></P>
<P id=PARA3.1 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P>
<DIV id=PGBK3  style="WIDTH: 100%; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<DIV id=PGFTR3  style="WIDTH: 100%; TEXT-ALIGN: center">&nbsp;</DIV>
<DIV id=PGNUM3  style="FONT-SIZE: 10pt; WIDTH: 100%; TEXT-ALIGN: center">15</DIV>
<HR style="HEIGHT: 2px; WIDTH: 100%; PAGE-BREAK-AFTER: always; COLOR: #000000" noShade>
<A id=TOCLINK3  href="#TOC">Table Of Contents</A>
<DIV id=PGHDR3  style="WIDTH: 100%; TEXT-ALIGN: left">&nbsp;</DIV></DIV>
<P id=PARA3.2 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"></FONT></P>
<P id=PARA814 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Item 8. <A id=BKMK288  name="BKMK288">Financial Statements and Supplementary Data</A>.</B></FONT></P>
<P id=PARA815 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA816 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><I>Quarterly Income Statements </I><I><FONT style="FONT-SIZE: 60%; VERTICAL-ALIGN: text-top">(a)</FONT></I></FONT></P>
<P id=PARA817 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><I>(Dollar amounts in $000&#8217;s, except for per Share amounts)</I></FONT></P>
<P id=PARA818 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<TABLE id=TBL957  style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 100%; TEXT-INDENT: 0px" cellSpacing=0 cellPadding=0 border=0>

<TR id=TBL957.finRow.1>
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 30%; VERTICAL-ALIGN: bottom"><B>&nbsp;</B></TD>
<TD id=TBL957.finRow.1.lead.D5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom"><B>&nbsp;</B></TD>
<TD id=TBL957.finRow.1.amt.D5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 43%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt" colSpan=14>
<P id=PARA819 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Three Months Ended (Unaudited)</B></FONT></P></TD>
<TD id=TBL957.finRow.1.trail.D5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0px"><B>&nbsp;</B></TD>
<TD id=TBL957.finRow.1.lead.D6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom"><B>&nbsp;</B></TD>
<TD id=TBL957.finRow.1.amt.D6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; MARGIN-LEFT: 0pt" colSpan=2>
<P id=PARA821 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Year Ended</B></FONT></P></TD>
<TD id=TBL957.finRow.1.trail.D6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0px"><B>&nbsp;</B></TD></TR>
<TR id=TBL957.finRow.2>
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 30%; VERTICAL-ALIGN: bottom"><B>&nbsp;</B></TD>
<TD id=TBL957.finRow.2.lead.D2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom"><B>&nbsp;</B></TD>
<TD id=TBL957.finRow.2.amt.D2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; MARGIN-LEFT: 0pt" colSpan=2>
<P id=PARA822 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>March 31,</B></FONT></P></TD>
<TD id=TBL957.finRow.2.trail.D2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom"><B>&nbsp;</B></TD>
<TD id=TBL957.finRow.2.lead.D3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom"><B>&nbsp;</B></TD>
<TD id=TBL957.finRow.2.amt.D3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; MARGIN-LEFT: 0pt" colSpan=2>
<P id=PARA824 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>June 30,</B></FONT></P></TD>
<TD id=TBL957.finRow.2.trail.D3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom"><B>&nbsp;</B></TD>
<TD id=TBL957.finRow.2.lead.D4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom"><B>&nbsp;</B></TD>
<TD id=TBL957.finRow.2.amt.D4 style="FONT-SIZE: 10pt; HEIGHT: 0px; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; MARGIN-LEFT: 0pt" colSpan=2>
<P id=PARA826 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>September 30,</B></FONT></P></TD>
<TD id=TBL957.finRow.2.trail.D4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom"><B>&nbsp;</B></TD>
<TD id=TBL957.finRow.2.lead.D5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom"><B>&nbsp;</B></TD>
<TD id=TBL957.finRow.2.amt.D5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; MARGIN-LEFT: 0pt" colSpan=2>
<P id=PARA828 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>December 31,</B></FONT></P></TD>
<TD id=TBL957.finRow.2.trail.D5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom"><B>&nbsp;</B></TD>
<TD id=TBL957.finRow.2.lead.D6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom"><B>&nbsp;</B></TD>
<TD id=TBL957.finRow.2.amt.D6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; MARGIN-LEFT: 0pt" colSpan=2>
<P id=PARA830 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>December 31,</B></FONT></P></TD>
<TD id=TBL957.finRow.2.trail.D6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom"><B>&nbsp;</B></TD></TR>
<TR id=TBL957.finRow.3>
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 30%; VERTICAL-ALIGN: bottom"><B>&nbsp;</B></TD>
<TD id=TBL957.finRow.3.lead.D2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom"><B>&nbsp;</B></TD>
<TD id=TBL957.finRow.3.amt.D2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt" colSpan=2>
<P id=PARA831 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>2015</B></FONT></P></TD>
<TD id=TBL957.finRow.3.trail.D2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px"><B>&nbsp;</B></TD>
<TD id=TBL957.finRow.3.lead.D3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom"><B>&nbsp;</B></TD>
<TD id=TBL957.finRow.3.amt.D3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt" colSpan=2>
<P id=PARA833 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>2015</B></FONT></P></TD>
<TD id=TBL957.finRow.3.trail.D3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px"><B>&nbsp;</B></TD>
<TD id=TBL957.finRow.3.lead.D4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom"><B>&nbsp;</B></TD>
<TD id=TBL957.finRow.3.amt.D4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt" colSpan=2>
<P id=PARA835 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>2015</B></FONT></P></TD>
<TD id=TBL957.finRow.3.trail.D4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px"><B>&nbsp;</B></TD>
<TD id=TBL957.finRow.3.lead.D5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom"><B>&nbsp;</B></TD>
<TD id=TBL957.finRow.3.amt.D5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt" colSpan=2>
<P id=PARA837 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>2015</B></FONT></P></TD>
<TD id=TBL957.finRow.3.trail.D5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px"><B>&nbsp;</B></TD>
<TD id=TBL957.finRow.3.lead.D6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom"><B>&nbsp;</B></TD>
<TD id=TBL957.finRow.3.amt.D6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt" colSpan=2>
<P id=PARA839 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>2015</B></FONT></P></TD>
<TD id=TBL957.finRow.3.trail.D6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px"><B>&nbsp;</B></TD></TR>
<TR id=TBL957.finRow.4 style="BACKGROUND-COLOR: #cceeff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 88%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" colSpan=20>
<P id=PARA840 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Expenses</B></FONT></P></TD>
<TD id=TBL957.finRow.4.trail.D6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"><B>&nbsp;</B></TD></TR>
<TR id=TBL957.finRow.5 style="BACKGROUND-COLOR: #ffffff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 30%; VERTICAL-ALIGN: bottom; PADDING-LEFT: 18pt; BACKGROUND-COLOR: #ffffff">
<P id=PARA841 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Sponsor&#8217;s fees</FONT></P></TD>
<TD id=TBL957.finRow.5.lead.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL957.finRow.5.symb.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">$</TD>
<TD id=TBL957.finRow.5.amt.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 11%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">6,656</TD>
<TD id=TBL957.finRow.5.trail.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD>
<TD id=TBL957.finRow.5.lead.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL957.finRow.5.symb.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">$</TD>
<TD id=TBL957.finRow.5.amt.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 11%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">6,619</TD>
<TD id=TBL957.finRow.5.trail.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD>
<TD id=TBL957.finRow.5.lead.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL957.finRow.5.symb.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">$</TD>
<TD id=TBL957.finRow.5.amt.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 11%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">6,113</TD>
<TD id=TBL957.finRow.5.trail.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD>
<TD id=TBL957.finRow.5.lead.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL957.finRow.5.symb.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">$</TD>
<TD id=TBL957.finRow.5.amt.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 11%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">5,907</TD>
<TD id=TBL957.finRow.5.trail.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD>
<TD id=TBL957.finRow.5.lead.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL957.finRow.5.symb.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">$</TD>
<TD id=TBL957.finRow.5.amt.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 11%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">25,295</TD>
<TD id=TBL957.finRow.5.trail.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD></TR>
<TR id=TBL957.finRow.6 style="BACKGROUND-COLOR: #cceeff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 30%; VERTICAL-ALIGN: bottom; PADDING-LEFT: 36pt; BACKGROUND-COLOR: #cceeff">
<P id=PARA856 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Total expenses</FONT></P></TD>
<TD id=TBL957.finRow.6.lead.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL957.finRow.6.symb.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL957.finRow.6.amt.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 11%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #cceeff">6,656</TD>
<TD id=TBL957.finRow.6.trail.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD>
<TD id=TBL957.finRow.6.lead.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL957.finRow.6.symb.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL957.finRow.6.amt.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 11%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #cceeff">6,619</TD>
<TD id=TBL957.finRow.6.trail.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD>
<TD id=TBL957.finRow.6.lead.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL957.finRow.6.symb.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL957.finRow.6.amt.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 11%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #cceeff">6,113</TD>
<TD id=TBL957.finRow.6.trail.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD>
<TD id=TBL957.finRow.6.lead.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL957.finRow.6.symb.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL957.finRow.6.amt.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 11%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #cceeff">5,907</TD>
<TD id=TBL957.finRow.6.trail.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD>
<TD id=TBL957.finRow.6.lead.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL957.finRow.6.symb.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL957.finRow.6.amt.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 11%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #cceeff">25,295</TD>
<TD id=TBL957.finRow.6.trail.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD></TR>
<TR id=TBL957.finRow.7 style="BACKGROUND-COLOR: #ffffff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 30%; VERTICAL-ALIGN: bottom; PADDING-LEFT: 54pt; BACKGROUND-COLOR: #ffffff">
<P id=PARA866 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Net investment loss</FONT></P></TD>
<TD id=TBL957.finRow.7.lead.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL957.finRow.7.symb.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL957.finRow.7.amt.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 11%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">(6,656</TD>
<TD id=TBL957.finRow.7.trail.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>)</TD>
<TD id=TBL957.finRow.7.lead.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL957.finRow.7.symb.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL957.finRow.7.amt.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 11%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">(6,619</TD>
<TD id=TBL957.finRow.7.trail.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>)</TD>
<TD id=TBL957.finRow.7.lead.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL957.finRow.7.symb.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL957.finRow.7.amt.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 11%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">(6,113</TD>
<TD id=TBL957.finRow.7.trail.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>)</TD>
<TD id=TBL957.finRow.7.lead.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL957.finRow.7.symb.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL957.finRow.7.amt.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 11%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">(5,907</TD>
<TD id=TBL957.finRow.7.trail.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>)</TD>
<TD id=TBL957.finRow.7.lead.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL957.finRow.7.symb.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL957.finRow.7.amt.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 11%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">(25,295</TD>
<TD id=TBL957.finRow.7.trail.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>)</TD></TR>
<TR id=TBL957.finRow.8 style="BACKGROUND-COLOR: #cceeff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 88%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" colSpan=20>
<P id=PARA876 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Net Realized and Unrealized Gain (Loss)</B></FONT></P></TD>
<TD id=TBL957.finRow.8.trail.D6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"><B>&nbsp;</B></TD></TR>
<TR id=TBL957.finRow.9 style="BACKGROUND-COLOR: #ffffff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 30%; VERTICAL-ALIGN: bottom; PADDING-LEFT: 27pt; BACKGROUND-COLOR: #ffffff; TEXT-INDENT: -9pt">
<P id=PARA877 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Net realized loss from silver bullion sold to pay expenses</FONT></P></TD>
<TD id=TBL957.finRow.9.lead.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL957.finRow.9.symb.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL957.finRow.9.amt.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 11%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">(1,169</TD>
<TD id=TBL957.finRow.9.trail.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>)</TD>
<TD id=TBL957.finRow.9.lead.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL957.finRow.9.symb.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL957.finRow.9.amt.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 11%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">(1,143</TD>
<TD id=TBL957.finRow.9.trail.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>)</TD>
<TD id=TBL957.finRow.9.lead.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL957.finRow.9.symb.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL957.finRow.9.amt.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 11%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">(1,713</TD>
<TD id=TBL957.finRow.9.trail.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>)</TD>
<TD id=TBL957.finRow.9.lead.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL957.finRow.9.symb.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL957.finRow.9.amt.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 11%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">(1,678</TD>
<TD id=TBL957.finRow.9.trail.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>)</TD>
<TD id=TBL957.finRow.9.lead.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL957.finRow.9.symb.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL957.finRow.9.amt.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 11%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">(5,703</TD>
<TD id=TBL957.finRow.9.trail.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>)</TD></TR>
<TR id=TBL957.finRow.10 style="BACKGROUND-COLOR: #cceeff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 30%; VERTICAL-ALIGN: bottom; PADDING-LEFT: 27pt; BACKGROUND-COLOR: #cceeff; TEXT-INDENT: -9pt">
<P id=PARA887 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Net realized loss from silver bullion distributed for the redemption of Shares</FONT></P></TD>
<TD id=TBL957.finRow.10.lead.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL957.finRow.10.symb.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL957.finRow.10.amt.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 11%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #cceeff">(42,041</TD>
<TD id=TBL957.finRow.10.trail.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>)</TD>
<TD id=TBL957.finRow.10.lead.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL957.finRow.10.symb.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL957.finRow.10.amt.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 11%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #cceeff">(43,727</TD>
<TD id=TBL957.finRow.10.trail.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>)</TD>
<TD id=TBL957.finRow.10.lead.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL957.finRow.10.symb.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL957.finRow.10.amt.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 11%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #cceeff">(51,848</TD>
<TD id=TBL957.finRow.10.trail.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>)</TD>
<TD id=TBL957.finRow.10.lead.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL957.finRow.10.symb.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL957.finRow.10.amt.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 11%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #cceeff">(68,837</TD>
<TD id=TBL957.finRow.10.trail.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>) <SUP style="vertical-align: baseline; position: relative; bottom: .33em"><I>(b)</I></SUP></TD>
<TD id=TBL957.finRow.10.lead.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL957.finRow.10.symb.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL957.finRow.10.amt.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 11%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #cceeff">(206,453</TD>
<TD id=TBL957.finRow.10.trail.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>)</TD></TR>
<TR id=TBL957.finRow.11 style="BACKGROUND-COLOR: #ffffff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 30%; VERTICAL-ALIGN: bottom; PADDING-LEFT: 27pt; BACKGROUND-COLOR: #ffffff; TEXT-INDENT: -9pt">
<P id=PARA897 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Net change in unrealized appreciation/ depreciation on investment in silver bullion</FONT></P></TD>
<TD id=TBL957.finRow.11.lead.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL957.finRow.11.symb.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL957.finRow.11.amt.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 11%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">256,233</TD>
<TD id=TBL957.finRow.11.trail.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD>
<TD id=TBL957.finRow.11.lead.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL957.finRow.11.symb.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL957.finRow.11.amt.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 11%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">(242,511</TD>
<TD id=TBL957.finRow.11.trail.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>)</TD>
<TD id=TBL957.finRow.11.lead.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL957.finRow.11.symb.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL957.finRow.11.amt.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 11%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">(288,300</TD>
<TD id=TBL957.finRow.11.trail.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>)</TD>
<TD id=TBL957.finRow.11.lead.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL957.finRow.11.symb.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL957.finRow.11.amt.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 11%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">(187,203</TD>
<TD id=TBL957.finRow.11.trail.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>) <SUP style="vertical-align: baseline; position: relative; bottom: .33em"><I>(b)</I></SUP></TD>
<TD id=TBL957.finRow.11.lead.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL957.finRow.11.symb.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL957.finRow.11.amt.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 11%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">(461,781</TD>
<TD id=TBL957.finRow.11.trail.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>)</TD></TR>
<TR id=TBL957.finRow.12 style="BACKGROUND-COLOR: #cceeff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 30%; VERTICAL-ALIGN: bottom; PADDING-LEFT: 63pt; BACKGROUND-COLOR: #cceeff; TEXT-INDENT: -9pt">
<P id=PARA907 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Net realized and unrealized gain (loss)</FONT></P></TD>
<TD id=TBL957.finRow.12.lead.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL957.finRow.12.symb.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL957.finRow.12.amt.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 11%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #cceeff">213,023</TD>
<TD id=TBL957.finRow.12.trail.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD>
<TD id=TBL957.finRow.12.lead.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL957.finRow.12.symb.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL957.finRow.12.amt.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 11%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #cceeff">(287,381</TD>
<TD id=TBL957.finRow.12.trail.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>)</TD>
<TD id=TBL957.finRow.12.lead.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL957.finRow.12.symb.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL957.finRow.12.amt.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 11%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #cceeff">(341,861</TD>
<TD id=TBL957.finRow.12.trail.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>)</TD>
<TD id=TBL957.finRow.12.lead.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL957.finRow.12.symb.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL957.finRow.12.amt.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 11%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #cceeff">(257,718</TD>
<TD id=TBL957.finRow.12.trail.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>)</TD>
<TD id=TBL957.finRow.12.lead.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL957.finRow.12.symb.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL957.finRow.12.amt.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 11%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #cceeff">(673,937</TD>
<TD id=TBL957.finRow.12.trail.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>)</TD></TR>
<TR id=TBL957.finRow.13 style="BACKGROUND-COLOR: #ffffff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 30%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA917 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>NET INCOME (LOSS)</B></FONT></P></TD>
<TD id=TBL957.finRow.13.lead.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL957.finRow.13.symb.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">$</TD>
<TD id=TBL957.finRow.13.amt.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 11%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">206,367</TD>
<TD id=TBL957.finRow.13.trail.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD>
<TD id=TBL957.finRow.13.lead.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL957.finRow.13.symb.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">$</TD>
<TD id=TBL957.finRow.13.amt.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 11%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">(294,000</TD>
<TD id=TBL957.finRow.13.trail.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>)</TD>
<TD id=TBL957.finRow.13.lead.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL957.finRow.13.symb.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">$</TD>
<TD id=TBL957.finRow.13.amt.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 11%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">(347,974</TD>
<TD id=TBL957.finRow.13.trail.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>)</TD>
<TD id=TBL957.finRow.13.lead.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL957.finRow.13.symb.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">$</TD>
<TD id=TBL957.finRow.13.amt.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 11%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">(263,625</TD>
<TD id=TBL957.finRow.13.trail.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>)</TD>
<TD id=TBL957.finRow.13.lead.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL957.finRow.13.symb.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">$</TD>
<TD id=TBL957.finRow.13.amt.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 11%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">(699,232</TD>
<TD id=TBL957.finRow.13.trail.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>)</TD></TR>
<TR id=TBL957.finRow.14 style="BACKGROUND-COLOR: #cceeff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 30%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
<P id=PARA932 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Net income (loss) per Share</FONT></P></TD>
<TD id=TBL957.finRow.14.lead.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL957.finRow.14.symb.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #cceeff">$</TD>
<TD id=TBL957.finRow.14.amt.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 11%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #cceeff">0.61</TD>
<TD id=TBL957.finRow.14.trail.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD>
<TD id=TBL957.finRow.14.lead.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL957.finRow.14.symb.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #cceeff">$</TD>
<TD id=TBL957.finRow.14.amt.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 11%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #cceeff">(0.87</TD>
<TD id=TBL957.finRow.14.trail.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>)</TD>
<TD id=TBL957.finRow.14.lead.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL957.finRow.14.symb.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #cceeff">$</TD>
<TD id=TBL957.finRow.14.amt.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 11%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #cceeff">(1.02</TD>
<TD id=TBL957.finRow.14.trail.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>)</TD>
<TD id=TBL957.finRow.14.lead.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL957.finRow.14.symb.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #cceeff">$</TD>
<TD id=TBL957.finRow.14.amt.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 11%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #cceeff">(0.79</TD>
<TD id=TBL957.finRow.14.trail.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>)</TD>
<TD id=TBL957.finRow.14.lead.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL957.finRow.14.symb.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #cceeff">$</TD>
<TD id=TBL957.finRow.14.amt.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 11%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #cceeff">(2.07</TD>
<TD id=TBL957.finRow.14.trail.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>)</TD></TR>
<TR id=TBL957.finRow.15 style="BACKGROUND-COLOR: #ffffff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 30%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA947 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Weighted-average Shares outstanding</FONT></P></TD>
<TD id=TBL957.finRow.15.lead.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL957.finRow.15.symb.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL957.finRow.15.amt.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 11%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">338,820,000</TD>
<TD id=TBL957.finRow.15.trail.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD>
<TD id=TBL957.finRow.15.lead.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL957.finRow.15.symb.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL957.finRow.15.amt.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 11%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">338,502,198</TD>
<TD id=TBL957.finRow.15.trail.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD>
<TD id=TBL957.finRow.15.lead.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL957.finRow.15.symb.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL957.finRow.15.amt.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 11%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">339,870,652</TD>
<TD id=TBL957.finRow.15.trail.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD>
<TD id=TBL957.finRow.15.lead.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL957.finRow.15.symb.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL957.finRow.15.amt.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 11%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">333,123,913</TD>
<TD id=TBL957.finRow.15.trail.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD>
<TD id=TBL957.finRow.15.lead.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL957.finRow.15.symb.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL957.finRow.15.amt.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 11%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">337,569,863</TD>
<TD id=TBL957.finRow.15.trail.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD></TR></TABLE>
<P id=PARA958 style="TEXT-ALIGN: left; MARGIN: 0pt 0pt 0pt 7.2pt; LINE-HEIGHT: 1.25; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA959 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<TABLE id=TBL1098  style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 100%; TEXT-INDENT: 0px" cellSpacing=0 cellPadding=0 border=0>

<TR id=TBL1098.finRow.1>
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 30%; VERTICAL-ALIGN: bottom"><B>&nbsp;</B></TD>
<TD id=TBL1098.finRow.1.lead.D5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom"><B>&nbsp;</B></TD>
<TD id=TBL1098.finRow.1.amt.D5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 43%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt" colSpan=14>
<P id=PARA960 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Three Months Ended (Unaudited)</B></FONT></P></TD>
<TD id=TBL1098.finRow.1.trail.D5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0px"><B>&nbsp;</B></TD>
<TD id=TBL1098.finRow.1.lead.D6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom"><B>&nbsp;</B></TD>
<TD id=TBL1098.finRow.1.amt.D6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; MARGIN-LEFT: 0pt" colSpan=2>
<P id=PARA962 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Year Ended</B></FONT></P></TD>
<TD id=TBL1098.finRow.1.trail.D6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0px"><B>&nbsp;</B></TD></TR>
<TR id=TBL1098.finRow.2>
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 30%; VERTICAL-ALIGN: bottom"><B>&nbsp;</B></TD>
<TD id=TBL1098.finRow.2.lead.D2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom"><B>&nbsp;</B></TD>
<TD id=TBL1098.finRow.2.amt.D2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; MARGIN-LEFT: 0pt" colSpan=2>
<P id=PARA963 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>March 31,</B></FONT></P></TD>
<TD id=TBL1098.finRow.2.trail.D2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom"><B>&nbsp;</B></TD>
<TD id=TBL1098.finRow.2.lead.D3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom"><B>&nbsp;</B></TD>
<TD id=TBL1098.finRow.2.amt.D3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; MARGIN-LEFT: 0pt" colSpan=2>
<P id=PARA965 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>June 30,</B></FONT></P></TD>
<TD id=TBL1098.finRow.2.trail.D3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom"><B>&nbsp;</B></TD>
<TD id=TBL1098.finRow.2.lead.D4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom"><B>&nbsp;</B></TD>
<TD id=TBL1098.finRow.2.amt.D4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; MARGIN-LEFT: 0pt" colSpan=2>
<P id=PARA967 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>September 30,</B></FONT></P></TD>
<TD id=TBL1098.finRow.2.trail.D4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom"><B>&nbsp;</B></TD>
<TD id=TBL1098.finRow.2.lead.D5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom"><B>&nbsp;</B></TD>
<TD id=TBL1098.finRow.2.amt.D5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; MARGIN-LEFT: 0pt" colSpan=2>
<P id=PARA969 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>December 31,</B></FONT></P></TD>
<TD id=TBL1098.finRow.2.trail.D5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom"><B>&nbsp;</B></TD>
<TD id=TBL1098.finRow.2.lead.D6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom"><B>&nbsp;</B></TD>
<TD id=TBL1098.finRow.2.amt.D6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; MARGIN-LEFT: 0pt" colSpan=2>
<P id=PARA971 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>December 31,</B></FONT></P></TD>
<TD id=TBL1098.finRow.2.trail.D6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom"><B>&nbsp;</B></TD></TR>
<TR id=TBL1098.finRow.3>
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 30%; VERTICAL-ALIGN: bottom"><B>&nbsp;</B></TD>
<TD id=TBL1098.finRow.3.lead.D2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom"><B>&nbsp;</B></TD>
<TD id=TBL1098.finRow.3.amt.D2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt" colSpan=2>
<P id=PARA972 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>2014</B></FONT></P></TD>
<TD id=TBL1098.finRow.3.trail.D2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px"><B>&nbsp;</B></TD>
<TD id=TBL1098.finRow.3.lead.D3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom"><B>&nbsp;</B></TD>
<TD id=TBL1098.finRow.3.amt.D3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt" colSpan=2>
<P id=PARA974 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>2014</B></FONT></P></TD>
<TD id=TBL1098.finRow.3.trail.D3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px"><B>&nbsp;</B></TD>
<TD id=TBL1098.finRow.3.lead.D4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom"><B>&nbsp;</B></TD>
<TD id=TBL1098.finRow.3.amt.D4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt" colSpan=2>
<P id=PARA976 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>2014</B></FONT></P></TD>
<TD id=TBL1098.finRow.3.trail.D4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px"><B>&nbsp;</B></TD>
<TD id=TBL1098.finRow.3.lead.D5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom"><B>&nbsp;</B></TD>
<TD id=TBL1098.finRow.3.amt.D5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt" colSpan=2>
<P id=PARA978 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>2014</B></FONT></P></TD>
<TD id=TBL1098.finRow.3.trail.D5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px"><B>&nbsp;</B></TD>
<TD id=TBL1098.finRow.3.lead.D6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom"><B>&nbsp;</B></TD>
<TD id=TBL1098.finRow.3.amt.D6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt" colSpan=2>
<P id=PARA980 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>2014</B></FONT></P></TD>
<TD id=TBL1098.finRow.3.trail.D6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px"><B>&nbsp;</B></TD></TR>
<TR id=TBL1098.finRow.4 style="BACKGROUND-COLOR: #cceeff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 88%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" colSpan=20>
<P id=PARA981 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Expenses</B></FONT></P></TD>
<TD id=TBL1098.finRow.4.trail.D6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"><B>&nbsp;</B></TD></TR>
<TR id=TBL1098.finRow.5 style="BACKGROUND-COLOR: #ffffff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 30%; VERTICAL-ALIGN: bottom; PADDING-LEFT: 18pt; BACKGROUND-COLOR: #ffffff">
<P id=PARA982 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Sponsor&#8217;s fees</FONT></P></TD>
<TD id=TBL1098.finRow.5.lead.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL1098.finRow.5.symb.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">$</TD>
<TD id=TBL1098.finRow.5.amt.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 11%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">8,172</TD>
<TD id=TBL1098.finRow.5.trail.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD>
<TD id=TBL1098.finRow.5.lead.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL1098.finRow.5.symb.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">$</TD>
<TD id=TBL1098.finRow.5.amt.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 11%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">8,072</TD>
<TD id=TBL1098.finRow.5.trail.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD>
<TD id=TBL1098.finRow.5.lead.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL1098.finRow.5.symb.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">$</TD>
<TD id=TBL1098.finRow.5.amt.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 11%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">8,199</TD>
<TD id=TBL1098.finRow.5.trail.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD>
<TD id=TBL1098.finRow.5.lead.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL1098.finRow.5.symb.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">$</TD>
<TD id=TBL1098.finRow.5.amt.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 11%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">7,136</TD>
<TD id=TBL1098.finRow.5.trail.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD>
<TD id=TBL1098.finRow.5.lead.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL1098.finRow.5.symb.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">$</TD>
<TD id=TBL1098.finRow.5.amt.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 11%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">31,579</TD>
<TD id=TBL1098.finRow.5.trail.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD></TR>
<TR id=TBL1098.finRow.6 style="BACKGROUND-COLOR: #cceeff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 30%; VERTICAL-ALIGN: bottom; PADDING-LEFT: 36pt; BACKGROUND-COLOR: #cceeff">
<P id=PARA997 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Total expenses</FONT></P></TD>
<TD id=TBL1098.finRow.6.lead.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL1098.finRow.6.symb.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL1098.finRow.6.amt.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 11%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #cceeff">8,172</TD>
<TD id=TBL1098.finRow.6.trail.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD>
<TD id=TBL1098.finRow.6.lead.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL1098.finRow.6.symb.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL1098.finRow.6.amt.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 11%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #cceeff">8,072</TD>
<TD id=TBL1098.finRow.6.trail.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD>
<TD id=TBL1098.finRow.6.lead.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL1098.finRow.6.symb.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL1098.finRow.6.amt.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 11%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #cceeff">8,199</TD>
<TD id=TBL1098.finRow.6.trail.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD>
<TD id=TBL1098.finRow.6.lead.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL1098.finRow.6.symb.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL1098.finRow.6.amt.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 11%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #cceeff">7,136</TD>
<TD id=TBL1098.finRow.6.trail.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD>
<TD id=TBL1098.finRow.6.lead.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL1098.finRow.6.symb.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL1098.finRow.6.amt.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 11%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #cceeff">31,579</TD>
<TD id=TBL1098.finRow.6.trail.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD></TR>
<TR id=TBL1098.finRow.7 style="BACKGROUND-COLOR: #ffffff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 30%; VERTICAL-ALIGN: bottom; PADDING-LEFT: 54pt; BACKGROUND-COLOR: #ffffff">
<P id=PARA1007 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Net investment loss</FONT></P></TD>
<TD id=TBL1098.finRow.7.lead.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL1098.finRow.7.symb.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL1098.finRow.7.amt.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 11%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">(8,172</TD>
<TD id=TBL1098.finRow.7.trail.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>)</TD>
<TD id=TBL1098.finRow.7.lead.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL1098.finRow.7.symb.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL1098.finRow.7.amt.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 11%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">(8,072</TD>
<TD id=TBL1098.finRow.7.trail.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>)</TD>
<TD id=TBL1098.finRow.7.lead.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL1098.finRow.7.symb.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL1098.finRow.7.amt.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 11%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">(8,199</TD>
<TD id=TBL1098.finRow.7.trail.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>)</TD>
<TD id=TBL1098.finRow.7.lead.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL1098.finRow.7.symb.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL1098.finRow.7.amt.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 11%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">(7,136</TD>
<TD id=TBL1098.finRow.7.trail.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>)</TD>
<TD id=TBL1098.finRow.7.lead.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL1098.finRow.7.symb.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL1098.finRow.7.amt.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 11%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">(31,579</TD>
<TD id=TBL1098.finRow.7.trail.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>)</TD></TR>
<TR id=TBL1098.finRow.8 style="BACKGROUND-COLOR: #cceeff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 88%; VERTICAL-ALIGN: bottom; PADDING-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" colSpan=20>
<P id=PARA1017 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Net Realized and Unrealized Gain (Loss)</B></FONT></P></TD>
<TD id=TBL1098.finRow.8.trail.D6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"><B>&nbsp;</B></TD></TR>
<TR id=TBL1098.finRow.9 style="BACKGROUND-COLOR: #ffffff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 30%; VERTICAL-ALIGN: bottom; PADDING-LEFT: 27pt; BACKGROUND-COLOR: #ffffff; TEXT-INDENT: -9pt">
<P id=PARA1018 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Net realized gain (loss) from silver bullion sold to pay expenses</FONT></P></TD>
<TD id=TBL1098.finRow.9.lead.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL1098.finRow.9.symb.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL1098.finRow.9.amt.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 11%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">255</TD>
<TD id=TBL1098.finRow.9.trail.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD>
<TD id=TBL1098.finRow.9.lead.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL1098.finRow.9.symb.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL1098.finRow.9.amt.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 11%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">(147</TD>
<TD id=TBL1098.finRow.9.trail.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>)</TD>
<TD id=TBL1098.finRow.9.lead.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL1098.finRow.9.symb.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL1098.finRow.9.amt.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 11%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">256</TD>
<TD id=TBL1098.finRow.9.trail.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD>
<TD id=TBL1098.finRow.9.lead.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL1098.finRow.9.symb.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL1098.finRow.9.amt.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 11%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">(1,420</TD>
<TD id=TBL1098.finRow.9.trail.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>)</TD>
<TD id=TBL1098.finRow.9.lead.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL1098.finRow.9.symb.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL1098.finRow.9.amt.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 11%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">(1,056</TD>
<TD id=TBL1098.finRow.9.trail.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>)</TD></TR>
<TR id=TBL1098.finRow.10 style="BACKGROUND-COLOR: #cceeff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 30%; VERTICAL-ALIGN: bottom; PADDING-LEFT: 27pt; BACKGROUND-COLOR: #cceeff; TEXT-INDENT: -9pt">
<P id=PARA1028 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Net realized gain (loss) from silver bullion distributed for the redemption of Shares</FONT></P></TD>
<TD id=TBL1098.finRow.10.lead.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL1098.finRow.10.symb.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL1098.finRow.10.amt.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 11%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #cceeff">9,750</TD>
<TD id=TBL1098.finRow.10.trail.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD>
<TD id=TBL1098.finRow.10.lead.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL1098.finRow.10.symb.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL1098.finRow.10.amt.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 11%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #cceeff">5,554</TD>
<TD id=TBL1098.finRow.10.trail.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD>
<TD id=TBL1098.finRow.10.lead.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL1098.finRow.10.symb.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL1098.finRow.10.amt.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 11%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #cceeff">1,649</TD>
<TD id=TBL1098.finRow.10.trail.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD>
<TD id=TBL1098.finRow.10.lead.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL1098.finRow.10.symb.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL1098.finRow.10.amt.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 11%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #cceeff">(94,347</TD>
<TD id=TBL1098.finRow.10.trail.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>)</TD>
<TD id=TBL1098.finRow.10.lead.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL1098.finRow.10.symb.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL1098.finRow.10.amt.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 11%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #cceeff">(77,394</TD>
<TD id=TBL1098.finRow.10.trail.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>)</TD></TR>
<TR id=TBL1098.finRow.11 style="BACKGROUND-COLOR: #ffffff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 30%; VERTICAL-ALIGN: bottom; PADDING-LEFT: 27pt; BACKGROUND-COLOR: #ffffff; TEXT-INDENT: -9pt">
<P id=PARA1038 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Net change in unrealized appreciation/ depreciation on investment in silver bullion</FONT></P></TD>
<TD id=TBL1098.finRow.11.lead.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL1098.finRow.11.symb.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL1098.finRow.11.amt.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 11%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">136,062</TD>
<TD id=TBL1098.finRow.11.trail.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD>
<TD id=TBL1098.finRow.11.lead.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL1098.finRow.11.symb.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL1098.finRow.11.amt.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 11%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">291,600</TD>
<TD id=TBL1098.finRow.11.trail.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD>
<TD id=TBL1098.finRow.11.lead.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL1098.finRow.11.symb.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL1098.finRow.11.amt.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 11%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">(1,261,329</TD>
<TD id=TBL1098.finRow.11.trail.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>)</TD>
<TD id=TBL1098.finRow.11.lead.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL1098.finRow.11.symb.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL1098.finRow.11.amt.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 11%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">(289,943</TD>
<TD id=TBL1098.finRow.11.trail.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>)</TD>
<TD id=TBL1098.finRow.11.lead.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL1098.finRow.11.symb.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL1098.finRow.11.amt.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 11%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">(1,123,610</TD>
<TD id=TBL1098.finRow.11.trail.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>)</TD></TR>
<TR id=TBL1098.finRow.12 style="BACKGROUND-COLOR: #cceeff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 30%; VERTICAL-ALIGN: bottom; PADDING-LEFT: 63pt; BACKGROUND-COLOR: #cceeff; TEXT-INDENT: -9pt">
<P id=PARA1048 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Net realized and unrealized gain (loss)</FONT></P></TD>
<TD id=TBL1098.finRow.12.lead.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL1098.finRow.12.symb.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL1098.finRow.12.amt.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 11%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #cceeff">146,067</TD>
<TD id=TBL1098.finRow.12.trail.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD>
<TD id=TBL1098.finRow.12.lead.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL1098.finRow.12.symb.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL1098.finRow.12.amt.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 11%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #cceeff">297,007</TD>
<TD id=TBL1098.finRow.12.trail.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD>
<TD id=TBL1098.finRow.12.lead.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL1098.finRow.12.symb.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL1098.finRow.12.amt.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 11%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #cceeff">(1,259,424</TD>
<TD id=TBL1098.finRow.12.trail.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>)</TD>
<TD id=TBL1098.finRow.12.lead.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL1098.finRow.12.symb.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL1098.finRow.12.amt.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 11%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #cceeff">(385,710</TD>
<TD id=TBL1098.finRow.12.trail.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>)</TD>
<TD id=TBL1098.finRow.12.lead.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL1098.finRow.12.symb.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL1098.finRow.12.amt.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 11%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #cceeff">(1,202,060</TD>
<TD id=TBL1098.finRow.12.trail.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>)</TD></TR>
<TR id=TBL1098.finRow.13 style="BACKGROUND-COLOR: #ffffff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 30%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA1058 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>NET INCOME (LOSS)</B></FONT></P></TD>
<TD id=TBL1098.finRow.13.lead.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL1098.finRow.13.symb.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">$</TD>
<TD id=TBL1098.finRow.13.amt.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 11%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">137,895</TD>
<TD id=TBL1098.finRow.13.trail.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD>
<TD id=TBL1098.finRow.13.lead.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL1098.finRow.13.symb.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">$</TD>
<TD id=TBL1098.finRow.13.amt.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 11%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">288,935</TD>
<TD id=TBL1098.finRow.13.trail.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD>
<TD id=TBL1098.finRow.13.lead.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL1098.finRow.13.symb.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">$</TD>
<TD id=TBL1098.finRow.13.amt.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 11%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">(1,267,623</TD>
<TD id=TBL1098.finRow.13.trail.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>)</TD>
<TD id=TBL1098.finRow.13.lead.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL1098.finRow.13.symb.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">$</TD>
<TD id=TBL1098.finRow.13.amt.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 11%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">(392,846</TD>
<TD id=TBL1098.finRow.13.trail.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>)</TD>
<TD id=TBL1098.finRow.13.lead.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL1098.finRow.13.symb.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">$</TD>
<TD id=TBL1098.finRow.13.amt.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 11%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">(1,233,639</TD>
<TD id=TBL1098.finRow.13.trail.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>)</TD></TR>
<TR id=TBL1098.finRow.14 style="BACKGROUND-COLOR: #cceeff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 30%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
<P id=PARA1073 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Net income (loss) per Share</FONT></P></TD>
<TD id=TBL1098.finRow.14.lead.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL1098.finRow.14.symb.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #cceeff">$</TD>
<TD id=TBL1098.finRow.14.amt.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 11%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #cceeff">0.41</TD>
<TD id=TBL1098.finRow.14.trail.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD>
<TD id=TBL1098.finRow.14.lead.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL1098.finRow.14.symb.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #cceeff">$</TD>
<TD id=TBL1098.finRow.14.amt.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 11%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #cceeff">0.84</TD>
<TD id=TBL1098.finRow.14.trail.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD>
<TD id=TBL1098.finRow.14.lead.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL1098.finRow.14.symb.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #cceeff">$</TD>
<TD id=TBL1098.finRow.14.amt.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 11%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #cceeff">(3.69</TD>
<TD id=TBL1098.finRow.14.trail.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>)</TD>
<TD id=TBL1098.finRow.14.lead.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL1098.finRow.14.symb.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #cceeff">$</TD>
<TD id=TBL1098.finRow.14.amt.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 11%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #cceeff">(1.10</TD>
<TD id=TBL1098.finRow.14.trail.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>)</TD>
<TD id=TBL1098.finRow.14.lead.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL1098.finRow.14.symb.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #cceeff">$</TD>
<TD id=TBL1098.finRow.14.amt.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 11%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #cceeff">(3.57</TD>
<TD id=TBL1098.finRow.14.trail.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>)</TD></TR>
<TR id=TBL1098.finRow.15 style="BACKGROUND-COLOR: #ffffff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 30%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA1088 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Weighted-average Shares outstanding</FONT></P></TD>
<TD id=TBL1098.finRow.15.lead.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL1098.finRow.15.symb.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL1098.finRow.15.amt.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 11%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">337,061,111</TD>
<TD id=TBL1098.finRow.15.trail.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD>
<TD id=TBL1098.finRow.15.lead.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL1098.finRow.15.symb.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL1098.finRow.15.amt.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 11%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">343,413,187</TD>
<TD id=TBL1098.finRow.15.trail.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD>
<TD id=TBL1098.finRow.15.lead.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL1098.finRow.15.symb.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL1098.finRow.15.amt.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 11%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">343,780,435</TD>
<TD id=TBL1098.finRow.15.trail.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD>
<TD id=TBL1098.finRow.15.lead.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL1098.finRow.15.symb.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL1098.finRow.15.amt.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 11%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">358,335,870</TD>
<TD id=TBL1098.finRow.15.trail.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD>
<TD id=TBL1098.finRow.15.lead.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL1098.finRow.15.symb.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL1098.finRow.15.amt.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 11%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">345,726,575</TD>
<TD id=TBL1098.finRow.15.trail.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD></TR></TABLE>
<P id=PARA1099 style="TEXT-ALIGN: left; MARGIN: 0pt 0pt 0pt 7.2pt; LINE-HEIGHT: 1.25; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<HR style="BORDER-TOP: medium none; HEIGHT: 1px; BORDER-RIGHT: medium none; WIDTH: 10%; BORDER-BOTTOM: medium none; COLOR: #000000;  BORDER-LEFT: medium none; BACKGROUND-COLOR: #000000" align="left">

<P id=PARA1103 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><FONT style="FONT-SIZE: 60%; VERTICAL-ALIGN: text-top">(a)</FONT>&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Effective January 1, 2014, the Trust qualified as an investment company solely for accounting purposes and not for any other purpose. Please refer to Note 2B to the financial statements that appear elsewhere in this report.</FONT> </P>
<P id=PARA708 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 6pt; FONT-FAMILY: Arial, Helvetica, sans-serif">(b)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;<FONT style="FONT-SIZE: 8pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;In the quarter ended December 31, 2015, the Trust recorded a $14.7 million out-of-period adjustment increasing "Net realized loss from silver bullion distributed for the redemption of Shares" with a corresponding decrease to "Net change in unrealized appreciation/depreciation on investment in silver bullion". The adjustment related to an accounting entry error that occurred during the quarter ended June 30, 2015. There was no impact to "Net realized and unrealized loss", "Net Income (Loss)" or "Net Asset Value". Management has evaluated the impact of this out-of-period adjustment to the previously issued financial statements and determined that the error did not result in a material misstatement to the previously issued quarterly financial statements.</FONT></P>
<P id=PARA709 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1104 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt">&nbsp;</P>
<P id=PARA1105 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">See Index to Financial Statements on page F-1 for a list of the financial statements being filed herein.</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"></FONT></P>
<P id=PARA4.1 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P>
<DIV id=PGBK4  style="WIDTH: 100%; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<DIV id=PGFTR4  style="WIDTH: 100%; TEXT-ALIGN: center">&nbsp;</DIV>
<DIV id=PGNUM4  style="FONT-SIZE: 10pt; WIDTH: 100%; TEXT-ALIGN: center">16</DIV>
<HR style="HEIGHT: 2px; WIDTH: 100%; PAGE-BREAK-AFTER: always; COLOR: #000000" noShade>
<A id=TOCLINK4  href="#TOC">Table Of Contents</A>
<DIV id=PGHDR4  style="WIDTH: 100%; TEXT-ALIGN: left">&nbsp;</DIV></DIV>
<P id=PARA4.2 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"></FONT></P>
<P id=PARA1108 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Item 9. <A id=BKMK289  name="BKMK289">Changes in and Disagreements with </A>Accountants on Accounting and Financial Disclosure.</B></FONT></P>
<P id=PARA1109 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1110 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">There have been no changes in accountants and no disagreements with accountants during the year ended December&nbsp;31,&nbsp;2015.</FONT></P>
<P id=PARA1111 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt">&nbsp;</P>
<P id=PARA1112 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Item 9A. <A id=BKMK290  name="BKMK290">Controls and Procedures</A>.</B></FONT></P>
<P id=PARA1113 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1114 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">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&#8217;s disclosure controls and procedures, and have concluded that the disclosure controls and procedures of the Trust were effective as of the end of the period covered by this report to provide reasonable assurance that information required to be disclosed in the reports that the Trust files or submits under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the applicable rules and forms, and that it is accumulated and communicated to 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, as appropriate to allow timely decisions regarding required disclosure.</FONT></P>
<P id=PARA1115 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1116 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">There are inherent limitations to the effectiveness of any system of disclosure controls and procedures, including the possibility of human error and the circumvention or overriding of the controls and procedures.</FONT></P>
<P id=PARA1117 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1118 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Management&#8217;s Report on Internal Control over Financial Reporting</B></FONT></P>
<P id=PARA1119 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1120 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The Sponsor&#8217;s management is responsible for establishing and maintaining adequate internal control over financial reporting, as defined in Exchange Act Rules 13a-15(f) and 15d-15(f). The Trust&#8217;s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with accounting principles generally accepted in the United States of America. Internal control over financial reporting includes those policies and procedures that: (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the Trust&#8217;s assets; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that the Trust&#8217;s receipts and expenditures are being made only in accordance with appropriate authorizations; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the Trust&#8217;s assets that could have a material effect on the financial statements.</FONT></P>
<P id=PARA1121 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1122 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become ineffective because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.</FONT></P>
<P id=PARA1123 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1124 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The principal executive officer and principal financial officer of the Sponsor assessed the effectiveness of the Trust&#8217;s internal control over financial reporting as of December&nbsp;31,&nbsp;2015. Their assessment included an evaluation of the design of the Trust&#8217;s internal control over financial reporting and testing of the operational effectiveness of its internal control over financial reporting. In making its assessment, the Sponsor&#8217;s management has utilized the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) in its report entitled <I>Internal Control </I><I>&#8211;</I></FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><I> Integrated Framework (2013). </I>Based on their assessment and those criteria, the principal executive officer and principal financial officer of the Sponsor concluded that the Trust maintained effective internal control over financial reporting as of December&nbsp;31,&nbsp;2015.</FONT></P>
<P id=PARA1125 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1126 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The effectiveness of the Trust&#8217;s internal control over financial reporting as of December&nbsp;31,&nbsp;2015 has been audited by PricewaterhouseCoopers LLP, the independent registered public accounting firm that audited and reported on the financial statements included in this Form 10-K, as stated in their report which is included herein.</FONT></P>
<P id=PARA1127 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1128 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Changes in Internal Control over Financial Reporting</B></FONT></P>
<P id=PARA1129 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1130 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">There were no changes in the Trust&#8217;s internal control over financial reporting that occurred during the Trust&#8217;s fourth fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Trust&#8217;s internal control over financial reporting.</FONT></P>
<P id=PARA1131 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt">&nbsp;</P>
<P id=PARA1132 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Item 9B. <A id=BKMK291  name="BKMK291">Other Information</A>.</B></FONT></P>
<P id=PARA1133 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1134 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Not applicable. </FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"></FONT></P>
<P id=PARA5.1 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P>
<DIV id=PGBK5  style="WIDTH: 100%; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<DIV id=PGFTR5  style="WIDTH: 100%; TEXT-ALIGN: center">&nbsp;</DIV>
<DIV id=PGNUM5  style="FONT-SIZE: 10pt; WIDTH: 100%; TEXT-ALIGN: center">17</DIV>
<HR style="HEIGHT: 2px; WIDTH: 100%; PAGE-BREAK-AFTER: always; COLOR: #000000" noShade>
<A id=TOCLINK5  href="#TOC">Table Of Contents</A>
<DIV id=PGHDR5  style="WIDTH: 100%; TEXT-ALIGN: left">&nbsp;</DIV></DIV>
<P id=PARA5.2 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"></FONT></P>
<P id=PARA1142 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=BKMK292  name="BKMK292"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>PART III</B></FONT></A></P>
<P id=PARA1143 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1144 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Item 10. <A id=BKMK293  name="BKMK293">Directors, Executive Officers and Corporate Governance</A>.</B></FONT></P>
<P id=PARA1145 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1146 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The Trust does not have any directors, officers or employees. The following persons, in their respective capacities as directors or executive officers of the Sponsor, perform certain functions with respect to the Trust that, if the Trust had directors or executive officers, would typically be performed by them.</FONT></P>
<P id=PARA1147 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1148 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Paul Lohrey is the President and Chief Executive Officer of the Sponsor&nbsp;and Jack Gee is the Chief Financial Officer of the Sponsor. </FONT></P>
<P id=PARA1149 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1150 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The Sponsor is managed by a Board of Directors composed of Philip Jensen, Peter Landini, Kimun Lee, Jack Gee and Paul Lohrey.</FONT></P>
<P id=PARA1151 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1152 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><I>Paul Lohrey, CFA, </I>53, became a principal of the Sponsor in April 2014 and has served as its President and Chief Executive Officer since November 2015. Mr.&nbsp;Lohrey joined BlackRock, Inc., a global asset management firm, as a Managing Director in June 2010. Prior to joining BlackRock, Inc., Mr. Lohrey served as Chief Investment Officer, Europe for The Vanguard Group, an asset management firm, from October 2008 to May 2010. He also held various positions in equity and fixed income portfolio management while at Vanguard from August 1994. Mr. Lohrey earned a Bachelor of Arts degree in economics from Duke University in 1984 and an MBA in Finance from the University of Chicago in 1986. </FONT></P>
<P id=PARA1153 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1154 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><I>Jack Gee</I>, 56, became a principal of the Sponsor in September 2011 and serves as its Chief Financial Officer. Mr. Gee served as Director of US Fund Administration of BlackRock Institutional Trust Company N.A. from September 2004 to December 2009. Since January 2010, Mr. Gee has served as Managing Director of BlackRock. Prior to joining BlackRock, Mr. Gee served as Chief Financial Officer to several investment management firms and began his career at PricewaterhouseCoopers. Mr. Gee earned a Bachelor of Science degree in accounting from the California State University in 1982.</FONT></P>
<P id=PARA1155 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1156 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><I>Philip Jensen</I>, 57, became a principal of the Sponsor in September 2009, and is Chairman of the Sponsor&#8217;s audit committee. Since June 2001, Mr. Jensen has served as Partner and Chief Financial Officer of Paul Capital Partners, an investment firm focusing on the secondary private equity and healthcare market. Mr. Jensen received his Bachelor of Science from San Francisco State University and is a certified public accountant.</FONT></P>
<P id=PARA1157 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1158 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><I>Peter Landini</I>, 64, became a principal of the Sponsor in September 2009 and is a member of the Sponsor&#8217;s audit committee. In January 2003, Mr. Landini joined RBP Investment Advisors, Inc., a financial planning consultancy firm, for which he presently serves as Partner and Wealth Manager. Mr. Landini received his Bachelor of Science degree in Accounting from Santa Clara University and an MBA in Finance from Golden Gate University. Mr. Landini is a certified financial planner and is a member of the Financial Planning Association.</FONT></P>
<P id=PARA1159 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1160 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><I>Kimun Lee</I>, 69, became a principal of the Sponsor in September 2009, and is a member of the Sponsor&#8217;s audit committee. Mr. Lee is a California-registered investment adviser and has conducted his consulting business under the name Resources Consolidated since January 1980. Since September 2010, Mr. Lee has served as a member of the board of directors of Firsthand Technology Value Fund, Inc., a mutual fund company. Since April 2013, Mr. Lee has served as a member of the board of directors of Firsthand Funds, a mutual fund company. Since April 2014, Mr. Lee has served as a member of the board of trustees of FundX Investment Trust, a mutual fund company. Until January 2005, Mr. Lee also served as a member of the board of directors of Fremont Mutual Funds, Inc., a mutual fund company. Mr. Lee received his Bachelor of Arts from the University of the Pacific and an MBA from University of Nevada, Reno. He also completed the executive education program on corporate governance at Stanford Graduate School of Business. </FONT></P>
<P id=PARA1161 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt">&nbsp;</P>
<P id=PARA1162 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Item 11. <A id=BKMK294  name="BKMK294">Executive Compensation</A>.</B></FONT></P>
<P id=PARA1163 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1164 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Not applicable.</FONT></P>
<P style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25">&nbsp;</P>
<P id=PARA1165 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1166 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Item 12. <A id=BKMK295  name="BKMK295">Security Ownership </A>of Certain Beneficial Owners and Management and Related Stockholder Matters.</B></FONT></P>
<P id=PARA1167 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1168 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><I>Securities Authorized for Issuance under Equity Compensation Plans</I></FONT></P>
<P id=PARA1169 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><I>&nbsp;</I></FONT></P>
<P id=PARA1170 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Not applicable.</FONT></P>
<P id=PARA1171 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1172 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><I>Security Ownership of Certain Beneficial Owners and Management</I></FONT></P>
<P id=PARA1173 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><I>&nbsp;</I></FONT></P>
<P id=PARA1174 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Not applicable.</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"></FONT></P>
<P id=PARA6.1 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P>
<DIV id=PGBK6  style="WIDTH: 100%; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<DIV id=PGFTR6  style="WIDTH: 100%; TEXT-ALIGN: center">&nbsp;</DIV>
<DIV id=PGNUM6  style="FONT-SIZE: 10pt; WIDTH: 100%; TEXT-ALIGN: center">18</DIV>
<HR style="HEIGHT: 2px; WIDTH: 100%; PAGE-BREAK-AFTER: always; COLOR: #000000" noShade>
<A id=TOCLINK6  href="#TOC">Table Of Contents</A>
<DIV id=PGHDR6  style="WIDTH: 100%; TEXT-ALIGN: left">&nbsp;</DIV></DIV>
<P id=PARA6.2 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"></FONT></P>
<P id=PARA1177 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Item 13. <A id=BKMK296  name="BKMK296">Certain Relationships </A>and Related Transactions, and Director Independence.</B></FONT></P>
<P id=PARA1179 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1180 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Not applicable.</FONT></P>
<P style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25">&nbsp;</P>
<P id=PARA1181 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1182 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Item 14. <A id=BKMK297  name="BKMK297">Principal Accounting Fees and Services</A>.</B></FONT></P>
<P id=PARA1183 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1184 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">(1) to (4). Fees for services performed by PricewaterhouseCoopers LLP for the years ended December&nbsp;31,&nbsp;2015 and 2014 were:</FONT></P>
<P id=PARA1185 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<TABLE id=TBL1217  style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 100%; TEXT-INDENT: 0px" cellSpacing=0 cellPadding=0 border=0>

<TR id=TBL1217.finRow.1>
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom"><B>&nbsp;</B></TD>
<TD id=TBL1217.finRow.1.lead.D2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom"><B>&nbsp;</B></TD>
<TD id=TBL1217.finRow.1.amt.D2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt" colSpan=2>
<P id=PARA1186 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>2015</B></FONT></P></TD>
<TD id=TBL1217.finRow.1.trail.D2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px"><B>&nbsp;</B></TD>
<TD id=TBL1217.finRow.1.lead.D3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom"><B>&nbsp;</B></TD>
<TD id=TBL1217.finRow.1.amt.D3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt" colSpan=2>
<P id=PARA1188 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>2014</B></FONT></P></TD>
<TD id=TBL1217.finRow.1.trail.D3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px"><B>&nbsp;</B></TD></TR>
<TR id=TBL1217.finRow.2 style="BACKGROUND-COLOR: #cceeff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 70%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">
<P id=PARA1189 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Audit fees</FONT></P></TD>
<TD id=TBL1217.finRow.2.lead.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL1217.finRow.2.symb.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">$</TD>
<TD id=TBL1217.finRow.2.amt.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">63,900</TD>
<TD id=TBL1217.finRow.2.trail.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD>
<TD id=TBL1217.finRow.2.lead.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL1217.finRow.2.symb.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">$</TD>
<TD id=TBL1217.finRow.2.amt.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">98,400</TD>
<TD id=TBL1217.finRow.2.trail.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD></TR>
<TR id=TBL1217.finRow.3 style="BACKGROUND-COLOR: #ffffff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">
<P id=PARA1196 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Audit-related fees</FONT></P></TD>
<TD id=TBL1217.finRow.3.lead.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL1217.finRow.3.symb.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL1217.finRow.3.amt.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">250</TD>
<TD id=TBL1217.finRow.3.trail.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD>
<TD id=TBL1217.finRow.3.lead.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL1217.finRow.3.symb.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL1217.finRow.3.amt.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">2,000</TD>
<TD id=TBL1217.finRow.3.trail.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD></TR>
<TR id=TBL1217.finRow.4 style="BACKGROUND-COLOR: #cceeff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">
<P id=PARA1201 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Tax fees</FONT></P></TD>
<TD id=TBL1217.finRow.4.lead.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL1217.finRow.4.symb.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL1217.finRow.4.amt.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">&#8212;</TD>
<TD id=TBL1217.finRow.4.trail.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD>
<TD id=TBL1217.finRow.4.lead.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL1217.finRow.4.symb.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL1217.finRow.4.amt.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">&#8212;</TD>
<TD id=TBL1217.finRow.4.trail.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD></TR>
<TR id=TBL1217.finRow.5 style="BACKGROUND-COLOR: #ffffff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">
<P id=PARA1206 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">All other fees</FONT></P></TD>
<TD id=TBL1217.finRow.5.lead.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL1217.finRow.5.symb.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL1217.finRow.5.amt.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">&#8212;</TD>
<TD id=TBL1217.finRow.5.trail.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD>
<TD id=TBL1217.finRow.5.lead.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL1217.finRow.5.symb.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL1217.finRow.5.amt.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">&#8212;</TD>
<TD id=TBL1217.finRow.5.trail.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD></TR>
<TR id=TBL1217.finRow.6 style="BACKGROUND-COLOR: #cceeff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL1217.finRow.6.lead.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL1217.finRow.6.symb.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">$</TD>
<TD id=TBL1217.finRow.6.amt.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">64,150</TD>
<TD id=TBL1217.finRow.6.trail.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD>
<TD id=TBL1217.finRow.6.lead.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL1217.finRow.6.symb.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">$</TD>
<TD id=TBL1217.finRow.6.amt.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">100,400</TD>
<TD id=TBL1217.finRow.6.trail.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD></TR></TABLE>
<P id=PARA1218 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1219 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1220 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">(5) The Audit Committee of the Board of Directors of the Sponsor approved, prior to the commencement of the engagement, the engagement of, and compensation to be paid to, PricewaterhouseCoopers LLP as auditors of the registrant.</FONT></P>
<P id=PARA1221 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1222 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">(6) None of the hours expended on PricewaterhouseCoopers LLP&#8217;s engagement to audit the registrant&#8217;s financial statements for the year ended December&nbsp;31,&nbsp;2015 were attributable to work performed by persons other than the principal accountant&#8217;s full-time, permanent employees.</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"></FONT></P>
<P id=PARA7.1 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P>
<DIV id=PGBK7  style="WIDTH: 100%; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<DIV id=PGFTR7  style="WIDTH: 100%; TEXT-ALIGN: center">&nbsp;</DIV>
<DIV id=PGNUM7  style="FONT-SIZE: 10pt; WIDTH: 100%; TEXT-ALIGN: center">19</DIV>
<HR style="HEIGHT: 2px; WIDTH: 100%; PAGE-BREAK-AFTER: always; COLOR: #000000" noShade>
<A id=TOCLINK7  href="#TOC">Table Of Contents</A>
<DIV id=PGHDR7  style="WIDTH: 100%; TEXT-ALIGN: left">&nbsp;</DIV></DIV>
<P id=PARA7.2 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"></FONT></P>
<P id=PARA1226 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=BKMK299  name="BKMK299"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>PART IV</B></FONT></A></P>
<P id=PARA1227 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1228 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Item 15. <A id=BKMK298  name="BKMK298">Exhibits, Financial Statement Schedules</A>.</B></FONT></P>
<P id=PARA1229 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1230 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">a)(1) See Index to Financial Statements on Page F-1 for a list of the financial statements being filed as part of this report.</FONT></P>
<P id=PARA1231 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1232 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">a)(2) Schedules have been omitted since they are either not required, not applicable, or the information has otherwise been included.</FONT></P>
<P id=PARA1233 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1234 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">a)(3)</FONT></P>
<P id=PARA1235 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<TABLE id=TBL1276  style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 100%; TEXT-INDENT: 0px" cellSpacing=0 cellPadding=0 border=0>

<TR>
<TD style="MARGIN-BOTTOM: 0px; WIDTH: 10%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px">
<P id=PARA1236 style="MARGIN-BOTTOM: 0px; TEXT-ALIGN: center; MARGIN-TOP: 0px; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Exhibit No.</B></FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top">&nbsp; </TD>
<TD style="WIDTH: 89%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid">
<P id=PARA1237 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Description</B></FONT></P></TD></TR>
<TR>
<TD style="WIDTH: 10%; VERTICAL-ALIGN: top">
<P id=PARA1238 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">4.1</FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top">&nbsp; </TD>
<TD style="WIDTH: 89%; VERTICAL-ALIGN: top">
<P id=PARA1239 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">First Amended and Restated Depositary Trust Agreement is incorporated by reference to Exhibit 4.1 filed with Annual Report on Form 10-K on February 28 , 2013 </FONT></P></TD></TR>
<TR>
<TD style="WIDTH: 10%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 89%; VERTICAL-ALIGN: top">&nbsp;</TD></TR>
<TR>
<TD style="WIDTH: 10%; VERTICAL-ALIGN: top">
<P id=PARA1240 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">4.2</FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top">&nbsp; </TD>
<TD style="WIDTH: 89%; VERTICAL-ALIGN: top">
<P id=PARA1241 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Standard Terms for Authorized Participant Agreements is incorporated by reference to Exhibit 4.2 filed with Registration Statement </FONT></P>
<P style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">No. </FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">333-156506 on December 30, 2008</FONT></P></TD></TR>
<TR>
<TD style="WIDTH: 10%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 89%; VERTICAL-ALIGN: top">&nbsp;</TD></TR>
<TR>
<TD style="WIDTH: 10%; VERTICAL-ALIGN: top">
<P id=PARA1242 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">10.1</FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top">&nbsp; </TD>
<TD style="WIDTH: 89%; VERTICAL-ALIGN: top">
<P id=PARA1243 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Custodian Agreement is incorporated by reference to Exhibit 10.1 filed with Registration Statement No. 333-156506 on December 30, 2008</FONT></P></TD></TR>
<TR>
<TD style="WIDTH: 10%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 89%; VERTICAL-ALIGN: top">&nbsp;</TD></TR>
<TR>
<TD style="WIDTH: 10%; VERTICAL-ALIGN: top">
<P id=PARA1244 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">10.2</FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top">&nbsp; </TD>
<TD style="WIDTH: 89%; VERTICAL-ALIGN: top">
<P id=PARA1245 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Sub-license Agreement is incorporated by reference to Exhibit 10.2 filed with Registration Statement No. 333-156506 on </FONT></P>
<P style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">December 30, 2008</FONT></P></TD></TR>
<TR>
<TD style="WIDTH: 10%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 89%; VERTICAL-ALIGN: top">&nbsp;</TD></TR>
<TR>
<TD style="WIDTH: 10%; VERTICAL-ALIGN: top">
<P id=PARA1246 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">10.3</FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top">&nbsp; </TD>
<TD style="WIDTH: 89%; VERTICAL-ALIGN: top">
<P id=PARA1247 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">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</FONT></P></TD></TR>
<TR>
<TD style="WIDTH: 10%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 89%; VERTICAL-ALIGN: top">&nbsp;</TD></TR>
<TR>
<TD style="WIDTH: 10%; VERTICAL-ALIGN: top">
<P id=PARA1248 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">10.4</FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top">&nbsp; </TD>
<TD style="WIDTH: 89%; VERTICAL-ALIGN: top">
<P id=PARA1249 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Second Amendment to Custodian Agreement is incorporated by reference to Exhibit 10.1 filed with Current Report on Form 8-K on </FONT></P>
<P style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">February 10, 2010</FONT></P></TD></TR>
<TR>
<TD style="WIDTH: 10%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 89%; VERTICAL-ALIGN: top">&nbsp;</TD></TR>
<TR>
<TD style="WIDTH: 10%; VERTICAL-ALIGN: top">
<P id=PARA1250 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">10.5</FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top">&nbsp; </TD>
<TD style="WIDTH: 89%; VERTICAL-ALIGN: top">
<P id=PARA1251 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Third Amendment to Custodian Agreement is incorporated by reference to Exhibit 10.5 filed with Registration Statement No. 333-170492 on November 9, 2010</FONT></P></TD></TR>
<TR>
<TD style="WIDTH: 10%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 89%; VERTICAL-ALIGN: top">&nbsp;</TD></TR>
<TR>
<TD style="WIDTH: 10%; VERTICAL-ALIGN: top">
<P id=PARA1252 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">10.6</FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top">&nbsp; </TD>
<TD style="WIDTH: 89%; VERTICAL-ALIGN: top">
<P id=PARA1253 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Fourth Amendment to Custodian Agreement is incorporated by reference to Exhibit 10.1 filed with Current Report on Form 8-K on </FONT></P>
<P style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">February 14, 2012</FONT></P></TD></TR>
<TR>
<TD style="WIDTH: 10%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 89%; VERTICAL-ALIGN: top">&nbsp;</TD></TR>
<TR>
<TD style="WIDTH: 10%; VERTICAL-ALIGN: top">
<P id=PARA1254 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">23.1</FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top">&nbsp; </TD>
<TD style="WIDTH: 89%; VERTICAL-ALIGN: top">
<P id=PARA1255 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Consent of PricewaterhouseCoopers LLP</FONT></P></TD></TR>
<TR>
<TD style="WIDTH: 10%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 89%; VERTICAL-ALIGN: top">&nbsp;</TD></TR>
<TR>
<TD style="WIDTH: 10%; VERTICAL-ALIGN: top">
<P id=PARA1256 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">31.1</FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top">&nbsp; </TD>
<TD style="WIDTH: 89%; VERTICAL-ALIGN: top">
<P id=PARA1257 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Certification by Principal Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002</FONT></P></TD></TR>
<TR>
<TD style="WIDTH: 10%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 89%; VERTICAL-ALIGN: top">&nbsp;</TD></TR>
<TR>
<TD style="WIDTH: 10%; VERTICAL-ALIGN: top">
<P id=PARA1258 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">31.2</FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top">&nbsp; </TD>
<TD style="WIDTH: 89%; VERTICAL-ALIGN: top">
<P id=PARA1259 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Certification by Principal Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002</FONT></P></TD></TR>
<TR>
<TD style="WIDTH: 10%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 89%; VERTICAL-ALIGN: top">&nbsp;</TD></TR>
<TR>
<TD style="WIDTH: 10%; VERTICAL-ALIGN: top">
<P id=PARA1260 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">32.1</FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top">&nbsp; </TD>
<TD style="WIDTH: 89%; VERTICAL-ALIGN: top">
<P id=PARA1261 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">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</FONT></P></TD></TR>
<TR>
<TD style="WIDTH: 10%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 89%; VERTICAL-ALIGN: top">&nbsp;</TD></TR>
<TR>
<TD style="WIDTH: 10%; VERTICAL-ALIGN: top">
<P id=PARA1262 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">32.2</FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top">&nbsp; </TD>
<TD style="WIDTH: 89%; VERTICAL-ALIGN: top">
<P id=PARA1263 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">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</FONT></P></TD></TR>
<TR>
<TD style="WIDTH: 10%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 89%; VERTICAL-ALIGN: top">&nbsp;</TD></TR>
<TR>
<TD style="WIDTH: 10%; VERTICAL-ALIGN: top">
<P id=PARA1264 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">101.INS</FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top">&nbsp; </TD>
<TD style="WIDTH: 89%; VERTICAL-ALIGN: top">
<P id=PARA1265 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">XBRL Instance Document</FONT></P></TD></TR>
<TR>
<TD style="WIDTH: 10%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 89%; VERTICAL-ALIGN: top">&nbsp;</TD></TR>
<TR>
<TD style="WIDTH: 10%; VERTICAL-ALIGN: top">
<P id=PARA1266 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">101.SCH</FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top">&nbsp; </TD>
<TD style="WIDTH: 89%; VERTICAL-ALIGN: top">
<P id=PARA1267 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">XBRL Taxonomy Extension Schema Document</FONT></P></TD></TR>
<TR>
<TD style="WIDTH: 10%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 89%; VERTICAL-ALIGN: top">&nbsp;</TD></TR>
<TR>
<TD style="WIDTH: 10%; VERTICAL-ALIGN: top">
<P id=PARA1268 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">101.CAL</FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top">&nbsp; </TD>
<TD style="WIDTH: 89%; VERTICAL-ALIGN: top">
<P id=PARA1269 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">XBRL Taxonomy Extension Calculation Linkbase Document</FONT></P></TD></TR>
<TR>
<TD style="WIDTH: 10%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 89%; VERTICAL-ALIGN: top">&nbsp;</TD></TR>
<TR>
<TD style="WIDTH: 10%; VERTICAL-ALIGN: top">
<P id=PARA1270 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">101.DEF</FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top">&nbsp; </TD>
<TD style="WIDTH: 89%; VERTICAL-ALIGN: top">
<P id=PARA1271 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">XBRL Taxonomy Extension Definition Linkbase Document</FONT></P></TD></TR>
<TR>
<TD style="WIDTH: 10%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 89%; VERTICAL-ALIGN: top">&nbsp;</TD></TR>
<TR>
<TD style="WIDTH: 10%; VERTICAL-ALIGN: top">
<P id=PARA1272 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">101.LAB</FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top">&nbsp; </TD>
<TD style="WIDTH: 89%; VERTICAL-ALIGN: top">
<P id=PARA1273 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">XBRL Taxonomy Extension Label Linkbase Document</FONT></P></TD></TR>
<TR>
<TD style="WIDTH: 10%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 89%; VERTICAL-ALIGN: top">&nbsp;</TD></TR>
<TR>
<TD style="WIDTH: 10%; VERTICAL-ALIGN: top">
<P id=PARA1274 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">101.PRE</FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top">&nbsp; </TD>
<TD style="WIDTH: 89%; VERTICAL-ALIGN: top">
<P id=PARA1275 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">XBRL Taxonomy Extension Presentation Linkbase Document</FONT></P></TD></TR></TABLE>
<P id=PARA1277 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT></P>
<DIV id=PGBK8  style="WIDTH: 100%; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<DIV id=PGFTR8  style="WIDTH: 100%; TEXT-ALIGN: center">&nbsp;</DIV>
<DIV id=PGNUM8  style="FONT-SIZE: 10pt; WIDTH: 100%; TEXT-ALIGN: center">20</DIV>
<HR style="HEIGHT: 2px; WIDTH: 100%; PAGE-BREAK-AFTER: always; COLOR: #000000" noShade>
<A id=TOCLINK8  href="#TOC">Table Of Contents</A>
<DIV id=PGHDR8  style="WIDTH: 100%; TEXT-ALIGN: left">&nbsp;</DIV></DIV>
<P id=PARA8.2 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"></FONT></P>
<P id=PARA1281 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>iShares</B><B> Silver Trust</B></FONT></P>
<P id=PARA1282 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Financial Statements</B></FONT></P>
<P id=PARA1283 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Index</B></FONT></P>
<P id=PARA1284 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<TABLE id=TBL1310  style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 100%; TEXT-INDENT: 0px" cellSpacing=0 cellPadding=0 border=0>

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<TD style="WIDTH: 93%; VERTICAL-ALIGN: top">&nbsp; </TD>
<TD style="WIDTH: 7%; VERTICAL-ALIGN: top">
<P id=PARA1285 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><U>Page</U></FONT></P></TD></TR>
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<TD style="WIDTH: 93%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 7%; VERTICAL-ALIGN: top">&nbsp;</TD></TR>
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<TD style="WIDTH: 93%; VERTICAL-ALIGN: top">
<P id=PARA1286 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=LINK300  href="#BKMK307"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Report of Independent Registered Public Accounting Firm</FONT></A></P></TD>
<TD style="WIDTH: 7%; VERTICAL-ALIGN: top">
<P id=PARA1287 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">F-2</FONT></P></TD></TR>
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<TD style="WIDTH: 93%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 7%; VERTICAL-ALIGN: top">&nbsp;</TD></TR>
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<TD style="WIDTH: 93%; VERTICAL-ALIGN: top">
<P id=PARA1288 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=LINK301  href="#BKMK308"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Balance Sheets at December&nbsp;31,&nbsp;2015 and 2014</FONT></A></P></TD>
<TD style="WIDTH: 7%; VERTICAL-ALIGN: top">
<P id=PARA1289 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">F-3</FONT></P></TD></TR>
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<TD style="WIDTH: 93%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 7%; VERTICAL-ALIGN: top">&nbsp;</TD></TR>
<TR>
<TD style="WIDTH: 93%; VERTICAL-ALIGN: top">
<P id=PARA1290 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=LINK302  href="#BKMK309"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Income Statements for the years ended December&nbsp;31,&nbsp;2015, 2014 and 2013</FONT></A></P></TD>
<TD style="WIDTH: 7%; VERTICAL-ALIGN: top">
<P id=PARA1291 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">F-4</FONT></P></TD></TR>
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<TD style="WIDTH: 93%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 7%; VERTICAL-ALIGN: top">&nbsp;</TD></TR>
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<TD style="WIDTH: 93%; VERTICAL-ALIGN: top">
<P id=PARA1292 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=LINK303  href="#BKMK310"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Statements of Changes in Shareholders&#8217; Equity (Deficit) for the years ended December&nbsp;31,&nbsp;2015, 2014 and 2013</FONT></A></P></TD>
<TD style="WIDTH: 7%; VERTICAL-ALIGN: top">
<P id=PARA1293 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">F-5</FONT></P></TD></TR>
<TR>
<TD style="WIDTH: 93%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 7%; VERTICAL-ALIGN: top">&nbsp;</TD></TR>
<TR>
<TD style="WIDTH: 93%; VERTICAL-ALIGN: top">
<P id=PARA1294 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=LINK304  href="#BKMK311"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Statements of Cash Flows for the years ended December&nbsp;31,&nbsp;2015, 2014 and 2013</FONT></A></P></TD>
<TD style="WIDTH: 7%; VERTICAL-ALIGN: top">
<P id=PARA1295 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">F-6</FONT></P></TD></TR>
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<TD style="WIDTH: 93%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 7%; VERTICAL-ALIGN: top">&nbsp;</TD></TR>
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<TD style="WIDTH: 93%; VERTICAL-ALIGN: top">
<P id=PARA1296 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=LINK305  href="#BKMK312"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Schedules of Investments at December&nbsp;31,&nbsp;2015 and 2014</FONT></A></P></TD>
<TD style="WIDTH: 7%; VERTICAL-ALIGN: top">
<P id=PARA1297 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">F-7</FONT></P></TD></TR>
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<TD style="WIDTH: 93%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 7%; VERTICAL-ALIGN: top">&nbsp;</TD></TR>
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<TD style="WIDTH: 93%; VERTICAL-ALIGN: top">
<P id=PARA1298 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=LINK306  href="#BKMK313"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Notes to Financial Statements</FONT></A></P></TD>
<TD style="WIDTH: 7%; VERTICAL-ALIGN: top">
<P id=PARA1299 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">F-8</FONT></P></TD></TR></TABLE>
<P id=PARA1311 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT></P>
<DIV id=PGBK9  style="WIDTH: 100%; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<DIV id=PGFTR9  style="WIDTH: 100%; TEXT-ALIGN: center">&nbsp;</DIV>
<DIV id=PGNUM9  style="FONT-SIZE: 10pt; WIDTH: 100%; TEXT-ALIGN: center">F-1</DIV>
<HR style="HEIGHT: 2px; WIDTH: 100%; PAGE-BREAK-AFTER: always; COLOR: #000000" noShade>
<A id=TOCLINK9  href="#TOC">Table Of Contents</A>
<DIV id=PGHDR9  style="WIDTH: 100%; TEXT-ALIGN: left">&nbsp;</DIV></DIV>
<P id=PARA9.2 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"></FONT></P>
<P id=PARA1314 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=BKMK307  name="BKMK307"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>REPORT OF INDEPENDENT </B></FONT></A><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>REGISTERED PUBLIC ACCOUNTING FIRM</B></FONT></P>
<P id=PARA1315 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1316 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">To the Sponsor, Trustee and Shareholders of </FONT></P>
<P id=PARA1317 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">iShares Silver Trust:</FONT></P>
<P id=PARA1318 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1319 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">In our opinion, the financial statements listed in the accompanying index present fairly, in all material respects, the financial position of iShares Silver Trust (&#8220;the Trust&#8221;) at December&nbsp;31,&nbsp;2015 and 2014, and the results of its operations and its cash flows for each of the three years in the period ended December&nbsp;31,&nbsp;2015 in conformity with accounting principles generally accepted in the United States of America. Also in our opinion, the Trust maintained, in all material respects, effective internal control over financial reporting as of December&nbsp;31,&nbsp;2015, based on criteria established in <I>Internal Control - Integrated Framework (2013) </I>issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). The Sponsor&#8217;s management is responsible for these financial statements, for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in Management&#8217;s Report on Internal Control over Financial Reporting appearing under Item 9A. Our responsibility is to express opinions on these financial statements and on the Trust&#8217;s internal control over financial reporting based on our integrated audits. We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement and whether effective internal control over financial reporting was maintained in all material respects. Our audits of the financial statements included examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audits also included performing such other procedures as we considered necessary in the circumstances. We believe that our audits provide a reasonable basis for our opinions.</FONT></P>
<P id=PARA1320 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1321 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">As discussed in Note 2B, effective January 1, 2014, these financial statements reflect the Trust&#8217;s adoption of the accounting, presentation and disclosure requirements applicable to investment companies.</FONT></P>
<P id=PARA1322 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1323 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">A trust&#8217;s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A trust&#8217;s internal control over financial reporting includes those policies and procedures that (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the trust; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the trust are being made only in accordance with authorizations of management and directors of the trust; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the trust&#8217;s assets that could have a material effect on the financial statements.</FONT></P>
<P id=PARA1324 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1325 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.</FONT></P>
<P id=PARA1326 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1327 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1328 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">/s/ PricewaterhouseCoopers LLP</FONT></P>
<P id=PARA1329 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1330 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">San Francisco, California</FONT></P>
<P id=PARA1331 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">February 29, 2016</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"></FONT></P>
<P id=PARA10.1 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P>
<DIV id=PGBK10  style="WIDTH: 100%; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<DIV id=PGFTR10  style="WIDTH: 100%; TEXT-ALIGN: center">&nbsp;</DIV>
<DIV id=PGNUM10  style="FONT-SIZE: 10pt; WIDTH: 100%; TEXT-ALIGN: center">F-2</DIV>
<HR style="HEIGHT: 2px; WIDTH: 100%; PAGE-BREAK-AFTER: always; COLOR: #000000" noShade>
<A id=TOCLINK10  href="#TOC">Table Of Contents</A>
<DIV id=PGHDR10  style="WIDTH: 100%; TEXT-ALIGN: left">&nbsp;</DIV></DIV>
<P id=PARA10.2 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"></FONT></P>
<P id=PARA697 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>iShares Silver Trust</B></FONT></P>
<P id=PARA698 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><A id=BKMK308  name="BKMK308"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Balance Sheets</B></FONT></A></P>
<P id=PARA699 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">At December&nbsp;31,&nbsp;2015 and 2014</FONT></P>
<P id=PARA13 style="MARGIN: 0pt; LINE-HEIGHT: 1.25">&nbsp;</P>
<TABLE id=TBL397S1  style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 100%; TEXT-INDENT: 0px" cellSpacing=0 cellPadding=0 border=0>

<TR>
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 70%; VERTICAL-ALIGN: bottom"><B>&nbsp;</B></TD>
<TD id=TBL397S1.finRow.1.lead.D3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom">&nbsp;</TD>
<TD id=TBL397S1.finRow.1.amt.D3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center" colSpan=6>
<P id=PARA343 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>December 31,</B></FONT></P></TD>
<TD id=TBL397S1.finRow.1.trail.B4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px"><B>&nbsp;</B></TD></TR>
<TR>
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 70%; VERTICAL-ALIGN: bottom">
<P id=PARA344 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><U><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>(Dollar amounts in $000&#8217;s, except for per Share amounts)</B></FONT></U></P></TD>
<TD id=TBL397S1.finRow.2.lead.D3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom">&nbsp;</TD>
<TD id=TBL397S1.finRow.2.amt.D3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center" colSpan=2>
<P id=PARA346 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>2015</B></FONT></P></TD>
<TD id=TBL397S1.finRow.2.trail.D3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px">&nbsp;</TD>
<TD id=TBL397S1.finRow.2.lead.D4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom">&nbsp;</TD>
<TD id=TBL397S1.finRow.2.amt.D4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center" colSpan=2>
<P id=PARA347 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>2014</B></FONT></P></TD>
<TD id=TBL397S1.finRow.2.trail.D4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px">&nbsp;</TD></TR>
<TR style="BACKGROUND-COLOR: #cceeff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 70%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
<P id=PARA348 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>ASSETS</B></FONT></P></TD>
<TD id=TBL397S1.finRow.3.lead.B3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"><B>&nbsp;</B></TD>
<TD id=TBL397S1.finRow.3.symb.B3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"><B>&nbsp;</B></TD>
<TD id=TBL397S1.finRow.3.amt.B3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"><B>&nbsp;</B></TD>
<TD id=TBL397S1.finRow.3.trail.B3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"><B>&nbsp;</B></TD>
<TD id=TBL397S1.finRow.3.lead.B4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"><B>&nbsp;</B></TD>
<TD id=TBL397S1.finRow.3.symb.B4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"><B>&nbsp;</B></TD>
<TD id=TBL397S1.finRow.3.amt.B4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"><B>&nbsp;</B></TD>
<TD id=TBL397S1.finRow.3.trail.B4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"><B>&nbsp;</B></TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 70%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA349 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Current assets</B></FONT></P></TD>
<TD id=TBL397S1.finRow.4.lead.B3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff"><B>&nbsp;</B></TD>
<TD id=TBL397S1.finRow.4.symb.B3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff"><B>&nbsp;</B></TD>
<TD id=TBL397S1.finRow.4.amt.B3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff"><B>&nbsp;</B></TD>
<TD id=TBL397S1.finRow.4.trail.B3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff"><B>&nbsp;</B></TD>
<TD id=TBL397S1.finRow.4.lead.B4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff"><B>&nbsp;</B></TD>
<TD id=TBL397S1.finRow.4.symb.B4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff"><B>&nbsp;</B></TD>
<TD id=TBL397S1.finRow.4.amt.B4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff"><B>&nbsp;</B></TD>
<TD id=TBL397S1.finRow.4.trail.B4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff"><B>&nbsp;</B></TD></TR>
<TR style="BACKGROUND-COLOR: #cceeff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 70%; VERTICAL-ALIGN: bottom; PADDING-LEFT: 18pt; BACKGROUND-COLOR: #cceeff">
<P id=PARA350 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Investment in silver bullion at fair value <FONT style="FONT-SIZE: 60%; VERTICAL-ALIGN: text-top">(a)</FONT></FONT></P></TD>
<TD id=TBL397S1.finRow.5.lead.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL397S1.finRow.5.symb.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff">$</TD>
<TD id=TBL397S1.finRow.5.amt.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">4,393,861 </TD>
<TD id=TBL397S1.finRow.5.trail.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD>
<TD id=TBL397S1.finRow.5.lead.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL397S1.finRow.5.symb.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff">$</TD>
<TD id=TBL397S1.finRow.5.amt.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">5,263,140 </TD>
<TD id=TBL397S1.finRow.5.trail.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 70%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA356 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>TOTAL ASSETS</B></FONT></P></TD>
<TD id=TBL397S1.finRow.6.lead.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL397S1.finRow.6.symb.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #ffffff">$</TD>
<TD id=TBL397S1.finRow.6.amt.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">4,393,861 </TD>
<TD id=TBL397S1.finRow.6.trail.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD>
<TD id=TBL397S1.finRow.6.lead.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL397S1.finRow.6.symb.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #ffffff">$</TD>
<TD id=TBL397S1.finRow.6.amt.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">5,263,140 </TD>
<TD id=TBL397S1.finRow.6.trail.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD></TR>
<TR style="BACKGROUND-COLOR: #cceeff">
<TD style="WIDTH: 70%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL397S1.finRow.7.lead.B3 style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL397S1.finRow.7.symb.B3 style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL397S1.finRow.7.amt.B3 style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL397S1.finRow.7.trail.B3 style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL397S1.finRow.7.lead.B4 style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL397S1.finRow.7.symb.B4 style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL397S1.finRow.7.amt.B4 style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL397S1.finRow.7.trail.B4 style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 70%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA362 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>LIABILITIES, REDEEMABLE CAPITAL SHARES AND SHAREHOLDERS&#8217; EQUITY (DEFICIT)</B></FONT></P></TD>
<TD id=TBL397S1.finRow.8.lead.B3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff"><B>&nbsp;</B></TD>
<TD id=TBL397S1.finRow.8.symb.B3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff"><B>&nbsp;</B></TD>
<TD id=TBL397S1.finRow.8.amt.B3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff"><B>&nbsp;</B></TD>
<TD id=TBL397S1.finRow.8.trail.B3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff"><B>&nbsp;</B></TD>
<TD id=TBL397S1.finRow.8.lead.B4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff"><B>&nbsp;</B></TD>
<TD id=TBL397S1.finRow.8.symb.B4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff"><B>&nbsp;</B></TD>
<TD id=TBL397S1.finRow.8.amt.B4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff"><B>&nbsp;</B></TD>
<TD id=TBL397S1.finRow.8.trail.B4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff"><B>&nbsp;</B></TD></TR>
<TR style="BACKGROUND-COLOR: #cceeff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 70%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
<P id=PARA363 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Current liabilities</B></FONT></P></TD>
<TD id=TBL397S1.finRow.9.lead.B3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"><B>&nbsp;</B></TD>
<TD id=TBL397S1.finRow.9.symb.B3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"><B>&nbsp;</B></TD>
<TD id=TBL397S1.finRow.9.amt.B3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"><B>&nbsp;</B></TD>
<TD id=TBL397S1.finRow.9.trail.B3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"><B>&nbsp;</B></TD>
<TD id=TBL397S1.finRow.9.lead.B4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"><B>&nbsp;</B></TD>
<TD id=TBL397S1.finRow.9.symb.B4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"><B>&nbsp;</B></TD>
<TD id=TBL397S1.finRow.9.amt.B4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"><B>&nbsp;</B></TD>
<TD id=TBL397S1.finRow.9.trail.B4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"><B>&nbsp;</B></TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 70%; VERTICAL-ALIGN: bottom; PADDING-LEFT: 18pt; BACKGROUND-COLOR: #ffffff">
<P id=PARA364 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Sponsor&#8217;s fees payable</FONT></P></TD>
<TD id=TBL397S1.finRow.10.lead.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL397S1.finRow.10.symb.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff">$</TD>
<TD id=TBL397S1.finRow.10.amt.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">1,917 </TD>
<TD id=TBL397S1.finRow.10.trail.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD>
<TD id=TBL397S1.finRow.10.lead.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL397S1.finRow.10.symb.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff">$</TD>
<TD id=TBL397S1.finRow.10.amt.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">2,338 </TD>
<TD id=TBL397S1.finRow.10.trail.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD></TR>
<TR style="BACKGROUND-COLOR: #cceeff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 70%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
<P id=PARA370 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Total liabilities</FONT></P></TD>
<TD id=TBL397S1.finRow.11.lead.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL397S1.finRow.11.symb.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL397S1.finRow.11.amt.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">1,917 </TD>
<TD id=TBL397S1.finRow.11.trail.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD>
<TD id=TBL397S1.finRow.11.lead.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL397S1.finRow.11.symb.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL397S1.finRow.11.amt.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">2,338 </TD>
<TD id=TBL397S1.finRow.11.trail.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 70%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL397S1.finRow.12.lead.B3 style="BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL397S1.finRow.12.symb.B3 style="BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL397S1.finRow.12.amt.B3 style="BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL397S1.finRow.12.trail.B3 style="BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL397S1.finRow.12.lead.B4 style="BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL397S1.finRow.12.symb.B4 style="BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL397S1.finRow.12.amt.B4 style="BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL397S1.finRow.12.trail.B4 style="BACKGROUND-COLOR: #ffffff">&nbsp;</TD></TR>
<TR style="BACKGROUND-COLOR: #cceeff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 70%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
<P id=PARA374 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Commitments and contingent liabilities (Note 6)</FONT></P></TD>
<TD id=TBL397S1.finRow.13.lead.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL397S1.finRow.13.symb.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL397S1.finRow.13.amt.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">&#8212;</TD>
<TD id=TBL397S1.finRow.13.trail.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD>
<TD id=TBL397S1.finRow.13.lead.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL397S1.finRow.13.symb.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL397S1.finRow.13.amt.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">&#8212;</TD>
<TD id=TBL397S1.finRow.13.trail.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 70%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA377 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Shareholders&#8217; equity<FONT style="FONT-SIZE: 60%; VERTICAL-ALIGN: text-top">(b)</FONT> </FONT></P></TD>
<TD id=TBL397S1.finRow.14.lead.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL397S1.finRow.14.symb.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL397S1.finRow.14.amt.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">4,391,944 </TD>
<TD id=TBL397S1.finRow.14.trail.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD>
<TD id=TBL397S1.finRow.14.lead.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL397S1.finRow.14.symb.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL397S1.finRow.14.amt.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">5,260,802 </TD>
<TD id=TBL397S1.finRow.14.trail.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD></TR>
<TR style="BACKGROUND-COLOR: #cceeff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 70%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
<P id=PARA380 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>TOTAL LIABILITIES, REDEEMABLE CAPITAL SHARES AND SHAREHOLDERS&#8217; EQUITY (DEFICIT)</B></FONT></P></TD>
<TD id=TBL397S1.finRow.15.lead.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL397S1.finRow.15.symb.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #cceeff">$</TD>
<TD id=TBL397S1.finRow.15.amt.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">4,393,861 </TD>
<TD id=TBL397S1.finRow.15.trail.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD>
<TD id=TBL397S1.finRow.15.lead.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL397S1.finRow.15.symb.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #cceeff">$</TD>
<TD id=TBL397S1.finRow.15.amt.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">5,263,140 </TD>
<TD id=TBL397S1.finRow.15.trail.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 70%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL397S1.finRow.16.lead.B3 style="BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL397S1.finRow.16.symb.B3 style="BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL397S1.finRow.16.amt.B3 style="BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL397S1.finRow.16.trail.B3 style="BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL397S1.finRow.16.lead.B4 style="BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL397S1.finRow.16.symb.B4 style="BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL397S1.finRow.16.amt.B4 style="BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL397S1.finRow.16.trail.B4 style="BACKGROUND-COLOR: #ffffff">&nbsp;</TD></TR>
<TR style="BACKGROUND-COLOR: #cceeff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 70%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
<P id=PARA385 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Shares issued and outstanding <FONT style="FONT-SIZE: 60%; VERTICAL-ALIGN: text-top">(c)</FONT> </FONT></P></TD>
<TD id=TBL397S1.finRow.17.lead.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL397S1.finRow.17.symb.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL397S1.finRow.17.amt.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">333,550,000 </TD>
<TD id=TBL397S1.finRow.17.trail.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD>
<TD id=TBL397S1.finRow.17.lead.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL397S1.finRow.17.symb.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL397S1.finRow.17.amt.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">344,000,000 </TD>
<TD id=TBL397S1.finRow.17.trail.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 70%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA388 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Net asset value per Share <FONT style="FONT-SIZE: 60%; VERTICAL-ALIGN: text-top">(d)</FONT> </FONT></P></TD>
<TD id=TBL397S1.finRow.18.lead.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL397S1.finRow.18.symb.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">$</TD>
<TD id=TBL397S1.finRow.18.amt.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">13.17 </TD>
<TD id=TBL397S1.finRow.18.trail.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD>
<TD id=TBL397S1.finRow.18.lead.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL397S1.finRow.18.symb.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">$</TD>
<TD id=TBL397S1.finRow.18.amt.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">15.29 </TD>
<TD id=TBL397S1.finRow.18.trail.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD></TR></TABLE>
<P id=PARA398 style="MARGIN: 0pt; LINE-HEIGHT: 1.25">&nbsp;</P>
<HR style="BORDER-TOP: medium none; HEIGHT: 1px; BORDER-RIGHT: medium none; WIDTH: 10%; BORDER-BOTTOM: medium none; COLOR: #000000;  BORDER-LEFT: medium none; BACKGROUND-COLOR: #000000" align="left">

<P id=PARA340 style="MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"></P>
<P id=PARA341 style="MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><FONT style="FONT-SIZE: 60%; VERTICAL-ALIGN: text-top">(a)</FONT>&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Cost of investment in silver bullion: $5,979,252 and $6,386,750, respectively.</FONT> </P>
<P id=PARA342 style="MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><FONT style="FONT-SIZE: 60%; VERTICAL-ALIGN: text-top">(b)</FONT>&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Represents net asset value. Please refer to Note 2D.</FONT></P>
<P id=PARA343 style="MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><FONT style="FONT-SIZE: 60%; VERTICAL-ALIGN: text-top">(c)</FONT>&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: Arial, Helvetica, sans-serif">No par value, unlimited amount authorized.</FONT> </P>
<P id=PARA344 style="MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><FONT style="FONT-SIZE: 60%; VERTICAL-ALIGN: text-top">(d)</FONT>&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Effective January 1, 2014, the Trust qualified as an investment company solely&nbsp;for accounting purposes and not for any other purpose. Disclosure of net asset value per Share is required for investment companies. Please refer to Note 2B.</FONT> </P>
<P id=PARA12 style="MARGIN: 0pt; LINE-HEIGHT: 1.25">&nbsp;</P>
<P style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><I><I></I></I></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><I><I>See notes to financial statements.</I></I></FONT></P>
<P id=PARA11.1 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P>
<DIV id=PGBK11  style="WIDTH: 100%; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<DIV id=PGFTR11  style="WIDTH: 100%; TEXT-ALIGN: center">&nbsp;</DIV>
<DIV id=PGNUM11  style="FONT-SIZE: 10pt; WIDTH: 100%; TEXT-ALIGN: center">F-3</DIV>
<HR style="HEIGHT: 2px; WIDTH: 100%; PAGE-BREAK-AFTER: always; COLOR: #000000" noShade>
<A id=TOCLINK11  href="#TOC">Table Of Contents</A>
<DIV id=PGHDR11  style="WIDTH: 100%; TEXT-ALIGN: left">&nbsp;</DIV></DIV>
<P id=PARA11.2 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif" face="Times New Roman"></FONT>&nbsp;</P>
<P id=PARA17 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>iShares</B><B> </B><B>Silver</B><B> Trust</B></FONT></P>
<P id=PARA18 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=BKMK309  name="BKMK309"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Income Statements</B></FONT></A><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B> </B></FONT></P>
<P id=PARA24 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">For the years ended December&nbsp;31,&nbsp;2015, 2014 and 2013</FONT></P>
<P id=PARA23 style="MARGIN: 0pt; LINE-HEIGHT: 1.25">&nbsp;</P>
<TABLE id=TBL440S1  style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 100%; TEXT-INDENT: 0px" cellSpacing=0 cellPadding=0 border=0>

<TR id=TBL440S1.finRow.1>
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 55%"><B>&nbsp;</B></TD>
<TD id=TBL440S1.finRow.1.lead.D7 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</TD>
<TD id=TBL440S1.finRow.1.amt.D7 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center" colSpan=10>
<P id=PARA345 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Years Ended December 31,</B></FONT></P></TD>
<TD id=TBL440S1.finRow.1.trail.D7 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px">&nbsp;</TD></TR>
<TR id=TBL440S1.finRow.2>
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 55%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left">
<P id=PARA347 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><U><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>(Dollar amounts in $000<U><B>&#8217;</B></U>s, except for per Share amounts)</B></FONT></U></P></TD>
<TD id=TBL440S1.finRow.2.lead.D5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</TD>
<TD id=TBL440S1.finRow.2.amt.D5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center" colSpan=2>
<P id=PARA348 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>2015 <FONT style="FONT-SIZE: 60%; VERTICAL-ALIGN: text-top">(a)</FONT></B></FONT></P></TD>
<TD id=TBL440S1.finRow.2.trail.D5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px">&nbsp;</TD>
<TD id=TBL440S1.finRow.2.lead.D6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</TD>
<TD id=TBL440S1.finRow.2.amt.D6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center" colSpan=2>
<P id=PARA349 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>2014 </B><B><FONT style="FONT-SIZE: 60%; VERTICAL-ALIGN: text-top">(a)</FONT></B></FONT></P></TD>
<TD id=TBL440S1.finRow.2.trail.D6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px">&nbsp;</TD>
<TD id=TBL440S1.finRow.2.lead.D7 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</TD>
<TD id=TBL440S1.finRow.2.amt.D7 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center" colSpan=2>
<P id=PARA350 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>2013</B></FONT></P></TD>
<TD id=TBL440S1.finRow.2.trail.D7 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px">&nbsp;</TD></TR>
<TR id=TBL440S1.finRow.3 style="BACKGROUND-COLOR: #cceeff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 55%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff">
<P id=PARA351 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Revenue</B></FONT></P></TD>
<TD id=TBL440S1.finRow.3.lead.B5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; BACKGROUND-COLOR: #cceeff"><B>&nbsp;</B></TD>
<TD id=TBL440S1.finRow.3.symb.B5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; BACKGROUND-COLOR: #cceeff"><B>&nbsp;</B></TD>
<TD id=TBL440S1.finRow.3.amt.B5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff"><B>&nbsp;</B></TD>
<TD id=TBL440S1.finRow.3.trail.B5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; BACKGROUND-COLOR: #cceeff"><B>&nbsp;</B></TD>
<TD id=TBL440S1.finRow.3.lead.B6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; BACKGROUND-COLOR: #cceeff"><B>&nbsp;</B></TD>
<TD id=TBL440S1.finRow.3.symb.B6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; BACKGROUND-COLOR: #cceeff"><B>&nbsp;</B></TD>
<TD id=TBL440S1.finRow.3.amt.B6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff"><B>&nbsp;</B></TD>
<TD id=TBL440S1.finRow.3.trail.B6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; BACKGROUND-COLOR: #cceeff"><B>&nbsp;</B></TD>
<TD id=TBL440S1.finRow.3.lead.B7 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; BACKGROUND-COLOR: #cceeff"><B>&nbsp;</B></TD>
<TD id=TBL440S1.finRow.3.symb.B7 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; BACKGROUND-COLOR: #cceeff"><B>&nbsp;</B></TD>
<TD id=TBL440S1.finRow.3.amt.B7 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff"><B>&nbsp;</B></TD>
<TD id=TBL440S1.finRow.3.trail.B7 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; BACKGROUND-COLOR: #cceeff"><B>&nbsp;</B></TD></TR>
<TR id=TBL440S1.finRow.4 style="BACKGROUND-COLOR: #ffffff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 55%; PADDING-LEFT: 18pt; BACKGROUND-COLOR: #ffffff">
<P id=PARA352 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Proceeds from sales of silver bullion inventory to pay expenses</FONT></P></TD>
<TD id=TBL440S1.finRow.4.lead.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL440S1.finRow.4.symb.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">$</TD>
<TD id=TBL440S1.finRow.4.amt.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">&#8212;</TD>
<TD id=TBL440S1.finRow.4.trail.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD>
<TD id=TBL440S1.finRow.4.lead.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL440S1.finRow.4.symb.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">$</TD>
<TD id=TBL440S1.finRow.4.amt.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">&#8212;</TD>
<TD id=TBL440S1.finRow.4.trail.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD>
<TD id=TBL440S1.finRow.4.lead.7 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL440S1.finRow.4.symb.7 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">$</TD>
<TD id=TBL440S1.finRow.4.amt.7 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">41,406 </TD>
<TD id=TBL440S1.finRow.4.trail.7 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD></TR>
<TR id=TBL440S1.finRow.5 style="BACKGROUND-COLOR: #cceeff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 55%; PADDING-LEFT: 18pt; BACKGROUND-COLOR: #cceeff">
<P id=PARA359 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Cost of silver bullion inventory sold to pay expenses</FONT></P></TD>
<TD id=TBL440S1.finRow.5.lead.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL440S1.finRow.5.symb.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL440S1.finRow.5.amt.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">&#8212;</TD>
<TD id=TBL440S1.finRow.5.trail.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD>
<TD id=TBL440S1.finRow.5.lead.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL440S1.finRow.5.symb.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL440S1.finRow.5.amt.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">&#8212;</TD>
<TD id=TBL440S1.finRow.5.trail.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD>
<TD id=TBL440S1.finRow.5.lead.7 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL440S1.finRow.5.symb.7 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL440S1.finRow.5.amt.7 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">(43,296</TD>
<TD id=TBL440S1.finRow.5.trail.7 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>)</TD></TR>
<TR id=TBL440S1.finRow.6 style="BACKGROUND-COLOR: #ffffff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 55%; PADDING-LEFT: 18pt; BACKGROUND-COLOR: #ffffff">
<P id=PARA364 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Loss on sales of silver bullion inventory to pay expenses</FONT></P></TD>
<TD id=TBL440S1.finRow.6.lead.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL440S1.finRow.6.symb.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL440S1.finRow.6.amt.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">&#8212;</TD>
<TD id=TBL440S1.finRow.6.trail.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD>
<TD id=TBL440S1.finRow.6.lead.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL440S1.finRow.6.symb.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL440S1.finRow.6.amt.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">&#8212;</TD>
<TD id=TBL440S1.finRow.6.trail.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD>
<TD id=TBL440S1.finRow.6.lead.7 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL440S1.finRow.6.symb.7 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL440S1.finRow.6.amt.7 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">(1,890</TD>
<TD id=TBL440S1.finRow.6.trail.7 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>)</TD></TR>
<TR id=TBL440S1.finRow.7 style="BACKGROUND-COLOR: #cceeff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 55%; PADDING-LEFT: 18pt; BACKGROUND-COLOR: #cceeff">
<P id=PARA369 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Loss&nbsp;on silver bullion distributed for the redemption of Shares</FONT></P></TD>
<TD id=TBL440S1.finRow.7.lead.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL440S1.finRow.7.symb.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL440S1.finRow.7.amt.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">&#8212;</TD>
<TD id=TBL440S1.finRow.7.trail.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD>
<TD id=TBL440S1.finRow.7.lead.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL440S1.finRow.7.symb.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL440S1.finRow.7.amt.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">&#8212;</TD>
<TD id=TBL440S1.finRow.7.trail.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD>
<TD id=TBL440S1.finRow.7.lead.7 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL440S1.finRow.7.symb.7 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL440S1.finRow.7.amt.7 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">(131,814</TD>
<TD id=TBL440S1.finRow.7.trail.7 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>)</TD></TR>
<TR id=TBL440S1.finRow.8 style="BACKGROUND-COLOR: #ffffff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 55%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff">
<P id=PARA373 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Total loss on sales and distributions of silver bullion</FONT></P></TD>
<TD id=TBL440S1.finRow.8.lead.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL440S1.finRow.8.symb.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL440S1.finRow.8.amt.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">&#8212;</TD>
<TD id=TBL440S1.finRow.8.trail.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD>
<TD id=TBL440S1.finRow.8.lead.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL440S1.finRow.8.symb.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL440S1.finRow.8.amt.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">&#8212;</TD>
<TD id=TBL440S1.finRow.8.trail.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD>
<TD id=TBL440S1.finRow.8.lead.7 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL440S1.finRow.8.symb.7 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL440S1.finRow.8.amt.7 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">(133,704</TD>
<TD id=TBL440S1.finRow.8.trail.7 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>)</TD></TR>
<TR id=TBL440S1.finRow.9 style="BACKGROUND-COLOR: #cceeff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 55%; PADDING-LEFT: 18pt; BACKGROUND-COLOR: #cceeff">
<P id=PARA377 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Adjustment to silver bullion inventory</FONT></P></TD>
<TD id=TBL440S1.finRow.9.lead.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL440S1.finRow.9.symb.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL440S1.finRow.9.amt.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">&#8212;</TD>
<TD id=TBL440S1.finRow.9.trail.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD>
<TD id=TBL440S1.finRow.9.lead.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL440S1.finRow.9.symb.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL440S1.finRow.9.amt.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">&#8212;</TD>
<TD id=TBL440S1.finRow.9.trail.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD>
<TD id=TBL440S1.finRow.9.lead.7 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL440S1.finRow.9.symb.7 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL440S1.finRow.9.amt.7 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">(1,781,266</TD>
<TD id=TBL440S1.finRow.9.trail.7 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>)</TD></TR>
<TR id=TBL440S1.finRow.10 style="BACKGROUND-COLOR: #ffffff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 55%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff">
<P id=PARA381 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Total loss on silver bullion</FONT></P></TD>
<TD id=TBL440S1.finRow.10.lead.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL440S1.finRow.10.symb.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL440S1.finRow.10.amt.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">&#8212;</TD>
<TD id=TBL440S1.finRow.10.trail.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD>
<TD id=TBL440S1.finRow.10.lead.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL440S1.finRow.10.symb.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL440S1.finRow.10.amt.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">&#8212;</TD>
<TD id=TBL440S1.finRow.10.trail.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD>
<TD id=TBL440S1.finRow.10.lead.7 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL440S1.finRow.10.symb.7 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL440S1.finRow.10.amt.7 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">(1,914,970</TD>
<TD id=TBL440S1.finRow.10.trail.7 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>)</TD></TR>
<TR id=TBL440S1.finRow.11 style="BACKGROUND-COLOR: #cceeff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 55%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff">
<P id=PARA385 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Expenses</B></FONT></P></TD>
<TD id=TBL440S1.finRow.11.lead.B5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; BACKGROUND-COLOR: #cceeff"><B>&nbsp;</B></TD>
<TD id=TBL440S1.finRow.11.symb.B5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; BACKGROUND-COLOR: #cceeff"><B>&nbsp;</B></TD>
<TD id=TBL440S1.finRow.11.amt.B5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff"><B>&nbsp;</B></TD>
<TD id=TBL440S1.finRow.11.trail.B5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; BACKGROUND-COLOR: #cceeff"><B>&nbsp;</B></TD>
<TD id=TBL440S1.finRow.11.lead.B6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; BACKGROUND-COLOR: #cceeff"><B>&nbsp;</B></TD>
<TD id=TBL440S1.finRow.11.symb.B6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; BACKGROUND-COLOR: #cceeff"><B>&nbsp;</B></TD>
<TD id=TBL440S1.finRow.11.amt.B6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff"><B>&nbsp;</B></TD>
<TD id=TBL440S1.finRow.11.trail.B6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; BACKGROUND-COLOR: #cceeff"><B>&nbsp;</B></TD>
<TD id=TBL440S1.finRow.11.lead.B7 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; BACKGROUND-COLOR: #cceeff"><B>&nbsp;</B></TD>
<TD id=TBL440S1.finRow.11.symb.B7 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; BACKGROUND-COLOR: #cceeff"><B>&nbsp;</B></TD>
<TD id=TBL440S1.finRow.11.amt.B7 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff"><B>&nbsp;</B></TD>
<TD id=TBL440S1.finRow.11.trail.B7 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; BACKGROUND-COLOR: #cceeff"><B>&nbsp;</B></TD></TR>
<TR id=TBL440S1.finRow.12 style="BACKGROUND-COLOR: #ffffff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 55%; PADDING-LEFT: 18pt; BACKGROUND-COLOR: #ffffff">
<P id=PARA386 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Sponsor</FONT>&#8217;<FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">s fees</FONT></P></TD>
<TD id=TBL440S1.finRow.12.lead.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL440S1.finRow.12.symb.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL440S1.finRow.12.amt.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">25,295 </TD>
<TD id=TBL440S1.finRow.12.trail.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD>
<TD id=TBL440S1.finRow.12.lead.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL440S1.finRow.12.symb.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL440S1.finRow.12.amt.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">31,579 </TD>
<TD id=TBL440S1.finRow.12.trail.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD>
<TD id=TBL440S1.finRow.12.lead.7 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL440S1.finRow.12.symb.7 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL440S1.finRow.12.amt.7 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">39,818 </TD>
<TD id=TBL440S1.finRow.12.trail.7 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD></TR>
<TR id=TBL440S1.finRow.13 style="BACKGROUND-COLOR: #cceeff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 55%; PADDING-LEFT: 36pt; BACKGROUND-COLOR: #cceeff">
<P id=PARA390 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Total expenses</FONT></P></TD>
<TD id=TBL440S1.finRow.13.lead.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL440S1.finRow.13.symb.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL440S1.finRow.13.amt.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">25,295 </TD>
<TD id=TBL440S1.finRow.13.trail.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD>
<TD id=TBL440S1.finRow.13.lead.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL440S1.finRow.13.symb.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL440S1.finRow.13.amt.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">31,579 </TD>
<TD id=TBL440S1.finRow.13.trail.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD>
<TD id=TBL440S1.finRow.13.lead.7 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL440S1.finRow.13.symb.7 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL440S1.finRow.13.amt.7 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">39,818 </TD>
<TD id=TBL440S1.finRow.13.trail.7 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD></TR>
<TR id=TBL440S1.finRow.14 style="BACKGROUND-COLOR: #ffffff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 55%; PADDING-LEFT: 54pt; BACKGROUND-COLOR: #ffffff">
<P id=PARA394 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Net investment loss<FONT style="FONT-SIZE: 60%; VERTICAL-ALIGN: text-top">(b)</FONT></FONT></P></TD>
<TD id=TBL440S1.finRow.14.lead.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL440S1.finRow.14.symb.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL440S1.finRow.14.amt.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">(25,295</TD>
<TD id=TBL440S1.finRow.14.trail.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>)</TD>
<TD id=TBL440S1.finRow.14.lead.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL440S1.finRow.14.symb.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL440S1.finRow.14.amt.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">(31,579</TD>
<TD id=TBL440S1.finRow.14.trail.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>)</TD>
<TD id=TBL440S1.finRow.14.lead.B7 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL440S1.finRow.14.symb.B7 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL440S1.finRow.14.amt.B7 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL440S1.finRow.14.trail.B7 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; BACKGROUND-COLOR: #ffffff">&nbsp;</TD></TR>
<TR id=TBL440S1.finRow.15 style="BACKGROUND-COLOR: #cceeff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 55%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff">
<P id=PARA397 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Net Realized and Unrealized Gain (Loss) </B></FONT></P></TD>
<TD id=TBL440S1.finRow.15.lead.B5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; BACKGROUND-COLOR: #cceeff"><B>&nbsp;</B></TD>
<TD id=TBL440S1.finRow.15.symb.B5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; BACKGROUND-COLOR: #cceeff"><B>&nbsp;</B></TD>
<TD id=TBL440S1.finRow.15.amt.B5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff"><B>&nbsp;</B></TD>
<TD id=TBL440S1.finRow.15.trail.B5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; BACKGROUND-COLOR: #cceeff"><B>&nbsp;</B></TD>
<TD id=TBL440S1.finRow.15.lead.B6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; BACKGROUND-COLOR: #cceeff"><B>&nbsp;</B></TD>
<TD id=TBL440S1.finRow.15.symb.B6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; BACKGROUND-COLOR: #cceeff"><B>&nbsp;</B></TD>
<TD id=TBL440S1.finRow.15.amt.B6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff"><B>&nbsp;</B></TD>
<TD id=TBL440S1.finRow.15.trail.B6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; BACKGROUND-COLOR: #cceeff"><B>&nbsp;</B></TD>
<TD id=TBL440S1.finRow.15.lead.B7 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; BACKGROUND-COLOR: #cceeff"><B>&nbsp;</B></TD>
<TD id=TBL440S1.finRow.15.symb.B7 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; BACKGROUND-COLOR: #cceeff"><B>&nbsp;</B></TD>
<TD id=TBL440S1.finRow.15.amt.B7 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff"><B>&nbsp;</B></TD>
<TD id=TBL440S1.finRow.15.trail.B7 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; BACKGROUND-COLOR: #cceeff"><B>&nbsp;</B></TD></TR>
<TR id=TBL440S1.finRow.16 style="BACKGROUND-COLOR: #ffffff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 55%; PADDING-LEFT: 18pt; BACKGROUND-COLOR: #ffffff">
<P id=PARA398 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Net realized loss from silver bullion sold to pay expenses</FONT></P></TD>
<TD id=TBL440S1.finRow.16.lead.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL440S1.finRow.16.symb.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL440S1.finRow.16.amt.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">(5,703</TD>
<TD id=TBL440S1.finRow.16.trail.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>)</TD>
<TD id=TBL440S1.finRow.16.lead.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL440S1.finRow.16.symb.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL440S1.finRow.16.amt.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">(1,056</TD>
<TD id=TBL440S1.finRow.16.trail.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>)</TD>
<TD id=TBL440S1.finRow.16.lead.7 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL440S1.finRow.16.symb.7 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL440S1.finRow.16.amt.7 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">&#8212;</TD>
<TD id=TBL440S1.finRow.16.trail.7 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD></TR>
<TR id=TBL440S1.finRow.17 style="BACKGROUND-COLOR: #cceeff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 55%; PADDING-LEFT: 18pt; BACKGROUND-COLOR: #cceeff">
<P id=PARA403 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Net realized&nbsp;loss from silver bullion distributed for the redemption of Shares</FONT></P></TD>
<TD id=TBL440S1.finRow.17.lead.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL440S1.finRow.17.symb.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL440S1.finRow.17.amt.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">(206,453</TD>
<TD id=TBL440S1.finRow.17.trail.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>)</TD>
<TD id=TBL440S1.finRow.17.lead.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL440S1.finRow.17.symb.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL440S1.finRow.17.amt.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">(77,394</TD>
<TD id=TBL440S1.finRow.17.trail.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>)</TD>
<TD id=TBL440S1.finRow.17.lead.7 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL440S1.finRow.17.symb.7 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL440S1.finRow.17.amt.7 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">&#8212;</TD>
<TD id=TBL440S1.finRow.17.trail.7 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD></TR>
<TR id=TBL440S1.finRow.18 style="BACKGROUND-COLOR: #ffffff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 55%; PADDING-LEFT: 54pt; BACKGROUND-COLOR: #ffffff">
<P id=PARA407 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Net realized loss</FONT></P></TD>
<TD id=TBL440S1.finRow.18.lead.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL440S1.finRow.18.symb.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL440S1.finRow.18.amt.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">(212,156</TD>
<TD id=TBL440S1.finRow.18.trail.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>)</TD>
<TD id=TBL440S1.finRow.18.lead.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL440S1.finRow.18.symb.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL440S1.finRow.18.amt.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">(78,450</TD>
<TD id=TBL440S1.finRow.18.trail.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>)</TD>
<TD id=TBL440S1.finRow.18.lead.7 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL440S1.finRow.18.symb.7 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL440S1.finRow.18.amt.7 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">&#8212;</TD>
<TD id=TBL440S1.finRow.18.trail.7 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD></TR>
<TR id=TBL440S1.finRow.19 style="BACKGROUND-COLOR: #cceeff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 55%; PADDING-LEFT: 18pt; BACKGROUND-COLOR: #cceeff">
<P id=PARA411 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Net change in unrealized appreciation/depreciation on investment in silver bullion</FONT></P></TD>
<TD id=TBL440S1.finRow.19.lead.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL440S1.finRow.19.symb.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL440S1.finRow.19.amt.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">(461,781</TD>
<TD id=TBL440S1.finRow.19.trail.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>)</TD>
<TD id=TBL440S1.finRow.19.lead.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL440S1.finRow.19.symb.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL440S1.finRow.19.amt.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">(1,123,610</TD>
<TD id=TBL440S1.finRow.19.trail.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>)</TD>
<TD id=TBL440S1.finRow.19.lead.7 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL440S1.finRow.19.symb.7 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL440S1.finRow.19.amt.7 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">&#8212;</TD>
<TD id=TBL440S1.finRow.19.trail.7 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD></TR>
<TR id=TBL440S1.finRow.20 style="BACKGROUND-COLOR: #ffffff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 55%; PADDING-LEFT: 54pt; BACKGROUND-COLOR: #ffffff">
<P id=PARA416 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Net realized and unrealized loss</FONT></P></TD>
<TD id=TBL440S1.finRow.20.lead.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL440S1.finRow.20.symb.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL440S1.finRow.20.amt.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">(673,937</TD>
<TD id=TBL440S1.finRow.20.trail.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>)</TD>
<TD id=TBL440S1.finRow.20.lead.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL440S1.finRow.20.symb.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL440S1.finRow.20.amt.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">(1,202,060</TD>
<TD id=TBL440S1.finRow.20.trail.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>)</TD>
<TD id=TBL440S1.finRow.20.lead.7 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL440S1.finRow.20.symb.7 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL440S1.finRow.20.amt.7 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">&#8212;</TD>
<TD id=TBL440S1.finRow.20.trail.7 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD></TR>
<TR id=TBL440S1.finRow.21 style="BACKGROUND-COLOR: #cceeff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 55%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff">
<P id=PARA420 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>NET LOSS</B></FONT></P></TD>
<TD id=TBL440S1.finRow.21.lead.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL440S1.finRow.21.symb.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #cceeff">$</TD>
<TD id=TBL440S1.finRow.21.amt.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">(699,232</TD>
<TD id=TBL440S1.finRow.21.trail.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>)</TD>
<TD id=TBL440S1.finRow.21.lead.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL440S1.finRow.21.symb.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL440S1.finRow.21.amt.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">(1,233,639</TD>
<TD id=TBL440S1.finRow.21.trail.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>)</TD>
<TD id=TBL440S1.finRow.21.lead.7 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL440S1.finRow.21.symb.7 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #cceeff">$</TD>
<TD id=TBL440S1.finRow.21.amt.7 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">(1,954,788</TD>
<TD id=TBL440S1.finRow.21.trail.7 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>)</TD></TR>
<TR id=TBL440S1.finRow.22 style="BACKGROUND-COLOR: #ffffff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 55%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff">
<P id=PARA426 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Net loss per Share</FONT></P></TD>
<TD id=TBL440S1.finRow.22.lead.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL440S1.finRow.22.symb.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">$</TD>
<TD id=TBL440S1.finRow.22.amt.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">(2.07</TD>
<TD id=TBL440S1.finRow.22.trail.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>)</TD>
<TD id=TBL440S1.finRow.22.lead.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL440S1.finRow.22.symb.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">$</TD>
<TD id=TBL440S1.finRow.22.amt.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">(3.57</TD>
<TD id=TBL440S1.finRow.22.trail.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>)</TD>
<TD id=TBL440S1.finRow.22.lead.7 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL440S1.finRow.22.symb.7 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">$</TD>
<TD id=TBL440S1.finRow.22.amt.7 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">(5.65</TD>
<TD id=TBL440S1.finRow.22.trail.7 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>)</TD></TR>
<TR id=TBL440S1.finRow.23 style="BACKGROUND-COLOR: #cceeff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 55%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff">
<P id=PARA433 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Weighted-average Shares outstanding</FONT></P></TD>
<TD id=TBL440S1.finRow.23.lead.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL440S1.finRow.23.symb.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL440S1.finRow.23.amt.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">337,569,863 </TD>
<TD id=TBL440S1.finRow.23.trail.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD>
<TD id=TBL440S1.finRow.23.lead.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL440S1.finRow.23.symb.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">$</TD>
<TD id=TBL440S1.finRow.23.amt.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">345,726,575 </TD>
<TD id=TBL440S1.finRow.23.trail.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD>
<TD id=TBL440S1.finRow.23.lead.7 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL440S1.finRow.23.symb.7 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL440S1.finRow.23.amt.7 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">345,697,260 </TD>
<TD id=TBL440S1.finRow.23.trail.7 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD></TR></TABLE>
<P id=PARA441 style="MARGIN: 0pt; LINE-HEIGHT: 1.25">&nbsp;</P>
<HR style="BORDER-TOP: medium none; HEIGHT: 1px; BORDER-RIGHT: medium none; WIDTH: 10%; BORDER-BOTTOM: medium none; COLOR: #000000;  BORDER-LEFT: medium none; BACKGROUND-COLOR: #000000" align="left">

<P id=PARA443 style="MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"></P>
<P id=PARA444 style="MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><FONT style="FONT-SIZE: 60%; VERTICAL-ALIGN: text-top">(a)</FONT>&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Effective January 1, 2014, the Trust qualified as an investment company solely&nbsp;for accounting purposes and not for any other purpose. Please refer to Note 2B.</FONT> </P>
<P id=PARA445 style="MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><FONT style="FONT-SIZE: 60%; VERTICAL-ALIGN: text-top">(b)</FONT>&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Net investment income (loss) is applicable to investment companies. Please refer to Note 2B.</FONT> </P>
<P id=PARA1573 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><I><I></I></I></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><I><I></I></I></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><I><I>See notes to financial statements.</I></I></FONT></P>
<P id=PARA19.1 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P>
<DIV id=PGBK19  style="WIDTH: 100%; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<DIV id=PGFTR19  style="WIDTH: 100%; TEXT-ALIGN: center">&nbsp;</DIV>
<DIV id=PGNUM19  style="FONT-SIZE: 10pt; WIDTH: 100%; TEXT-ALIGN: center">F-4</DIV>
<HR style="HEIGHT: 2px; WIDTH: 100%; PAGE-BREAK-AFTER: always; COLOR: #000000" noShade>
<A id=TOCLINK19  href="#TOC">Table Of Contents</A>
<DIV id=PGHDR19  style="WIDTH: 100%; TEXT-ALIGN: left">&nbsp;</DIV></DIV>
<P id=PARA19.2 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"></FONT></P>
<P id=PARA197 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>iShares</B><B> </B><B>Silver</B><B> Trust</B></FONT></P>
<P id=PARA198 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=BKMK310  name="BKMK310"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Statements of Changes Shareholders&#8217; Equity (Deficit)</B></FONT></A><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B> </B></FONT></P>
<P id=PARA202 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">For the years ended December&nbsp;31,&nbsp;2015, 2014 and 2013</FONT></P>
<P id=PARA203 style="MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<TABLE id=TBL496S1  style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 100%; TEXT-INDENT: 0px" cellSpacing=0 cellPadding=0 border=0>

<TR id=TBL496S1.finRow.1>
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom"><B>&nbsp;</B></TD>
<TD id=TBL496S1.finRow.1.lead.D4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom">&nbsp;</TD>
<TD id=TBL496S1.finRow.1.amt.D4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center" colSpan=10>
<P id=PARA446 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Years Ended December 31,</B></FONT></P></TD>
<TD id=TBL496S1.finRow.1.trail.D4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px">&nbsp;</TD></TR>
<TR id=TBL496S1.finRow.2>
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 55%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left">
<P id=PARA447 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><U><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>(Dollar amounts in $000&#8217;s)</B></FONT></U></P></TD>
<TD id=TBL496S1.finRow.2.lead.D2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom">&nbsp;</TD>
<TD id=TBL496S1.finRow.2.amt.D2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center" colSpan=2>
<P id=PARA448 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>2015</B></FONT></P></TD>
<TD id=TBL496S1.finRow.2.trail.D2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px">&nbsp;</TD>
<TD id=TBL496S1.finRow.2.lead.D3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom">&nbsp;</TD>
<TD id=TBL496S1.finRow.2.amt.D3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center" colSpan=2>
<P id=PARA449 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>2014</B></FONT></P></TD>
<TD id=TBL496S1.finRow.2.trail.D3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px">&nbsp;</TD>
<TD id=TBL496S1.finRow.2.lead.D4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom">&nbsp;</TD>
<TD id=TBL496S1.finRow.2.amt.D4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center" colSpan=2>
<P id=PARA450 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>2013</B></FONT></P></TD>
<TD id=TBL496S1.finRow.2.trail.D4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px">&nbsp;</TD></TR>
<TR id=TBL496S1.finRow.3 style="BACKGROUND-COLOR: #cceeff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff">
<P id=PARA451 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Shareholders&#8217; equity (deficit) &#8211; beginning of period <FONT style="FONT-SIZE: 60%; VERTICAL-ALIGN: text-top">(a)</FONT></FONT></P></TD>
<TD id=TBL496S1.finRow.3.lead.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL496S1.finRow.3.symb.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">$</TD>
<TD id=TBL496S1.finRow.3.amt.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">5,260,802 </TD>
<TD id=TBL496S1.finRow.3.trail.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD>
<TD id=TBL496S1.finRow.3.lead.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL496S1.finRow.3.symb.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">$</TD>
<TD id=TBL496S1.finRow.3.amt.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">6,240,747 </TD>
<TD id=TBL496S1.finRow.3.trail.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD>
<TD id=TBL496S1.finRow.3.lead.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL496S1.finRow.3.symb.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">$</TD>
<TD id=TBL496S1.finRow.3.amt.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">(1,575,959</TD>
<TD id=TBL496S1.finRow.3.trail.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>)</TD></TR>
<TR id=TBL496S1.finRow.4 style="BACKGROUND-COLOR: #ffffff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff">
<P id=PARA455 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Contributions for Shares issued</FONT></P></TD>
<TD id=TBL496S1.finRow.4.lead.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL496S1.finRow.4.symb.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL496S1.finRow.4.amt.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">859,468 </TD>
<TD id=TBL496S1.finRow.4.trail.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD>
<TD id=TBL496S1.finRow.4.lead.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL496S1.finRow.4.symb.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL496S1.finRow.4.amt.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">1,361,917 </TD>
<TD id=TBL496S1.finRow.4.trail.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD>
<TD id=TBL496S1.finRow.4.lead.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL496S1.finRow.4.symb.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL496S1.finRow.4.amt.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">&#8212;</TD>
<TD id=TBL496S1.finRow.4.trail.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD></TR>
<TR id=TBL496S1.finRow.5 style="BACKGROUND-COLOR: #cceeff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff">
<P id=PARA459 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Distributions for Shares redeemed</FONT></P></TD>
<TD id=TBL496S1.finRow.5.lead.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL496S1.finRow.5.symb.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL496S1.finRow.5.amt.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">(1,029,094</TD>
<TD id=TBL496S1.finRow.5.trail.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>)</TD>
<TD id=TBL496S1.finRow.5.lead.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL496S1.finRow.5.symb.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL496S1.finRow.5.amt.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">(1,108,223</TD>
<TD id=TBL496S1.finRow.5.trail.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>)</TD>
<TD id=TBL496S1.finRow.5.lead.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL496S1.finRow.5.symb.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL496S1.finRow.5.amt.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">&#8212;</TD>
<TD id=TBL496S1.finRow.5.trail.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD></TR>
<TR id=TBL496S1.finRow.6 style="BACKGROUND-COLOR: #ffffff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff">
<P id=PARA463 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Net investment loss</FONT></P></TD>
<TD id=TBL496S1.finRow.6.lead.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL496S1.finRow.6.symb.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL496S1.finRow.6.amt.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">(25,295</TD>
<TD id=TBL496S1.finRow.6.trail.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>)</TD>
<TD id=TBL496S1.finRow.6.lead.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL496S1.finRow.6.symb.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL496S1.finRow.6.amt.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">(31,579</TD>
<TD id=TBL496S1.finRow.6.trail.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>)</TD>
<TD id=TBL496S1.finRow.6.lead.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL496S1.finRow.6.symb.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL496S1.finRow.6.amt.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">&#8212;</TD>
<TD id=TBL496S1.finRow.6.trail.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD></TR>
<TR id=TBL496S1.finRow.7 style="BACKGROUND-COLOR: #cceeff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff">
<P id=PARA467 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Net realized loss from silver bullion sold to pay expenses</FONT></P></TD>
<TD id=TBL496S1.finRow.7.lead.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL496S1.finRow.7.symb.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL496S1.finRow.7.amt.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">(5,703</TD>
<TD id=TBL496S1.finRow.7.trail.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>)</TD>
<TD id=TBL496S1.finRow.7.lead.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL496S1.finRow.7.symb.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL496S1.finRow.7.amt.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">(1,056</TD>
<TD id=TBL496S1.finRow.7.trail.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>)</TD>
<TD id=TBL496S1.finRow.7.lead.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL496S1.finRow.7.symb.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL496S1.finRow.7.amt.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">&#8212;</TD>
<TD id=TBL496S1.finRow.7.trail.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD></TR>
<TR id=TBL496S1.finRow.8 style="BACKGROUND-COLOR: #ffffff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff">
<P id=PARA471 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Net realized&nbsp;loss from silver bullion distributed for the redemption of Shares</FONT></P></TD>
<TD id=TBL496S1.finRow.8.lead.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL496S1.finRow.8.symb.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL496S1.finRow.8.amt.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">(206,453</TD>
<TD id=TBL496S1.finRow.8.trail.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>)</TD>
<TD id=TBL496S1.finRow.8.lead.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL496S1.finRow.8.symb.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL496S1.finRow.8.amt.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">(77,394</TD>
<TD id=TBL496S1.finRow.8.trail.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>)</TD>
<TD id=TBL496S1.finRow.8.lead.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL496S1.finRow.8.symb.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL496S1.finRow.8.amt.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">&#8212;</TD>
<TD id=TBL496S1.finRow.8.trail.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD></TR>
<TR id=TBL496S1.finRow.9 style="BACKGROUND-COLOR: #cceeff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff">
<P id=PARA475 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Net change in unrealized appreciation/depreciation on investment in silver bullion</FONT></P></TD>
<TD id=TBL496S1.finRow.9.lead.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL496S1.finRow.9.symb.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL496S1.finRow.9.amt.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">(461,781</TD>
<TD id=TBL496S1.finRow.9.trail.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>)</TD>
<TD id=TBL496S1.finRow.9.lead.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL496S1.finRow.9.symb.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL496S1.finRow.9.amt.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">(1,123,610</TD>
<TD id=TBL496S1.finRow.9.trail.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>)</TD>
<TD id=TBL496S1.finRow.9.lead.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL496S1.finRow.9.symb.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL496S1.finRow.9.amt.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">&#8212;</TD>
<TD id=TBL496S1.finRow.9.trail.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD></TR>
<TR id=TBL496S1.finRow.10 style="BACKGROUND-COLOR: #ffffff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff">
<P id=PARA479 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Net loss <FONT style="FONT-SIZE: 60%; VERTICAL-ALIGN: text-top">(b)</FONT></FONT></P></TD>
<TD id=TBL496S1.finRow.10.lead.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL496S1.finRow.10.symb.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL496S1.finRow.10.amt.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">&#8212;</TD>
<TD id=TBL496S1.finRow.10.trail.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD>
<TD id=TBL496S1.finRow.10.lead.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL496S1.finRow.10.symb.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL496S1.finRow.10.amt.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">&#8212;</TD>
<TD id=TBL496S1.finRow.10.trail.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD>
<TD id=TBL496S1.finRow.10.lead.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL496S1.finRow.10.symb.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL496S1.finRow.10.amt.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">(1,954,788</TD>
<TD id=TBL496S1.finRow.10.trail.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>)</TD></TR>
<TR id=TBL496S1.finRow.11 style="BACKGROUND-COLOR: #cceeff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff">
<P id=PARA483 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Adjustment of redeemable capital Shares to redemption value</FONT></P></TD>
<TD id=TBL496S1.finRow.11.lead.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL496S1.finRow.11.symb.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL496S1.finRow.11.amt.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">&#8212;</TD>
<TD id=TBL496S1.finRow.11.trail.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD>
<TD id=TBL496S1.finRow.11.lead.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL496S1.finRow.11.symb.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL496S1.finRow.11.amt.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">&#8212;</TD>
<TD id=TBL496S1.finRow.11.trail.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD>
<TD id=TBL496S1.finRow.11.lead.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL496S1.finRow.11.symb.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL496S1.finRow.11.amt.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">3,530,747 </TD>
<TD id=TBL496S1.finRow.11.trail.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD></TR>
<TR id=TBL496S1.finRow.12 style="BACKGROUND-COLOR: #ffffff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff">
<P id=PARA487 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Shareholders&#8217; equity (deficit) &#8211; end of period</FONT></P></TD>
<TD id=TBL496S1.finRow.12.lead.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL496S1.finRow.12.symb.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #ffffff">$</TD>
<TD id=TBL496S1.finRow.12.amt.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">4,391,944 </TD>
<TD id=TBL496S1.finRow.12.trail.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: Arial, Helvetica, sans-serif; BACKGROUND-COLOR: #ffffff"><SUP style="vertical-align: baseline; position: relative; bottom: .33em">(c)</SUP></FONT></TD>
<TD id=TBL496S1.finRow.12.lead.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL496S1.finRow.12.symb.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #ffffff">$</TD>
<TD id=TBL496S1.finRow.12.amt.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">5,260,802 </TD>
<TD id=TBL496S1.finRow.12.trail.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: Arial, Helvetica, sans-serif; BACKGROUND-COLOR: #ffffff"><SUP style="vertical-align: baseline; position: relative; bottom: .33em">(c)</SUP></FONT></TD>
<TD id=TBL496S1.finRow.12.lead.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL496S1.finRow.12.symb.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #ffffff">$</TD>
<TD id=TBL496S1.finRow.12.amt.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">&#8212;</TD>
<TD id=TBL496S1.finRow.12.trail.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD></TR></TABLE>
<P id=PARA497 style="MARGIN: 0pt; LINE-HEIGHT: 1.25">&nbsp;</P>
<HR style="BORDER-TOP: medium none; HEIGHT: 1px; BORDER-RIGHT: medium none; WIDTH: 10%; BORDER-BOTTOM: medium none; COLOR: #000000;  BORDER-LEFT: medium none; BACKGROUND-COLOR: #000000" align="left">

<P id=PARA499 style="MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"></P>
<TABLE id=TBL705  style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 100%; TEXT-INDENT: 0px" cellSpacing=0 cellPadding=0 border=0>

<TR>
<TD style="WIDTH: 3%; VERTICAL-ALIGN: top">
<P id=PARA706><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><FONT style="FONT-SIZE: 60%; VERTICAL-ALIGN: text-top">(a)</FONT></FONT></P></TD>
<TD style="WIDTH: 97%; VERTICAL-ALIGN: top">
<P id=PARA707><FONT style="FONT-SIZE: 60%; VERTICAL-ALIGN: text-top"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The Trust reclassified redeemable capital shares as of December 31, 2013 into shareholders&#8217; equity as part of its transition to investment company accounting effective January&nbsp;1,&nbsp;2014. Please refer to Note 2B.</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"> </FONT></P></FONT></FONT></FONT></TD></TR></TABLE>
<P id=PARA501 style="MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><FONT style="FONT-SIZE: 60%; VERTICAL-ALIGN: text-top">(b)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The components of net loss for the years ended December 31, 2015 and 2014 are reflected in the other captions disclosed within this statement.</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"> </FONT></P>
<P id=PARA502 style="MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><FONT style="FONT-SIZE: 60%; VERTICAL-ALIGN: text-top">(c)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Represents net asset value. Please refer to Note 2D.</FONT> </P>
<P id=PARA201 style="MARGIN: 0pt; LINE-HEIGHT: 1.25">&nbsp;</P>
<P id=PARA208 style="MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25">&nbsp;</P>
<P style="MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><I><I>See notes to financial statements.</I></I></FONT></P>
<P style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><EM></EM><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT>&nbsp;</P>
<DIV id=PGBK199  style="WIDTH: 100%; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<DIV id=PGFTR199  style="WIDTH: 100%; TEXT-ALIGN: center">&nbsp;</DIV>
<DIV id=PGNUM199  style="FONT-SIZE: 10pt; WIDTH: 100%; TEXT-ALIGN: center">F-5</DIV>
<HR style="HEIGHT: 2px; WIDTH: 100%; PAGE-BREAK-AFTER: always; COLOR: #000000" noShade>
<A id=TOCLINK199  href="#TOC">Table Of Contents</A>
<DIV id=PGHDR199  style="WIDTH: 100%; TEXT-ALIGN: left">&nbsp;</DIV></DIV>
<P id=PARA199.2 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"></FONT></P>
<P id=PARA217 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>iShares</B><B> </B><B>Silver</B><B> Trust</B></FONT></P>
<P id=PARA218 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=BKMK311  name="BKMK311"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Statements of Cash Flows </B></FONT></A></P>
<P id=PARA220 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">For the years ended December&nbsp;31,&nbsp;2015, 2014 and 2013</FONT></P>
<P id=PARA221 style="MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>&nbsp;</B></FONT></P>
<TABLE id=TBL602S1  style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 100%; TEXT-INDENT: 0px" cellSpacing=0 cellPadding=0 border=0>

<TR id=TBL602S1.finRow.1>
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 55%"><B>&nbsp;</B></TD>
<TD id=TBL602S1.finRow.1.lead.D6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</TD>
<TD id=TBL602S1.finRow.1.amt.D6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center" colSpan=10>
<P id=PARA503 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Years Ended December 31,</B></FONT></P></TD>
<TD id=TBL602S1.finRow.1.trail.D6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px">&nbsp;</TD></TR>
<TR id=TBL602S1.finRow.2>
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 55%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left">
<P id=PARA504 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><U><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>(Dollar amounts in $000&#8217;s)</B></FONT></U></P></TD>
<TD id=TBL602S1.finRow.2.lead.D4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</TD>
<TD id=TBL602S1.finRow.2.amt.D4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center" colSpan=2>
<P id=PARA505 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>2015</B></FONT></P></TD>
<TD id=TBL602S1.finRow.2.trail.D4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px">&nbsp;</TD>
<TD id=TBL602S1.finRow.2.lead.D5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</TD>
<TD id=TBL602S1.finRow.2.amt.D5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center" colSpan=2>
<P id=PARA506 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>2014</B></FONT></P></TD>
<TD id=TBL602S1.finRow.2.trail.D5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px">&nbsp;</TD>
<TD id=TBL602S1.finRow.2.lead.D6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</TD>
<TD id=TBL602S1.finRow.2.amt.D6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center" colSpan=2>
<P id=PARA507 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>2013</B></FONT></P></TD>
<TD id=TBL602S1.finRow.2.trail.D6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px">&nbsp;</TD></TR>
<TR id=TBL602S1.finRow.3 style="BACKGROUND-COLOR: #cceeff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 55%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff">
<P id=PARA508 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>CASH FLOWS FROM OPERATING ACTIVITIES:</B></FONT></P></TD>
<TD id=TBL602S1.finRow.3.lead.B4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; BACKGROUND-COLOR: #cceeff"><B>&nbsp;</B></TD>
<TD id=TBL602S1.finRow.3.symb.B4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; BACKGROUND-COLOR: #cceeff"><B>&nbsp;</B></TD>
<TD id=TBL602S1.finRow.3.amt.B4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff"><B>&nbsp;</B></TD>
<TD id=TBL602S1.finRow.3.trail.B4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; BACKGROUND-COLOR: #cceeff"><B>&nbsp;</B></TD>
<TD id=TBL602S1.finRow.3.lead.B5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; BACKGROUND-COLOR: #cceeff"><B>&nbsp;</B></TD>
<TD id=TBL602S1.finRow.3.symb.B5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; BACKGROUND-COLOR: #cceeff"><B>&nbsp;</B></TD>
<TD id=TBL602S1.finRow.3.amt.B5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff"><B>&nbsp;</B></TD>
<TD id=TBL602S1.finRow.3.trail.B5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; BACKGROUND-COLOR: #cceeff"><B>&nbsp;</B></TD>
<TD id=TBL602S1.finRow.3.lead.B6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; BACKGROUND-COLOR: #cceeff"><B>&nbsp;</B></TD>
<TD id=TBL602S1.finRow.3.symb.B6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; BACKGROUND-COLOR: #cceeff"><B>&nbsp;</B></TD>
<TD id=TBL602S1.finRow.3.amt.B6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff"><B>&nbsp;</B></TD>
<TD id=TBL602S1.finRow.3.trail.B6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; BACKGROUND-COLOR: #cceeff"><B>&nbsp;</B></TD></TR>
<TR id=TBL602S1.finRow.4 style="BACKGROUND-COLOR: #ffffff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 55%; PADDING-LEFT: 18pt; BACKGROUND-COLOR: #ffffff">
<P id=PARA509 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Proceeds from sales of silver bullion to pay expenses</FONT></P></TD>
<TD id=TBL602S1.finRow.4.lead.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL602S1.finRow.4.symb.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">$</TD>
<TD id=TBL602S1.finRow.4.amt.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">25,716 </TD>
<TD id=TBL602S1.finRow.4.trail.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD>
<TD id=TBL602S1.finRow.4.lead.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL602S1.finRow.4.symb.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">$</TD>
<TD id=TBL602S1.finRow.4.amt.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">31,961 </TD>
<TD id=TBL602S1.finRow.4.trail.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD>
<TD id=TBL602S1.finRow.4.lead.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL602S1.finRow.4.symb.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">$</TD>
<TD id=TBL602S1.finRow.4.amt.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">41,406 </TD>
<TD id=TBL602S1.finRow.4.trail.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD></TR>
<TR id=TBL602S1.finRow.5 style="BACKGROUND-COLOR: #cceeff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 55%; PADDING-LEFT: 18pt; BACKGROUND-COLOR: #cceeff">
<P id=PARA516 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Expenses &#8211; Sponsor&#8217;s fees paid</FONT></P></TD>
<TD id=TBL602S1.finRow.5.lead.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL602S1.finRow.5.symb.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL602S1.finRow.5.amt.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">(25,716</TD>
<TD id=TBL602S1.finRow.5.trail.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>)</TD>
<TD id=TBL602S1.finRow.5.lead.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL602S1.finRow.5.symb.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL602S1.finRow.5.amt.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">(31,961</TD>
<TD id=TBL602S1.finRow.5.trail.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>)</TD>
<TD id=TBL602S1.finRow.5.lead.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL602S1.finRow.5.symb.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL602S1.finRow.5.amt.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">(41,406</TD>
<TD id=TBL602S1.finRow.5.trail.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>)</TD></TR>
<TR id=TBL602S1.finRow.6 style="BACKGROUND-COLOR: #ffffff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 55%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff">
<P id=PARA520 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Net cash provided by operating activities</FONT></P></TD>
<TD id=TBL602S1.finRow.6.lead.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL602S1.finRow.6.symb.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL602S1.finRow.6.amt.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">&#8212;</TD>
<TD id=TBL602S1.finRow.6.trail.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD>
<TD id=TBL602S1.finRow.6.lead.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL602S1.finRow.6.symb.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL602S1.finRow.6.amt.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">&#8212;</TD>
<TD id=TBL602S1.finRow.6.trail.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD>
<TD id=TBL602S1.finRow.6.lead.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL602S1.finRow.6.symb.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL602S1.finRow.6.amt.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">&#8212;</TD>
<TD id=TBL602S1.finRow.6.trail.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD></TR>
<TR id=TBL602S1.finRow.7 style="BACKGROUND-COLOR: #cceeff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 55%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff">
<P id=PARA524 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Increase (decrease) in cash</FONT></P></TD>
<TD id=TBL602S1.finRow.7.lead.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL602S1.finRow.7.symb.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL602S1.finRow.7.amt.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">&#8212;</TD>
<TD id=TBL602S1.finRow.7.trail.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD>
<TD id=TBL602S1.finRow.7.lead.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL602S1.finRow.7.symb.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL602S1.finRow.7.amt.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">&#8212;</TD>
<TD id=TBL602S1.finRow.7.trail.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD>
<TD id=TBL602S1.finRow.7.lead.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL602S1.finRow.7.symb.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL602S1.finRow.7.amt.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">&#8212;</TD>
<TD id=TBL602S1.finRow.7.trail.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD></TR>
<TR id=TBL602S1.finRow.8 style="BACKGROUND-COLOR: #ffffff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 55%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff">
<P id=PARA528 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Cash, beginning of period</FONT></P></TD>
<TD id=TBL602S1.finRow.8.lead.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL602S1.finRow.8.symb.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL602S1.finRow.8.amt.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">&#8212;</TD>
<TD id=TBL602S1.finRow.8.trail.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD>
<TD id=TBL602S1.finRow.8.lead.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL602S1.finRow.8.symb.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL602S1.finRow.8.amt.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">&#8212;</TD>
<TD id=TBL602S1.finRow.8.trail.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD>
<TD id=TBL602S1.finRow.8.lead.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL602S1.finRow.8.symb.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL602S1.finRow.8.amt.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">&#8212;</TD>
<TD id=TBL602S1.finRow.8.trail.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD></TR>
<TR id=TBL602S1.finRow.9 style="BACKGROUND-COLOR: #cceeff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 55%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff">
<P id=PARA532 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Cash, end of period</FONT></P></TD>
<TD id=TBL602S1.finRow.9.lead.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL602S1.finRow.9.symb.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #cceeff">$</TD>
<TD id=TBL602S1.finRow.9.amt.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">&#8212;</TD>
<TD id=TBL602S1.finRow.9.trail.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD>
<TD id=TBL602S1.finRow.9.lead.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL602S1.finRow.9.symb.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #cceeff">$</TD>
<TD id=TBL602S1.finRow.9.amt.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">&#8212;</TD>
<TD id=TBL602S1.finRow.9.trail.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD>
<TD id=TBL602S1.finRow.9.lead.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL602S1.finRow.9.symb.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #cceeff">$</TD>
<TD id=TBL602S1.finRow.9.amt.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">&#8212;</TD>
<TD id=TBL602S1.finRow.9.trail.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD></TR>
<TR id=TBL602S1.finRow.10 style="BACKGROUND-COLOR: #ffffff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 55%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff">
<P id=PARA539 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>RECONCILIATION OF NET LOSS TO NET CASH PROVIDED BY OPERATING ACTIVITIES:</B></FONT></P></TD>
<TD id=TBL602S1.finRow.10.lead.B4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; BACKGROUND-COLOR: #ffffff"><B>&nbsp;</B></TD>
<TD id=TBL602S1.finRow.10.symb.B4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; BACKGROUND-COLOR: #ffffff"><B>&nbsp;</B></TD>
<TD id=TBL602S1.finRow.10.amt.B4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff"><B>&nbsp;</B></TD>
<TD id=TBL602S1.finRow.10.trail.B4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; BACKGROUND-COLOR: #ffffff"><B>&nbsp;</B></TD>
<TD id=TBL602S1.finRow.10.lead.B5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; BACKGROUND-COLOR: #ffffff"><B>&nbsp;</B></TD>
<TD id=TBL602S1.finRow.10.symb.B5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; BACKGROUND-COLOR: #ffffff"><B>&nbsp;</B></TD>
<TD id=TBL602S1.finRow.10.amt.B5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff"><B>&nbsp;</B></TD>
<TD id=TBL602S1.finRow.10.trail.B5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; BACKGROUND-COLOR: #ffffff"><B>&nbsp;</B></TD>
<TD id=TBL602S1.finRow.10.lead.B6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; BACKGROUND-COLOR: #ffffff"><B>&nbsp;</B></TD>
<TD id=TBL602S1.finRow.10.symb.B6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; BACKGROUND-COLOR: #ffffff"><B>&nbsp;</B></TD>
<TD id=TBL602S1.finRow.10.amt.B6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff"><B>&nbsp;</B></TD>
<TD id=TBL602S1.finRow.10.trail.B6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; BACKGROUND-COLOR: #ffffff"><B>&nbsp;</B></TD></TR>
<TR id=TBL602S1.finRow.11 style="BACKGROUND-COLOR: #cceeff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 55%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff">
<P id=PARA540 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Net loss</FONT></P></TD>
<TD id=TBL602S1.finRow.11.lead.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL602S1.finRow.11.symb.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">$</TD>
<TD id=TBL602S1.finRow.11.amt.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">(699,232</TD>
<TD id=TBL602S1.finRow.11.trail.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>)</TD>
<TD id=TBL602S1.finRow.11.lead.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL602S1.finRow.11.symb.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">$</TD>
<TD id=TBL602S1.finRow.11.amt.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">(1,233,639</TD>
<TD id=TBL602S1.finRow.11.trail.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>)</TD>
<TD id=TBL602S1.finRow.11.lead.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL602S1.finRow.11.symb.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">$</TD>
<TD id=TBL602S1.finRow.11.amt.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">(1,954,788</TD>
<TD id=TBL602S1.finRow.11.trail.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>)</TD></TR>
<TR id=TBL602S1.finRow.12 style="BACKGROUND-COLOR: #ffffff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 55%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff">
<P id=PARA547 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Adjustments to reconcile net loss to net cash provided by operating activities:</FONT></P></TD>
<TD id=TBL602S1.finRow.12.lead.B4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL602S1.finRow.12.symb.B4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL602S1.finRow.12.amt.B4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL602S1.finRow.12.trail.B4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL602S1.finRow.12.lead.B5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL602S1.finRow.12.symb.B5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL602S1.finRow.12.amt.B5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL602S1.finRow.12.trail.B5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL602S1.finRow.12.lead.B6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL602S1.finRow.12.symb.B6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL602S1.finRow.12.amt.B6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL602S1.finRow.12.trail.B6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; BACKGROUND-COLOR: #ffffff">&nbsp;</TD></TR>
<TR id=TBL602S1.finRow.13 style="BACKGROUND-COLOR: #cceeff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 55%; PADDING-LEFT: 18pt; BACKGROUND-COLOR: #cceeff">
<P id=PARA548 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Proceeds from sales of silver bullion sold to pay expenses</FONT></P></TD>
<TD id=TBL602S1.finRow.13.lead.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL602S1.finRow.13.symb.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL602S1.finRow.13.amt.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">25,716 </TD>
<TD id=TBL602S1.finRow.13.trail.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD>
<TD id=TBL602S1.finRow.13.lead.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL602S1.finRow.13.symb.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL602S1.finRow.13.amt.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">31,961 </TD>
<TD id=TBL602S1.finRow.13.trail.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD>
<TD id=TBL602S1.finRow.13.lead.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL602S1.finRow.13.symb.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL602S1.finRow.13.amt.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">&#8212;</TD>
<TD id=TBL602S1.finRow.13.trail.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD></TR>
<TR id=TBL602S1.finRow.14 style="BACKGROUND-COLOR: #ffffff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 55%; PADDING-LEFT: 18pt; BACKGROUND-COLOR: #ffffff">
<P id=PARA552 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Net realized loss from silver bullion sold to pay expenses</FONT></P></TD>
<TD id=TBL602S1.finRow.14.lead.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL602S1.finRow.14.symb.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL602S1.finRow.14.amt.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">5,703</TD>
<TD id=TBL602S1.finRow.14.trail.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD>
<TD id=TBL602S1.finRow.14.lead.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL602S1.finRow.14.symb.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL602S1.finRow.14.amt.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">1,056 </TD>
<TD id=TBL602S1.finRow.14.trail.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD>
<TD id=TBL602S1.finRow.14.lead.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL602S1.finRow.14.symb.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL602S1.finRow.14.amt.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">&#8212;</TD>
<TD id=TBL602S1.finRow.14.trail.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD></TR>
<TR id=TBL602S1.finRow.15 style="BACKGROUND-COLOR: #cceeff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 55%; PADDING-LEFT: 18pt; BACKGROUND-COLOR: #cceeff">
<P id=PARA556 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Cost of silver bullion inventory sold to pay expenses</FONT></P></TD>
<TD id=TBL602S1.finRow.15.lead.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL602S1.finRow.15.symb.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL602S1.finRow.15.amt.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">&#8212;</TD>
<TD id=TBL602S1.finRow.15.trail.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD>
<TD id=TBL602S1.finRow.15.lead.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL602S1.finRow.15.symb.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL602S1.finRow.15.amt.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">&#8212;</TD>
<TD id=TBL602S1.finRow.15.trail.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD>
<TD id=TBL602S1.finRow.15.lead.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL602S1.finRow.15.symb.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL602S1.finRow.15.amt.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">43,296 </TD>
<TD id=TBL602S1.finRow.15.trail.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD></TR>
<TR id=TBL602S1.finRow.16 style="BACKGROUND-COLOR: #ffffff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 55%; PADDING-LEFT: 18pt; BACKGROUND-COLOR: #ffffff">
<P id=PARA560 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Net realized&nbsp;loss from silver bullion distributed for the redemption of Shares</FONT></P></TD>
<TD id=TBL602S1.finRow.16.lead.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL602S1.finRow.16.symb.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL602S1.finRow.16.amt.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">206,453</TD>
<TD id=TBL602S1.finRow.16.trail.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD>
<TD id=TBL602S1.finRow.16.lead.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL602S1.finRow.16.symb.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL602S1.finRow.16.amt.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">77,394 </TD>
<TD id=TBL602S1.finRow.16.trail.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD>
<TD id=TBL602S1.finRow.16.lead.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL602S1.finRow.16.symb.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL602S1.finRow.16.amt.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">131,814 </TD>
<TD id=TBL602S1.finRow.16.trail.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD></TR>
<TR id=TBL602S1.finRow.17 style="BACKGROUND-COLOR: #cceeff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 55%; PADDING-LEFT: 18pt; BACKGROUND-COLOR: #cceeff">
<P id=PARA564 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Net change in unrealized appreciation/depreciation on investment in silver bullion</FONT></P></TD>
<TD id=TBL602S1.finRow.17.lead.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL602S1.finRow.17.symb.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL602S1.finRow.17.amt.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">461,781</TD>
<TD id=TBL602S1.finRow.17.trail.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD>
<TD id=TBL602S1.finRow.17.lead.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL602S1.finRow.17.symb.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL602S1.finRow.17.amt.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">1,123,610 </TD>
<TD id=TBL602S1.finRow.17.trail.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD>
<TD id=TBL602S1.finRow.17.lead.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL602S1.finRow.17.symb.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL602S1.finRow.17.amt.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">&#8212;</TD>
<TD id=TBL602S1.finRow.17.trail.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD></TR>
<TR id=TBL602S1.finRow.18 style="BACKGROUND-COLOR: #ffffff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 55%; PADDING-LEFT: 18pt; BACKGROUND-COLOR: #ffffff">
<P id=PARA568 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Adjustment to silver bullion inventory</FONT></P></TD>
<TD id=TBL602S1.finRow.18.lead.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL602S1.finRow.18.symb.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL602S1.finRow.18.amt.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">&#8212;</TD>
<TD id=TBL602S1.finRow.18.trail.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD>
<TD id=TBL602S1.finRow.18.lead.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL602S1.finRow.18.symb.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL602S1.finRow.18.amt.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">&#8212;</TD>
<TD id=TBL602S1.finRow.18.trail.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD>
<TD id=TBL602S1.finRow.18.lead.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL602S1.finRow.18.symb.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL602S1.finRow.18.amt.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">1,781,266 </TD>
<TD id=TBL602S1.finRow.18.trail.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD></TR>
<TR id=TBL602S1.finRow.19 style="BACKGROUND-COLOR: #cceeff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 55%; PADDING-LEFT: 18pt; BACKGROUND-COLOR: #cceeff">
<P id=PARA572 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Change in operating assets and liabilities:</FONT></P></TD>
<TD id=TBL602S1.finRow.19.lead.B4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL602S1.finRow.19.symb.B4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL602S1.finRow.19.amt.B4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL602S1.finRow.19.trail.B4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL602S1.finRow.19.lead.B5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL602S1.finRow.19.symb.B5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL602S1.finRow.19.amt.B5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL602S1.finRow.19.trail.B5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL602S1.finRow.19.lead.B6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL602S1.finRow.19.symb.B6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL602S1.finRow.19.amt.B6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL602S1.finRow.19.trail.B6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; BACKGROUND-COLOR: #cceeff">&nbsp;</TD></TR>
<TR id=TBL602S1.finRow.20 style="BACKGROUND-COLOR: #ffffff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 55%; PADDING-LEFT: 36pt; BACKGROUND-COLOR: #ffffff">
<P id=PARA573 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Sponsor&#8217;s fees payable</FONT></P></TD>
<TD id=TBL602S1.finRow.20.lead.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL602S1.finRow.20.symb.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL602S1.finRow.20.amt.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">(421</TD>
<TD id=TBL602S1.finRow.20.trail.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>)</TD>
<TD id=TBL602S1.finRow.20.lead.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL602S1.finRow.20.symb.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL602S1.finRow.20.amt.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">(382</TD>
<TD id=TBL602S1.finRow.20.trail.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>)</TD>
<TD id=TBL602S1.finRow.20.lead.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL602S1.finRow.20.symb.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL602S1.finRow.20.amt.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">(1,588</TD>
<TD id=TBL602S1.finRow.20.trail.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>)</TD></TR>
<TR id=TBL602S1.finRow.21 style="BACKGROUND-COLOR: #cceeff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 55%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff">
<P id=PARA577 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Net cash provided by operating activities</FONT></P></TD>
<TD id=TBL602S1.finRow.21.lead.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL602S1.finRow.21.symb.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #cceeff">$</TD>
<TD id=TBL602S1.finRow.21.amt.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">&#8212;</TD>
<TD id=TBL602S1.finRow.21.trail.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD>
<TD id=TBL602S1.finRow.21.lead.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL602S1.finRow.21.symb.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #cceeff">$</TD>
<TD id=TBL602S1.finRow.21.amt.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">&#8212;</TD>
<TD id=TBL602S1.finRow.21.trail.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD>
<TD id=TBL602S1.finRow.21.lead.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL602S1.finRow.21.symb.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #cceeff">$</TD>
<TD id=TBL602S1.finRow.21.amt.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">&#8212;</TD>
<TD id=TBL602S1.finRow.21.trail.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD></TR>
<TR id=TBL602S1.finRow.22 style="BACKGROUND-COLOR: #ffffff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 55%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff">
<P id=PARA584 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Supplemental disclosure of non-cash information:</FONT></P></TD>
<TD id=TBL602S1.finRow.22.lead.B4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL602S1.finRow.22.symb.B4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL602S1.finRow.22.amt.B4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL602S1.finRow.22.trail.B4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL602S1.finRow.22.lead.B5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL602S1.finRow.22.symb.B5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL602S1.finRow.22.amt.B5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL602S1.finRow.22.trail.B5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL602S1.finRow.22.lead.B6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL602S1.finRow.22.symb.B6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL602S1.finRow.22.amt.B6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL602S1.finRow.22.trail.B6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; BACKGROUND-COLOR: #ffffff">&nbsp;</TD></TR>
<TR id=TBL602S1.finRow.23 style="BACKGROUND-COLOR: #cceeff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 55%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff">
<P id=PARA585 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Silver bullion contributed for subscription of Shares <FONT style="FONT-SIZE: 60%; VERTICAL-ALIGN: text-top">(a)</FONT></FONT></P></TD>
<TD id=TBL602S1.finRow.23.lead.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL602S1.finRow.23.symb.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">$</TD>
<TD id=TBL602S1.finRow.23.amt.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">859,468 </TD>
<TD id=TBL602S1.finRow.23.trail.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD>
<TD id=TBL602S1.finRow.23.lead.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL602S1.finRow.23.symb.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">$</TD>
<TD id=TBL602S1.finRow.23.amt.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">1,361,917 </TD>
<TD id=TBL602S1.finRow.23.trail.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD>
<TD id=TBL602S1.finRow.23.lead.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL602S1.finRow.23.symb.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">$</TD>
<TD id=TBL602S1.finRow.23.amt.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">2,096,484</TD>
<TD id=TBL602S1.finRow.23.trail.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD></TR>
<TR id=TBL602S1.finRow.24 style="BACKGROUND-COLOR: #ffffff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 55%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff">
<P id=PARA592 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Silver bullion distributed for redemption of Shares<FONT style="FONT-SIZE: 60%; VERTICAL-ALIGN: text-top">(a)</FONT></FONT></P></TD>
<TD id=TBL602S1.finRow.24.lead.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL602S1.finRow.24.symb.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">$</TD>
<TD id=TBL602S1.finRow.24.amt.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">(1,029,094</TD>
<TD id=TBL602S1.finRow.24.trail.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>)</TD>
<TD id=TBL602S1.finRow.24.lead.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL602S1.finRow.24.symb.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">$</TD>
<TD id=TBL602S1.finRow.24.amt.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">(1,108,223</TD>
<TD id=TBL602S1.finRow.24.trail.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>)</TD>
<TD id=TBL602S1.finRow.24.lead.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL602S1.finRow.24.symb.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">$</TD>
<TD id=TBL602S1.finRow.24.amt.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">(2,163,458</TD>
<TD id=TBL602S1.finRow.24.trail.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>)</TD></TR></TABLE>
<P id=PARA603 style="MARGIN: 0pt; LINE-HEIGHT: 1.25">&nbsp;<FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>&nbsp;</B></FONT></P>
<HR style="BORDER-TOP: medium none; HEIGHT: 1px; BORDER-RIGHT: medium none; WIDTH: 10%; BORDER-BOTTOM: medium none; COLOR: #000000;  BORDER-LEFT: medium none; BACKGROUND-COLOR: #000000" align="left">

<P id=PARA605 style="MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B></B></FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><FONT style="FONT-SIZE: 60%; VERTICAL-ALIGN: text-top">(a)</FONT>&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Presented at fair value for the years ended December 31, 2015 and 2014 and at&nbsp;cost for the year ended December 31, 2013.</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"> </FONT></P>
<P id=PARA215 style="MARGIN: 0pt; LINE-HEIGHT: 1.25">&nbsp;</P>
<P style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><I><I></I></I></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><I><I>See notes to financial statements.</I></I></FONT></P>
<P style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><EM></EM><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT>&nbsp;</P>
<DIV id=PGBK214  style="WIDTH: 100%; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<DIV id=PGFTR214  style="WIDTH: 100%; TEXT-ALIGN: center">&nbsp;</DIV>
<DIV id=PGNUM214  style="FONT-SIZE: 10pt; WIDTH: 100%; TEXT-ALIGN: center">F-6</DIV>
<HR style="HEIGHT: 2px; WIDTH: 100%; PAGE-BREAK-AFTER: always; COLOR: #000000" noShade>
<A id=TOCLINK214  href="#TOC">Table Of Contents</A>
<DIV id=PGHDR214  style="WIDTH: 100%; TEXT-ALIGN: left">&nbsp;</DIV></DIV>
<P id=PARA214.2 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"></FONT></P>
<P id=PARA700 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>iShares Silver Trust</B></FONT></P>
<P id=PARA701 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><A id=BKMK312  name="BKMK312"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Schedules of Investments </B></FONT></A></P>
<P id=PARA702 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">At December&nbsp;31,&nbsp;2015 and December&nbsp;31,&nbsp;2014</FONT></P>
<P id=PARA225 style="MARGIN: 0pt; LINE-HEIGHT: 1.25">&nbsp;</P>
<TABLE id=TBL1932S1S1  style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 100%; TEXT-INDENT: 0px" cellSpacing=0 cellPadding=0 border=0>

<TR id=TBL1932S1.finRow.1>
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 83%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt" colSpan=12>
<P id=PARA1885 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><U><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>(All balances in 000&#8217;s, except percentage data)</B></FONT></U></P></TD>
<TD id=TBL1932S1.finRow.1.trail.D4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0px">&nbsp;</TD></TR>
<TR id=TBL1932S1.finRow.2>
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 83%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt" colSpan=12>
<P id=PARA1886 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><U><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>December&nbsp;31,&nbsp;2015</B></FONT></U></P></TD>
<TD id=TBL1932S1.finRow.2.trail.D4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0px">&nbsp;</TD></TR>
<TR id=TBL1932S1.finRow.3>
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 43%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt">
<P id=PARA1887 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Description</B></FONT></P></TD>
<TD id=TBL1932S1.finRow.3.lead.D2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom">&nbsp;</TD>
<TD id=TBL1932S1.finRow.3.amt.D2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt" colSpan=2>
<P id=PARA1889 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Ounces</B></FONT></P></TD>
<TD id=TBL1932S1.finRow.3.trail.D2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px">&nbsp;</TD>
<TD id=TBL1932S1.finRow.3.lead.D3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom">&nbsp;</TD>
<TD id=TBL1932S1.finRow.3.amt.D3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt" colSpan=2>
<P id=PARA1891 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Cost</B></FONT></P></TD>
<TD id=TBL1932S1.finRow.3.trail.D3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px">&nbsp;</TD>
<TD id=TBL1932S1.finRow.3.lead.D4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom">&nbsp;</TD>
<TD id=TBL1932S1.finRow.3.amt.D4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt" colSpan=2>
<P id=PARA1893 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Fair Value</B></FONT></P></TD>
<TD id=TBL1932S1.finRow.3.trail.D4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px">&nbsp;</TD></TR>
<TR id=TBL1932S1.finRow.4 style="BACKGROUND-COLOR: #cceeff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 43%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">
<P id=PARA1894 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Silver bullion</FONT></P></TD>
<TD id=TBL1932S1.finRow.4.lead.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL1932S1.finRow.4.symb.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL1932S1.finRow.4.amt.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">317,934.9</TD>
<TD id=TBL1932S1.finRow.4.trail.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD>
<TD id=TBL1932S1.finRow.4.lead.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL1932S1.finRow.4.symb.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">$</TD>
<TD id=TBL1932S1.finRow.4.amt.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">5,979,252</TD>
<TD id=TBL1932S1.finRow.4.trail.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD>
<TD id=TBL1932S1.finRow.4.lead.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL1932S1.finRow.4.symb.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">$</TD>
<TD id=TBL1932S1.finRow.4.amt.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">4,393,861</TD>
<TD id=TBL1932S1.finRow.4.trail.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD></TR>
<TR id=TBL1932S1.finRow.5 style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 43%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL1932S1.finRow.5.lead.B2 style="WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL1932S1.finRow.5.symb.B2 style="WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL1932S1.finRow.5.amt.B2 style="WIDTH: 16%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL1932S1.finRow.5.trail.B2 style="WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL1932S1.finRow.5.lead.B3 style="WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL1932S1.finRow.5.symb.B3 style="WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL1932S1.finRow.5.amt.B3 style="WIDTH: 16%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL1932S1.finRow.5.trail.B3 style="WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL1932S1.finRow.5.lead.B4 style="WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL1932S1.finRow.5.symb.B4 style="WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL1932S1.finRow.5.amt.B4 style="WIDTH: 16%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL1932S1.finRow.5.trail.B4 style="WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD></TR>
<TR id=TBL1932S1.finRow.6 style="BACKGROUND-COLOR: #cceeff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 43%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">
<P id=PARA1901 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Total Investment &#8211; 100.04%</FONT></P></TD>
<TD id=TBL1932S1.finRow.6.lead.B2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL1932S1.finRow.6.symb.B2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL1932S1.finRow.6.amt.B2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL1932S1.finRow.6.trail.B2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL1932S1.finRow.6.lead.B3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL1932S1.finRow.6.symb.B3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL1932S1.finRow.6.amt.B3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL1932S1.finRow.6.trail.B3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL1932S1.finRow.6.lead.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL1932S1.finRow.6.symb.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL1932S1.finRow.6.amt.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">4,393,861</TD>
<TD id=TBL1932S1.finRow.6.trail.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD></TR>
<TR id=TBL1932S1.finRow.7 style="BACKGROUND-COLOR: #ffffff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 43%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">
<P id=PARA1903 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Less Liabilities &#8211; (0.04)%</FONT></P></TD>
<TD id=TBL1932S1.finRow.7.lead.B2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL1932S1.finRow.7.symb.B2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL1932S1.finRow.7.amt.B2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL1932S1.finRow.7.trail.B2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL1932S1.finRow.7.lead.B3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL1932S1.finRow.7.symb.B3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL1932S1.finRow.7.amt.B3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL1932S1.finRow.7.trail.B3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL1932S1.finRow.7.lead.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL1932S1.finRow.7.symb.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL1932S1.finRow.7.amt.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">(1,917</TD>
<TD id=TBL1932S1.finRow.7.trail.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>)</TD></TR>
<TR id=TBL1932S1.finRow.8 style="BACKGROUND-COLOR: #cceeff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 43%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">
<P id=PARA1905 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Net Assets &#8211; 100.00%</FONT></P></TD>
<TD id=TBL1932S1.finRow.8.lead.B2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL1932S1.finRow.8.symb.B2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL1932S1.finRow.8.amt.B2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL1932S1.finRow.8.trail.B2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0px; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL1932S1.finRow.8.lead.B3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL1932S1.finRow.8.symb.B3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL1932S1.finRow.8.amt.B3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL1932S1.finRow.8.trail.B3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0px; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL1932S1.finRow.8.lead.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL1932S1.finRow.8.symb.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">$</TD>
<TD id=TBL1932S1.finRow.8.amt.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">4,391,944</TD>
<TD id=TBL1932S1.finRow.8.trail.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD></TR></TABLE>
<P id=PARA226 style="MARGIN: 0pt; LINE-HEIGHT: 1.25">&nbsp;</P>
<TABLE id=TBL1932S1  style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 100%; TEXT-INDENT: 0px" cellSpacing=0 cellPadding=0 border=0>

<TR id=TBL1932S1.finRow.10 style="BACKGROUND-COLOR: #ffffff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 83%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" colSpan=12>
<P id=PARA1909 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><U><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>December&nbsp;31,&nbsp;2014</B></FONT></U></P></TD>
<TD id=TBL1932S1.finRow.10.trail.D4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0px; BACKGROUND-COLOR: #ffffff">&nbsp;</TD></TR>
<TR id=TBL1932S1.finRow.11 style="BACKGROUND-COLOR: #ffffff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 43%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">
<P id=PARA1910 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Description</B></FONT></P></TD>
<TD id=TBL1932S1.finRow.11.lead.D2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL1932S1.finRow.11.amt.D2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" colSpan=2>
<P id=PARA1912 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Ounces</B></FONT></P></TD>
<TD id=TBL1932S1.finRow.11.trail.D2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL1932S1.finRow.11.lead.D3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL1932S1.finRow.11.amt.D3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" colSpan=2>
<P id=PARA1914 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Cost</B></FONT></P></TD>
<TD id=TBL1932S1.finRow.11.trail.D3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL1932S1.finRow.11.lead.D4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL1932S1.finRow.11.amt.D4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" colSpan=2>
<P id=PARA1916 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Fair Value</B></FONT></P></TD>
<TD id=TBL1932S1.finRow.11.trail.D4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; BACKGROUND-COLOR: #ffffff">&nbsp;</TD></TR>
<TR id=TBL1932S1.finRow.12 style="BACKGROUND-COLOR: #cceeff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 43%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">
<P id=PARA1917 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Silver bullion</FONT></P></TD>
<TD id=TBL1932S1.finRow.12.lead.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL1932S1.finRow.12.symb.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL1932S1.finRow.12.amt.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">329,564.2</TD>
<TD id=TBL1932S1.finRow.12.trail.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD>
<TD id=TBL1932S1.finRow.12.lead.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL1932S1.finRow.12.symb.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">$</TD>
<TD id=TBL1932S1.finRow.12.amt.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">6,386,750</TD>
<TD id=TBL1932S1.finRow.12.trail.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD>
<TD id=TBL1932S1.finRow.12.lead.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL1932S1.finRow.12.symb.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">$</TD>
<TD id=TBL1932S1.finRow.12.amt.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">5,263,140</TD>
<TD id=TBL1932S1.finRow.12.trail.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD></TR>
<TR id=TBL1932S1.finRow.13 style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 43%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL1932S1.finRow.13.lead.B2 style="WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL1932S1.finRow.13.symb.B2 style="WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL1932S1.finRow.13.amt.B2 style="WIDTH: 16%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL1932S1.finRow.13.trail.B2 style="WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL1932S1.finRow.13.lead.B3 style="WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL1932S1.finRow.13.symb.B3 style="WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL1932S1.finRow.13.amt.B3 style="WIDTH: 16%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL1932S1.finRow.13.trail.B3 style="WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL1932S1.finRow.13.lead.B4 style="WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL1932S1.finRow.13.symb.B4 style="WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL1932S1.finRow.13.amt.B4 style="WIDTH: 16%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL1932S1.finRow.13.trail.B4 style="WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD></TR>
<TR id=TBL1932S1.finRow.14 style="BACKGROUND-COLOR: #cceeff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 43%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">
<P id=PARA1924 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Total Investment &#8211; 100.04%</FONT></P></TD>
<TD id=TBL1932S1.finRow.14.lead.B2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL1932S1.finRow.14.symb.B2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL1932S1.finRow.14.amt.B2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL1932S1.finRow.14.trail.B2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL1932S1.finRow.14.lead.B3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL1932S1.finRow.14.symb.B3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL1932S1.finRow.14.amt.B3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL1932S1.finRow.14.trail.B3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL1932S1.finRow.14.lead.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL1932S1.finRow.14.symb.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL1932S1.finRow.14.amt.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">5,263,140</TD>
<TD id=TBL1932S1.finRow.14.trail.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD></TR>
<TR id=TBL1932S1.finRow.15 style="BACKGROUND-COLOR: #ffffff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 43%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">
<P id=PARA1926 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Less Liabilities &#8211; (0.04)%</FONT></P></TD>
<TD id=TBL1932S1.finRow.15.lead.B2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL1932S1.finRow.15.symb.B2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL1932S1.finRow.15.amt.B2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL1932S1.finRow.15.trail.B2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL1932S1.finRow.15.lead.B3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL1932S1.finRow.15.symb.B3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL1932S1.finRow.15.amt.B3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL1932S1.finRow.15.trail.B3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL1932S1.finRow.15.lead.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL1932S1.finRow.15.symb.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL1932S1.finRow.15.amt.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">(2,338</TD>
<TD id=TBL1932S1.finRow.15.trail.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>)</TD></TR>
<TR id=TBL1932S1.finRow.16 style="BACKGROUND-COLOR: #cceeff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 43%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">
<P id=PARA1928 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Net Assets &#8211; 100.00%</FONT></P></TD>
<TD id=TBL1932S1.finRow.16.lead.B2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL1932S1.finRow.16.symb.B2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL1932S1.finRow.16.amt.B2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL1932S1.finRow.16.trail.B2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0px; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL1932S1.finRow.16.lead.B3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL1932S1.finRow.16.symb.B3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL1932S1.finRow.16.amt.B3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL1932S1.finRow.16.trail.B3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0px; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL1932S1.finRow.16.lead.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL1932S1.finRow.16.symb.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">$</TD>
<TD id=TBL1932S1.finRow.16.amt.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">5,260,802</TD>
<TD id=TBL1932S1.finRow.16.trail.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD></TR></TABLE>
<P id=PARA224 style="MARGIN: 0pt; LINE-HEIGHT: 1.25">&nbsp;</P>
<P style="MARGIN: 0pt; LINE-HEIGHT: 1.25">&nbsp;</P>
<TABLE id=TBL1932  style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 100%; TEXT-INDENT: 0px" cellSpacing=0 cellPadding=0 border=0>

<TR>
<TD style="WIDTH: 100%; VERTICAL-ALIGN: bottom" colSpan=10>
<P id=PARA1931 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><I>See notes to financial statements.</I></FONT></P></TD></TR></TABLE>
<P id=PARA1933 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><I>&nbsp;</I></FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P>
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<DIV id=PGNUM223  style="FONT-SIZE: 10pt; WIDTH: 100%; TEXT-ALIGN: center">F-7</DIV>
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<A id=TOCLINK223  href="#TOC">Table Of Contents</A>
<DIV id=PGHDR223  style="WIDTH: 100%; TEXT-ALIGN: left">&nbsp;</DIV></DIV>
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<P id=PARA231 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>iShares</B> <B>Silver</B><B> Trust</B></FONT></P>
<P id=PARA232 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=BKMK313  name="BKMK313"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Notes to Financial Statements </B></FONT></A></P>
<P id=PARA233 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">December&nbsp;31,&nbsp;2015</FONT></P>
<P id=PARA1934 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1935 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>1 </B><B>- Organization</B></FONT></P>
<P id=PARA1936 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1937 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The iShares Silver Trust (the &#8220;Trust&#8221;) was organized on April 21, 2006 as a New York trust. The trustee is The Bank of New York Mellon (the &#8220;Trustee&#8221;), which is responsible for the day-to-day administration of the Trust. The Trust&#8217;s sponsor is iShares Delaware Trust Sponsor LLC, a Delaware limited liability company (the &#8220;Sponsor&#8221;). The Trust is governed by the First Amended and Restated Depositary Trust Agreement (the &#8220;Trust Agreement&#8221;) executed by the Trustee and the Sponsor as of February 28, 2013. The Trust issues units of beneficial interest (or &#8220;Shares&#8221;) representing fractional undivided beneficial interests in its net assets.</FONT></P>
<P id=PARA1938 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1939 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The Trust seeks to reflect generally the performance of the price of silver. The Trust seeks to reflect such performance before payment of the Trust&#8217;s expenses and liabilities. The Trust is designed to provide a vehicle for investors to own interests in silver bullion.</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA607 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA608 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Effective January 1, 2014, the Trust qualified as an investment company solely&nbsp;for accounting purposes and not for any other purpose&nbsp;and follows the accounting and reporting guidance under the Financial Accounting Standards Board (&#8220;FASB&#8221;) Accounting Standards Codification Topic 946, </FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><I>Financial Services &#8211; Investment Companies </I></FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">(&#8220;Topic 946&#8221;), but is not registered, and is not required to be registered, as an investment company&nbsp;under the Investment Company Act of 1940, as amended (the &#8220;Investment Company Act&#8221;). Please refer to Note 2B Investment Company Status.</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"></FONT></P>
<P id=PARA1942 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1943 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>2 - Significant Accounting Policies</B></FONT></P>
<P id=PARA1944 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
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<P id=PARA1947 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><I>A.</I></FONT></P></TD>
<TD style="WIDTH: 97%; VERTICAL-ALIGN: top">
<P id=PARA1948 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><I>Basis of Accounting</I></FONT></P></TD></TR></TABLE>
<P id=PARA1949 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1950 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The following significant accounting policies are consistently followed by the Trust in the preparation of its financial statements in conformity with accounting principles generally accepted in the United States of America (&#8220;U.S. GAAP&#8221;). 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.</FONT></P>
<P id=PARA1951 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
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<P id=PARA650 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><I>B.</I></P></TD>
<TD style="MARGIN-BOTTOM: 0px; WIDTH: 97%; MARGIN-TOP: 0px">
<P id=PARA651 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><I>Investment Company Status</I></P></TD></TR></TABLE>
<P id=PARA612 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><I>&nbsp;</I></FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA614 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">In June 2013, the FASB issued Accounting Standards Update 2013-08, </FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><I>Investment Companies &#8211; Amendments to the Scope, Measurement, and Disclosure Requirements </I></FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">(&#8220;ASU 2013-08&#8221;). ASU 2013-08 is an update to Topic 946 that provides guidance to assess whether an entity is an investment company, and gives additional measurement and disclosure requirements for an investment company. ASU 2013-08 is effective for interim and annual periods beginning after December 15, 2013 and is required to be applied prospectively. Assessment of the Trust&#8217;s status as an investment company under ASU 2013-08 determined that the Trust meets all of the fundamental characteristics of an investment company solely&nbsp;for accounting purposes and not for any other purpose. As a result, effective January 1, 2014, the Trust qualified as an investment company solely for accounting purposes pursuant to the accounting and reporting guidance under Topic 946, but is not registered, and is not required to be registered, as an investment company under the Investment Company Act.</FONT></P>
<P id=PARA615 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA616 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">As a result of the prospective application at ASU 2013-08, certain disclosures required by Topic 946 are only presented for periods beginning January&nbsp;1,&nbsp;2014. Financial statements and disclosures for periods prior to January 1, 2014 will continue to be presented in their previously reported form, however certain captions have been changed. The Trust will solely utilize investment company financial statement presentations and captions in conjunction with the December 31, 2016 10-K filing since the Trust will have been applying investment company accounting for all relevant periods presented.&nbsp;The primary changes to the financial statements resulting from the adoption of ASU 2013-08 and application of Topic 946 include:</FONT></P>
<P id=PARA617 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
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<P id=PARA620 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&#9679;</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"></FONT></P></TD>
<TD style="WIDTH: 98%; VERTICAL-ALIGN: top">
<P id=PARA621 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"></FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">reporting of silver bullion at fair value on the Balance Sheet, which was previously reported at the lower of cost or market&#894; </FONT></P></TD></TR></TABLE>
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<P id=PARA624 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&#9679;</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"></FONT></P></TD>
<TD style="WIDTH: 98%; VERTICAL-ALIGN: top">
<P id=PARA625 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"></FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">recognition of the change in unrealized appreciation or depreciation on investment in silver bullion is reported on the Income Statement, which was previously reported as an &#8220;Adjustment of redeemable capital Shares to redemption value&#8221; on the Statement of Changes in Shareholders&#8217; Equity (Deficit)&#894; </FONT></P></TD></TR></TABLE>
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<TD style="MARGIN-BOTTOM: 0px; WIDTH: 2%; VERTICAL-ALIGN: top; MARGIN-TOP: 0px">
<P id=PARA628 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&#9679;</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"></FONT></P></TD>
<TD style="WIDTH: 98%; VERTICAL-ALIGN: top">
<P id=PARA629 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"></FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Shares of the Trust are classified as &#8220;Shareholders&#8217; equity,&#8221; representing the net asset value on the Balance Sheet, which was previously classified as &#8220;Redeemable capital Shares.&#8221; An adjustment was recorded at January 1, 2014 to reclassify the balance of redeemable capital Shares at December&nbsp;31,&nbsp;2013 into shareholders&#8217; equity as follows (all balances in 000&#8217;s):</FONT></P></TD></TR></TABLE><BR>
<TABLE id=TBL641  style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 95%; MARGIN-LEFT: 2.5%; MARGIN-RIGHT: 2.5%; TEXT-INDENT: 0px" cellSpacing=0 cellPadding=0 border=0>

<TR id=TBL641.finRow.1>
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 43%; VERTICAL-ALIGN: bottom"><B>&nbsp;</B></TD>
<TD id=TBL641.finRow.1.lead.D2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom"><B>&nbsp;</B></TD>
<TD id=TBL641.finRow.1.amt.D2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt" colSpan=2>
<P id=PARA630 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Balance at<BR>December 31, 2013</B></FONT></P></TD>
<TD id=TBL641.finRow.1.trail.D2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px"><B>&nbsp;</B></TD>
<TD id=TBL641.finRow.1.lead.D3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom"><B>&nbsp;</B></TD>
<TD id=TBL641.finRow.1.amt.D3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt" colSpan=2>
<P id=PARA631 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>ASU 2013-08</B></FONT></P>
<P style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><STRONG>Transition Adjustment</STRONG></P></TD>
<TD id=TBL641.finRow.1.trail.D3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px"><B>&nbsp;</B></TD>
<TD id=TBL641.finRow.1.lead.D4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom"><B>&nbsp;</B></TD>
<TD id=TBL641.finRow.1.amt.D4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt" colSpan=2>
<P id=PARA632 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Balance at<BR>January 1, 2014</B></FONT></P></TD>
<TD id=TBL641.finRow.1.trail.D4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px"><B>&nbsp;</B></TD></TR>
<TR id=TBL641.finRow.2 style="BACKGROUND-COLOR: #cceeff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 43%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">
<P id=PARA633 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Redeemable capital Shares</FONT></P></TD>
<TD id=TBL641.finRow.2.lead.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL641.finRow.2.symb.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">$</TD>
<TD id=TBL641.finRow.2.amt.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">6,240,747</TD>
<TD id=TBL641.finRow.2.trail.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD>
<TD id=TBL641.finRow.2.lead.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL641.finRow.2.symb.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">$</TD>
<TD id=TBL641.finRow.2.amt.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">(6,240,747</TD>
<TD id=TBL641.finRow.2.trail.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>)</TD>
<TD id=TBL641.finRow.2.lead.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL641.finRow.2.symb.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">$</TD>
<TD id=TBL641.finRow.2.amt.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">&#8212;</TD>
<TD id=TBL641.finRow.2.trail.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD></TR>
<TR id=TBL641.finRow.3 style="BACKGROUND-COLOR: #ffffff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 43%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">
<P id=PARA637 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Shareholders&#8217; equity</FONT></P></TD>
<TD id=TBL641.finRow.3.lead.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL641.finRow.3.symb.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">$</TD>
<TD id=TBL641.finRow.3.amt.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">&#8212;</TD>
<TD id=TBL641.finRow.3.trail.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD>
<TD id=TBL641.finRow.3.lead.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL641.finRow.3.symb.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">$</TD>
<TD id=TBL641.finRow.3.amt.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">6,240,747</TD>
<TD id=TBL641.finRow.3.trail.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD>
<TD id=TBL641.finRow.3.lead.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL641.finRow.3.symb.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">$</TD>
<TD id=TBL641.finRow.3.amt.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">6,240,747</TD>
<TD id=TBL641.finRow.3.trail.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD></TR></TABLE>
<P id=PARA642 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<TABLE id=MTAB645  style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 100%; TEXT-INDENT: 0px" cellSpacing=0 cellPadding=0 border=0>

<TR>
<TD style="WIDTH: 2%; VERTICAL-ALIGN: top">
<P id=PARA646 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&#9679;</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"></FONT></P></TD>
<TD style="WIDTH: 98%; VERTICAL-ALIGN: top">
<P id=PARA647 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"></FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">the addition of a Schedule of Investments and a Financial Highlights note to the financial statements.</FONT></P></TD></TR></TABLE>
<P id=PARA648 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA649 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">ASU 2013-08 prescribes that an entity that qualifies as an investment company as a result of an assessment of its status shall account for the effect of the change in status prospectively from the date of the change in status and shall recognize any impact as a cumulative effect adjustment to the net asset value at the beginning of the period. No cumulative effect adjustment to net asset value was required to be recorded as a result of adopting ASU 2013-08 because the fair value of silver bullion held by the Trust equaled the cost of silver bullion held by the Trust at December 31, 2013 and therefore there was no accumulated shareholders&#8217; equity (deficit).</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"></FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"></FONT></P>
<P id=PARA654.1 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P>
<DIV id=PGBK654  style="WIDTH: 100%; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<DIV id=PGFTR654  style="WIDTH: 100%; TEXT-ALIGN: center">&nbsp;</DIV>
<DIV id=PGNUM654  style="FONT-SIZE: 10pt; WIDTH: 100%; TEXT-ALIGN: center">F-8&nbsp;</DIV>
<HR style="HEIGHT: 2px; WIDTH: 100%; PAGE-BREAK-AFTER: always; COLOR: #000000" noShade>
<A id=TOCLINK654  href="#TOC">Table Of Contents</A>
<DIV id=PGHDR654  style="WIDTH: 100%; TEXT-ALIGN: left">&nbsp;</DIV></DIV>
<P id=PARA654.2 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT>&nbsp;</P>
<TABLE id=MTAB1955  style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 100%; TEXT-INDENT: 0px" cellSpacing=0 cellPadding=0 border=0>

<TR>
<TD style="WIDTH: 3%; VERTICAL-ALIGN: top">
<P id=PARA1956 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><I>C.</I><I></I></FONT></P></TD>
<TD style="WIDTH: 97%; VERTICAL-ALIGN: top">
<P id=PARA1957 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><I></I><I>Silver Bullion</I></FONT></P></TD></TR></TABLE>
<P id=PARA1958 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1959 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">JPMorgan Chase Bank N.A., London branch (the &#8220;Custodian&#8221;), is responsible for the safekeeping of silver bullion owned by the Trust.</FONT></P>
<P style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25">&nbsp;</P>
<P id=PARA694 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Beginning January 1, 2014, the silver bullion held by the Trust is valued at fair value. Prior to January 1, 2014, the silver bullion held by the Trust was valued at the lower of cost or market, using the average cost method. In applying the lower of cost or market valuation, if the fair value of the silver bullion held was lower than its average cost during the interim periods, an adjustment (&#8220;market value reserve&#8221;) to cost was recorded by the Trust to reflect fair value. If the fair value of the silver bullion held increased subsequent to the market value reserve being recorded, a &#8220;market value recovery&#8221; was recorded during an interim period in the same fiscal year that the market value reserve had been recorded by the Trust. The market value recovery recorded at an interim period could not exceed the previously recognized market value reserve. At the end of the Trust&#8217;s fiscal year, management made a determination as to whether the reserve was recovered or whether the cost basis of silver bullion was written down. The market value reserve, market value recovery and inventory write down each were reported as a component of &#8220;Adjustment to silver bullion inventory.&#8221;</FONT></P>
<P id=PARA1960 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1961 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Fair value of the silver bullion is based on the price per ounce of silver determined by the CME Group at approximately 12:00 p.m. (London time) and announced by Thomson Reuters shortly thereafter on each day that the London silver market is open for business (&#8220;LBMA Silver Price&#8221;). Prior to August&nbsp;15,&nbsp;2014, fair value of the silver bullion was based on the price for an ounce of silver set each working day by three market making members of the London Bullion Market Association (&#8220;London Fix&#8221;). </FONT></P>
<P id=PARA1962 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1963 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Gain or loss on sales of silver bullion is calculated on a trade date basis using the average cost method.</FONT></P>
<P id=PARA1964 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1965 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The following table summarizes activity in silver bullion for the years ended December&nbsp;31,&nbsp;2015, 2014 and 2013 (all balances in 000&#8217;s):</FONT></P>
<P id=PARA1966 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<TABLE id=TBL2049  style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 100%; TEXT-INDENT: 0px" cellSpacing=0 cellPadding=0 border=0>

<TR id=TBL2049.finRow.1>
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 52%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt">
<P id=PARA1967 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>December&nbsp;31,&nbsp;2015 </B></FONT></P></TD>
<TD id=TBL2049.finRow.1.lead.D2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom"><B>&nbsp;</B></TD>
<TD id=TBL2049.finRow.1.amt.D2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt" colSpan=2>
<P id=PARA1968 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Ounces</B></FONT></P></TD>
<TD id=TBL2049.finRow.1.trail.D2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px"><B>&nbsp;</B></TD>
<TD id=TBL2049.finRow.1.lead.D3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom"><B>&nbsp;</B></TD>
<TD id=TBL2049.finRow.1.amt.D3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt" colSpan=2>
<P id=PARA1969 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Average<BR>Cost</B></FONT></P></TD>
<TD id=TBL2049.finRow.1.trail.D3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px"><B>&nbsp;</B></TD>
<TD id=TBL2049.finRow.1.lead.D4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom"><B>&nbsp;</B></TD>
<TD id=TBL2049.finRow.1.amt.D4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt" colSpan=2>
<P id=PARA1970 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Fair<BR>Value</B></FONT></P></TD>
<TD id=TBL2049.finRow.1.trail.D4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px"><B>&nbsp;</B></TD>
<TD id=TBL2049.finRow.1.lead.D5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom"><B>&nbsp;</B></TD>
<TD id=TBL2049.finRow.1.amt.D5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt" colSpan=2>
<P id=PARA1971 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Realized<BR>Gain (Loss)</B></FONT></P></TD>
<TD id=TBL2049.finRow.1.trail.D5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px"><B>&nbsp;</B></TD></TR>
<TR id=TBL2049.finRow.2 style="BACKGROUND-COLOR: #cceeff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">
<P id=PARA1972 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Beginning balance</FONT></P></TD>
<TD id=TBL2049.finRow.2.lead.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL2049.finRow.2.symb.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL2049.finRow.2.amt.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">329,564.2</TD>
<TD id=TBL2049.finRow.2.trail.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD>
<TD id=TBL2049.finRow.2.lead.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL2049.finRow.2.symb.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">$</TD>
<TD id=TBL2049.finRow.2.amt.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">6,386,750</TD>
<TD id=TBL2049.finRow.2.trail.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD>
<TD id=TBL2049.finRow.2.lead.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL2049.finRow.2.symb.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">$</TD>
<TD id=TBL2049.finRow.2.amt.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">5,263,140</TD>
<TD id=TBL2049.finRow.2.trail.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD>
<TD id=TBL2049.finRow.2.lead.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL2049.finRow.2.symb.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">$</TD>
<TD id=TBL2049.finRow.2.amt.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">&#8212;</TD>
<TD id=TBL2049.finRow.2.trail.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD></TR>
<TR id=TBL2049.finRow.3 style="BACKGROUND-COLOR: #ffffff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">
<P id=PARA1983 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Silver bullion contributed</FONT></P></TD>
<TD id=TBL2049.finRow.3.lead.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL2049.finRow.3.symb.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL2049.finRow.3.amt.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">54,595.7</TD>
<TD id=TBL2049.finRow.3.trail.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD>
<TD id=TBL2049.finRow.3.lead.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL2049.finRow.3.symb.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL2049.finRow.3.amt.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">859,468</TD>
<TD id=TBL2049.finRow.3.trail.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD>
<TD id=TBL2049.finRow.3.lead.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL2049.finRow.3.symb.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL2049.finRow.3.amt.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">859,468</TD>
<TD id=TBL2049.finRow.3.trail.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD>
<TD id=TBL2049.finRow.3.lead.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL2049.finRow.3.symb.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL2049.finRow.3.amt.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">&#8212;</TD>
<TD id=TBL2049.finRow.3.trail.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD></TR>
<TR id=TBL2049.finRow.4 style="BACKGROUND-COLOR: #cceeff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">
<P id=PARA1994 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Silver bullion distributed</FONT></P></TD>
<TD id=TBL2049.finRow.4.lead.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL2049.finRow.4.symb.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL2049.finRow.4.amt.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">(64,583.5</TD>
<TD id=TBL2049.finRow.4.trail.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>)</TD>
<TD id=TBL2049.finRow.4.lead.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL2049.finRow.4.symb.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL2049.finRow.4.amt.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">(1,235,547</TD>
<TD id=TBL2049.finRow.4.trail.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>)</TD>
<TD id=TBL2049.finRow.4.lead.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL2049.finRow.4.symb.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL2049.finRow.4.amt.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">(1,029,094</TD>
<TD id=TBL2049.finRow.4.trail.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>)</TD>
<TD id=TBL2049.finRow.4.lead.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL2049.finRow.4.symb.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL2049.finRow.4.amt.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">(206,453</TD>
<TD id=TBL2049.finRow.4.trail.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>)</TD></TR>
<TR id=TBL2049.finRow.5 style="BACKGROUND-COLOR: #ffffff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">
<P id=PARA2005 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Silver bullion sold to pay expenses</FONT></P></TD>
<TD id=TBL2049.finRow.5.lead.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL2049.finRow.5.symb.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL2049.finRow.5.amt.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">(1,641.5</TD>
<TD id=TBL2049.finRow.5.trail.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>)</TD>
<TD id=TBL2049.finRow.5.lead.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL2049.finRow.5.symb.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL2049.finRow.5.amt.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">(31,419</TD>
<TD id=TBL2049.finRow.5.trail.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>)</TD>
<TD id=TBL2049.finRow.5.lead.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL2049.finRow.5.symb.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL2049.finRow.5.amt.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">(25,716</TD>
<TD id=TBL2049.finRow.5.trail.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>)</TD>
<TD id=TBL2049.finRow.5.lead.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL2049.finRow.5.symb.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL2049.finRow.5.amt.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">(5,703</TD>
<TD id=TBL2049.finRow.5.trail.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>)</TD></TR>
<TR id=TBL2049.finRow.6 style="BACKGROUND-COLOR: #cceeff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">
<P id=PARA2016 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Net realized loss on silver bullion</FONT></P></TD>
<TD id=TBL2049.finRow.6.lead.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL2049.finRow.6.symb.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL2049.finRow.6.amt.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">&#8212;</TD>
<TD id=TBL2049.finRow.6.trail.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD>
<TD id=TBL2049.finRow.6.lead.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL2049.finRow.6.symb.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL2049.finRow.6.amt.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">&#8212;</TD>
<TD id=TBL2049.finRow.6.trail.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD>
<TD id=TBL2049.finRow.6.lead.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL2049.finRow.6.symb.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL2049.finRow.6.amt.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">(212,156</TD>
<TD id=TBL2049.finRow.6.trail.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>)</TD>
<TD id=TBL2049.finRow.6.lead.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL2049.finRow.6.symb.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL2049.finRow.6.amt.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">&#8212;</TD>
<TD id=TBL2049.finRow.6.trail.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD></TR>
<TR id=TBL2049.finRow.7 style="BACKGROUND-COLOR: #ffffff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">
<P id=PARA2027 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Net change in unrealized appreciation/depreciation on investment in silver bullion</FONT></P></TD>
<TD id=TBL2049.finRow.7.lead.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL2049.finRow.7.symb.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL2049.finRow.7.amt.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">&#8212;</TD>
<TD id=TBL2049.finRow.7.trail.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD>
<TD id=TBL2049.finRow.7.lead.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL2049.finRow.7.symb.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL2049.finRow.7.amt.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">&#8212;</TD>
<TD id=TBL2049.finRow.7.trail.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD>
<TD id=TBL2049.finRow.7.lead.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL2049.finRow.7.symb.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL2049.finRow.7.amt.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">(461,781</TD>
<TD id=TBL2049.finRow.7.trail.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>)</TD>
<TD id=TBL2049.finRow.7.lead.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL2049.finRow.7.symb.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL2049.finRow.7.amt.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">&#8212;</TD>
<TD id=TBL2049.finRow.7.trail.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD></TR>
<TR id=TBL2049.finRow.8 style="BACKGROUND-COLOR: #cceeff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">
<P id=PARA2038 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Ending balance</FONT></P></TD>
<TD id=TBL2049.finRow.8.lead.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL2049.finRow.8.symb.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL2049.finRow.8.amt.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">317,934.9</TD>
<TD id=TBL2049.finRow.8.trail.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD>
<TD id=TBL2049.finRow.8.lead.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL2049.finRow.8.symb.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">$</TD>
<TD id=TBL2049.finRow.8.amt.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">5,979,252</TD>
<TD id=TBL2049.finRow.8.trail.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD>
<TD id=TBL2049.finRow.8.lead.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL2049.finRow.8.symb.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">$</TD>
<TD id=TBL2049.finRow.8.amt.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">4,393,861</TD>
<TD id=TBL2049.finRow.8.trail.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD>
<TD id=TBL2049.finRow.8.lead.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL2049.finRow.8.symb.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">$</TD>
<TD id=TBL2049.finRow.8.amt.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">(212,156</TD>
<TD id=TBL2049.finRow.8.trail.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>)</TD></TR></TABLE>
<P id=PARA2050 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<TABLE id=TBL2134  style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 100%; TEXT-INDENT: 0px" cellSpacing=0 cellPadding=0 border=0>

<TR id=TBL2134.finRow.1>
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 52%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt">
<P id=PARA2052 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>December&nbsp;31,&nbsp;2014 </B></FONT></P></TD>
<TD id=TBL2134.finRow.1.lead.D2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom"><B>&nbsp;</B></TD>
<TD id=TBL2134.finRow.1.amt.D2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt" colSpan=2>
<P id=PARA2053 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Ounces</B></FONT></P></TD>
<TD id=TBL2134.finRow.1.trail.D2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px"><B>&nbsp;</B></TD>
<TD id=TBL2134.finRow.1.lead.D3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom"><B>&nbsp;</B></TD>
<TD id=TBL2134.finRow.1.amt.D3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt" colSpan=2>
<P id=PARA2054 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Average<BR>Cost</B></FONT></P></TD>
<TD id=TBL2134.finRow.1.trail.D3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px"><B>&nbsp;</B></TD>
<TD id=TBL2134.finRow.1.lead.D4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom"><B>&nbsp;</B></TD>
<TD id=TBL2134.finRow.1.amt.D4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt" colSpan=2>
<P id=PARA2055 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Fair<BR>Value</B></FONT></P></TD>
<TD id=TBL2134.finRow.1.trail.D4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px"><B>&nbsp;</B></TD>
<TD id=TBL2134.finRow.1.lead.D5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom"><B>&nbsp;</B></TD>
<TD id=TBL2134.finRow.1.amt.D5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt" colSpan=2>
<P id=PARA2056 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Realized<BR>Gain (Loss)</B></FONT></P></TD>
<TD id=TBL2134.finRow.1.trail.D5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px"><B>&nbsp;</B></TD></TR>
<TR id=TBL2134.finRow.2 style="BACKGROUND-COLOR: #cceeff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">
<P id=PARA2057 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Beginning balance</FONT></P></TD>
<TD id=TBL2134.finRow.2.lead.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL2134.finRow.2.symb.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL2134.finRow.2.amt.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">320,177.8</TD>
<TD id=TBL2134.finRow.2.trail.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD>
<TD id=TBL2134.finRow.2.lead.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL2134.finRow.2.symb.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">$</TD>
<TD id=TBL2134.finRow.2.amt.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">6,243,467</TD>
<TD id=TBL2134.finRow.2.trail.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD>
<TD id=TBL2134.finRow.2.lead.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL2134.finRow.2.symb.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">$</TD>
<TD id=TBL2134.finRow.2.amt.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">6,243,467</TD>
<TD id=TBL2134.finRow.2.trail.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD>
<TD id=TBL2134.finRow.2.lead.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL2134.finRow.2.symb.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">$</TD>
<TD id=TBL2134.finRow.2.amt.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">&#8212;</TD>
<TD id=TBL2134.finRow.2.trail.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD></TR>
<TR id=TBL2134.finRow.3 style="BACKGROUND-COLOR: #ffffff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">
<P id=PARA2068 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Silver bullion contributed</FONT></P></TD>
<TD id=TBL2134.finRow.3.lead.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL2134.finRow.3.symb.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL2134.finRow.3.amt.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">71,956.1</TD>
<TD id=TBL2134.finRow.3.trail.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD>
<TD id=TBL2134.finRow.3.lead.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL2134.finRow.3.symb.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL2134.finRow.3.amt.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">1,361,917</TD>
<TD id=TBL2134.finRow.3.trail.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD>
<TD id=TBL2134.finRow.3.lead.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL2134.finRow.3.symb.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL2134.finRow.3.amt.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">1,361,917</TD>
<TD id=TBL2134.finRow.3.trail.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD>
<TD id=TBL2134.finRow.3.lead.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL2134.finRow.3.symb.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL2134.finRow.3.amt.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">&#8212;</TD>
<TD id=TBL2134.finRow.3.trail.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD></TR>
<TR id=TBL2134.finRow.4 style="BACKGROUND-COLOR: #cceeff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">
<P id=PARA2079 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Silver bullion distributed</FONT></P></TD>
<TD id=TBL2134.finRow.4.lead.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL2134.finRow.4.symb.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL2134.finRow.4.amt.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">(60,878.0</TD>
<TD id=TBL2134.finRow.4.trail.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>)</TD>
<TD id=TBL2134.finRow.4.lead.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL2134.finRow.4.symb.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL2134.finRow.4.amt.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">(1,185,617</TD>
<TD id=TBL2134.finRow.4.trail.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>)</TD>
<TD id=TBL2134.finRow.4.lead.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL2134.finRow.4.symb.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL2134.finRow.4.amt.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">(1,108,223</TD>
<TD id=TBL2134.finRow.4.trail.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>)</TD>
<TD id=TBL2134.finRow.4.lead.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL2134.finRow.4.symb.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL2134.finRow.4.amt.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">(77,394</TD>
<TD id=TBL2134.finRow.4.trail.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>)</TD></TR>
<TR id=TBL2134.finRow.5 style="BACKGROUND-COLOR: #ffffff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">
<P id=PARA2090 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Silver bullion sold </FONT></P></TD>
<TD id=TBL2134.finRow.5.lead.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL2134.finRow.5.symb.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL2134.finRow.5.amt.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">(1,691.7</TD>
<TD id=TBL2134.finRow.5.trail.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>)</TD>
<TD id=TBL2134.finRow.5.lead.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL2134.finRow.5.symb.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL2134.finRow.5.amt.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">(33,017</TD>
<TD id=TBL2134.finRow.5.trail.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>)</TD>
<TD id=TBL2134.finRow.5.lead.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL2134.finRow.5.symb.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL2134.finRow.5.amt.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">(31,961</TD>
<TD id=TBL2134.finRow.5.trail.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>)</TD>
<TD id=TBL2134.finRow.5.lead.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL2134.finRow.5.symb.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL2134.finRow.5.amt.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">(1,056</TD>
<TD id=TBL2134.finRow.5.trail.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>)</TD></TR>
<TR id=TBL2134.finRow.6 style="BACKGROUND-COLOR: #cceeff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">
<P id=PARA2101 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Net realized loss on silver bullion</FONT></P></TD>
<TD id=TBL2134.finRow.6.lead.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL2134.finRow.6.symb.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL2134.finRow.6.amt.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">&#8212;</TD>
<TD id=TBL2134.finRow.6.trail.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD>
<TD id=TBL2134.finRow.6.lead.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL2134.finRow.6.symb.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL2134.finRow.6.amt.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">&#8212;</TD>
<TD id=TBL2134.finRow.6.trail.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD>
<TD id=TBL2134.finRow.6.lead.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL2134.finRow.6.symb.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL2134.finRow.6.amt.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">(78,450</TD>
<TD id=TBL2134.finRow.6.trail.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>)</TD>
<TD id=TBL2134.finRow.6.lead.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL2134.finRow.6.symb.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL2134.finRow.6.amt.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">&#8212;</TD>
<TD id=TBL2134.finRow.6.trail.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD></TR>
<TR id=TBL2134.finRow.7 style="BACKGROUND-COLOR: #ffffff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; PADDING-LEFT: 9pt; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff; TEXT-INDENT: -9pt">
<P id=PARA2112 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Net change in unrealized appreciation/depreciation on investment in silver bullion</FONT></P></TD>
<TD id=TBL2134.finRow.7.lead.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL2134.finRow.7.symb.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL2134.finRow.7.amt.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">&#8212;</TD>
<TD id=TBL2134.finRow.7.trail.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD>
<TD id=TBL2134.finRow.7.lead.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL2134.finRow.7.symb.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL2134.finRow.7.amt.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">&#8212;</TD>
<TD id=TBL2134.finRow.7.trail.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD>
<TD id=TBL2134.finRow.7.lead.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL2134.finRow.7.symb.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL2134.finRow.7.amt.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">(1,123,610</TD>
<TD id=TBL2134.finRow.7.trail.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>)</TD>
<TD id=TBL2134.finRow.7.lead.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL2134.finRow.7.symb.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL2134.finRow.7.amt.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">&#8212;</TD>
<TD id=TBL2134.finRow.7.trail.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD></TR>
<TR id=TBL2134.finRow.8 style="BACKGROUND-COLOR: #cceeff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">
<P id=PARA2123 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Ending balance</FONT></P></TD>
<TD id=TBL2134.finRow.8.lead.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL2134.finRow.8.symb.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL2134.finRow.8.amt.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">329,564.2</TD>
<TD id=TBL2134.finRow.8.trail.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD>
<TD id=TBL2134.finRow.8.lead.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL2134.finRow.8.symb.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">$</TD>
<TD id=TBL2134.finRow.8.amt.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">6,386,750</TD>
<TD id=TBL2134.finRow.8.trail.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD>
<TD id=TBL2134.finRow.8.lead.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL2134.finRow.8.symb.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">$</TD>
<TD id=TBL2134.finRow.8.amt.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">5,263,140</TD>
<TD id=TBL2134.finRow.8.trail.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD>
<TD id=TBL2134.finRow.8.lead.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL2134.finRow.8.symb.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">$</TD>
<TD id=TBL2134.finRow.8.amt.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">(78,450</TD>
<TD id=TBL2134.finRow.8.trail.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>)</TD></TR></TABLE>
<P id=PARA2135 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P>
<DIV id=PGBK227  style="WIDTH: 100%; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<DIV id=PGFTR227  style="WIDTH: 100%; TEXT-ALIGN: center">&nbsp;</DIV>
<DIV id=PGNUM227  style="FONT-SIZE: 10pt; WIDTH: 100%; TEXT-ALIGN: center">F-9</DIV>
<HR style="HEIGHT: 2px; WIDTH: 100%; PAGE-BREAK-AFTER: always; COLOR: #000000" noShade>
<A id=TOCLINK227  href="#TOC">Table Of Contents</A>
<DIV id=PGHDR227  style="WIDTH: 100%; TEXT-ALIGN: left">&nbsp;</DIV></DIV>
<P id=PARA227.2 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<TABLE id=TBL2230  style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 100%; TEXT-INDENT: 0px" cellSpacing=0 cellPadding=0 border=0>

<TR id=TBL2230.finRow.1>
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 52%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt">
<P id=PARA2137 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>December&nbsp;31,&nbsp;2013 </B></FONT></P></TD>
<TD id=TBL2230.finRow.1.lead.D2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom"><B>&nbsp;</B></TD>
<TD id=TBL2230.finRow.1.amt.D2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt" colSpan=2>
<P id=PARA2138 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Ounces</B></FONT></P></TD>
<TD id=TBL2230.finRow.1.trail.D2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px"><B>&nbsp;</B></TD>
<TD id=TBL2230.finRow.1.lead.D3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom"><B>&nbsp;</B></TD>
<TD id=TBL2230.finRow.1.amt.D3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt" colSpan=2>
<P id=PARA2139 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Average<BR>Cost</B></FONT></P></TD>
<TD id=TBL2230.finRow.1.trail.D3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px"><B>&nbsp;</B></TD>
<TD id=TBL2230.finRow.1.lead.D4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom"><B>&nbsp;</B></TD>
<TD id=TBL2230.finRow.1.amt.D4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt" colSpan=2>
<P id=PARA2140 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Fair<BR>Value</B></FONT></P></TD>
<TD id=TBL2230.finRow.1.trail.D4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px"><B>&nbsp;</B></TD>
<TD id=TBL2230.finRow.1.lead.D5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom"><B>&nbsp;</B></TD>
<TD id=TBL2230.finRow.1.amt.D5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt" colSpan=2>
<P id=PARA2141 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Realized<BR>Gain (Loss)</B></FONT></P></TD>
<TD id=TBL2230.finRow.1.trail.D5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px"><B>&nbsp;</B></TD></TR>
<TR id=TBL2230.finRow.2 style="BACKGROUND-COLOR: #cceeff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">
<P id=PARA2142 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Beginning balance</FONT></P></TD>
<TD id=TBL2230.finRow.2.lead.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL2230.finRow.2.symb.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL2230.finRow.2.amt.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">324,239.1</TD>
<TD id=TBL2230.finRow.2.trail.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD>
<TD id=TBL2230.finRow.2.lead.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL2230.finRow.2.symb.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">$</TD>
<TD id=TBL2230.finRow.2.amt.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">8,135,003</TD>
<TD id=TBL2230.finRow.2.trail.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD>
<TD id=TBL2230.finRow.2.lead.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL2230.finRow.2.symb.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">$</TD>
<TD id=TBL2230.finRow.2.amt.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">9,710,962</TD>
<TD id=TBL2230.finRow.2.trail.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD>
<TD id=TBL2230.finRow.2.lead.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL2230.finRow.2.symb.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">$</TD>
<TD id=TBL2230.finRow.2.amt.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">&#8212;</TD>
<TD id=TBL2230.finRow.2.trail.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD></TR>
<TR id=TBL2230.finRow.3 style="BACKGROUND-COLOR: #ffffff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">
<P id=PARA2153 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Silver bullion contributed</FONT></P></TD>
<TD id=TBL2230.finRow.3.lead.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL2230.finRow.3.symb.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL2230.finRow.3.amt.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">82,810.6</TD>
<TD id=TBL2230.finRow.3.trail.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD>
<TD id=TBL2230.finRow.3.lead.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL2230.finRow.3.symb.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL2230.finRow.3.amt.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">2,096,484</TD>
<TD id=TBL2230.finRow.3.trail.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD>
<TD id=TBL2230.finRow.3.lead.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL2230.finRow.3.symb.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL2230.finRow.3.amt.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">2,096,484</TD>
<TD id=TBL2230.finRow.3.trail.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD>
<TD id=TBL2230.finRow.3.lead.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL2230.finRow.3.symb.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL2230.finRow.3.amt.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">&#8212;</TD>
<TD id=TBL2230.finRow.3.trail.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD></TR>
<TR id=TBL2230.finRow.4 style="BACKGROUND-COLOR: #cceeff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">
<P id=PARA2164 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Silver bullion distributed</FONT></P></TD>
<TD id=TBL2230.finRow.4.lead.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL2230.finRow.4.symb.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL2230.finRow.4.amt.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">(85,164.1</TD>
<TD id=TBL2230.finRow.4.trail.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>)</TD>
<TD id=TBL2230.finRow.4.lead.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL2230.finRow.4.symb.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL2230.finRow.4.amt.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">(2,163,458</TD>
<TD id=TBL2230.finRow.4.trail.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>)</TD>
<TD id=TBL2230.finRow.4.lead.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL2230.finRow.4.symb.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL2230.finRow.4.amt.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">(2,031,644</TD>
<TD id=TBL2230.finRow.4.trail.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>)</TD>
<TD id=TBL2230.finRow.4.lead.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL2230.finRow.4.symb.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL2230.finRow.4.amt.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">(131,814</TD>
<TD id=TBL2230.finRow.4.trail.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>)</TD></TR>
<TR id=TBL2230.finRow.5 style="BACKGROUND-COLOR: #ffffff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">
<P id=PARA2175 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Silver bullion sold </FONT></P></TD>
<TD id=TBL2230.finRow.5.lead.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL2230.finRow.5.symb.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL2230.finRow.5.amt.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">(1,707.8</TD>
<TD id=TBL2230.finRow.5.trail.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>)</TD>
<TD id=TBL2230.finRow.5.lead.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL2230.finRow.5.symb.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL2230.finRow.5.amt.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">(43,296</TD>
<TD id=TBL2230.finRow.5.trail.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>)</TD>
<TD id=TBL2230.finRow.5.lead.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL2230.finRow.5.symb.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL2230.finRow.5.amt.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">(41,406</TD>
<TD id=TBL2230.finRow.5.trail.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>)</TD>
<TD id=TBL2230.finRow.5.lead.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL2230.finRow.5.symb.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL2230.finRow.5.amt.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">(1,890</TD>
<TD id=TBL2230.finRow.5.trail.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>)</TD></TR>
<TR id=TBL2230.finRow.6 style="BACKGROUND-COLOR: #cceeff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">
<P id=PARA2186 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Adjustment to silver bullion inventory<FONT style="FONT-SIZE: 60%; VERTICAL-ALIGN: text-top">(a)</FONT></FONT></P></TD>
<TD id=TBL2230.finRow.6.lead.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL2230.finRow.6.symb.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL2230.finRow.6.amt.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">&#8212;</TD>
<TD id=TBL2230.finRow.6.trail.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD>
<TD id=TBL2230.finRow.6.lead.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL2230.finRow.6.symb.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL2230.finRow.6.amt.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">(1,781,266</TD>
<TD id=TBL2230.finRow.6.trail.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>)</TD>
<TD id=TBL2230.finRow.6.lead.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL2230.finRow.6.symb.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL2230.finRow.6.amt.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">&#8212;</TD>
<TD id=TBL2230.finRow.6.trail.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD>
<TD id=TBL2230.finRow.6.lead.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL2230.finRow.6.symb.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL2230.finRow.6.amt.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">&#8212;</TD>
<TD id=TBL2230.finRow.6.trail.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD></TR>
<TR id=TBL2230.finRow.7 style="BACKGROUND-COLOR: #ffffff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">
<P id=PARA2197 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Adjustment for realized loss on silver bullion</FONT></P></TD>
<TD id=TBL2230.finRow.7.lead.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL2230.finRow.7.symb.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL2230.finRow.7.amt.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">&#8212;</TD>
<TD id=TBL2230.finRow.7.trail.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD>
<TD id=TBL2230.finRow.7.lead.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL2230.finRow.7.symb.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL2230.finRow.7.amt.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">&#8212;</TD>
<TD id=TBL2230.finRow.7.trail.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD>
<TD id=TBL2230.finRow.7.lead.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL2230.finRow.7.symb.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL2230.finRow.7.amt.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">(133,704</TD>
<TD id=TBL2230.finRow.7.trail.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>)</TD>
<TD id=TBL2230.finRow.7.lead.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL2230.finRow.7.symb.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL2230.finRow.7.amt.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">&#8212;</TD>
<TD id=TBL2230.finRow.7.trail.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD></TR>
<TR id=TBL2230.finRow.8 style="BACKGROUND-COLOR: #cceeff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">
<P id=PARA2208 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Adjustment for unrealized loss on silver bullion</FONT></P></TD>
<TD id=TBL2230.finRow.8.lead.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL2230.finRow.8.symb.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL2230.finRow.8.amt.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">&#8212;</TD>
<TD id=TBL2230.finRow.8.trail.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD>
<TD id=TBL2230.finRow.8.lead.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL2230.finRow.8.symb.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL2230.finRow.8.amt.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">&#8212;</TD>
<TD id=TBL2230.finRow.8.trail.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD>
<TD id=TBL2230.finRow.8.lead.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL2230.finRow.8.symb.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL2230.finRow.8.amt.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">(3,357,225</TD>
<TD id=TBL2230.finRow.8.trail.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>)</TD>
<TD id=TBL2230.finRow.8.lead.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL2230.finRow.8.symb.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL2230.finRow.8.amt.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">&#8212;</TD>
<TD id=TBL2230.finRow.8.trail.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD></TR>
<TR id=TBL2230.finRow.9 style="BACKGROUND-COLOR: #ffffff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">
<P id=PARA2219 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Ending balance</FONT></P></TD>
<TD id=TBL2230.finRow.9.lead.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL2230.finRow.9.symb.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL2230.finRow.9.amt.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">320,177.8</TD>
<TD id=TBL2230.finRow.9.trail.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD>
<TD id=TBL2230.finRow.9.lead.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL2230.finRow.9.symb.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">$</TD>
<TD id=TBL2230.finRow.9.amt.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">6,243,467</TD>
<TD id=TBL2230.finRow.9.trail.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD>
<TD id=TBL2230.finRow.9.lead.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL2230.finRow.9.symb.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">$</TD>
<TD id=TBL2230.finRow.9.amt.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">6,243,467</TD>
<TD id=TBL2230.finRow.9.trail.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD>
<TD id=TBL2230.finRow.9.lead.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL2230.finRow.9.symb.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">$</TD>
<TD id=TBL2230.finRow.9.amt.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">(133,704</TD>
<TD id=TBL2230.finRow.9.trail.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>)</TD></TR></TABLE>
<P id=PARA603 style="MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<HR style="BORDER-TOP: medium none; HEIGHT: 1px; BORDER-RIGHT: medium none; WIDTH: 10%; BORDER-BOTTOM: medium none; COLOR: #000000;  BORDER-LEFT: medium none; BACKGROUND-COLOR: #000000" align="left">

<P id=PARA605 style="MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><FONT style="FONT-SIZE: 60%; VERTICAL-ALIGN: text-top">(a)</FONT>&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: Arial, Helvetica, sans-serif">At December&nbsp;31,&nbsp;2013, the market value of the silver bullion was below the average cost of the Trust&#8217;s silver bullion inventory held. As a result, the Trust recorded a permanent write down against the average cost of the silver bullion inventory of $1,781,266.</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"> </FONT></P>
<P id=PARA215 style="MARGIN: 0pt; LINE-HEIGHT: 1.25">&nbsp;</P>
<TABLE id=MTAB2236  style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 100%; TEXT-INDENT: 0px" cellSpacing=0 cellPadding=0 border=0>

<TR>
<TD style="WIDTH: 3%; VERTICAL-ALIGN: top">
<P id=PARA2237 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><I>D.</I></FONT></P></TD>
<TD style="WIDTH: 97%; VERTICAL-ALIGN: top">
<P id=PARA2238 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><I>Calculation of Net Asset Value</I></FONT></P></TD></TR></TABLE>
<P id=PARA2239 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA2240 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">On each business day, as soon as practicable after 4:00 p.m. (New York time), the net asset value of the Trust is obtained by subtracting all accrued fees, expenses and other liabilities of the Trust from the fair value of the silver held by the Trust and other assets of the Trust. The Trustee 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.</FONT></P>
<P id=PARA2241 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<TABLE id=MTAB2243  style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 100%; TEXT-INDENT: 0px" cellSpacing=0 cellPadding=0 border=0>

<TR>
<TD style="WIDTH: 3%; VERTICAL-ALIGN: top">
<P id=PARA2244 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><I>E. </I></FONT></P></TD>
<TD style="WIDTH: 97%; VERTICAL-ALIGN: top">
<P id=PARA2245 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><I>Offering of the Shares</I></FONT></P></TD></TR></TABLE>
<P id=PARA2246 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA2247 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">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 that are eligible to settle securities transactions through the book-entry facilities of the Depository Trust Company and that have entered into a contractual arrangement with the Trust and the Sponsor governing, among other matters, the creation and redemption of Shares (such broker-dealers, the &#8220;Authorized Participants&#8221;). 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&#894; <I>provided</I>, that redemptions of Shares may be suspended during any period while regular trading on NYSE Arca, Inc. (&#8220;NYSE Arca&#8221;) 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 id=PARA2248 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA655 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The per Share amount of silver exchanged for a purchase or redemption represents the per Share amount of silver held by the Trust, after giving effect to its liabilities. The Trustee calculates the silver amount in respect of any liabilities of the Trust daily using the LBMA Silver Price</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">. </FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"></FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Prior to August 15, 2014, the Trustee used the London Fix to calculate the silver amount in respect of any liabilities.</FONT></P>
<P id=PARA2250 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA2251 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">When silver bullion is exchanged in settlement of a redemption, it is considered a sale of silver bullion for accounting purposes.</FONT></P>
<P style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25">&nbsp;</P>
<P id=PARA656 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">As noted in Note 2B above, beginning January 1, 2014, Shares of the Trust are classified as shareholders&#8217; equity. The Trust reflects Shares issued and Shares redeemed within shareholders&#8217; equity on trade date.</FONT></P>
<P id=PARA657 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA658 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Share activity was as follows (all balances in 000&#8217;s):</FONT></P>
<P id=PARA659 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<TABLE id=TBL682  style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 100%; TEXT-INDENT: 0px" cellSpacing=0 cellPadding=0 border=0>

<TR id=TBL682.finRow.1>
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom"><B>&nbsp;</B></TD>
<TD id=TBL682.finRow.1.lead.D5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom"><B>&nbsp;</B></TD>
<TD id=TBL682.finRow.1.amt.D5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt" colSpan=14>
<P id=PARA660 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Year</B><B>s</B><B> Ended</B><B> </B><B>December 31</B><B>,</B></FONT></P></TD>
<TD id=TBL682.finRow.1.trail.D5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px"><B>&nbsp;</B></TD></TR>
<TR id=TBL682.finRow.2>
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom"><B>&nbsp;</B></TD>
<TD id=TBL682.finRow.2.lead.D3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom"><B>&nbsp;</B></TD>
<TD id=TBL682.finRow.2.amt.D3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt" colSpan=6>
<P id=PARA661 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>2015</B></FONT></P></TD>
<TD id=TBL682.finRow.2.trail.D3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px"><B>&nbsp;</B></TD>
<TD id=TBL682.finRow.2.lead.D5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom"><B>&nbsp;</B></TD>
<TD id=TBL682.finRow.2.amt.D5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt" colSpan=6>
<P id=PARA662 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>2014</B></FONT></P></TD>
<TD id=TBL682.finRow.2.trail.D5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px"><B>&nbsp;</B></TD></TR>
<TR id=TBL682.finRow.3>
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom"><B>&nbsp;</B></TD>
<TD id=TBL682.finRow.3.lead.D2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom"><B>&nbsp;</B></TD>
<TD id=TBL682.finRow.3.amt.D2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt" colSpan=2>
<P id=PARA663 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Shares</B></FONT></P></TD>
<TD id=TBL682.finRow.3.trail.D2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px"><B>&nbsp;</B></TD>
<TD id=TBL682.finRow.3.lead.D3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom"><B>&nbsp;</B></TD>
<TD id=TBL682.finRow.3.amt.D3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt" colSpan=2>
<P id=PARA664 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Amount</B></FONT></P></TD>
<TD id=TBL682.finRow.3.trail.D3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px"><B>&nbsp;</B></TD>
<TD id=TBL682.finRow.3.lead.D4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom"><B>&nbsp;</B></TD>
<TD id=TBL682.finRow.3.amt.D4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt" colSpan=2>
<P id=PARA665 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Shares</B></FONT></P></TD>
<TD id=TBL682.finRow.3.trail.D4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px"><B>&nbsp;</B></TD>
<TD id=TBL682.finRow.3.lead.D5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom"><B>&nbsp;</B></TD>
<TD id=TBL682.finRow.3.amt.D5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt" colSpan=2>
<P id=PARA666 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Amount</B></FONT></P></TD>
<TD id=TBL682.finRow.3.trail.D5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px"><B>&nbsp;</B></TD></TR>
<TR id=TBL682.finRow.4 style="BACKGROUND-COLOR: #cceeff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 52%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">
<P id=PARA667 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Shares issued</FONT></P></TD>
<TD id=TBL682.finRow.4.lead.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL682.finRow.4.symb.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL682.finRow.4.amt.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">57,150</TD>
<TD id=TBL682.finRow.4.trail.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD>
<TD id=TBL682.finRow.4.lead.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL682.finRow.4.symb.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">$</TD>
<TD id=TBL682.finRow.4.amt.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">859,468</TD>
<TD id=TBL682.finRow.4.trail.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD>
<TD id=TBL682.finRow.4.lead.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL682.finRow.4.symb.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL682.finRow.4.amt.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">74,950</TD>
<TD id=TBL682.finRow.4.trail.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD>
<TD id=TBL682.finRow.4.lead.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL682.finRow.4.symb.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">$</TD>
<TD id=TBL682.finRow.4.amt.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">1,361,917</TD>
<TD id=TBL682.finRow.4.trail.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD></TR>
<TR id=TBL682.finRow.5 style="BACKGROUND-COLOR: #ffffff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">
<P id=PARA672 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Shares redeemed</FONT></P></TD>
<TD id=TBL682.finRow.5.lead.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL682.finRow.5.symb.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL682.finRow.5.amt.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">(67,600</TD>
<TD id=TBL682.finRow.5.trail.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>)</TD>
<TD id=TBL682.finRow.5.lead.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL682.finRow.5.symb.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL682.finRow.5.amt.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">(1,029,094</TD>
<TD id=TBL682.finRow.5.trail.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>)</TD>
<TD id=TBL682.finRow.5.lead.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL682.finRow.5.symb.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL682.finRow.5.amt.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">(63,450</TD>
<TD id=TBL682.finRow.5.trail.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>)</TD>
<TD id=TBL682.finRow.5.lead.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL682.finRow.5.symb.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL682.finRow.5.amt.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">(1,108,223</TD>
<TD id=TBL682.finRow.5.trail.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>)</TD></TR>
<TR id=TBL682.finRow.6 style="BACKGROUND-COLOR: #cceeff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">
<P id=PARA677 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Net decrease</FONT></P></TD>
<TD id=TBL682.finRow.6.lead.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL682.finRow.6.symb.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL682.finRow.6.amt.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">(10,450</TD>
<TD id=TBL682.finRow.6.trail.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>)</TD>
<TD id=TBL682.finRow.6.lead.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL682.finRow.6.symb.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">$</TD>
<TD id=TBL682.finRow.6.amt.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">(169,626</TD>
<TD id=TBL682.finRow.6.trail.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>)</TD>
<TD id=TBL682.finRow.6.lead.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL682.finRow.6.symb.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL682.finRow.6.amt.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">11,500</TD>
<TD id=TBL682.finRow.6.trail.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD>
<TD id=TBL682.finRow.6.lead.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL682.finRow.6.symb.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">$</TD>
<TD id=TBL682.finRow.6.amt.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">253,694</TD>
<TD id=TBL682.finRow.6.trail.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD></TR></TABLE>
<P id=PARA683 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA2253 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Prior to January 1, 2014, Shares of the Trust were classified as &#8220;redeemable&#8221; for balance sheet purposes. Due to the expected continuing sales and redemption of capital stock and the three-day period for Share settlement, the Trust reflected redeemable capital Shares sold as a receivable, rather than as contra equity. Shares redeemed were reflected as a contra asset on the trade date. Outstanding Trust Shares were reflected at redemption value, which was the net asset value per Share at the period end date. Adjustments to redemption value were reflected in shareholders&#8217; equity (deficit).</FONT></P>
<P style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25">&nbsp;</P>
<P id=PARA685.1 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P>
<DIV id=PGBK685  style="WIDTH: 100%; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<DIV id=PGFTR685  style="WIDTH: 100%; TEXT-ALIGN: center">&nbsp;</DIV>
<DIV id=PGNUM685  style="FONT-SIZE: 10pt; WIDTH: 100%; TEXT-ALIGN: center">F-10&nbsp;</DIV>
<HR style="HEIGHT: 2px; WIDTH: 100%; PAGE-BREAK-AFTER: always; COLOR: #000000" noShade>
<A id=TOCLINK685  href="#TOC">Table Of Contents</A>
<DIV id=PGHDR685  style="WIDTH: 100%; TEXT-ALIGN: left">&nbsp;</DIV></DIV>
<P id=PARA685.2 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA2255 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Activity in redeemable capital Shares for the year ended December&nbsp;31,&nbsp;2013 was as follows (all balances in 000&#8217;s):</FONT></P>
<P id=PARA2256 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<TABLE id=TBL2278  style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 80%; MARGIN-RIGHT: 20%; TEXT-INDENT: 0px" cellSpacing=0 cellPadding=0 border=0>

<TR id=TBL2278.finRow.1>
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom"><B>&nbsp;</B></TD>
<TD id=TBL2278.finRow.1.lead.D3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom"><B>&nbsp;</B></TD>
<TD id=TBL2278.finRow.1.amt.D3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt" colSpan=6>
<P id=PARA2257 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Year ended December 31, </B></FONT></P></TD>
<TD id=TBL2278.finRow.1.trail.D3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px"><B>&nbsp;</B></TD></TR>
<TR id=TBL2278.finRow.2>
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom"><B>&nbsp;</B></TD>
<TD id=TBL2278.finRow.2.lead.D3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom"><B>&nbsp;</B></TD>
<TD id=TBL2278.finRow.2.amt.D3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt" colSpan=6>
<P id=PARA2258 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>2013</B></FONT></P></TD>
<TD id=TBL2278.finRow.2.trail.D3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px"><B>&nbsp;</B></TD></TR>
<TR id=TBL2278.finRow.3>
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom"><B>&nbsp;</B></TD>
<TD id=TBL2278.finRow.3.lead.D2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom"><B>&nbsp;</B></TD>
<TD id=TBL2278.finRow.3.amt.D2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt" colSpan=2>
<P id=PARA2259 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Shares</B></FONT></P></TD>
<TD id=TBL2278.finRow.3.trail.D2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px"><B>&nbsp;</B></TD>
<TD id=TBL2278.finRow.3.lead.D3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom"><B>&nbsp;</B></TD>
<TD id=TBL2278.finRow.3.amt.D3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt" colSpan=2>
<P id=PARA2260 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Amount</B></FONT></P></TD>
<TD id=TBL2278.finRow.3.trail.D3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px"><B>&nbsp;</B></TD></TR>
<TR id=TBL2278.finRow.4 style="BACKGROUND-COLOR: #cceeff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 62%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">
<P id=PARA2261 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Beginning balance</FONT></P></TD>
<TD id=TBL2278.finRow.4.lead.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL2278.finRow.4.symb.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL2278.finRow.4.amt.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">335,000</TD>
<TD id=TBL2278.finRow.4.trail.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD>
<TD id=TBL2278.finRow.4.lead.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL2278.finRow.4.symb.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">$</TD>
<TD id=TBL2278.finRow.4.amt.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">9,706,654</TD>
<TD id=TBL2278.finRow.4.trail.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD></TR>
<TR id=TBL2278.finRow.5 style="BACKGROUND-COLOR: #ffffff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">
<P id=PARA2265 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Shares issued</FONT></P></TD>
<TD id=TBL2278.finRow.5.lead.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL2278.finRow.5.symb.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL2278.finRow.5.amt.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">85,750</TD>
<TD id=TBL2278.finRow.5.trail.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD>
<TD id=TBL2278.finRow.5.lead.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL2278.finRow.5.symb.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL2278.finRow.5.amt.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">2,096,484</TD>
<TD id=TBL2278.finRow.5.trail.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD></TR>
<TR id=TBL2278.finRow.6 style="BACKGROUND-COLOR: #cceeff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">
<P id=PARA2268 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Shares redeemed</FONT></P></TD>
<TD id=TBL2278.finRow.6.lead.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL2278.finRow.6.symb.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL2278.finRow.6.amt.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">(88,250</TD>
<TD id=TBL2278.finRow.6.trail.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>)</TD>
<TD id=TBL2278.finRow.6.lead.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL2278.finRow.6.symb.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL2278.finRow.6.amt.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">(2,031,644</TD>
<TD id=TBL2278.finRow.6.trail.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>)</TD></TR>
<TR id=TBL2278.finRow.7 style="BACKGROUND-COLOR: #ffffff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">
<P id=PARA2271 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Redemption value adjustment</FONT></P></TD>
<TD id=TBL2278.finRow.7.lead.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL2278.finRow.7.symb.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL2278.finRow.7.amt.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">&#8212;</TD>
<TD id=TBL2278.finRow.7.trail.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD>
<TD id=TBL2278.finRow.7.lead.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL2278.finRow.7.symb.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL2278.finRow.7.amt.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">(3,530,747</TD>
<TD id=TBL2278.finRow.7.trail.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>)</TD></TR>
<TR id=TBL2278.finRow.8 style="BACKGROUND-COLOR: #cceeff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">
<P id=PARA2274 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Ending balance</FONT></P></TD>
<TD id=TBL2278.finRow.8.lead.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL2278.finRow.8.symb.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL2278.finRow.8.amt.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">332,500</TD>
<TD id=TBL2278.finRow.8.trail.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD>
<TD id=TBL2278.finRow.8.lead.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL2278.finRow.8.symb.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">$</TD>
<TD id=TBL2278.finRow.8.amt.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">6,240,747</TD>
<TD id=TBL2278.finRow.8.trail.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD></TR></TABLE>
<P id=PARA2279 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<TABLE id=MTAB2282  style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 100%; TEXT-INDENT: 0px" cellSpacing=0 cellPadding=0 border=0>

<TR>
<TD style="WIDTH: 3%; VERTICAL-ALIGN: top">
<P id=PARA2283 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><I>F.</I><I></I></FONT></P></TD>
<TD style="WIDTH: 97%; VERTICAL-ALIGN: top">
<P id=PARA2284 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><I></I><I>Federal Income Taxes</I></FONT></P></TD></TR></TABLE>
<P id=PARA2285 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA2286 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The Trust is treated as a &#8220;grantor trust&#8221; for federal income tax purposes and, therefore, no provision for federal income taxes is required. Any interest, expenses, gains and losses are &#8220;passed through&#8221; to the holders of Shares of the Trust.</FONT></P>
<P id=PARA2287 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA2288 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The Sponsor has reviewed the tax positions as of December&nbsp;31,&nbsp;2015 and has determined that no provision for income tax is required in the Trust&#8217;s financial statements.</FONT></P>
<P id=PARA2289 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA2290 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>3 </B><B>- Trust Expenses</B></FONT></P>
<P id=PARA2291 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA2292 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The Trust pays to the Sponsor a Sponsor&#8217;s fee that accrues daily at an annualized rate equal to 0.50% of the 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&#8217;s fee, the Custodian&#8217;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>
<P id=PARA228.1 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P>
<DIV id=PGBK228  style="WIDTH: 100%; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<DIV id=PGFTR228  style="WIDTH: 100%; TEXT-ALIGN: center">&nbsp;</DIV>
<DIV id=PGNUM228  style="FONT-SIZE: 10pt; WIDTH: 100%; TEXT-ALIGN: center">F-11</DIV>
<HR style="HEIGHT: 2px; WIDTH: 100%; PAGE-BREAK-AFTER: always; COLOR: #000000" noShade>
<A id=TOCLINK228  href="#TOC">Table Of Contents</A>
<DIV id=PGHDR228  style="WIDTH: 100%; TEXT-ALIGN: left">&nbsp;</DIV></DIV>
<P id=PARA228.2 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px">&nbsp;</P>
<P id=PARA2294 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>4 - Related Parties</B></FONT></P>
<P id=PARA2295 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA2296 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The Sponsor and the Trustee are considered to be related parties to the Trust. The Trustee&#8217;s fee is paid by the Sponsor and is not a separate expense of the Trust.</FONT></P>
<P id=PARA2297 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA2298 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>5 - Indemnification</B></FONT></P>
<P id=PARA2299 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA2300 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The Trust Agreement provides that the Sponsor and its shareholders, directors, officers, employees, affiliates (as such term is defined under the Securities Act of 1933, as amended) and subsidiaries shall be indemnified from the Trust and held harmless against any loss, liability, or expense arising out of or in connection with the performance of their obligations under the Trust Agreement or any actions taken in accordance with the provisions of the Trust Agreement and incurred without their (1) negligence, bad faith or willful misconduct or (2) reckless disregard of their obligations and duties under the Trust Agreement.</FONT></P>
<P id=PARA2301 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA2302 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The Trust has agreed to indemnify the Custodian for any loss incurred in connection with the custodian agreement, other than losses due to the Custodian&#8217;s negligence, fraud or willful default.</FONT></P>
<P id=PARA2303 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA2304 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>6 - Commitments and Contingent Liabilities</B></FONT></P>
<P id=PARA2305 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA2306 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">In the normal course of business, the Trust may enter into contracts with service providers that contain general indemnification clauses. The Trust&#8217;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>
<P id=PARA2307 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA2308 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>7 - Concentration Risk</B></FONT></P>
<P id=PARA2309 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA2310 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Substantially all of the Trust&#8217;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 of speculators, investors and other market participants towards silver.</FONT></P>
<P id=PARA2311 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA2312 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>8 </B><B>- Financial Highlights</B></FONT></P>
<P id=PARA2313 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA2314 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Effective January 1, 2014, the Trust qualified as an investment company solely&nbsp;for accounting purposes and not for any other purpose. Disclosure of financial highlights is required for investment companies. Please refer to Note 2B.</FONT></P>
<P style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25">&nbsp;</P>
<P style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The following financial highlights relate to investment performance and operations for a Share outstanding for the years ended December&nbsp;31,&nbsp;2015 and 2014.</FONT></P>
<P id=PARA2315 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<TABLE id=TBL2365S1  style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 100%; TEXT-INDENT: 0px" cellSpacing=0 cellPadding=0 border=0>

<TR id=TBL2365S1.finRow.1>
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 70%; VERTICAL-ALIGN: bottom"><B>&nbsp;</B></TD>
<TD id=TBL2365S1.finRow.1.lead.D4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom"><B>&nbsp;</B></TD>
<TD id=TBL2365S1.finRow.1.amt.D4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt" colSpan=6>
<P id=PARA2316 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Year Ended<BR>December 31,</B></FONT></P></TD>
<TD id=TBL2365S1.finRow.1.trail.D4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px"><B>&nbsp;</B></TD></TR>
<TR id=TBL2365S1.finRow.2>
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 70%; VERTICAL-ALIGN: bottom"><B>&nbsp;</B></TD>
<TD id=TBL2365S1.finRow.2.lead.D3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom"><B>&nbsp;</B></TD>
<TD id=TBL2365S1.finRow.2.amt.D3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt" colSpan=2>
<P id=PARA2317 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>2015</B></FONT></P></TD>
<TD id=TBL2365S1.finRow.2.trail.D3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px"><B>&nbsp;</B></TD>
<TD id=TBL2365S1.finRow.2.lead.D4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom"><B>&nbsp;</B></TD>
<TD id=TBL2365S1.finRow.2.amt.D4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt" colSpan=2>
<P id=PARA2318 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>2014</B></FONT></P></TD>
<TD id=TBL2365S1.finRow.2.trail.D4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px"><B>&nbsp;</B></TD></TR>
<TR id=TBL2365S1.finRow.3 style="BACKGROUND-COLOR: #cceeff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 70%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">
<P id=PARA2319 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Net asset value per Share, beginning of period</FONT></P></TD>
<TD id=TBL2365S1.finRow.3.lead.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL2365S1.finRow.3.symb.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">$</TD>
<TD id=TBL2365S1.finRow.3.amt.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">15.29</TD>
<TD id=TBL2365S1.finRow.3.trail.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD>
<TD id=TBL2365S1.finRow.3.lead.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL2365S1.finRow.3.symb.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">$</TD>
<TD id=TBL2365S1.finRow.3.amt.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">18.77</TD>
<TD id=TBL2365S1.finRow.3.trail.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD></TR>
<TR id=TBL2365S1.finRow.4 style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 70%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL2365S1.finRow.4.lead.B3 style="BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL2365S1.finRow.4.symb.B3 style="BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL2365S1.finRow.4.amt.B3 style="BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL2365S1.finRow.4.trail.B3 style="BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL2365S1.finRow.4.lead.B4 style="BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL2365S1.finRow.4.symb.B4 style="BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL2365S1.finRow.4.amt.B4 style="BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL2365S1.finRow.4.trail.B4 style="BACKGROUND-COLOR: #ffffff">&nbsp;</TD></TR>
<TR id=TBL2365S1.finRow.5 style="BACKGROUND-COLOR: #cceeff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 70%; VERTICAL-ALIGN: bottom; PADDING-LEFT: 18pt; BACKGROUND-COLOR: #cceeff">
<P id=PARA2325 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Net investment loss<FONT style="FONT-SIZE: 60%; VERTICAL-ALIGN: text-top">(a)</FONT></FONT></P></TD>
<TD id=TBL2365S1.finRow.5.lead.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL2365S1.finRow.5.symb.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL2365S1.finRow.5.amt.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">(0.07</TD>
<TD id=TBL2365S1.finRow.5.trail.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>)</TD>
<TD id=TBL2365S1.finRow.5.lead.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL2365S1.finRow.5.symb.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL2365S1.finRow.5.amt.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">(0.09</TD>
<TD id=TBL2365S1.finRow.5.trail.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>)</TD></TR>
<TR id=TBL2365S1.finRow.6 style="BACKGROUND-COLOR: #ffffff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 70%; VERTICAL-ALIGN: bottom; PADDING-LEFT: 18pt; BACKGROUND-COLOR: #ffffff">
<P id=PARA2328 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Net realized and unrealized loss<FONT style="FONT-SIZE: 60%; VERTICAL-ALIGN: text-top">(b)</FONT></FONT></P></TD>
<TD id=TBL2365S1.finRow.6.lead.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL2365S1.finRow.6.symb.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL2365S1.finRow.6.amt.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">(2.05</TD>
<TD id=TBL2365S1.finRow.6.trail.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>)</TD>
<TD id=TBL2365S1.finRow.6.lead.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL2365S1.finRow.6.symb.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL2365S1.finRow.6.amt.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">(3.39</TD>
<TD id=TBL2365S1.finRow.6.trail.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>)</TD></TR>
<TR id=TBL2365S1.finRow.7 style="BACKGROUND-COLOR: #cceeff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 70%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">
<P id=PARA2331 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Net decrease in net assets from operations</FONT></P></TD>
<TD id=TBL2365S1.finRow.7.lead.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL2365S1.finRow.7.symb.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL2365S1.finRow.7.amt.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">(2.12</TD>
<TD id=TBL2365S1.finRow.7.trail.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>)</TD>
<TD id=TBL2365S1.finRow.7.lead.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL2365S1.finRow.7.symb.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL2365S1.finRow.7.amt.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">(3.48</TD>
<TD id=TBL2365S1.finRow.7.trail.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>)</TD></TR>
<TR id=TBL2365S1.finRow.8 style="BACKGROUND-COLOR: #ffffff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 70%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">
<P id=PARA2334 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Net asset value per Share, end of period</FONT></P></TD>
<TD id=TBL2365S1.finRow.8.lead.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL2365S1.finRow.8.symb.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">$</TD>
<TD id=TBL2365S1.finRow.8.amt.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">13.17</TD>
<TD id=TBL2365S1.finRow.8.trail.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD>
<TD id=TBL2365S1.finRow.8.lead.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL2365S1.finRow.8.symb.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">$</TD>
<TD id=TBL2365S1.finRow.8.amt.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">15.29</TD>
<TD id=TBL2365S1.finRow.8.trail.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD></TR>
<TR id=TBL2365S1.finRow.9 style="BACKGROUND-COLOR: #cceeff">
<TD style="WIDTH: 70%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL2365S1.finRow.9.lead.B3 style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL2365S1.finRow.9.symb.B3 style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL2365S1.finRow.9.amt.B3 style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL2365S1.finRow.9.trail.B3 style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL2365S1.finRow.9.lead.B4 style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL2365S1.finRow.9.symb.B4 style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL2365S1.finRow.9.amt.B4 style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL2365S1.finRow.9.trail.B4 style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD></TR>
<TR id=TBL2365S1.finRow.10 style="BACKGROUND-COLOR: #ffffff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 70%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">
<P id=PARA2340 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Total return, at net asset value<FONT style="FONT-SIZE: 60%; VERTICAL-ALIGN: text-top">(c)</FONT></FONT></P></TD>
<TD id=TBL2365S1.finRow.10.lead.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL2365S1.finRow.10.symb.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL2365S1.finRow.10.amt.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">(13.87</TD>
<TD id=TBL2365S1.finRow.10.trail.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 2%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>
<P id=PARA2342 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25">)<FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">%</FONT></P></TD>
<TD id=TBL2365S1.finRow.10.lead.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL2365S1.finRow.10.symb.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL2365S1.finRow.10.amt.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">(18.54</TD>
<TD id=TBL2365S1.finRow.10.trail.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 2%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>
<P id=PARA2344 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25">)<FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">%</FONT></P></TD></TR>
<TR id=TBL2365S1.finRow.11 style="BACKGROUND-COLOR: #cceeff">
<TD style="WIDTH: 70%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL2365S1.finRow.11.lead.B3 style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL2365S1.finRow.11.symb.B3 style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL2365S1.finRow.11.amt.B3 style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL2365S1.finRow.11.trail.B3 style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL2365S1.finRow.11.lead.B4 style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL2365S1.finRow.11.symb.B4 style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL2365S1.finRow.11.amt.B4 style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL2365S1.finRow.11.trail.B4 style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD></TR>
<TR id=TBL2365S1.finRow.12 style="BACKGROUND-COLOR: #ffffff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 70%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">
<P id=PARA2346 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Ratio to average net assets:</FONT></P></TD>
<TD id=TBL2365S1.finRow.12.lead.B3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL2365S1.finRow.12.symb.B3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL2365S1.finRow.12.amt.B3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL2365S1.finRow.12.trail.B3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL2365S1.finRow.12.lead.B4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL2365S1.finRow.12.symb.B4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL2365S1.finRow.12.amt.B4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL2365S1.finRow.12.trail.B4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD></TR>
<TR id=TBL2365S1.finRow.13 style="BACKGROUND-COLOR: #cceeff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 70%; VERTICAL-ALIGN: bottom; PADDING-LEFT: 18pt; BACKGROUND-COLOR: #cceeff">
<P id=PARA2347 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Net investment loss</FONT></P></TD>
<TD id=TBL2365S1.finRow.13.lead.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL2365S1.finRow.13.symb.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL2365S1.finRow.13.amt.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">(0.50</TD>
<TD id=TBL2365S1.finRow.13.trail.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 2%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>
<P id=PARA2349 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25">)<FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">%</FONT></P></TD>
<TD id=TBL2365S1.finRow.13.lead.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL2365S1.finRow.13.symb.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL2365S1.finRow.13.amt.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">(0.50</TD>
<TD id=TBL2365S1.finRow.13.trail.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 2%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>
<P id=PARA2351 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25">)<FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">%</FONT></P></TD></TR>
<TR id=TBL2365S1.finRow.14 style="BACKGROUND-COLOR: #ffffff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 70%; VERTICAL-ALIGN: bottom; PADDING-LEFT: 18pt; BACKGROUND-COLOR: #ffffff">
<P id=PARA2352 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Expenses</FONT></P></TD>
<TD id=TBL2365S1.finRow.14.lead.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL2365S1.finRow.14.symb.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL2365S1.finRow.14.amt.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">0.50</TD>
<TD id=TBL2365S1.finRow.14.trail.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>
<P id=PARA2354 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">%</FONT></P></TD>
<TD id=TBL2365S1.finRow.14.lead.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL2365S1.finRow.14.symb.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL2365S1.finRow.14.amt.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">0.50</TD>
<TD id=TBL2365S1.finRow.14.trail.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>
<P id=PARA2356 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">%</FONT></P></TD></TR></TABLE>
<P id=PARA234 style="MARGIN: 0pt; LINE-HEIGHT: 1.25">&nbsp;</P>
<HR style="BORDER-TOP: medium none; HEIGHT: 1px; BORDER-RIGHT: medium none; WIDTH: 10%; BORDER-BOTTOM: medium none; COLOR: #000000;  BORDER-LEFT: medium none; BACKGROUND-COLOR: #000000" align="left">

<P id=PARA235 style="MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><FONT style="FONT-SIZE: 60%; VERTICAL-ALIGN: text-top">(a)</FONT>&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Based on average Shares outstanding during the period.</FONT> </P>
<P id=PARA236 style="MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><FONT style="FONT-SIZE: 60%; VERTICAL-ALIGN: text-top">(b)</FONT>&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The amounts reported for a Share outstanding may not accord with the change in aggregate gains and losses on investment for the period due to the timing of Trust Share transactions in relation to the fluctuating fair values of the Trust&#8217;s underlying investment.</FONT> </P>
<P id=PARA237 style="MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><FONT style="FONT-SIZE: 60%; VERTICAL-ALIGN: text-top">(c)</FONT>&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Based on the change in net asset value of a Share during the period.</FONT> </P>
<P id=PARA2366 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA2369 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>9 - Investment Valuation</B></FONT></P>
<P id=PARA2370 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA2371 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">U.S. GAAP defines fair value as the price the Trust would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Trust&#8217;s policy is to value its investment at fair value.</FONT></P>
<P id=PARA229.1 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P>
<DIV id=PGBK229  style="WIDTH: 100%; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<DIV id=PGFTR229  style="WIDTH: 100%; TEXT-ALIGN: center">&nbsp;</DIV>
<DIV id=PGNUM229  style="FONT-SIZE: 10pt; WIDTH: 100%; TEXT-ALIGN: center">F-12</DIV>
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<A id=TOCLINK229  href="#TOC">Table Of Contents</A>
<DIV id=PGHDR229  style="WIDTH: 100%; TEXT-ALIGN: left">&nbsp;</DIV></DIV>
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<P id=PARA2373 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Various inputs are used in determining the fair value of assets and liabilities. Inputs may be based on independent market data (&#8220;observable inputs&#8221;) or they may be internally developed (&#8220;unobservable inputs&#8221;). These inputs are categorized into a disclosure hierarchy consisting of three broad levels for financial reporting purposes. The level of a value determined for an asset or liability within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement in its entirety. The three levels of the fair value hierarchy are as follows:</FONT></P>
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<TD style="WIDTH: 27pt">
<P id=PARA324 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD>
<TD style="WIDTH: 45pt; VERTICAL-ALIGN: top">
<P id=PARA322>Level 1 &#8211;</P></TD>
<TD style="VERTICAL-ALIGN: top">
<P id=PARA323><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Unadjusted quoted prices in active markets for identical assets or liabilities;</FONT></P></TD></TR></TABLE>
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<TD style="WIDTH: 27pt">
<P id=PARA325 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD>
<TD style="WIDTH: 45pt; VERTICAL-ALIGN: top">
<P id=PARA320>Level 2 &#8211;</P></TD>
<TD style="VERTICAL-ALIGN: top">
<P id=PARA321><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability, and inputs that are derived principally from or corroborated by observable market data by correlation or other means; and</FONT>&nbsp;</P></TD></TR></TABLE>
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<TD style="WIDTH: 27pt">
<P id=PARA326 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD>
<TD style="WIDTH: 45pt; VERTICAL-ALIGN: top">
<P id=PARA318>Level 3 &#8211;</P></TD>
<TD style="VERTICAL-ALIGN: top">
<P id=PARA319><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Unobservable inputs that are unobservable for the asset or liability, including the Trust&#8217;s assumptions used in determining the fair value of investments.</P></FONT></TD></TR></TABLE>
<P id=PARA2376 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"></FONT>&nbsp;</P>
<P id=PARA2381 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">At December&nbsp;31,&nbsp;2015 and December&nbsp;31,&nbsp;2014, the value of the silver bullion held by the Trust is categorized as Level 1.</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"></FONT></P>
<P id=PARA688 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT>&nbsp;</P>
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<DIV id=PGFTR230  style="WIDTH: 100%; TEXT-ALIGN: center">&nbsp;</DIV>
<DIV id=PGNUM230  style="FONT-SIZE: 10pt; WIDTH: 100%; TEXT-ALIGN: center">F-13</DIV>
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<A id=TOCLINK230  href="#TOC">Table Of Contents</A>
<DIV id=PGHDR230  style="WIDTH: 100%; TEXT-ALIGN: left">&nbsp;</DIV></DIV>
<P id=PARA230.2 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px">&nbsp;</P>
<P id=PARA2385 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>SIGNATURES</B></FONT></P>
<P id=PARA2386 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>&nbsp;</B></FONT></P>
<P id=PARA2387 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned in the capacities* indicated thereunto duly authorized.</FONT></P>
<P id=PARA2388 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA2389 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">iShares Delaware Trust Sponsor LLC,</FONT></P>
<P id=PARA2390 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Sponsor of the iShares Silver Trust (registrant)</FONT></P>
<P id=PARA2392 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
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<P id=PARA250 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">/s/ Paul Lohrey</FONT></P></TD></TR></TABLE>
<P id=PARA2393 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"></FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Paul Lohrey</B></FONT></P>
<P id=PARA2395 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Director, President and Chief Executive Officer</B></FONT></P>
<P id=PARA2396 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>(Principal executive officer)</B></FONT></P>
<P id=PARA2397 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA2398 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Date: February 29, 2016</FONT></P>
<P id=PARA2399 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt">&nbsp;</P>
<P id=PARA2400 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities* and on the dates indicated.</FONT></P>
<P id=PARA2401 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt">
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<TD style="WIDTH: 100%; BORDER-BOTTOM: #000000 1px solid">
<P id=PARA250 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">/s/ Paul Lohrey</FONT></P></TD></TR></TABLE></P>
<P id=PARA2402 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"></FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"></FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Paul Lohrey</B></FONT></P>
<P id=PARA2405 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Director, President and Chief Executive Officer</B></FONT></P>
<P id=PARA2406 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>(Principal executive officer)</B></FONT></P>
<P id=PARA2407 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA2408 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Date: February 29, 2016</FONT></P>
<P style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25">&nbsp;</P>
<P id=PARA2409 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt">
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<P id=PARA250 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">/s/ Jack Gee</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P></FONT></TD></TR></TABLE></P>
<P id=PARA2412 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Jack Gee</B></FONT></P>
<P id=PARA2413 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Director and Chief Financial Officer</B></FONT></P>
<P id=PARA2414 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>(Principal financial and accounting officer)</B></FONT></P>
<P id=PARA2415 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA2416 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Date: February 29, 2016</FONT></P>
<P style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25">&nbsp;</P>
<P id=PARA2417 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA2419 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"></FONT>
<TABLE  style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 35%; MARGIN-RIGHT: 65%; TEXT-INDENT: 0px" cellSpacing=0 cellPadding=0>

<TR>
<TD style="WIDTH: 100%; BORDER-BOTTOM: #000000 1px solid">
<P id=PARA250 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">/s/ Philip Jensen</FONT></P></FONT></FONT></TD></TR></TABLE></P>
<P id=PARA2420 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Philip Jensen</B></FONT></P>
<P id=PARA2421 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Director</B></FONT></P>
<P id=PARA2422 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA2423 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Date: February 29, 2016</FONT></P>
<P style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25">&nbsp;</P>
<P id=PARA2424 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA2426 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"></FONT>
<TABLE  style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 35%; MARGIN-RIGHT: 65%; TEXT-INDENT: 0px" cellSpacing=0 cellPadding=0>

<TR>
<TD style="WIDTH: 100%; BORDER-BOTTOM: #000000 1px solid">
<P id=PARA250 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">/s/ Peter Landini</FONT></P></FONT></FONT></TD></TR></TABLE></P>
<P id=PARA2427 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Peter Landini</B></FONT></P>
<P id=PARA2428 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Director</B></FONT></P>
<P id=PARA2429 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA2430 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Date: February 29, 2016</FONT></P>
<P style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25">&nbsp;</P>
<P id=PARA2431 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA2433 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"></FONT>
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<TR>
<TD style="WIDTH: 100%; BORDER-BOTTOM: #000000 1px solid">
<P id=PARA250 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">/s/ Kimun Lee</FONT></P></FONT></FONT></TD></TR></TABLE></P>
<P id=PARA2434 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Kimun Lee</B></FONT></P>
<P id=PARA2435 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Director</B></FONT></P>
<P id=PARA2436 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA2437 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Date: February 29, 2016</FONT></P>
<P id=PARA2438 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<HR style="BORDER-TOP: medium none; HEIGHT: 1px; BORDER-RIGHT: medium none; WIDTH: 10%; BORDER-BOTTOM: medium none; COLOR: #000000;  BORDER-LEFT: medium none; BACKGROUND-COLOR: #000000" align="left">

<P id=PARA2439 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">*</FONT>&nbsp;&nbsp;&nbsp;&nbsp; <FONT style="FONT-SIZE: 8pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The registrant is a trust and the persons are signing in their respective capacities as officers or directors of iShares Delaware Trust Sponsor LLC, the Sponsor of the registrant.</FONT> </P>
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<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>2
<FILENAME>ex23-1.htm
<DESCRIPTION>EXHIBIT 23.1
<TEXT>
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<P id=PARA2 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Exhibit 23.1</B></FONT></P>
<P id=PARA3 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>&nbsp;</B></FONT></P>
<P id=PARA4 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</B></FONT></P>
<P id=PARA5 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>&nbsp;</B></FONT></P>
<P id=PARA6 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">We hereby consent to the incorporation by reference in the Registration Statement on Form S-3 (No. 333-199258) of iShares Silver Trust of our report dated February 29, 2016 relating to the financial statements and the effectiveness of internal control over financial reporting, which appears in this Form 10-K.</FONT></P>
<P id=PARA7 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA8 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">/s/ PricewaterhouseCoopers LLP</FONT></P>
<P id=PARA9 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA10 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">San Francisco, California</FONT></P>
<P id=PARA11 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">February 29, 2016</FONT></P>
<P id=PARA12 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P></BODY></HTML>
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<DOCUMENT>
<TYPE>EX-31.1
<SEQUENCE>3
<FILENAME>ex31-1.htm
<DESCRIPTION>EXHIBIT 31.1
<TEXT>
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<P id=PARA15 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Exhibit 31.1</B></FONT></P>
<P id=PARA17 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>&nbsp;</B></FONT></P>
<P id=PARA18 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>CERTIFICATION</B></FONT></P>
<P id=PARA19 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">I, Paul Lohrey, certify that:</FONT></P>
<P id=PARA20 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
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<TR>
<TD style="WIDTH: 18pt">&nbsp;</TD>
<TD style="WIDTH: 18pt; VERTICAL-ALIGN: top">
<P id=PARA23 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">1.<FONT style="FONT-SIZE: 60%; VERTICAL-ALIGN: text-top"></FONT></FONT></P></TD>
<TD style="VERTICAL-ALIGN: top">
<P id=PARA24 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">I have reviewed this report on Form 10-K of iShares Silver Trust;</FONT></P></TD></TR></TABLE>
<P id=PARA25 style="TEXT-ALIGN: left; MARGIN: 0pt 0pt 0pt 36pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
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<TR>
<TD style="WIDTH: 18pt">&nbsp;</TD>
<TD style="WIDTH: 18pt; VERTICAL-ALIGN: top">
<P id=PARA28 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">2.</FONT></P></TD>
<TD style="VERTICAL-ALIGN: top">
<P id=PARA29 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">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;</FONT></P></TD></TR></TABLE>
<P id=PARA30 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
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<TR>
<TD style="WIDTH: 18pt">&nbsp;</TD>
<TD style="WIDTH: 18pt; VERTICAL-ALIGN: top">
<P id=PARA33 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">3.</FONT></P></TD>
<TD style="VERTICAL-ALIGN: top">
<P id=PARA34 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">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;</FONT></P></TD></TR></TABLE>
<P id=PARA35 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<TABLE id=MTAB37  style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 100%; TEXT-INDENT: 0px" cellSpacing=0 cellPadding=0 border=0>

<TR>
<TD style="WIDTH: 18pt">&nbsp;</TD>
<TD style="WIDTH: 18pt; VERTICAL-ALIGN: top">
<P id=PARA38 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">4.</FONT></P></TD>
<TD style="VERTICAL-ALIGN: top">
<P id=PARA39 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The registrant&#8217;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:</FONT></P></TD></TR></TABLE>
<P id=PARA40 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
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<TD style="WIDTH: 54pt">&nbsp;</TD>
<TD style="WIDTH: 18pt; VERTICAL-ALIGN: top">
<P id=PARA43 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">a)</FONT></P></TD>
<TD style="VERTICAL-ALIGN: top">
<P id=PARA44 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">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;</FONT></P></TD></TR></TABLE>
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<TD style="WIDTH: 54pt">&nbsp;</TD>
<TD style="WIDTH: 18pt; VERTICAL-ALIGN: top">
<P id=PARA47 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">b)</FONT></P></TD>
<TD style="VERTICAL-ALIGN: top">
<P id=PARA48 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">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;</FONT></P></TD></TR></TABLE>
<TABLE id=MTAB50  style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 100%; TEXT-INDENT: 0px" cellSpacing=0 cellPadding=0 border=0>

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<TD style="WIDTH: 54pt">&nbsp;</TD>
<TD style="WIDTH: 18pt; VERTICAL-ALIGN: top">
<P id=PARA51 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">c)</FONT></P></TD>
<TD style="VERTICAL-ALIGN: top">
<P id=PARA52 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Evaluated the effectiveness of the registrant&#8217;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</FONT></P></TD></TR></TABLE>
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<TD style="WIDTH: 54pt">&nbsp;</TD>
<TD style="WIDTH: 18pt; VERTICAL-ALIGN: top">
<P id=PARA55 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">d)</FONT></P></TD>
<TD style="VERTICAL-ALIGN: top">
<P id=PARA56 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Disclosed in this report any change in the registrant&#8217;s internal control over financial reporting that occurred during the registrant&#8217;s most recent fiscal quarter (the registrant&#8217;s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant&#8217;s internal control over financial reporting; and</FONT></P></TD></TR></TABLE>
<P id=PARA57 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
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<TD style="WIDTH: 18pt">&nbsp;</TD>
<TD style="WIDTH: 18pt; VERTICAL-ALIGN: top">
<P id=PARA60 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">5.</FONT></P></TD>
<TD style="VERTICAL-ALIGN: top">
<P id=PARA61 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The registrant&#8217;s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant&#8217;s auditors and the audit committee of the registrant&#8217;s board of directors (or persons performing the equivalent functions):</FONT></P></TD></TR></TABLE>
<P id=PARA62 style="TEXT-ALIGN: left; MARGIN: 0pt 0pt 0pt 36pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
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<TD style="WIDTH: 54pt">&nbsp;</TD>
<TD style="WIDTH: 18pt; VERTICAL-ALIGN: top">
<P id=PARA65 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">a)</FONT></P></TD>
<TD style="VERTICAL-ALIGN: top">
<P id=PARA66 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">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&#8217;s ability to record, process, summarize, and report financial information; and</FONT></P></TD></TR></TABLE>
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<TD style="WIDTH: 18pt; VERTICAL-ALIGN: top">
<P id=PARA69 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">b)</FONT></P></TD>
<TD style="VERTICAL-ALIGN: top">
<P id=PARA70 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant&#8217;s internal control over financial reporting.</FONT></P></TD></TR></TABLE>
<P id=PARA71 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA72 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Date: February 29, 2016</FONT></P>
<P id=PARA73 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
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<P id=PARA1 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">/s/ Paul Lohrey</FONT></P></TD></TR></TABLE>
<P id=PARA74 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Paul Lohrey</B></FONT></P>
<P id=PARA78 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>President and Chief Executive Officer</B></FONT></P>
<P id=PARA79 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>(Principal executive officer)</B></FONT></P>
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<TYPE>EX-31.2
<SEQUENCE>4
<FILENAME>ex31-2.htm
<DESCRIPTION>EXHIBIT 31.2
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<P id=PARA81 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Exhibit 31.2</B></FONT></P>
<P id=PARA82 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>&nbsp;</B></FONT></P>
<P id=PARA83 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>CERTIFICATION</B></FONT></P>
<P id=PARA84 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">I, Jack Gee, certify that:</FONT></P>
<P id=PARA85 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<TABLE id=MTAB87  style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 100%; TEXT-INDENT: 0px" cellSpacing=0 cellPadding=0 border=0>

<TR>
<TD style="WIDTH: 18pt">&nbsp;</TD>
<TD style="WIDTH: 18pt; VERTICAL-ALIGN: top">
<P id=PARA88 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">1.<FONT style="FONT-SIZE: 60%; VERTICAL-ALIGN: text-top"></FONT></FONT></P></TD>
<TD style="VERTICAL-ALIGN: top">
<P id=PARA89 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">I have reviewed this report on Form 10-K of iShares Silver Trust;</FONT></P></TD></TR></TABLE>
<P id=PARA90 style="TEXT-ALIGN: left; MARGIN: 0pt 0pt 0pt 36pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
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<TD style="WIDTH: 18pt">&nbsp;</TD>
<TD style="WIDTH: 18pt; VERTICAL-ALIGN: top">
<P id=PARA93 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">2.</FONT></P></TD>
<TD style="VERTICAL-ALIGN: top">
<P id=PARA94 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">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;</FONT></P></TD></TR></TABLE>
<P id=PARA95 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<TABLE id=MTAB97  style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 100%; TEXT-INDENT: 0px" cellSpacing=0 cellPadding=0 border=0>

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<TD style="WIDTH: 18pt">&nbsp;</TD>
<TD style="WIDTH: 18pt; VERTICAL-ALIGN: top">
<P id=PARA98 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">3.</FONT></P></TD>
<TD style="VERTICAL-ALIGN: top">
<P id=PARA99 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">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;</FONT></P></TD></TR></TABLE>
<P id=PARA100 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
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<TD style="WIDTH: 18pt">&nbsp;</TD>
<TD style="WIDTH: 18pt; VERTICAL-ALIGN: top">
<P id=PARA103 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">4.</FONT></P></TD>
<TD style="VERTICAL-ALIGN: top">
<P id=PARA104 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The registrant&#8217;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:</FONT></P></TD></TR></TABLE>
<P id=PARA105 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<TABLE id=MTAB107  style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 100%; TEXT-INDENT: 0px" cellSpacing=0 cellPadding=0 border=0>

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<TD style="WIDTH: 54pt">&nbsp;</TD>
<TD style="WIDTH: 18pt; VERTICAL-ALIGN: top">
<P id=PARA108 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">a)</FONT></P></TD>
<TD style="VERTICAL-ALIGN: top">
<P id=PARA109 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">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;</FONT></P></TD></TR></TABLE>
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<TD style="WIDTH: 54pt">&nbsp;</TD>
<TD style="WIDTH: 18pt; VERTICAL-ALIGN: top">
<P id=PARA112 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">b)</FONT></P></TD>
<TD style="VERTICAL-ALIGN: top">
<P id=PARA113 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">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;</FONT></P></TD></TR></TABLE>
<TABLE id=MTAB115  style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 100%; TEXT-INDENT: 0px" cellSpacing=0 cellPadding=0 border=0>

<TR>
<TD style="WIDTH: 54pt">&nbsp;</TD>
<TD style="WIDTH: 18pt; VERTICAL-ALIGN: top">
<P id=PARA116 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">c)</FONT></P></TD>
<TD style="VERTICAL-ALIGN: top">
<P id=PARA117 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Evaluated the effectiveness of the registrant&#8217;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</FONT></P></TD></TR></TABLE>
<TABLE id=MTAB119  style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 100%; TEXT-INDENT: 0px" cellSpacing=0 cellPadding=0 border=0>

<TR>
<TD style="WIDTH: 54pt">&nbsp;</TD>
<TD style="WIDTH: 18pt; VERTICAL-ALIGN: top">
<P id=PARA120 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">d)</FONT></P></TD>
<TD style="VERTICAL-ALIGN: top">
<P id=PARA121 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Disclosed in this report any change in the registrant&#8217;s internal control over financial reporting that occurred during the registrant&#8217;s most recent fiscal quarter (the registrant&#8217;s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant&#8217;s internal control over financial reporting; and</FONT></P></TD></TR></TABLE>
<P id=PARA122 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<TABLE id=MTAB124  style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 100%; TEXT-INDENT: 0px" cellSpacing=0 cellPadding=0 border=0>

<TR>
<TD style="WIDTH: 18pt">&nbsp;</TD>
<TD style="WIDTH: 18pt; VERTICAL-ALIGN: top">
<P id=PARA125 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">5.</FONT></P></TD>
<TD style="VERTICAL-ALIGN: top">
<P id=PARA126 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The registrant&#8217;s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant&#8217;s auditors and the audit committee of the registrant&#8217;s board of directors (or persons performing the equivalent functions):</FONT></P></TD></TR></TABLE>
<P id=PARA127 style="TEXT-ALIGN: left; MARGIN: 0pt 0pt 0pt 36pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<TABLE id=MTAB129  style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 100%; TEXT-INDENT: 0px" cellSpacing=0 cellPadding=0 border=0>

<TR>
<TD style="WIDTH: 54pt">&nbsp;</TD>
<TD style="WIDTH: 18pt; VERTICAL-ALIGN: top">
<P id=PARA130 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">a)</FONT></P></TD>
<TD style="VERTICAL-ALIGN: top">
<P id=PARA131 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">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&#8217;s ability to record, process, summarize, and report financial information; and</FONT></P></TD></TR></TABLE>
<TABLE id=MTAB133  style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 100%; TEXT-INDENT: 0px" cellSpacing=0 cellPadding=0 border=0>

<TR>
<TD style="WIDTH: 54pt">&nbsp;</TD>
<TD style="WIDTH: 18pt; VERTICAL-ALIGN: top">
<P id=PARA134 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">b)</FONT></P></TD>
<TD style="VERTICAL-ALIGN: top">
<P id=PARA135 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant&#8217;s internal control over financial reporting.</FONT></P></TD></TR></TABLE>
<P id=PARA136 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA137 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Date: February 29, 2016</FONT></P>
<P id=PARA138 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA139 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">
<TABLE  style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 35%; TEXT-INDENT: 0px" cellSpacing=0 cellPadding=0>

<TR>
<TD style="WIDTH: 100%; BORDER-BOTTOM: #000000 1px solid">
<P id=PARA1 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">/s/ Jack Gee</FONT></FONT></P></TD></TR></TABLE></FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Jack Gee</B></FONT></P>
<P id=PARA143 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Chief Financial Officer</B></FONT></P>
<P id=PARA144 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>(Principal financial officer)</B></FONT></P>
<P id=PARA145 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>&nbsp;</B></FONT></P></BODY></HTML>
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<DOCUMENT>
<TYPE>EX-32.1
<SEQUENCE>5
<FILENAME>ex32-1.htm
<DESCRIPTION>EXHIBIT 32.1
<TEXT>
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<P id=PARA148 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Exhibit 32.1</B></FONT></P>
<P id=PARA149 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>&nbsp;</B></FONT></P>
<P id=PARA150 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002</B></FONT></P>
<P id=PARA151 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>&nbsp;</B></FONT></P>
<P id=PARA152 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">In connection with the Annual Report of iShares<FONT style="FONT-SIZE: 60%; VERTICAL-ALIGN: text-top"> </FONT>Silver Trust (the &#8220;Trust&#8221;) on Form 10-K for the year ended December 31, 2015 as filed with the Securities and Exchange Commission on the date hereof (the &#8220;Report&#8221;), I, Paul Lohrey, Chief Executive Officer of iShares<FONT style="FONT-SIZE: 60%; VERTICAL-ALIGN: text-top"> </FONT>Delaware Trust Sponsor LLC, the Sponsor of the Trust, certify, pursuant to 18 U.S.C. &#167; 1350, as adopted pursuant to &#167; 906 of the Sarbanes-Oxley Act of 2002, that:</FONT></P>
<P id=PARA153 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA154 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">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</FONT></P>
<P id=PARA155 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA156 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Trust.</FONT></P>
<P id=PARA157 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA158 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Date: February 29, 2016</FONT></P>
<P id=PARA159 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">
<TABLE  style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 35%; TEXT-INDENT: 0px" cellSpacing=0 cellPadding=0>

<TR>
<TD style="WIDTH: 100%; BORDER-BOTTOM: #000000 1px solid">
<P id=PARA1 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">/s/ Paul Lohrey</FONT></P></TD></TR></TABLE></FONT></P>
<P id=PARA162 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Paul Lohrey*</B></FONT></P>
<P id=PARA163 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>President and Chief Executive Officer</B></FONT></P>
<P id=PARA164 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>(Principal executive officer)</B></FONT></P>
<P id=PARA165 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<HR style="BORDER-TOP: medium none; HEIGHT: 1px; BORDER-RIGHT: medium none; WIDTH: 10%; BORDER-BOTTOM: medium none; COLOR: #000000;  BORDER-LEFT: medium none; BACKGROUND-COLOR: #000000" align="left">

<P id=PARA166 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">*</FONT>&nbsp;&nbsp;&nbsp;&nbsp; <FONT style="FONT-SIZE: 8pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The registrant is a trust and Mr. Lohrey is signing in his capacity as an officer of iShares</FONT><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: Arial, Helvetica, sans-serif"> Delaware Trust Sponsor LLC, the Sponsor of the registrant.</FONT> </P>
<P id=PARA168 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P></BODY></HTML>
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<DOCUMENT>
<TYPE>EX-32.2
<SEQUENCE>6
<FILENAME>ex32-2.htm
<DESCRIPTION>EXHIBIT 32.2
<TEXT>
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<P id=PARA173 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Exhibit 32.2</B></FONT></P>
<P id=PARA174 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>&nbsp;</B></FONT></P>
<P id=PARA175 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002</B></FONT></P>
<P id=PARA176 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>&nbsp;</B></FONT></P>
<P id=PARA177 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">In connection with the Annual Report of iShares<FONT style="FONT-SIZE: 60%; VERTICAL-ALIGN: text-top"> </FONT>Silver Trust (the &#8220;Trust&#8221;) on Form 10-K for the year ended December 31, 2015 as filed with the Securities and Exchange Commission on the date hereof (the &#8220;Report&#8221;), I, Jack Gee, Chief Financial Officer of iShares<FONT style="FONT-SIZE: 60%; VERTICAL-ALIGN: text-top"> </FONT>Delaware Trust Sponsor LLC, the Sponsor of the Trust, certify, pursuant to 18 U.S.C. &#167; 1350, as adopted pursuant to &#167; 906 of the Sarbanes-Oxley Act of 2002, that:</FONT></P>
<P id=PARA178 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA179 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">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</FONT></P>
<P id=PARA180 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA181 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Trust.</FONT></P>
<P id=PARA182 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA183 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Date: February 29, 2016</FONT></P>
<P style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT size=2 face=Arial></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT size=2 face=Arial></FONT></P>
<P id=PARA184 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">
<TABLE  style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 35%; TEXT-INDENT: 0px" cellSpacing=0 cellPadding=0>

<TR>
<TD style="WIDTH: 100%; BORDER-BOTTOM: #000000 1px solid">
<P id=PARA1 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">/s/ Jack Gee</FONT></FONT></P></TD></TR></TABLE></FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Jack Gee*</B></FONT></P>
<P id=PARA188 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Chief Financial Officer</B></FONT></P>
<P id=PARA189 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>(Principal financial officer)</B></FONT></P>
<P id=PARA190 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
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<P id=PARA191 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">*</FONT>&nbsp;&nbsp;&nbsp;&nbsp; <FONT style="FONT-SIZE: 8pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The registrant is a trust and Mr. Gee is signing in his capacity as an officer of iShares</FONT><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: Arial, Helvetica, sans-serif"> Delaware Trust Sponsor LLC, the Sponsor of the registrant.</FONT> </P>
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<TYPE>EX-101.INS
<SEQUENCE>7
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<DESCRIPTION>EXHIBIT 101.INS
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      <instant>2013-12-31</instant>
    </period>
  </context>
  <context id="c7_AsOf31Dec2012">
    <entity>
      <identifier scheme="http://www.sec.gov/CIK">0001330568</identifier>
    </entity>
    <period>
      <instant>2012-12-31</instant>
    </period>
  </context>
  <context id="c8_From1Jan2015To31Dec2015_ScenarioAfterApplicationOfASU201308Member">
    <entity>
      <identifier scheme="http://www.sec.gov/CIK">0001330568</identifier>
      <segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementScenarioAxis">slv:ScenarioAfterApplicationOfASU201308Member</xbrldi:explicitMember>
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    <period>
      <startDate>2015-01-01</startDate>
      <endDate>2015-12-31</endDate>
    </period>
  </context>
  <context id="c9_From1Jan2014To31Dec2014_ScenarioAfterApplicationOfASU201308Member">
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    <period>
      <startDate>2014-01-01</startDate>
      <endDate>2014-12-31</endDate>
    </period>
  </context>
  <context id="c10_AsOf31Dec2015_ScenarioAfterApplicationOfASU201308Member">
    <entity>
      <identifier scheme="http://www.sec.gov/CIK">0001330568</identifier>
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    </entity>
    <period>
      <instant>2015-12-31</instant>
    </period>
  </context>
  <context id="c11_AsOf31Dec2013">
    <entity>
      <identifier scheme="http://www.sec.gov/CIK">0001330568</identifier>
    </entity>
    <period>
      <instant>2013-12-31</instant>
    </period>
  </context>
  <context id="c12_AsOf30Jun2015">
    <entity>
      <identifier scheme="http://www.sec.gov/CIK">0001330568</identifier>
    </entity>
    <period>
      <instant>2015-06-30</instant>
    </period>
  </context>
  <context id="c13_AsOf31Dec2013_ScenarioPreviouslyReportedMember">
    <entity>
      <identifier scheme="http://www.sec.gov/CIK">0001330568</identifier>
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    <period>
      <instant>2013-12-31</instant>
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  <context id="c14_From1Jan2015To31Dec2015_MaximumMember">
    <entity>
      <identifier scheme="http://www.sec.gov/CIK">0001330568</identifier>
      <segment>
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    <period>
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      <endDate>2015-12-31</endDate>
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  <unit id="usd">
    <measure>iso4217:USD</measure>
  </unit>
  <unit id="shares">
    <measure>xbrli:shares</measure>
  </unit>
  <unit id="usdPershares">
    <divide>
      <unitNumerator>
        <measure>iso4217:USD</measure>
      </unitNumerator>
      <unitDenominator>
        <measure>xbrli:shares</measure>
      </unitDenominator>
    </divide>
  </unit>
  <unit id="oz">
    <measure>utr:oz</measure>
  </unit>
  <unit id="pure">
    <measure>xbrli:pure</measure>
  </unit>
  <link:footnoteLink xlink:type="extended" xlink:role="http://www.xbrl.org/2003/role/link">
    <link:loc xlink:type="locator" xlink:label="_InvestmentInPhysicalCommoditiesFairValueDisclosure-c0_AsOf31Dec2015_usd" xlink:href="#_InvestmentInPhysicalCommoditiesFairValueDisclosure-c0_AsOf31Dec2015_usd"/>
    <link:footnote xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:label="ftnt_0" xml:lang="en-US">Cost of investment in silver bullion: $5,979,252 and $6,386,750, respectively.</link:footnote>
    <link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="_InvestmentInPhysicalCommoditiesFairValueDisclosure-c0_AsOf31Dec2015_usd" xlink:to="ftnt_0" order="1"/>
    <link:loc xlink:type="locator" xlink:label="_InvestmentInPhysicalCommoditiesFairValueDisclosure-c1_AsOf31Dec2014_usd" xlink:href="#_InvestmentInPhysicalCommoditiesFairValueDisclosure-c1_AsOf31Dec2014_usd"/>
    <link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="_InvestmentInPhysicalCommoditiesFairValueDisclosure-c1_AsOf31Dec2014_usd" xlink:to="ftnt_0" order="1"/>
    <link:loc xlink:type="locator" xlink:label="_StockholdersEquity-c0_AsOf31Dec2015_usd" xlink:href="#_StockholdersEquity-c0_AsOf31Dec2015_usd"/>
    <link:footnote xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:label="ftnt_1" xml:lang="en-US">Represents net asset value. Please refer to Note 2D.</link:footnote>
    <link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="_StockholdersEquity-c0_AsOf31Dec2015_usd" xlink:to="ftnt_1" order="1"/>
    <link:loc xlink:type="locator" xlink:label="_StockholdersEquity-c1_AsOf31Dec2014_usd" xlink:href="#_StockholdersEquity-c1_AsOf31Dec2014_usd"/>
    <link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="_StockholdersEquity-c1_AsOf31Dec2014_usd" xlink:to="ftnt_1" order="1"/>
    <link:loc xlink:type="locator" xlink:label="_TemporaryEquitySharesOutstanding-c0_AsOf31Dec2015_shares" xlink:href="#_TemporaryEquitySharesOutstanding-c0_AsOf31Dec2015_shares"/>
    <link:footnote xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:label="ftnt_2" xml:lang="en-US">No par value, unlimited amount authorized.</link:footnote>
    <link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="_TemporaryEquitySharesOutstanding-c0_AsOf31Dec2015_shares" xlink:to="ftnt_2" order="1"/>
    <link:loc xlink:type="locator" xlink:label="_TemporaryEquitySharesOutstanding-c1_AsOf31Dec2014_shares" xlink:href="#_TemporaryEquitySharesOutstanding-c1_AsOf31Dec2014_shares"/>
    <link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="_TemporaryEquitySharesOutstanding-c1_AsOf31Dec2014_shares" xlink:to="ftnt_2" order="1"/>
    <link:loc xlink:type="locator" xlink:label="_TemporaryEquityRedemptionPricePerShare-c0_AsOf31Dec2015_usdPershares" xlink:href="#_TemporaryEquityRedemptionPricePerShare-c0_AsOf31Dec2015_usdPershares"/>
    <link:footnote xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:label="ftnt_3" xml:lang="en-US">Effective January 1, 2014, the Trust qualified as an investment company solely for accounting purposes and not for any other purpose. Disclosure of net asset value per Share is required for investment companies. Please refer to Note 2B.</link:footnote>
    <link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="_TemporaryEquityRedemptionPricePerShare-c0_AsOf31Dec2015_usdPershares" xlink:to="ftnt_3" order="1"/>
    <link:loc xlink:type="locator" xlink:label="_TemporaryEquityRedemptionPricePerShare-c1_AsOf31Dec2014_usdPershares" xlink:href="#_TemporaryEquityRedemptionPricePerShare-c1_AsOf31Dec2014_usdPershares"/>
    <link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="_TemporaryEquityRedemptionPricePerShare-c1_AsOf31Dec2014_usdPershares" xlink:to="ftnt_3" order="1"/>
    <link:loc xlink:type="locator" xlink:label="_SponsorsFees-c3_From1Jan2015To31Dec2015_usd" xlink:href="#_SponsorsFees-c3_From1Jan2015To31Dec2015_usd"/>
    <link:footnote xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:label="ftnt_4" xml:lang="en-US">Effective January 1, 2014, the Trust qualified as an investment company for accounting purposes. Please refer to Note 2B.</link:footnote>
    <link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="_SponsorsFees-c3_From1Jan2015To31Dec2015_usd" xlink:to="ftnt_4" order="1"/>
    <link:loc xlink:type="locator" xlink:label="_SponsorsFees-c4_From1Jan2014To31Dec2014_usd" xlink:href="#_SponsorsFees-c4_From1Jan2014To31Dec2014_usd"/>
    <link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="_SponsorsFees-c4_From1Jan2014To31Dec2014_usd" xlink:to="ftnt_4" order="1"/>
    <link:loc xlink:type="locator" xlink:label="_OperatingExpenses-c3_From1Jan2015To31Dec2015_usd" xlink:href="#_OperatingExpenses-c3_From1Jan2015To31Dec2015_usd"/>
    <link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="_OperatingExpenses-c3_From1Jan2015To31Dec2015_usd" xlink:to="ftnt_4" order="1"/>
    <link:loc xlink:type="locator" xlink:label="_OperatingExpenses-c4_From1Jan2014To31Dec2014_usd" xlink:href="#_OperatingExpenses-c4_From1Jan2014To31Dec2014_usd"/>
    <link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="_OperatingExpenses-c4_From1Jan2014To31Dec2014_usd" xlink:to="ftnt_4" order="1"/>
    <link:loc xlink:type="locator" xlink:label="_OperatingIncomeLoss-c3_From1Jan2015To31Dec2015_usd" xlink:href="#_OperatingIncomeLoss-c3_From1Jan2015To31Dec2015_usd"/>
    <link:footnote xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:label="ftnt_5" xml:lang="en-US">Net investment income (loss) is applicable to investment companies. Please refer to Note 2B.</link:footnote>
    <link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="_OperatingIncomeLoss-c3_From1Jan2015To31Dec2015_usd" xlink:to="ftnt_5" order="1"/>
    <link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="_OperatingIncomeLoss-c3_From1Jan2015To31Dec2015_usd" xlink:to="ftnt_4" order="2"/>
    <link:loc xlink:type="locator" xlink:label="_OperatingIncomeLoss-c4_From1Jan2014To31Dec2014_usd" xlink:href="#_OperatingIncomeLoss-c4_From1Jan2014To31Dec2014_usd"/>
    <link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="_OperatingIncomeLoss-c4_From1Jan2014To31Dec2014_usd" xlink:to="ftnt_4" order="1"/>
    <link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="_OperatingIncomeLoss-c4_From1Jan2014To31Dec2014_usd" xlink:to="ftnt_5" order="2"/>
    <link:loc xlink:type="locator" xlink:label="_GainLossOnSaleOfTrustAssetsToPayExpenses-c3_From1Jan2015To31Dec2015_usd" xlink:href="#_GainLossOnSaleOfTrustAssetsToPayExpenses-c3_From1Jan2015To31Dec2015_usd"/>
    <link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="_GainLossOnSaleOfTrustAssetsToPayExpenses-c3_From1Jan2015To31Dec2015_usd" xlink:to="ftnt_4" order="1"/>
    <link:loc xlink:type="locator" xlink:label="_GainLossOnSaleOfTrustAssetsToPayExpenses-c4_From1Jan2014To31Dec2014_usd" xlink:href="#_GainLossOnSaleOfTrustAssetsToPayExpenses-c4_From1Jan2014To31Dec2014_usd"/>
    <link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="_GainLossOnSaleOfTrustAssetsToPayExpenses-c4_From1Jan2014To31Dec2014_usd" xlink:to="ftnt_4" order="1"/>
    <link:loc xlink:type="locator" xlink:label="_NetRealizedGainLossFromSilverDistributedForTheRedemptionOfShares-c3_From1Jan2015To31Dec2015_usd" xlink:href="#_NetRealizedGainLossFromSilverDistributedForTheRedemptionOfShares-c3_From1Jan2015To31Dec2015_usd"/>
    <link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="_NetRealizedGainLossFromSilverDistributedForTheRedemptionOfShares-c3_From1Jan2015To31Dec2015_usd" xlink:to="ftnt_4" order="1"/>
    <link:loc xlink:type="locator" xlink:label="_NetRealizedGainLossFromSilverDistributedForTheRedemptionOfShares-c4_From1Jan2014To31Dec2014_usd" xlink:href="#_NetRealizedGainLossFromSilverDistributedForTheRedemptionOfShares-c4_From1Jan2014To31Dec2014_usd"/>
    <link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="_NetRealizedGainLossFromSilverDistributedForTheRedemptionOfShares-c4_From1Jan2014To31Dec2014_usd" xlink:to="ftnt_4" order="1"/>
    <link:loc xlink:type="locator" xlink:label="_RealizedInvestmentGainsLosses-c3_From1Jan2015To31Dec2015_usd" xlink:href="#_RealizedInvestmentGainsLosses-c3_From1Jan2015To31Dec2015_usd"/>
    <link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="_RealizedInvestmentGainsLosses-c3_From1Jan2015To31Dec2015_usd" xlink:to="ftnt_4" order="1"/>
    <link:loc xlink:type="locator" xlink:label="_RealizedInvestmentGainsLosses-c4_From1Jan2014To31Dec2014_usd" xlink:href="#_RealizedInvestmentGainsLosses-c4_From1Jan2014To31Dec2014_usd"/>
    <link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="_RealizedInvestmentGainsLosses-c4_From1Jan2014To31Dec2014_usd" xlink:to="ftnt_4" order="1"/>
    <link:loc xlink:type="locator" xlink:label="_UnrealizedGainLossOnInvestments-c3_From1Jan2015To31Dec2015_usd" xlink:href="#_UnrealizedGainLossOnInvestments-c3_From1Jan2015To31Dec2015_usd"/>
    <link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="_UnrealizedGainLossOnInvestments-c3_From1Jan2015To31Dec2015_usd" xlink:to="ftnt_4" order="1"/>
    <link:loc xlink:type="locator" xlink:label="_UnrealizedGainLossOnInvestments-c4_From1Jan2014To31Dec2014_usd" xlink:href="#_UnrealizedGainLossOnInvestments-c4_From1Jan2014To31Dec2014_usd"/>
    <link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="_UnrealizedGainLossOnInvestments-c4_From1Jan2014To31Dec2014_usd" xlink:to="ftnt_4" order="1"/>
    <link:loc xlink:type="locator" xlink:label="_GainLossOnInvestments-c3_From1Jan2015To31Dec2015_usd" xlink:href="#_GainLossOnInvestments-c3_From1Jan2015To31Dec2015_usd"/>
    <link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="_GainLossOnInvestments-c3_From1Jan2015To31Dec2015_usd" xlink:to="ftnt_4" order="1"/>
    <link:loc xlink:type="locator" xlink:label="_GainLossOnInvestments-c4_From1Jan2014To31Dec2014_usd" xlink:href="#_GainLossOnInvestments-c4_From1Jan2014To31Dec2014_usd"/>
    <link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="_GainLossOnInvestments-c4_From1Jan2014To31Dec2014_usd" xlink:to="ftnt_4" order="1"/>
    <link:loc xlink:type="locator" xlink:label="_NetIncomeLoss-c3_From1Jan2015To31Dec2015_usd" xlink:href="#_NetIncomeLoss-c3_From1Jan2015To31Dec2015_usd"/>
    <link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="_NetIncomeLoss-c3_From1Jan2015To31Dec2015_usd" xlink:to="ftnt_4" order="1"/>
    <link:loc xlink:type="locator" xlink:label="_NetIncomeLoss-c4_From1Jan2014To31Dec2014_usd" xlink:href="#_NetIncomeLoss-c4_From1Jan2014To31Dec2014_usd"/>
    <link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="_NetIncomeLoss-c4_From1Jan2014To31Dec2014_usd" xlink:to="ftnt_4" order="1"/>
    <link:loc xlink:type="locator" xlink:label="_EarningsPerShareBasic-c3_From1Jan2015To31Dec2015_usdPershares" xlink:href="#_EarningsPerShareBasic-c3_From1Jan2015To31Dec2015_usdPershares"/>
    <link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="_EarningsPerShareBasic-c3_From1Jan2015To31Dec2015_usdPershares" xlink:to="ftnt_4" order="1"/>
    <link:loc xlink:type="locator" xlink:label="_EarningsPerShareBasic-c4_From1Jan2014To31Dec2014_usdPershares" xlink:href="#_EarningsPerShareBasic-c4_From1Jan2014To31Dec2014_usdPershares"/>
    <link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="_EarningsPerShareBasic-c4_From1Jan2014To31Dec2014_usdPershares" xlink:to="ftnt_4" order="1"/>
    <link:loc xlink:type="locator" xlink:label="_WeightedAverageNumberOfSharesOutstandingBasic-c3_From1Jan2015To31Dec2015_shares" xlink:href="#_WeightedAverageNumberOfSharesOutstandingBasic-c3_From1Jan2015To31Dec2015_shares"/>
    <link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="_WeightedAverageNumberOfSharesOutstandingBasic-c3_From1Jan2015To31Dec2015_shares" xlink:to="ftnt_4" order="1"/>
    <link:loc xlink:type="locator" xlink:label="_WeightedAverageNumberOfSharesOutstandingBasic-c4_From1Jan2014To31Dec2014_shares" xlink:href="#_WeightedAverageNumberOfSharesOutstandingBasic-c4_From1Jan2014To31Dec2014_shares"/>
    <link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="_WeightedAverageNumberOfSharesOutstandingBasic-c4_From1Jan2014To31Dec2014_shares" xlink:to="ftnt_4" order="1"/>
    <link:loc xlink:type="locator" xlink:label="_StockholdersEquity-c5_AsOf31Dec2014_ScenarioAfterApplicationOfASU201308Member_usd" xlink:href="#_StockholdersEquity-c5_AsOf31Dec2014_ScenarioAfterApplicationOfASU201308Member_usd"/>
    <link:footnote xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:label="ftnt_6" xml:lang="en-US">The Trust reclassified redeemable capital shares as of December 31, 2013 into shareholders&apos; equity as part of it&apos;s transition to investment companyaccounting effective January 1, 2014. Please refer to Note 2B.</link:footnote>
    <link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="_StockholdersEquity-c5_AsOf31Dec2014_ScenarioAfterApplicationOfASU201308Member_usd" xlink:to="ftnt_6" order="1"/>
    <link:loc xlink:type="locator" xlink:label="_StockholdersEquity-c6_AsOf31Dec2013_ScenarioAfterApplicationOfASU201308Member_usd" xlink:href="#_StockholdersEquity-c6_AsOf31Dec2013_ScenarioAfterApplicationOfASU201308Member_usd"/>
    <link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="_StockholdersEquity-c6_AsOf31Dec2013_ScenarioAfterApplicationOfASU201308Member_usd" xlink:to="ftnt_6" order="1"/>
    <link:loc xlink:type="locator" xlink:label="_StockholdersEquity-c7_AsOf31Dec2012_usd" xlink:href="#_StockholdersEquity-c7_AsOf31Dec2012_usd"/>
    <link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="_StockholdersEquity-c7_AsOf31Dec2012_usd" xlink:to="ftnt_6" order="1"/>
    <link:loc xlink:type="locator" xlink:label="_NetIncomeLoss-c2_From1Jan2013To31Dec2013_usd" xlink:href="#_NetIncomeLoss-c2_From1Jan2013To31Dec2013_usd"/>
    <link:footnote xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:label="ftnt_7" xml:lang="en-US">The components of net loss for the years ended December 31, 2015 and 2014 are reflected in the other captions disclosed within this statement.</link:footnote>
    <link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="_NetIncomeLoss-c2_From1Jan2013To31Dec2013_usd" xlink:to="ftnt_7" order="1"/>
    <link:loc xlink:type="locator" xlink:label="_StockholdersEquity-c10_AsOf31Dec2015_ScenarioAfterApplicationOfASU201308Member_usd" xlink:href="#_StockholdersEquity-c10_AsOf31Dec2015_ScenarioAfterApplicationOfASU201308Member_usd"/>
    <link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="_StockholdersEquity-c10_AsOf31Dec2015_ScenarioAfterApplicationOfASU201308Member_usd" xlink:to="ftnt_1" order="1"/>
    <link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="_StockholdersEquity-c5_AsOf31Dec2014_ScenarioAfterApplicationOfASU201308Member_usd" xlink:to="ftnt_1" order="2"/>
    <link:loc xlink:type="locator" xlink:label="_FairValueOfAssetsAcquired-c3_From1Jan2015To31Dec2015_usd" xlink:href="#_FairValueOfAssetsAcquired-c3_From1Jan2015To31Dec2015_usd"/>
    <link:footnote xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:label="ftnt_8" xml:lang="en-US">Presented at fair value for the years ended December 31, 2015 and 2014 and cost for the year ended Decmeber 31, 2013.</link:footnote>
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    <link:loc xlink:type="locator" xlink:label="_FairValueOfAssetsAcquired-c4_From1Jan2014To31Dec2014_usd" xlink:href="#_FairValueOfAssetsAcquired-c4_From1Jan2014To31Dec2014_usd"/>
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  <us-gaap:ProceedsFromSaleOfTrustAssetsToPayExpenses unitRef="usd" contextRef="c4_From1Jan2014To31Dec2014" decimals="-3">31961000</us-gaap:ProceedsFromSaleOfTrustAssetsToPayExpenses>
  <us-gaap:ProceedsFromSaleOfTrustAssetsToPayExpenses unitRef="usd" contextRef="c2_From1Jan2013To31Dec2013" decimals="-3">41406000</us-gaap:ProceedsFromSaleOfTrustAssetsToPayExpenses>
  <us-gaap:PaymentsForFees unitRef="usd" contextRef="c3_From1Jan2015To31Dec2015" decimals="-3">25716000</us-gaap:PaymentsForFees>
  <us-gaap:PaymentsForFees unitRef="usd" contextRef="c4_From1Jan2014To31Dec2014" decimals="-3">31961000</us-gaap:PaymentsForFees>
  <us-gaap:PaymentsForFees unitRef="usd" contextRef="c2_From1Jan2013To31Dec2013" decimals="-3">41406000</us-gaap:PaymentsForFees>
  <us-gaap:NetCashProvidedByUsedInOperatingActivities unitRef="usd" contextRef="c3_From1Jan2015To31Dec2015" decimals="-3">0</us-gaap:NetCashProvidedByUsedInOperatingActivities>
  <us-gaap:NetCashProvidedByUsedInOperatingActivities unitRef="usd" contextRef="c4_From1Jan2014To31Dec2014" decimals="-3">0</us-gaap:NetCashProvidedByUsedInOperatingActivities>
  <us-gaap:NetCashProvidedByUsedInOperatingActivities unitRef="usd" contextRef="c2_From1Jan2013To31Dec2013" decimals="-3">0</us-gaap:NetCashProvidedByUsedInOperatingActivities>
  <us-gaap:CashAndCashEquivalentsPeriodIncreaseDecrease unitRef="usd" contextRef="c3_From1Jan2015To31Dec2015" decimals="-3">0</us-gaap:CashAndCashEquivalentsPeriodIncreaseDecrease>
  <us-gaap:CashAndCashEquivalentsPeriodIncreaseDecrease unitRef="usd" contextRef="c4_From1Jan2014To31Dec2014" decimals="-3">0</us-gaap:CashAndCashEquivalentsPeriodIncreaseDecrease>
  <us-gaap:CashAndCashEquivalentsPeriodIncreaseDecrease unitRef="usd" contextRef="c2_From1Jan2013To31Dec2013" decimals="-3">0</us-gaap:CashAndCashEquivalentsPeriodIncreaseDecrease>
  <us-gaap:CashAndCashEquivalentsAtCarryingValue unitRef="usd" contextRef="c1_AsOf31Dec2014" decimals="-3">0</us-gaap:CashAndCashEquivalentsAtCarryingValue>
  <us-gaap:CashAndCashEquivalentsAtCarryingValue unitRef="usd" contextRef="c11_AsOf31Dec2013" decimals="-3">0</us-gaap:CashAndCashEquivalentsAtCarryingValue>
  <us-gaap:CashAndCashEquivalentsAtCarryingValue unitRef="usd" contextRef="c7_AsOf31Dec2012" decimals="-3">0</us-gaap:CashAndCashEquivalentsAtCarryingValue>
  <us-gaap:CashAndCashEquivalentsAtCarryingValue unitRef="usd" contextRef="c0_AsOf31Dec2015" decimals="-3">0</us-gaap:CashAndCashEquivalentsAtCarryingValue>
  <slv:NetRealizedGainLossFromSilverDistributedForTheRedemptionOfShares unitRef="usd" contextRef="c2_From1Jan2013To31Dec2013" decimals="-3">-131814000</slv:NetRealizedGainLossFromSilverDistributedForTheRedemptionOfShares>
  <us-gaap:IncreaseDecreaseInAccountsPayableRelatedParties unitRef="usd" contextRef="c3_From1Jan2015To31Dec2015" decimals="-3">-421000</us-gaap:IncreaseDecreaseInAccountsPayableRelatedParties>
  <us-gaap:IncreaseDecreaseInAccountsPayableRelatedParties unitRef="usd" contextRef="c4_From1Jan2014To31Dec2014" decimals="-3">-382000</us-gaap:IncreaseDecreaseInAccountsPayableRelatedParties>
  <us-gaap:IncreaseDecreaseInAccountsPayableRelatedParties unitRef="usd" contextRef="c2_From1Jan2013To31Dec2013" decimals="-3">-1588000</us-gaap:IncreaseDecreaseInAccountsPayableRelatedParties>
  <us-gaap:FairValueOfAssetsAcquired id="_FairValueOfAssetsAcquired-c3_From1Jan2015To31Dec2015_usd" unitRef="usd" contextRef="c3_From1Jan2015To31Dec2015" decimals="-3">859468000</us-gaap:FairValueOfAssetsAcquired>
  <us-gaap:FairValueOfAssetsAcquired id="_FairValueOfAssetsAcquired-c4_From1Jan2014To31Dec2014_usd" unitRef="usd" contextRef="c4_From1Jan2014To31Dec2014" decimals="-3">1361917000</us-gaap:FairValueOfAssetsAcquired>
  <us-gaap:FairValueOfAssetsAcquired id="_FairValueOfAssetsAcquired-c2_From1Jan2013To31Dec2013_usd" unitRef="usd" contextRef="c2_From1Jan2013To31Dec2013" decimals="-3">2096484000</us-gaap:FairValueOfAssetsAcquired>
  <us-gaap:OtherSignificantNoncashTransactionValueOfConsiderationGiven1 id="_OtherSignificantNoncashTransactionValueOfConsiderationGiven1-c3_From1Jan2015To31Dec2015_usd" unitRef="usd" contextRef="c3_From1Jan2015To31Dec2015" decimals="-3">1029094000</us-gaap:OtherSignificantNoncashTransactionValueOfConsiderationGiven1>
  <us-gaap:OtherSignificantNoncashTransactionValueOfConsiderationGiven1 id="_OtherSignificantNoncashTransactionValueOfConsiderationGiven1-c4_From1Jan2014To31Dec2014_usd" unitRef="usd" contextRef="c4_From1Jan2014To31Dec2014" decimals="-3">1108223000</us-gaap:OtherSignificantNoncashTransactionValueOfConsiderationGiven1>
  <us-gaap:OtherSignificantNoncashTransactionValueOfConsiderationGiven1 id="_OtherSignificantNoncashTransactionValueOfConsiderationGiven1-c2_From1Jan2013To31Dec2013_usd" unitRef="usd" contextRef="c2_From1Jan2013To31Dec2013" decimals="-3">2163458000</us-gaap:OtherSignificantNoncashTransactionValueOfConsiderationGiven1>
  <dei:EntityRegistrantName contextRef="c3_From1Jan2015To31Dec2015">iShares Silver Trust</dei:EntityRegistrantName>
  <dei:DocumentType contextRef="c3_From1Jan2015To31Dec2015">10-K</dei:DocumentType>
  <dei:TradingSymbol contextRef="c3_From1Jan2015To31Dec2015">slv</dei:TradingSymbol>
  <dei:CurrentFiscalYearEndDate contextRef="c3_From1Jan2015To31Dec2015">--12-31</dei:CurrentFiscalYearEndDate>
  <dei:EntityCommonStockSharesOutstanding unitRef="shares" contextRef="c0_AsOf31Dec2015" decimals="INF">333550000</dei:EntityCommonStockSharesOutstanding>
  <dei:EntityPublicFloat unitRef="usd" contextRef="c12_AsOf30Jun2015" decimals="0">5116963500</dei:EntityPublicFloat>
  <dei:AmendmentFlag contextRef="c3_From1Jan2015To31Dec2015">false</dei:AmendmentFlag>
  <dei:EntityCentralIndexKey contextRef="c3_From1Jan2015To31Dec2015">0001330568</dei:EntityCentralIndexKey>
  <dei:EntityCurrentReportingStatus contextRef="c3_From1Jan2015To31Dec2015">Yes</dei:EntityCurrentReportingStatus>
  <dei:EntityVoluntaryFilers contextRef="c3_From1Jan2015To31Dec2015">No</dei:EntityVoluntaryFilers>
  <dei:EntityFilerCategory contextRef="c3_From1Jan2015To31Dec2015">Large Accelerated Filer</dei:EntityFilerCategory>
  <dei:EntityWellKnownSeasonedIssuer contextRef="c3_From1Jan2015To31Dec2015">Yes</dei:EntityWellKnownSeasonedIssuer>
  <dei:DocumentFiscalYearFocus contextRef="c3_From1Jan2015To31Dec2015">2015</dei:DocumentFiscalYearFocus>
  <dei:DocumentFiscalPeriodFocus contextRef="c3_From1Jan2015To31Dec2015">FY</dei:DocumentFiscalPeriodFocus>
  <dei:DocumentPeriodEndDate contextRef="c3_From1Jan2015To31Dec2015">2015-12-31</dei:DocumentPeriodEndDate>
  <us-gaap:InvestmentHoldingsScheduleOfInvestmentsTextBlock contextRef="c3_From1Jan2015To31Dec2015">&lt;table id=&quot;TBL1932S1S1&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 100%; TEXT-INDENT: 0px&quot; cellspacing=&quot;0&quot; cellpadding=&quot;0&quot; border=&quot;0&quot;&gt;

    &lt;tr id=&quot;TBL1932S1.finRow.1&quot;&gt;
     &lt;td style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 83%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt&quot; colspan=&quot;12&quot;&gt; &lt;p id=&quot;PARA1885&quot; style=&quot;TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;u&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;&lt;b&gt;(All balances in 000&amp;#x2019;s, except percentage data)&lt;/b&gt;&lt;/font&gt;&lt;/u&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.1.trail.D4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0px&quot;&gt;&amp;nbsp;&lt;/td&gt;
    &lt;/tr&gt;
    &lt;tr id=&quot;TBL1932S1.finRow.2&quot;&gt;
     &lt;td style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 83%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt&quot; colspan=&quot;12&quot;&gt; &lt;p id=&quot;PARA1886&quot; style=&quot;TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;u&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;&lt;b&gt;December&amp;nbsp;31,&amp;nbsp;2015&lt;/b&gt;&lt;/font&gt;&lt;/u&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.2.trail.D4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0px&quot;&gt;&amp;nbsp;&lt;/td&gt;
    &lt;/tr&gt;
    &lt;tr id=&quot;TBL1932S1.finRow.3&quot;&gt;
     &lt;td style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 43%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt&quot;&gt; &lt;p id=&quot;PARA1887&quot; style=&quot;TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;&lt;b&gt;Description&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.3.lead.D2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.3.amt.D2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt&quot; colspan=&quot;2&quot;&gt; &lt;p id=&quot;PARA1889&quot; style=&quot;TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;&lt;b&gt;Ounces&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.3.trail.D2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.3.lead.D3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.3.amt.D3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt&quot; colspan=&quot;2&quot;&gt; &lt;p id=&quot;PARA1891&quot; style=&quot;TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;&lt;b&gt;Cost&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.3.trail.D3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.3.lead.D4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.3.amt.D4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt&quot; colspan=&quot;2&quot;&gt; &lt;p id=&quot;PARA1893&quot; style=&quot;TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;&lt;b&gt;Fair Value&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.3.trail.D4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px&quot;&gt;&amp;nbsp;&lt;/td&gt;
    &lt;/tr&gt;
    &lt;tr id=&quot;TBL1932S1.finRow.4&quot; style=&quot;BACKGROUND-COLOR: #cceeff&quot;&gt;
     &lt;td style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 43%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt; &lt;p id=&quot;PARA1894&quot; style=&quot;TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;Silver bullion&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.4.lead.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.4.symb.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.4.amt.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;317,934.9&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.4.trail.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.4.lead.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.4.symb.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;$&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.4.amt.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;5,979,252&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.4.trail.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.4.lead.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.4.symb.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;$&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.4.amt.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;4,393,861&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.4.trail.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
    &lt;/tr&gt;
    &lt;tr id=&quot;TBL1932S1.finRow.5&quot; style=&quot;BACKGROUND-COLOR: #ffffff&quot;&gt;
     &lt;td style=&quot;WIDTH: 43%; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.5.lead.B2&quot; style=&quot;WIDTH: 1%; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.5.symb.B2&quot; style=&quot;WIDTH: 1%; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.5.amt.B2&quot; style=&quot;WIDTH: 16%; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.5.trail.B2&quot; style=&quot;WIDTH: 1%; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.5.lead.B3&quot; style=&quot;WIDTH: 1%; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.5.symb.B3&quot; style=&quot;WIDTH: 1%; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.5.amt.B3&quot; style=&quot;WIDTH: 16%; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.5.trail.B3&quot; style=&quot;WIDTH: 1%; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.5.lead.B4&quot; style=&quot;WIDTH: 1%; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.5.symb.B4&quot; style=&quot;WIDTH: 1%; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.5.amt.B4&quot; style=&quot;WIDTH: 16%; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.5.trail.B4&quot; style=&quot;WIDTH: 1%; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
    &lt;/tr&gt;
    &lt;tr id=&quot;TBL1932S1.finRow.6&quot; style=&quot;BACKGROUND-COLOR: #cceeff&quot;&gt;
     &lt;td style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 43%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt; &lt;p id=&quot;PARA1901&quot; style=&quot;TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;Total Investment &amp;#x2013; 100.04%&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.6.lead.B2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.6.symb.B2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.6.amt.B2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.6.trail.B2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.6.lead.B3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.6.symb.B3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.6.amt.B3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.6.trail.B3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.6.lead.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.6.symb.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.6.amt.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;4,393,861&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.6.trail.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
    &lt;/tr&gt;
    &lt;tr id=&quot;TBL1932S1.finRow.7&quot; style=&quot;BACKGROUND-COLOR: #ffffff&quot;&gt;
     &lt;td style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 43%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot;&gt; &lt;p id=&quot;PARA1903&quot; style=&quot;TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;Less Liabilities &amp;#x2013; (0.04)%&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.7.lead.B2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.7.symb.B2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.7.amt.B2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.7.trail.B2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.7.lead.B3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.7.symb.B3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.7.amt.B3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.7.trail.B3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.7.lead.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.7.symb.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.7.amt.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot;&gt;(1,917&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.7.trail.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot; nowrap=&quot;nowrap&quot;&gt;)&lt;/td&gt;
    &lt;/tr&gt;
    &lt;tr id=&quot;TBL1932S1.finRow.8&quot; style=&quot;BACKGROUND-COLOR: #cceeff&quot;&gt;
     &lt;td style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 43%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt; &lt;p id=&quot;PARA1905&quot; style=&quot;TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;Net Assets &amp;#x2013; 100.00%&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.8.lead.B2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.8.symb.B2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.8.amt.B2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.8.trail.B2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0px; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.8.lead.B3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.8.symb.B3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.8.amt.B3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.8.trail.B3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0px; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.8.lead.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.8.symb.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;$&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.8.amt.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;4,391,944&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.8.trail.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
    &lt;/tr&gt;

  &lt;/table&gt;&lt;br/&gt;&lt;table id=&quot;TBL1932S1&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 100%; TEXT-INDENT: 0px&quot; cellspacing=&quot;0&quot; cellpadding=&quot;0&quot; border=&quot;0&quot;&gt;

    &lt;tr id=&quot;TBL1932S1.finRow.10&quot; style=&quot;BACKGROUND-COLOR: #ffffff&quot;&gt;
     &lt;td style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 83%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot; colspan=&quot;12&quot;&gt; &lt;p id=&quot;PARA1909&quot; style=&quot;TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;u&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;&lt;b&gt;December&amp;nbsp;31,&amp;nbsp;2014&lt;/b&gt;&lt;/font&gt;&lt;/u&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.10.trail.D4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0px; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
    &lt;/tr&gt;
    &lt;tr id=&quot;TBL1932S1.finRow.11&quot; style=&quot;BACKGROUND-COLOR: #ffffff&quot;&gt;
     &lt;td style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 43%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot;&gt; &lt;p id=&quot;PARA1910&quot; style=&quot;TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;&lt;b&gt;Description&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.11.lead.D2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.11.amt.D2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot; colspan=&quot;2&quot;&gt; &lt;p id=&quot;PARA1912&quot; style=&quot;TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;&lt;b&gt;Ounces&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.11.trail.D2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.11.lead.D3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.11.amt.D3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot; colspan=&quot;2&quot;&gt; &lt;p id=&quot;PARA1914&quot; style=&quot;TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;&lt;b&gt;Cost&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.11.trail.D3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.11.lead.D4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.11.amt.D4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot; colspan=&quot;2&quot;&gt; &lt;p id=&quot;PARA1916&quot; style=&quot;TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;&lt;b&gt;Fair Value&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.11.trail.D4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
    &lt;/tr&gt;
    &lt;tr id=&quot;TBL1932S1.finRow.12&quot; style=&quot;BACKGROUND-COLOR: #cceeff&quot;&gt;
     &lt;td style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 43%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt; &lt;p id=&quot;PARA1917&quot; style=&quot;TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;Silver bullion&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.12.lead.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.12.symb.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.12.amt.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;329,564.2&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.12.trail.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.12.lead.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.12.symb.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;$&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.12.amt.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;6,386,750&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.12.trail.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.12.lead.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.12.symb.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;$&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.12.amt.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;5,263,140&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.12.trail.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
    &lt;/tr&gt;
    &lt;tr id=&quot;TBL1932S1.finRow.13&quot; style=&quot;BACKGROUND-COLOR: #ffffff&quot;&gt;
     &lt;td style=&quot;WIDTH: 43%; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.13.lead.B2&quot; style=&quot;WIDTH: 1%; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.13.symb.B2&quot; style=&quot;WIDTH: 1%; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.13.amt.B2&quot; style=&quot;WIDTH: 16%; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.13.trail.B2&quot; style=&quot;WIDTH: 1%; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.13.lead.B3&quot; style=&quot;WIDTH: 1%; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.13.symb.B3&quot; style=&quot;WIDTH: 1%; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.13.amt.B3&quot; style=&quot;WIDTH: 16%; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.13.trail.B3&quot; style=&quot;WIDTH: 1%; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.13.lead.B4&quot; style=&quot;WIDTH: 1%; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.13.symb.B4&quot; style=&quot;WIDTH: 1%; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.13.amt.B4&quot; style=&quot;WIDTH: 16%; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.13.trail.B4&quot; style=&quot;WIDTH: 1%; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
    &lt;/tr&gt;
    &lt;tr id=&quot;TBL1932S1.finRow.14&quot; style=&quot;BACKGROUND-COLOR: #cceeff&quot;&gt;
     &lt;td style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 43%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt; &lt;p id=&quot;PARA1924&quot; style=&quot;TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;Total Investment &amp;#x2013; 100.04%&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.14.lead.B2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.14.symb.B2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.14.amt.B2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.14.trail.B2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.14.lead.B3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.14.symb.B3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.14.amt.B3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.14.trail.B3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.14.lead.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.14.symb.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.14.amt.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;5,263,140&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.14.trail.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
    &lt;/tr&gt;
    &lt;tr id=&quot;TBL1932S1.finRow.15&quot; style=&quot;BACKGROUND-COLOR: #ffffff&quot;&gt;
     &lt;td style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 43%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot;&gt; &lt;p id=&quot;PARA1926&quot; style=&quot;TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;Less Liabilities &amp;#x2013; (0.04)%&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.15.lead.B2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.15.symb.B2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.15.amt.B2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.15.trail.B2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.15.lead.B3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.15.symb.B3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.15.amt.B3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.15.trail.B3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.15.lead.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.15.symb.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.15.amt.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot;&gt;(2,338&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.15.trail.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot; nowrap=&quot;nowrap&quot;&gt;)&lt;/td&gt;
    &lt;/tr&gt;
    &lt;tr id=&quot;TBL1932S1.finRow.16&quot; style=&quot;BACKGROUND-COLOR: #cceeff&quot;&gt;
     &lt;td style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 43%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt; &lt;p id=&quot;PARA1928&quot; style=&quot;TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;Net Assets &amp;#x2013; 100.00%&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.16.lead.B2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.16.symb.B2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.16.amt.B2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.16.trail.B2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0px; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.16.lead.B3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.16.symb.B3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.16.amt.B3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.16.trail.B3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0px; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.16.lead.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.16.symb.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;$&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.16.amt.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;5,260,802&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.16.trail.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
    &lt;/tr&gt;

  &lt;/table&gt;&lt;br/&gt;</us-gaap:InvestmentHoldingsScheduleOfInvestmentsTextBlock>
  <invest:InvestmentTableTextBlock contextRef="c3_From1Jan2015To31Dec2015">&lt;table id=&quot;TBL1932S1S1&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 100%; TEXT-INDENT: 0px&quot; cellspacing=&quot;0&quot; cellpadding=&quot;0&quot; border=&quot;0&quot;&gt;

    &lt;tr id=&quot;TBL1932S1.finRow.1&quot;&gt;
     &lt;td style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 83%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt&quot; colspan=&quot;12&quot;&gt; &lt;p id=&quot;PARA1885&quot; style=&quot;TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;u&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;&lt;b&gt;(All balances in 000&amp;#x2019;s, except percentage data)&lt;/b&gt;&lt;/font&gt;&lt;/u&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.1.trail.D4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0px&quot;&gt;&amp;nbsp;&lt;/td&gt;
    &lt;/tr&gt;
    &lt;tr id=&quot;TBL1932S1.finRow.2&quot;&gt;
     &lt;td style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 83%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt&quot; colspan=&quot;12&quot;&gt; &lt;p id=&quot;PARA1886&quot; style=&quot;TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;u&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;&lt;b&gt;December&amp;nbsp;31,&amp;nbsp;2015&lt;/b&gt;&lt;/font&gt;&lt;/u&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.2.trail.D4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0px&quot;&gt;&amp;nbsp;&lt;/td&gt;
    &lt;/tr&gt;
    &lt;tr id=&quot;TBL1932S1.finRow.3&quot;&gt;
     &lt;td style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 43%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt&quot;&gt; &lt;p id=&quot;PARA1887&quot; style=&quot;TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;&lt;b&gt;Description&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.3.lead.D2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.3.amt.D2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt&quot; colspan=&quot;2&quot;&gt; &lt;p id=&quot;PARA1889&quot; style=&quot;TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;&lt;b&gt;Ounces&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.3.trail.D2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.3.lead.D3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.3.amt.D3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt&quot; colspan=&quot;2&quot;&gt; &lt;p id=&quot;PARA1891&quot; style=&quot;TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;&lt;b&gt;Cost&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.3.trail.D3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.3.lead.D4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.3.amt.D4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt&quot; colspan=&quot;2&quot;&gt; &lt;p id=&quot;PARA1893&quot; style=&quot;TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;&lt;b&gt;Fair Value&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.3.trail.D4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px&quot;&gt;&amp;nbsp;&lt;/td&gt;
    &lt;/tr&gt;
    &lt;tr id=&quot;TBL1932S1.finRow.4&quot; style=&quot;BACKGROUND-COLOR: #cceeff&quot;&gt;
     &lt;td style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 43%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt; &lt;p id=&quot;PARA1894&quot; style=&quot;TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;Silver bullion&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.4.lead.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.4.symb.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.4.amt.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;317,934.9&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.4.trail.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.4.lead.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.4.symb.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;$&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.4.amt.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;5,979,252&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.4.trail.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.4.lead.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.4.symb.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;$&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.4.amt.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;4,393,861&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.4.trail.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
    &lt;/tr&gt;
    &lt;tr id=&quot;TBL1932S1.finRow.5&quot; style=&quot;BACKGROUND-COLOR: #ffffff&quot;&gt;
     &lt;td style=&quot;WIDTH: 43%; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.5.lead.B2&quot; style=&quot;WIDTH: 1%; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.5.symb.B2&quot; style=&quot;WIDTH: 1%; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.5.amt.B2&quot; style=&quot;WIDTH: 16%; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.5.trail.B2&quot; style=&quot;WIDTH: 1%; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.5.lead.B3&quot; style=&quot;WIDTH: 1%; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.5.symb.B3&quot; style=&quot;WIDTH: 1%; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.5.amt.B3&quot; style=&quot;WIDTH: 16%; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.5.trail.B3&quot; style=&quot;WIDTH: 1%; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.5.lead.B4&quot; style=&quot;WIDTH: 1%; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.5.symb.B4&quot; style=&quot;WIDTH: 1%; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.5.amt.B4&quot; style=&quot;WIDTH: 16%; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.5.trail.B4&quot; style=&quot;WIDTH: 1%; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
    &lt;/tr&gt;
    &lt;tr id=&quot;TBL1932S1.finRow.6&quot; style=&quot;BACKGROUND-COLOR: #cceeff&quot;&gt;
     &lt;td style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 43%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt; &lt;p id=&quot;PARA1901&quot; style=&quot;TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;Total Investment &amp;#x2013; 100.04%&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.6.lead.B2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.6.symb.B2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.6.amt.B2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.6.trail.B2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.6.lead.B3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.6.symb.B3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.6.amt.B3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.6.trail.B3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.6.lead.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.6.symb.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.6.amt.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;4,393,861&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.6.trail.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
    &lt;/tr&gt;
    &lt;tr id=&quot;TBL1932S1.finRow.7&quot; style=&quot;BACKGROUND-COLOR: #ffffff&quot;&gt;
     &lt;td style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 43%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot;&gt; &lt;p id=&quot;PARA1903&quot; style=&quot;TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;Less Liabilities &amp;#x2013; (0.04)%&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.7.lead.B2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.7.symb.B2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.7.amt.B2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.7.trail.B2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.7.lead.B3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.7.symb.B3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.7.amt.B3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.7.trail.B3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.7.lead.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.7.symb.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.7.amt.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot;&gt;(1,917&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.7.trail.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot; nowrap=&quot;nowrap&quot;&gt;)&lt;/td&gt;
    &lt;/tr&gt;
    &lt;tr id=&quot;TBL1932S1.finRow.8&quot; style=&quot;BACKGROUND-COLOR: #cceeff&quot;&gt;
     &lt;td style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 43%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt; &lt;p id=&quot;PARA1905&quot; style=&quot;TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;Net Assets &amp;#x2013; 100.00%&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.8.lead.B2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.8.symb.B2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.8.amt.B2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.8.trail.B2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0px; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.8.lead.B3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.8.symb.B3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.8.amt.B3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.8.trail.B3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0px; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.8.lead.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.8.symb.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;$&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.8.amt.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;4,391,944&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.8.trail.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
    &lt;/tr&gt;

  &lt;/table&gt;&lt;table id=&quot;TBL1932S1&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 100%; TEXT-INDENT: 0px&quot; cellspacing=&quot;0&quot; cellpadding=&quot;0&quot; border=&quot;0&quot;&gt;

    &lt;tr id=&quot;TBL1932S1.finRow.10&quot; style=&quot;BACKGROUND-COLOR: #ffffff&quot;&gt;
     &lt;td style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 83%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot; colspan=&quot;12&quot;&gt; &lt;p id=&quot;PARA1909&quot; style=&quot;TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;u&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;&lt;b&gt;December&amp;nbsp;31,&amp;nbsp;2014&lt;/b&gt;&lt;/font&gt;&lt;/u&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.10.trail.D4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0px; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
    &lt;/tr&gt;
    &lt;tr id=&quot;TBL1932S1.finRow.11&quot; style=&quot;BACKGROUND-COLOR: #ffffff&quot;&gt;
     &lt;td style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 43%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot;&gt; &lt;p id=&quot;PARA1910&quot; style=&quot;TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;&lt;b&gt;Description&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.11.lead.D2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.11.amt.D2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot; colspan=&quot;2&quot;&gt; &lt;p id=&quot;PARA1912&quot; style=&quot;TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;&lt;b&gt;Ounces&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.11.trail.D2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.11.lead.D3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.11.amt.D3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot; colspan=&quot;2&quot;&gt; &lt;p id=&quot;PARA1914&quot; style=&quot;TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;&lt;b&gt;Cost&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.11.trail.D3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.11.lead.D4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.11.amt.D4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot; colspan=&quot;2&quot;&gt; &lt;p id=&quot;PARA1916&quot; style=&quot;TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;&lt;b&gt;Fair Value&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.11.trail.D4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
    &lt;/tr&gt;
    &lt;tr id=&quot;TBL1932S1.finRow.12&quot; style=&quot;BACKGROUND-COLOR: #cceeff&quot;&gt;
     &lt;td style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 43%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt; &lt;p id=&quot;PARA1917&quot; style=&quot;TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;Silver bullion&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.12.lead.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.12.symb.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.12.amt.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;329,564.2&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.12.trail.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.12.lead.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.12.symb.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;$&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.12.amt.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;6,386,750&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.12.trail.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.12.lead.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.12.symb.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;$&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.12.amt.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;5,263,140&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.12.trail.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
    &lt;/tr&gt;
    &lt;tr id=&quot;TBL1932S1.finRow.13&quot; style=&quot;BACKGROUND-COLOR: #ffffff&quot;&gt;
     &lt;td style=&quot;WIDTH: 43%; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.13.lead.B2&quot; style=&quot;WIDTH: 1%; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.13.symb.B2&quot; style=&quot;WIDTH: 1%; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.13.amt.B2&quot; style=&quot;WIDTH: 16%; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.13.trail.B2&quot; style=&quot;WIDTH: 1%; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.13.lead.B3&quot; style=&quot;WIDTH: 1%; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.13.symb.B3&quot; style=&quot;WIDTH: 1%; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.13.amt.B3&quot; style=&quot;WIDTH: 16%; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.13.trail.B3&quot; style=&quot;WIDTH: 1%; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.13.lead.B4&quot; style=&quot;WIDTH: 1%; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.13.symb.B4&quot; style=&quot;WIDTH: 1%; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.13.amt.B4&quot; style=&quot;WIDTH: 16%; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.13.trail.B4&quot; style=&quot;WIDTH: 1%; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
    &lt;/tr&gt;
    &lt;tr id=&quot;TBL1932S1.finRow.14&quot; style=&quot;BACKGROUND-COLOR: #cceeff&quot;&gt;
     &lt;td style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 43%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt; &lt;p id=&quot;PARA1924&quot; style=&quot;TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;Total Investment &amp;#x2013; 100.04%&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.14.lead.B2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.14.symb.B2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.14.amt.B2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.14.trail.B2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.14.lead.B3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.14.symb.B3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.14.amt.B3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.14.trail.B3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.14.lead.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.14.symb.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.14.amt.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;5,263,140&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.14.trail.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
    &lt;/tr&gt;
    &lt;tr id=&quot;TBL1932S1.finRow.15&quot; style=&quot;BACKGROUND-COLOR: #ffffff&quot;&gt;
     &lt;td style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 43%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot;&gt; &lt;p id=&quot;PARA1926&quot; style=&quot;TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;Less Liabilities &amp;#x2013; (0.04)%&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.15.lead.B2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.15.symb.B2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.15.amt.B2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.15.trail.B2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.15.lead.B3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.15.symb.B3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.15.amt.B3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.15.trail.B3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.15.lead.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.15.symb.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.15.amt.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot;&gt;(2,338&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.15.trail.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot; nowrap=&quot;nowrap&quot;&gt;)&lt;/td&gt;
    &lt;/tr&gt;
    &lt;tr id=&quot;TBL1932S1.finRow.16&quot; style=&quot;BACKGROUND-COLOR: #cceeff&quot;&gt;
     &lt;td style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 43%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt; &lt;p id=&quot;PARA1928&quot; style=&quot;TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;Net Assets &amp;#x2013; 100.00%&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.16.lead.B2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.16.symb.B2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.16.amt.B2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.16.trail.B2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0px; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.16.lead.B3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.16.symb.B3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.16.amt.B3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.16.trail.B3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0px; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.16.lead.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.16.symb.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;$&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.16.amt.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;5,260,802&lt;/td&gt;
     &lt;td id=&quot;TBL1932S1.finRow.16.trail.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
    &lt;/tr&gt;

  &lt;/table&gt;</invest:InvestmentTableTextBlock>
  <slv:SilverBullionBalance unitRef="oz" contextRef="c0_AsOf31Dec2015" decimals="-2">317934900</slv:SilverBullionBalance>
  <us-gaap:InvestmentOwnedAtFairValue unitRef="usd" contextRef="c0_AsOf31Dec2015" decimals="-3">4393861000</us-gaap:InvestmentOwnedAtFairValue>
  <us-gaap:FairValueNetAssetLiability unitRef="usd" contextRef="c0_AsOf31Dec2015" decimals="-3">4391944000</us-gaap:FairValueNetAssetLiability>
  <slv:SilverBullionBalance unitRef="oz" contextRef="c1_AsOf31Dec2014" decimals="-2">329564200</slv:SilverBullionBalance>
  <us-gaap:InvestmentOwnedAtFairValue unitRef="usd" contextRef="c1_AsOf31Dec2014" decimals="-3">5263140000</us-gaap:InvestmentOwnedAtFairValue>
  <us-gaap:FairValueNetAssetLiability unitRef="usd" contextRef="c1_AsOf31Dec2014" decimals="-3">5260802000</us-gaap:FairValueNetAssetLiability>
  <us-gaap:InvestmentOwnedPercentOfNetAssets unitRef="pure" contextRef="c0_AsOf31Dec2015" decimals="4">1.0004</us-gaap:InvestmentOwnedPercentOfNetAssets>
  <us-gaap:NonInvestmentAssetsLessNonInvestmentLiabilitiesPercentOfNetAssets unitRef="pure" contextRef="c0_AsOf31Dec2015" decimals="4">0.0004</us-gaap:NonInvestmentAssetsLessNonInvestmentLiabilitiesPercentOfNetAssets>
  <slv:NetAssetsPercentageOfNetAssets unitRef="pure" contextRef="c0_AsOf31Dec2015" decimals="4">1.0000</slv:NetAssetsPercentageOfNetAssets>
  <us-gaap:InvestmentOwnedPercentOfNetAssets unitRef="pure" contextRef="c1_AsOf31Dec2014" decimals="4">1.0004</us-gaap:InvestmentOwnedPercentOfNetAssets>
  <us-gaap:NonInvestmentAssetsLessNonInvestmentLiabilitiesPercentOfNetAssets unitRef="pure" contextRef="c1_AsOf31Dec2014" decimals="4">0.0004</us-gaap:NonInvestmentAssetsLessNonInvestmentLiabilitiesPercentOfNetAssets>
  <slv:NetAssetsPercentageOfNetAssets unitRef="pure" contextRef="c1_AsOf31Dec2014" decimals="4">1.0000</slv:NetAssetsPercentageOfNetAssets>
  <us-gaap:BusinessDescriptionAndBasisOfPresentationTextBlock contextRef="c3_From1Jan2015To31Dec2015">&lt;p id=&quot;PARA1935&quot; style=&quot;TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;&lt;b&gt;1 &lt;/b&gt;&lt;b&gt;- Organization&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&lt;br/&gt;&lt;p id=&quot;PARA1937&quot; style=&quot;TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;The iShares Silver Trust (the &amp;#x201c;Trust&amp;#x201d;) was organized on April 21, 2006 as a New York trust. The trustee is The Bank of New York Mellon (the &amp;#x201c;Trustee&amp;#x201d;), which is responsible for the day-to-day administration of the Trust. The Trust&amp;#x2019;s sponsor is iShares Delaware Trust Sponsor LLC, a Delaware limited liability company (the &amp;#x201c;Sponsor&amp;#x201d;). The Trust is governed by the First Amended and Restated Depositary Trust Agreement (the &amp;#x201c;Trust Agreement&amp;#x201d;) executed by the Trustee and the Sponsor as of February 28, 2013. The Trust issues units of beneficial interest (or &amp;#x201c;Shares&amp;#x201d;) representing fractional undivided beneficial interests in its net assets.&lt;/font&gt;&lt;/p&gt;&lt;br/&gt;&lt;p id=&quot;PARA1939&quot; style=&quot;TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;The Trust seeks to reflect generally the performance of the price of silver. The Trust seeks to reflect such performance before payment of the Trust&amp;#x2019;s expenses and liabilities. The Trust is designed to provide a vehicle for investors to own interests in silver bullion.&lt;/font&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;&lt;br/&gt;&lt;p id=&quot;PARA608-0&quot; style=&quot;TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;Effective January 1, 2014, the Trust qualified as an investment company solely&amp;nbsp;for accounting purposes and not for any other purpose&amp;nbsp;and follows the accounting and reporting guidance under the Financial Accounting Standards Board (&amp;#x201c;FASB&amp;#x201d;) Accounting Standards Codification Topic 946, &lt;/font&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;&lt;i&gt;Financial Services &amp;#x2013; Investment Companies &lt;/i&gt;&lt;/font&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;(&amp;#x201c;Topic 946&amp;#x201d;), but is not registered, and is not required to be registered, as an investment company&amp;nbsp;under the Investment Company Act of 1940, as amended (the &amp;#x201c;Investment Company Act&amp;#x201d;). Please refer to Note 2B Investment Company Status.&lt;/font&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;&lt;/font&gt;&lt;/p&gt;&lt;br/&gt;</us-gaap:BusinessDescriptionAndBasisOfPresentationTextBlock>
  <us-gaap:SignificantAccountingPoliciesTextBlock contextRef="c3_From1Jan2015To31Dec2015">&lt;p id=&quot;PARA1943&quot; style=&quot;TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;&lt;b&gt;2 - Significant Accounting Policies&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&lt;br/&gt;&lt;table id=&quot;MTAB1946&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 100%; TEXT-INDENT: 0px&quot; cellspacing=&quot;0&quot; cellpadding=&quot;0&quot; border=&quot;0&quot;&gt;

    &lt;tr&gt;
     &lt;td style=&quot;WIDTH: 3%; VERTICAL-ALIGN: top&quot;&gt; &lt;p id=&quot;PARA1947&quot; style=&quot;MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;&lt;i&gt;A.&lt;/i&gt;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td style=&quot;WIDTH: 97%; VERTICAL-ALIGN: top&quot;&gt; &lt;p id=&quot;PARA1948&quot; style=&quot;MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;&lt;i&gt;Basis of Accounting&lt;/i&gt;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
    &lt;/tr&gt;

  &lt;/table&gt;&lt;br/&gt;&lt;p id=&quot;PARA1950&quot; style=&quot;TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;The following significant accounting policies are consistently followed by the Trust in the preparation of its financial statements in conformity with accounting principles generally accepted in the United States of America (&amp;#x201c;U.S. GAAP&amp;#x201d;). 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.&lt;/font&gt;&lt;/p&gt;&lt;br/&gt;&lt;table style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 100%; TEXT-INDENT: 0px&quot; cellspacing=&quot;0&quot; cellpadding=&quot;0&quot;&gt;

    &lt;tr&gt;
     &lt;td style=&quot;MARGIN-BOTTOM: 0px; WIDTH: 3%; MARGIN-TOP: 0px&quot;&gt; &lt;p id=&quot;PARA650&quot; style=&quot;MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px&quot;&gt;&lt;i&gt;B.&lt;/i&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td style=&quot;MARGIN-BOTTOM: 0px; WIDTH: 97%; MARGIN-TOP: 0px&quot;&gt; &lt;p id=&quot;PARA651&quot; style=&quot;MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px&quot;&gt;&lt;i&gt;Investment Company Status&lt;/i&gt;&lt;/p&gt;&lt;/td&gt;
    &lt;/tr&gt;

  &lt;/table&gt;&lt;br/&gt;&lt;p id=&quot;PARA614-0&quot; style=&quot;TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;In June 2013, the FASB issued Accounting Standards Update 2013-08, &lt;/font&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;&lt;i&gt;Investment Companies &amp;#x2013; Amendments to the Scope, Measurement, and Disclosure Requirements &lt;/i&gt;&lt;/font&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;(&amp;#x201c;ASU 2013-08&amp;#x201d;). ASU 2013-08 is an update to Topic 946 that provides guidance to assess whether an entity is an investment company, and gives additional measurement and disclosure requirements for an investment company. ASU 2013-08 is effective for interim and annual periods beginning after December 15, 2013 and is required to be applied prospectively. Assessment of the Trust&amp;#x2019;s status as an investment company under ASU 2013-08 determined that the Trust meets all of the fundamental characteristics of an investment company solely&amp;nbsp;for accounting purposes and not for any other purpose. As a result, effective January 1, 2014, the Trust qualified as an investment company solely for accounting purposes pursuant to the accounting and reporting guidance under Topic 946, but is not registered, and is not required to be registered, as an investment company under the Investment Company Act.&lt;/font&gt;&lt;/p&gt;&lt;br/&gt;&lt;p id=&quot;PARA616-0&quot; style=&quot;TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;As a result of the prospective application at ASU 2013-08, certain disclosures required by Topic 946 are only presented for periods beginning January&amp;nbsp;1,&amp;nbsp;2014. Financial statements and disclosures for periods prior to January 1, 2014 will continue to be presented in their previously reported form, however certain captions have been changed. The Trust will solely utilize investment company financial statement presentations and captions in conjunction with the December 31, 2016 10-K filing since the Trust will have been applying investment company accounting for all relevant periods presented.&amp;nbsp;The primary changes to the financial statements resulting from the adoption of ASU 2013-08 and application of Topic 946 include:&lt;/font&gt;&lt;/p&gt;&lt;br/&gt;&lt;table id=&quot;MTAB619&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 100%; TEXT-INDENT: 0px&quot; cellspacing=&quot;0&quot; cellpadding=&quot;0&quot; border=&quot;0&quot;&gt;

    &lt;tr&gt;
     &lt;td style=&quot;MARGIN-BOTTOM: 0px; WIDTH: 2%; VERTICAL-ALIGN: top; MARGIN-TOP: 0px&quot;&gt; &lt;p id=&quot;PARA620-0&quot; style=&quot;MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;&amp;#x25cf;&lt;/font&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td style=&quot;WIDTH: 98%; VERTICAL-ALIGN: top&quot;&gt; &lt;p id=&quot;PARA621&quot; style=&quot;MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;&lt;/font&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;reporting of silver bullion at fair value on the Balance Sheet, which was previously reported at the lower of cost or market&amp;#x37e; &lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
    &lt;/tr&gt;

  &lt;/table&gt;&lt;br/&gt;&lt;table id=&quot;MTAB623&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 100%; TEXT-INDENT: 0px&quot; cellspacing=&quot;0&quot; cellpadding=&quot;0&quot; border=&quot;0&quot;&gt;

    &lt;tr&gt;
     &lt;td style=&quot;MARGIN-BOTTOM: 0px; WIDTH: 2%; VERTICAL-ALIGN: top; MARGIN-TOP: 0px&quot;&gt; &lt;p id=&quot;PARA624-0&quot; style=&quot;MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;&amp;#x25cf;&lt;/font&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td style=&quot;WIDTH: 98%; VERTICAL-ALIGN: top&quot;&gt; &lt;p id=&quot;PARA625&quot; style=&quot;MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;&lt;/font&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;recognition of the change in unrealized appreciation or depreciation on investment in silver bullion is reported on the Income Statement, which was previously reported as an &amp;#x201c;Adjustment of redeemable capital Shares to redemption value&amp;#x201d; on the Statement of Changes in Shareholders&amp;#x2019; Equity (Deficit)&amp;#x37e; &lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
    &lt;/tr&gt;

  &lt;/table&gt;&lt;br/&gt;&lt;table id=&quot;MTAB627&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 100%; TEXT-INDENT: 0px&quot; cellspacing=&quot;0&quot; cellpadding=&quot;0&quot; border=&quot;0&quot;&gt;

    &lt;tr&gt;
     &lt;td style=&quot;MARGIN-BOTTOM: 0px; WIDTH: 2%; VERTICAL-ALIGN: top; MARGIN-TOP: 0px&quot;&gt; &lt;p id=&quot;PARA628&quot; style=&quot;MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;&amp;#x25cf;&lt;/font&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td style=&quot;WIDTH: 98%; VERTICAL-ALIGN: top&quot;&gt; &lt;p id=&quot;PARA629&quot; style=&quot;MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;&lt;/font&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;Shares of the Trust are classified as &amp;#x201c;Shareholders&amp;#x2019; equity,&amp;#x201d; representing the net asset value on the Balance Sheet, which was previously classified as &amp;#x201c;Redeemable capital Shares.&amp;#x201d; An adjustment was recorded at January 1, 2014 to reclassify the balance of redeemable capital Shares at December&amp;nbsp;31,&amp;nbsp;2013 into shareholders&amp;#x2019; equity as follows (all balances in 000&amp;#x2019;s):&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
    &lt;/tr&gt;

  &lt;/table&gt;&lt;br/&gt;&lt;table id=&quot;TBL641&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 95%; MARGIN-LEFT: 2.5%; MARGIN-RIGHT: 2.5%; TEXT-INDENT: 0px&quot; cellspacing=&quot;0&quot; cellpadding=&quot;0&quot; border=&quot;0&quot;&gt;

    &lt;tr id=&quot;TBL641.finRow.1&quot;&gt;
     &lt;td style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 43%; VERTICAL-ALIGN: bottom&quot;&gt;&lt;b&gt;&amp;nbsp;&lt;/b&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL641.finRow.1.lead.D2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom&quot;&gt;&lt;b&gt;&amp;nbsp;&lt;/b&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL641.finRow.1.amt.D2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt&quot; colspan=&quot;2&quot;&gt; &lt;p id=&quot;PARA630&quot; style=&quot;TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;&lt;b&gt;Balance at&lt;br /&gt;December 31, 2013&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL641.finRow.1.trail.D2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px&quot;&gt;&lt;b&gt;&amp;nbsp;&lt;/b&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL641.finRow.1.lead.D3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom&quot;&gt;&lt;b&gt;&amp;nbsp;&lt;/b&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL641.finRow.1.amt.D3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt&quot; colspan=&quot;2&quot;&gt; &lt;p id=&quot;PARA631&quot; style=&quot;TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;&lt;b&gt;ASU 2013-08&lt;/b&gt;&lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;strong&gt;Transition Adjustment&lt;/strong&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL641.finRow.1.trail.D3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px&quot;&gt;&lt;b&gt;&amp;nbsp;&lt;/b&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL641.finRow.1.lead.D4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom&quot;&gt;&lt;b&gt;&amp;nbsp;&lt;/b&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL641.finRow.1.amt.D4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt&quot; colspan=&quot;2&quot;&gt; &lt;p id=&quot;PARA632&quot; style=&quot;TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;&lt;b&gt;Balance at&lt;br /&gt;January 1, 2014&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL641.finRow.1.trail.D4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px&quot;&gt;&lt;b&gt;&amp;nbsp;&lt;/b&gt;&lt;/td&gt;
    &lt;/tr&gt;
    &lt;tr id=&quot;TBL641.finRow.2&quot; style=&quot;BACKGROUND-COLOR: #cceeff&quot;&gt;
     &lt;td style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 43%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt; &lt;p id=&quot;PARA633&quot; style=&quot;TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;Redeemable capital Shares&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL641.finRow.2.lead.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL641.finRow.2.symb.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;$&lt;/td&gt;
     &lt;td id=&quot;TBL641.finRow.2.amt.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;6,240,747&lt;/td&gt;
     &lt;td id=&quot;TBL641.finRow.2.trail.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL641.finRow.2.lead.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL641.finRow.2.symb.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;$&lt;/td&gt;
     &lt;td id=&quot;TBL641.finRow.2.amt.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;(6,240,747&lt;/td&gt;
     &lt;td id=&quot;TBL641.finRow.2.trail.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot; nowrap=&quot;nowrap&quot;&gt;)&lt;/td&gt;
     &lt;td id=&quot;TBL641.finRow.2.lead.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL641.finRow.2.symb.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;$&lt;/td&gt;
     &lt;td id=&quot;TBL641.finRow.2.amt.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;#x2014;&lt;/td&gt;
     &lt;td id=&quot;TBL641.finRow.2.trail.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
    &lt;/tr&gt;
    &lt;tr id=&quot;TBL641.finRow.3&quot; style=&quot;BACKGROUND-COLOR: #ffffff&quot;&gt;
     &lt;td style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 43%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot;&gt; &lt;p id=&quot;PARA637&quot; style=&quot;TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;Shareholders&amp;#x2019; equity&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL641.finRow.3.lead.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL641.finRow.3.symb.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot;&gt;$&lt;/td&gt;
     &lt;td id=&quot;TBL641.finRow.3.amt.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;#x2014;&lt;/td&gt;
     &lt;td id=&quot;TBL641.finRow.3.trail.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL641.finRow.3.lead.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL641.finRow.3.symb.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot;&gt;$&lt;/td&gt;
     &lt;td id=&quot;TBL641.finRow.3.amt.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot;&gt;6,240,747&lt;/td&gt;
     &lt;td id=&quot;TBL641.finRow.3.trail.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL641.finRow.3.lead.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL641.finRow.3.symb.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot;&gt;$&lt;/td&gt;
     &lt;td id=&quot;TBL641.finRow.3.amt.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot;&gt;6,240,747&lt;/td&gt;
     &lt;td id=&quot;TBL641.finRow.3.trail.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
    &lt;/tr&gt;

  &lt;/table&gt;&lt;br/&gt;&lt;table id=&quot;MTAB645&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 100%; TEXT-INDENT: 0px&quot; cellspacing=&quot;0&quot; cellpadding=&quot;0&quot; border=&quot;0&quot;&gt;

    &lt;tr&gt;
     &lt;td style=&quot;WIDTH: 2%; VERTICAL-ALIGN: top&quot;&gt; &lt;p id=&quot;PARA646&quot; style=&quot;MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;&amp;#x25cf;&lt;/font&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td style=&quot;WIDTH: 98%; VERTICAL-ALIGN: top&quot;&gt; &lt;p id=&quot;PARA647&quot; style=&quot;MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;&lt;/font&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;the addition of a Schedule of Investments and a Financial Highlights note to the financial statements.&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
    &lt;/tr&gt;

  &lt;/table&gt;&lt;br/&gt;&lt;p id=&quot;PARA649&quot; style=&quot;TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;ASU 2013-08 prescribes that an entity that qualifies as an investment company as a result of an assessment of its status shall account for the effect of the change in status prospectively from the date of the change in status and shall recognize any impact as a cumulative effect adjustment to the net asset value at the beginning of the period. No cumulative effect adjustment to net asset value was required to be recorded as a result of adopting ASU 2013-08 because the fair value of silver bullion held by the Trust equaled the cost of silver bullion held by the Trust at December 31, 2013 and therefore there was no accumulated shareholders&amp;#x2019; equity (deficit).&lt;/font&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;&lt;/font&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;&lt;/font&gt;&lt;/p&gt;&lt;br/&gt;&lt;table id=&quot;MTAB1955&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 100%; TEXT-INDENT: 0px&quot; cellspacing=&quot;0&quot; cellpadding=&quot;0&quot; border=&quot;0&quot;&gt;

    &lt;tr&gt;
     &lt;td style=&quot;WIDTH: 3%; VERTICAL-ALIGN: top&quot;&gt; &lt;p id=&quot;PARA1956&quot; style=&quot;MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;&lt;i&gt;C.&lt;/i&gt;&lt;i&gt;&lt;/i&gt;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td style=&quot;WIDTH: 97%; VERTICAL-ALIGN: top&quot;&gt; &lt;p id=&quot;PARA1957&quot; style=&quot;MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;&lt;i&gt;&lt;/i&gt;&lt;i&gt;Silver Bullion&lt;/i&gt;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
    &lt;/tr&gt;

  &lt;/table&gt;&lt;br/&gt;&lt;p id=&quot;PARA1959&quot; style=&quot;TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;JPMorgan Chase Bank N.A., London branch (the &amp;#x201c;Custodian&amp;#x201d;), is responsible for the safekeeping of silver bullion owned by the Trust.&lt;/font&gt;&lt;/p&gt;&lt;br/&gt;&lt;p id=&quot;PARA694&quot; style=&quot;TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;Beginning January 1, 2014, the silver bullion held by the Trust is valued at fair value. Prior to January 1, 2014, the silver bullion held by the Trust was valued at the lower of cost or market, using the average cost method. In applying the lower of cost or market valuation, if the fair value of the silver bullion held was lower than its average cost during the interim periods, an adjustment (&amp;#x201c;market value reserve&amp;#x201d;) to cost was recorded by the Trust to reflect fair value. If the fair value of the silver bullion held increased subsequent to the market value reserve being recorded, a &amp;#x201c;market value recovery&amp;#x201d; was recorded during an interim period in the same fiscal year that the market value reserve had been recorded by the Trust. The market value recovery recorded at an interim period could not exceed the previously recognized market value reserve. At the end of the Trust&amp;#x2019;s fiscal year, management made a determination as to whether the reserve was recovered or whether the cost basis of silver bullion was written down. The market value reserve, market value recovery and inventory write down each were reported as a component of &amp;#x201c;Adjustment to silver bullion inventory.&amp;#x201d;&lt;/font&gt;&lt;/p&gt;&lt;br/&gt;&lt;p id=&quot;PARA1961&quot; style=&quot;TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;Fair value of the silver bullion is based on the price per ounce of silver determined by the CME Group at approximately 12:00 p.m. (London time) and announced by Thomson Reuters shortly thereafter on each day that the London silver market is open for business (&amp;#x201c;LBMA Silver Price&amp;#x201d;). Prior to August&amp;nbsp;15,&amp;nbsp;2014, fair value of the silver bullion was based on the price for an ounce of silver set each working day by three market making members of the London Bullion Market Association (&amp;#x201c;London Fix&amp;#x201d;). &lt;/font&gt;&lt;/p&gt;&lt;br/&gt;&lt;p id=&quot;PARA1963&quot; style=&quot;TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;Gain or loss on sales of silver bullion is calculated on a trade date basis using the average cost method.&lt;/font&gt;&lt;/p&gt;&lt;br/&gt;&lt;p id=&quot;PARA1965&quot; style=&quot;TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;The following table summarizes activity in silver bullion for the years ended December&amp;nbsp;31,&amp;nbsp;2015, 2014 and 2013 (all balances in 000&amp;#x2019;s):&lt;/font&gt;&lt;/p&gt;&lt;br/&gt;&lt;table id=&quot;TBL2049&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 100%; text-indent: 0px;&quot; border=&quot;0&quot; cellspacing=&quot;0&quot; cellpadding=&quot;0&quot;&gt;

    &lt;tr id=&quot;TBL2049.finRow.1&quot;&gt;
     &lt;td style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 52%; vertical-align: bottom; text-align: left; margin-left: 0pt;&quot;&gt;&lt;p id=&quot;PARA1967&quot; style=&quot;text-align: left; margin: 0pt; line-height: 1.25;&quot;&gt;&lt;font style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif;&quot;&gt;&lt;strong&gt;December&amp;nbsp;31,&amp;nbsp;2015 &lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.1.lead.D2&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; vertical-align: bottom;&quot;&gt;&lt;strong&gt;&amp;nbsp;&lt;/strong&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.1.amt.D2&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; vertical-align: bottom; border-bottom: #000000 1px solid; text-align: center; margin-left: 0pt;&quot; colspan=&quot;2&quot;&gt;&lt;p id=&quot;PARA1968&quot; style=&quot;text-align: center; margin: 0pt; line-height: 1.25;&quot;&gt;&lt;font style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif;&quot;&gt;&lt;strong&gt;Ounces&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.1.trail.D2&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; vertical-align: bottom; border-bottom: medium none; padding-bottom: 1px;&quot;&gt;&lt;strong&gt;&amp;nbsp;&lt;/strong&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.1.lead.D3&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; vertical-align: bottom;&quot;&gt;&lt;strong&gt;&amp;nbsp;&lt;/strong&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.1.amt.D3&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; vertical-align: bottom; border-bottom: #000000 1px solid; text-align: center; margin-left: 0pt;&quot; colspan=&quot;2&quot;&gt;&lt;p id=&quot;PARA1969&quot; style=&quot;text-align: center; margin: 0pt; line-height: 1.25;&quot;&gt;&lt;font style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif;&quot;&gt;&lt;strong&gt;Average&lt;br /&gt;Cost&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.1.trail.D3&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; vertical-align: bottom; border-bottom: medium none; padding-bottom: 1px;&quot;&gt;&lt;strong&gt;&amp;nbsp;&lt;/strong&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.1.lead.D4&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; vertical-align: bottom;&quot;&gt;&lt;strong&gt;&amp;nbsp;&lt;/strong&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.1.amt.D4&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; vertical-align: bottom; border-bottom: #000000 1px solid; text-align: center; margin-left: 0pt;&quot; colspan=&quot;2&quot;&gt;&lt;p id=&quot;PARA1970&quot; style=&quot;text-align: center; margin: 0pt; line-height: 1.25;&quot;&gt;&lt;font style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif;&quot;&gt;&lt;strong&gt;Fair&lt;br /&gt;Value&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.1.trail.D4&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; vertical-align: bottom; border-bottom: medium none; padding-bottom: 1px;&quot;&gt;&lt;strong&gt;&amp;nbsp;&lt;/strong&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.1.lead.D5&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; vertical-align: bottom;&quot;&gt;&lt;strong&gt;&amp;nbsp;&lt;/strong&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.1.amt.D5&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; vertical-align: bottom; border-bottom: #000000 1px solid; text-align: center; margin-left: 0pt;&quot; colspan=&quot;2&quot;&gt;&lt;p id=&quot;PARA1971&quot; style=&quot;text-align: center; margin: 0pt; line-height: 1.25;&quot;&gt;&lt;font style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif;&quot;&gt;&lt;strong&gt;Realized&lt;br /&gt;Gain (Loss)&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.1.trail.D5&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; vertical-align: bottom; border-bottom: medium none; padding-bottom: 1px;&quot;&gt;&lt;strong&gt;&amp;nbsp;&lt;/strong&gt;&lt;/td&gt;
    &lt;/tr&gt;
    &lt;tr id=&quot;TBL2049.finRow.2&quot; style=&quot;background-color: #cceeff;&quot;&gt;
     &lt;td style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; vertical-align: bottom; text-align: left; margin-left: 0pt; background-color: #cceeff;&quot;&gt;&lt;p id=&quot;PARA1972&quot; style=&quot;text-align: left; margin: 0pt; line-height: 1.25;&quot;&gt;&lt;font style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif;&quot;&gt;Beginning balance&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.2.lead.2&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #cceeff;&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.2.symb.2&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #cceeff;&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.2.amt.2&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 9%; vertical-align: bottom; text-align: right; margin-left: 0pt; background-color: #cceeff;&quot;&gt;329,564.2&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.2.trail.2&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; margin-left: 0pt; background-color: #cceeff;&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.2.lead.3&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #cceeff;&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.2.symb.3&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; margin-left: 0pt; background-color: #cceeff;&quot;&gt;$&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.2.amt.3&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 9%; vertical-align: bottom; text-align: right; margin-left: 0pt; background-color: #cceeff;&quot;&gt;6,386,750&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.2.trail.3&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; margin-left: 0pt; background-color: #cceeff;&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.2.lead.4&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #cceeff;&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.2.symb.4&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; margin-left: 0pt; background-color: #cceeff;&quot;&gt;$&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.2.amt.4&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 9%; vertical-align: bottom; text-align: right; margin-left: 0pt; background-color: #cceeff;&quot;&gt;5,263,140&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.2.trail.4&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; margin-left: 0pt; background-color: #cceeff;&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.2.lead.5&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #cceeff;&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.2.symb.5&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; margin-left: 0pt; background-color: #cceeff;&quot;&gt;$&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.2.amt.5&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 9%; vertical-align: bottom; text-align: right; margin-left: 0pt; background-color: #cceeff;&quot;&gt;&amp;#x2014;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.2.trail.5&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; margin-left: 0pt; background-color: #cceeff;&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
    &lt;/tr&gt;
    &lt;tr id=&quot;TBL2049.finRow.3&quot; style=&quot;background-color: #ffffff;&quot;&gt;
     &lt;td style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; vertical-align: bottom; text-align: left; margin-left: 0pt; background-color: #ffffff;&quot;&gt;&lt;p id=&quot;PARA1983&quot; style=&quot;text-align: left; margin: 0pt; line-height: 1.25;&quot;&gt;&lt;font style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif;&quot;&gt;Silver bullion contributed&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.3.lead.2&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #ffffff;&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.3.symb.2&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #ffffff;&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.3.amt.2&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 9%; vertical-align: bottom; text-align: right; margin-left: 0pt; background-color: #ffffff;&quot;&gt;54,595.7&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.3.trail.2&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; margin-left: 0pt; background-color: #ffffff;&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.3.lead.3&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #ffffff;&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.3.symb.3&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #ffffff;&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.3.amt.3&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 9%; vertical-align: bottom; text-align: right; margin-left: 0pt; background-color: #ffffff;&quot;&gt;859,468&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.3.trail.3&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; margin-left: 0pt; background-color: #ffffff;&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.3.lead.4&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #ffffff;&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.3.symb.4&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #ffffff;&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.3.amt.4&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 9%; vertical-align: bottom; text-align: right; margin-left: 0pt; background-color: #ffffff;&quot;&gt;859,468&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.3.trail.4&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; margin-left: 0pt; background-color: #ffffff;&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.3.lead.5&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #ffffff;&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.3.symb.5&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #ffffff;&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.3.amt.5&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 9%; vertical-align: bottom; text-align: right; margin-left: 0pt; background-color: #ffffff;&quot;&gt;&amp;#x2014;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.3.trail.5&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; margin-left: 0pt; background-color: #ffffff;&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
    &lt;/tr&gt;
    &lt;tr id=&quot;TBL2049.finRow.4&quot; style=&quot;background-color: #cceeff;&quot;&gt;
     &lt;td style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; vertical-align: bottom; text-align: left; margin-left: 0pt; background-color: #cceeff;&quot;&gt;&lt;p id=&quot;PARA1994&quot; style=&quot;text-align: left; margin: 0pt; line-height: 1.25;&quot;&gt;&lt;font style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif;&quot;&gt;Silver bullion distributed&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.4.lead.2&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #cceeff;&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.4.symb.2&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #cceeff;&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.4.amt.2&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 9%; vertical-align: bottom; text-align: right; margin-left: 0pt; background-color: #cceeff;&quot;&gt;(64,583.5&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.4.trail.2&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; margin-left: 0pt; background-color: #cceeff;&quot; nowrap=&quot;nowrap&quot;&gt;)&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.4.lead.3&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #cceeff;&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.4.symb.3&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #cceeff;&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.4.amt.3&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 9%; vertical-align: bottom; text-align: right; margin-left: 0pt; background-color: #cceeff;&quot;&gt;(1,235,547&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.4.trail.3&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; margin-left: 0pt; background-color: #cceeff;&quot; nowrap=&quot;nowrap&quot;&gt;)&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.4.lead.4&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #cceeff;&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.4.symb.4&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #cceeff;&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.4.amt.4&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 9%; vertical-align: bottom; text-align: right; margin-left: 0pt; background-color: #cceeff;&quot;&gt;(1,029,094&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.4.trail.4&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; margin-left: 0pt; background-color: #cceeff;&quot; nowrap=&quot;nowrap&quot;&gt;)&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.4.lead.5&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #cceeff;&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.4.symb.5&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #cceeff;&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.4.amt.5&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 9%; vertical-align: bottom; text-align: right; margin-left: 0pt; background-color: #cceeff;&quot;&gt;(206,453&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.4.trail.5&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; margin-left: 0pt; background-color: #cceeff;&quot; nowrap=&quot;nowrap&quot;&gt;)&lt;/td&gt;
    &lt;/tr&gt;
    &lt;tr id=&quot;TBL2049.finRow.5&quot; style=&quot;background-color: #ffffff;&quot;&gt;
     &lt;td style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; vertical-align: bottom; text-align: left; margin-left: 0pt; background-color: #ffffff;&quot;&gt;&lt;p id=&quot;PARA2005&quot; style=&quot;text-align: left; margin: 0pt; line-height: 1.25;&quot;&gt;&lt;font style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif;&quot;&gt;Silver bullion sold to pay expenses&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.5.lead.2&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #ffffff;&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.5.symb.2&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #ffffff;&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.5.amt.2&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 9%; vertical-align: bottom; text-align: right; margin-left: 0pt; background-color: #ffffff;&quot;&gt;(1,641.5&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.5.trail.2&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; margin-left: 0pt; background-color: #ffffff;&quot; nowrap=&quot;nowrap&quot;&gt;)&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.5.lead.3&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #ffffff;&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.5.symb.3&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #ffffff;&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.5.amt.3&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 9%; vertical-align: bottom; text-align: right; margin-left: 0pt; background-color: #ffffff;&quot;&gt;(31,419&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.5.trail.3&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; margin-left: 0pt; background-color: #ffffff;&quot; nowrap=&quot;nowrap&quot;&gt;)&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.5.lead.4&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #ffffff;&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.5.symb.4&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #ffffff;&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.5.amt.4&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 9%; vertical-align: bottom; text-align: right; margin-left: 0pt; background-color: #ffffff;&quot;&gt;(25,716&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.5.trail.4&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; margin-left: 0pt; background-color: #ffffff;&quot; nowrap=&quot;nowrap&quot;&gt;)&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.5.lead.5&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #ffffff;&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.5.symb.5&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #ffffff;&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.5.amt.5&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 9%; vertical-align: bottom; text-align: right; margin-left: 0pt; background-color: #ffffff;&quot;&gt;(5,703&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.5.trail.5&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; margin-left: 0pt; background-color: #ffffff;&quot; nowrap=&quot;nowrap&quot;&gt;)&lt;/td&gt;
    &lt;/tr&gt;
    &lt;tr id=&quot;TBL2049.finRow.6&quot; style=&quot;background-color: #cceeff;&quot;&gt;
     &lt;td style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; vertical-align: bottom; text-align: left; margin-left: 0pt; background-color: #cceeff;&quot;&gt;&lt;p id=&quot;PARA2016&quot; style=&quot;text-align: left; margin: 0pt; line-height: 1.25;&quot;&gt;&lt;font style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif;&quot;&gt;Net realized loss on silver bullion&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.6.lead.2&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #cceeff;&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.6.symb.2&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #cceeff;&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.6.amt.2&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 9%; vertical-align: bottom; text-align: right; margin-left: 0pt; background-color: #cceeff;&quot;&gt;&amp;#x2014;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.6.trail.2&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; margin-left: 0pt; background-color: #cceeff;&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.6.lead.3&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #cceeff;&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.6.symb.3&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #cceeff;&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.6.amt.3&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 9%; vertical-align: bottom; text-align: right; margin-left: 0pt; background-color: #cceeff;&quot;&gt;&amp;#x2014;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.6.trail.3&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; margin-left: 0pt; background-color: #cceeff;&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.6.lead.4&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #cceeff;&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.6.symb.4&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #cceeff;&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.6.amt.4&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 9%; vertical-align: bottom; text-align: right; margin-left: 0pt; background-color: #cceeff;&quot;&gt;(212,156&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.6.trail.4&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; margin-left: 0pt; background-color: #cceeff;&quot; nowrap=&quot;nowrap&quot;&gt;)&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.6.lead.5&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #cceeff;&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.6.symb.5&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #cceeff;&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.6.amt.5&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 9%; vertical-align: bottom; text-align: right; margin-left: 0pt; background-color: #cceeff;&quot;&gt;&amp;#x2014;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.6.trail.5&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; margin-left: 0pt; background-color: #cceeff;&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
    &lt;/tr&gt;
    &lt;tr id=&quot;TBL2049.finRow.7&quot; style=&quot;background-color: #ffffff;&quot;&gt;
     &lt;td style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; vertical-align: bottom; text-align: left; margin-left: 0pt; background-color: #ffffff;&quot;&gt;&lt;p id=&quot;PARA2027&quot; style=&quot;text-align: left; margin: 0pt; line-height: 1.25;&quot;&gt;&lt;font style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif;&quot;&gt;Net change in unrealized appreciation/depreciation on investment in silver bullion&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.7.lead.2&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #ffffff;&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.7.symb.2&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; border-bottom: #000000 1px solid; background-color: #ffffff;&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.7.amt.2&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 9%; vertical-align: bottom; border-bottom: #000000 1px solid; text-align: right; margin-left: 0pt; background-color: #ffffff;&quot;&gt;&amp;#x2014;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.7.trail.2&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; border-bottom: medium none; padding-bottom: 1px; margin-left: 0pt; background-color: #ffffff;&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.7.lead.3&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #ffffff;&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.7.symb.3&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; border-bottom: #000000 1px solid; background-color: #ffffff;&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.7.amt.3&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 9%; vertical-align: bottom; border-bottom: #000000 1px solid; text-align: right; margin-left: 0pt; background-color: #ffffff;&quot;&gt;&amp;#x2014;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.7.trail.3&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; border-bottom: medium none; padding-bottom: 1px; margin-left: 0pt; background-color: #ffffff;&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.7.lead.4&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #ffffff;&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.7.symb.4&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; border-bottom: #000000 1px solid; background-color: #ffffff;&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.7.amt.4&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 9%; vertical-align: bottom; border-bottom: #000000 1px solid; text-align: right; margin-left: 0pt; background-color: #ffffff;&quot;&gt;(461,781&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.7.trail.4&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; border-bottom: medium none; padding-bottom: 1px; margin-left: 0pt; background-color: #ffffff;&quot; nowrap=&quot;nowrap&quot;&gt;)&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.7.lead.5&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #ffffff;&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.7.symb.5&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; border-bottom: #000000 1px solid; background-color: #ffffff;&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.7.amt.5&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 9%; vertical-align: bottom; border-bottom: #000000 1px solid; text-align: right; margin-left: 0pt; background-color: #ffffff;&quot;&gt;&amp;#x2014;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.7.trail.5&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; border-bottom: medium none; padding-bottom: 1px; margin-left: 0pt; background-color: #ffffff;&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
    &lt;/tr&gt;
    &lt;tr id=&quot;TBL2049.finRow.8&quot; style=&quot;background-color: #cceeff;&quot;&gt;
     &lt;td style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; vertical-align: bottom; text-align: left; margin-left: 0pt; background-color: #cceeff;&quot;&gt;&lt;p id=&quot;PARA2038&quot; style=&quot;text-align: left; margin: 0pt; line-height: 1.25;&quot;&gt;&lt;font style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif;&quot;&gt;Ending balance&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.8.lead.2&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #cceeff;&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.8.symb.2&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; border-bottom: #000000 3px double; background-color: #cceeff;&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.8.amt.2&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 9%; vertical-align: bottom; border-bottom: #000000 3px double; text-align: right; margin-left: 0pt; background-color: #cceeff;&quot;&gt;317,934.9&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.8.trail.2&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; border-bottom: medium none; padding-bottom: 3px; margin-left: 0pt; background-color: #cceeff;&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.8.lead.3&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #cceeff;&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.8.symb.3&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; border-bottom: #000000 3px double; margin-left: 0pt; background-color: #cceeff;&quot;&gt;$&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.8.amt.3&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 9%; vertical-align: bottom; border-bottom: #000000 3px double; text-align: right; margin-left: 0pt; background-color: #cceeff;&quot;&gt;5,979,252&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.8.trail.3&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; border-bottom: medium none; padding-bottom: 3px; margin-left: 0pt; background-color: #cceeff;&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.8.lead.4&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #cceeff;&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.8.symb.4&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; border-bottom: #000000 3px double; margin-left: 0pt; background-color: #cceeff;&quot;&gt;$&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.8.amt.4&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 9%; vertical-align: bottom; border-bottom: #000000 3px double; text-align: right; margin-left: 0pt; background-color: #cceeff;&quot;&gt;4,393,861&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.8.trail.4&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; border-bottom: medium none; padding-bottom: 3px; margin-left: 0pt; background-color: #cceeff;&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.8.lead.5&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #cceeff;&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.8.symb.5&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; border-bottom: #000000 3px double; margin-left: 0pt; background-color: #cceeff;&quot;&gt;$&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.8.amt.5&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 9%; vertical-align: bottom; border-bottom: #000000 3px double; text-align: right; margin-left: 0pt; background-color: #cceeff;&quot;&gt;(212,156&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.8.trail.5&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; border-bottom: medium none; padding-bottom: 3px; margin-left: 0pt; background-color: #cceeff;&quot; nowrap=&quot;nowrap&quot;&gt;)&lt;/td&gt;
    &lt;/tr&gt;

  &lt;/table&gt;&lt;br/&gt;&lt;table id=&quot;TBL2134&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 100%; TEXT-INDENT: 0px&quot; cellspacing=&quot;0&quot; cellpadding=&quot;0&quot; border=&quot;0&quot;&gt;

    &lt;tr id=&quot;TBL2134.finRow.1&quot;&gt;
     &lt;td style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 52%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt&quot;&gt; &lt;p id=&quot;PARA2052&quot; style=&quot;TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;&lt;b&gt;December&amp;nbsp;31,&amp;nbsp;2014 &lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.1.lead.D2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom&quot;&gt;&lt;b&gt;&amp;nbsp;&lt;/b&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.1.amt.D2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt&quot; colspan=&quot;2&quot;&gt; &lt;p id=&quot;PARA2053&quot; style=&quot;TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;&lt;b&gt;Ounces&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.1.trail.D2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px&quot;&gt;&lt;b&gt;&amp;nbsp;&lt;/b&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.1.lead.D3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom&quot;&gt;&lt;b&gt;&amp;nbsp;&lt;/b&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.1.amt.D3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt&quot; colspan=&quot;2&quot;&gt; &lt;p id=&quot;PARA2054&quot; style=&quot;TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;&lt;b&gt;Average&lt;br /&gt;Cost&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.1.trail.D3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px&quot;&gt;&lt;b&gt;&amp;nbsp;&lt;/b&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.1.lead.D4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom&quot;&gt;&lt;b&gt;&amp;nbsp;&lt;/b&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.1.amt.D4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt&quot; colspan=&quot;2&quot;&gt; &lt;p id=&quot;PARA2055&quot; style=&quot;TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;&lt;b&gt;Fair&lt;br /&gt;Value&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.1.trail.D4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px&quot;&gt;&lt;b&gt;&amp;nbsp;&lt;/b&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.1.lead.D5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom&quot;&gt;&lt;b&gt;&amp;nbsp;&lt;/b&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.1.amt.D5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt&quot; colspan=&quot;2&quot;&gt; &lt;p id=&quot;PARA2056&quot; style=&quot;TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;&lt;b&gt;Realized&lt;br /&gt;Gain (Loss)&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.1.trail.D5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px&quot;&gt;&lt;b&gt;&amp;nbsp;&lt;/b&gt;&lt;/td&gt;
    &lt;/tr&gt;
    &lt;tr id=&quot;TBL2134.finRow.2&quot; style=&quot;BACKGROUND-COLOR: #cceeff&quot;&gt;
     &lt;td style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt; &lt;p id=&quot;PARA2057&quot; style=&quot;TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;Beginning balance&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.2.lead.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.2.symb.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.2.amt.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;320,177.8&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.2.trail.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.2.lead.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.2.symb.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;$&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.2.amt.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;6,243,467&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.2.trail.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.2.lead.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.2.symb.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;$&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.2.amt.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;6,243,467&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.2.trail.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.2.lead.5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.2.symb.5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;$&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.2.amt.5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;#x2014;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.2.trail.5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
    &lt;/tr&gt;
    &lt;tr id=&quot;TBL2134.finRow.3&quot; style=&quot;BACKGROUND-COLOR: #ffffff&quot;&gt;
     &lt;td style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot;&gt; &lt;p id=&quot;PARA2068&quot; style=&quot;TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;Silver bullion contributed&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.3.lead.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.3.symb.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.3.amt.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot;&gt;71,956.1&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.3.trail.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.3.lead.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.3.symb.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.3.amt.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot;&gt;1,361,917&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.3.trail.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.3.lead.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.3.symb.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.3.amt.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot;&gt;1,361,917&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.3.trail.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.3.lead.5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.3.symb.5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.3.amt.5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;#x2014;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.3.trail.5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
    &lt;/tr&gt;
    &lt;tr id=&quot;TBL2134.finRow.4&quot; style=&quot;BACKGROUND-COLOR: #cceeff&quot;&gt;
     &lt;td style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt; &lt;p id=&quot;PARA2079&quot; style=&quot;TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;Silver bullion distributed&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.4.lead.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.4.symb.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.4.amt.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;(60,878.0&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.4.trail.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot; nowrap=&quot;nowrap&quot;&gt;)&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.4.lead.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.4.symb.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.4.amt.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;(1,185,617&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.4.trail.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot; nowrap=&quot;nowrap&quot;&gt;)&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.4.lead.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.4.symb.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.4.amt.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;(1,108,223&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.4.trail.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot; nowrap=&quot;nowrap&quot;&gt;)&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.4.lead.5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.4.symb.5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.4.amt.5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;(77,394&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.4.trail.5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot; nowrap=&quot;nowrap&quot;&gt;)&lt;/td&gt;
    &lt;/tr&gt;
    &lt;tr id=&quot;TBL2134.finRow.5&quot; style=&quot;BACKGROUND-COLOR: #ffffff&quot;&gt;
     &lt;td style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot;&gt; &lt;p id=&quot;PARA2090&quot; style=&quot;TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;Silver bullion sold &lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.5.lead.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.5.symb.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.5.amt.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot;&gt;(1,691.7&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.5.trail.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot; nowrap=&quot;nowrap&quot;&gt;)&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.5.lead.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.5.symb.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.5.amt.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot;&gt;(33,017&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.5.trail.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot; nowrap=&quot;nowrap&quot;&gt;)&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.5.lead.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.5.symb.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.5.amt.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot;&gt;(31,961&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.5.trail.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot; nowrap=&quot;nowrap&quot;&gt;)&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.5.lead.5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.5.symb.5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.5.amt.5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot;&gt;(1,056&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.5.trail.5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot; nowrap=&quot;nowrap&quot;&gt;)&lt;/td&gt;
    &lt;/tr&gt;
    &lt;tr id=&quot;TBL2134.finRow.6&quot; style=&quot;BACKGROUND-COLOR: #cceeff&quot;&gt;
     &lt;td style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt; &lt;p id=&quot;PARA2101&quot; style=&quot;TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;Net realized loss on silver bullion&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.6.lead.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.6.symb.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.6.amt.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;#x2014;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.6.trail.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.6.lead.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.6.symb.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.6.amt.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;#x2014;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.6.trail.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.6.lead.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.6.symb.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.6.amt.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;(78,450&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.6.trail.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot; nowrap=&quot;nowrap&quot;&gt;)&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.6.lead.5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.6.symb.5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.6.amt.5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;#x2014;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.6.trail.5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
    &lt;/tr&gt;
    &lt;tr id=&quot;TBL2134.finRow.7&quot; style=&quot;BACKGROUND-COLOR: #ffffff&quot;&gt;
     &lt;td style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; PADDING-LEFT: 9pt; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff; TEXT-INDENT: -9pt&quot;&gt; &lt;p id=&quot;PARA2112&quot; style=&quot;TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;Net change in unrealized appreciation/depreciation on investment in silver bullion&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.7.lead.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.7.symb.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.7.amt.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;#x2014;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.7.trail.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.7.lead.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.7.symb.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.7.amt.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;#x2014;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.7.trail.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.7.lead.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.7.symb.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.7.amt.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot;&gt;(1,123,610&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.7.trail.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot; nowrap=&quot;nowrap&quot;&gt;)&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.7.lead.5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.7.symb.5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.7.amt.5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;#x2014;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.7.trail.5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
    &lt;/tr&gt;
    &lt;tr id=&quot;TBL2134.finRow.8&quot; style=&quot;BACKGROUND-COLOR: #cceeff&quot;&gt;
     &lt;td style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt; &lt;p id=&quot;PARA2123&quot; style=&quot;TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;Ending balance&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.8.lead.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.8.symb.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.8.amt.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;329,564.2&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.8.trail.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.8.lead.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.8.symb.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;$&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.8.amt.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;6,386,750&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.8.trail.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.8.lead.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.8.symb.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;$&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.8.amt.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;5,263,140&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.8.trail.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.8.lead.5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.8.symb.5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;$&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.8.amt.5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;(78,450&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.8.trail.5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot; nowrap=&quot;nowrap&quot;&gt;)&lt;/td&gt;
    &lt;/tr&gt;

  &lt;/table&gt;&lt;br/&gt;&lt;table id=&quot;TBL2230&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 100%; TEXT-INDENT: 0px&quot; cellspacing=&quot;0&quot; cellpadding=&quot;0&quot; border=&quot;0&quot;&gt;

    &lt;tr id=&quot;TBL2230.finRow.1&quot;&gt;
     &lt;td style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 52%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt&quot;&gt; &lt;p id=&quot;PARA2137&quot; style=&quot;TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;&lt;b&gt;December&amp;nbsp;31,&amp;nbsp;2013 &lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.1.lead.D2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom&quot;&gt;&lt;b&gt;&amp;nbsp;&lt;/b&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.1.amt.D2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt&quot; colspan=&quot;2&quot;&gt; &lt;p id=&quot;PARA2138&quot; style=&quot;TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;&lt;b&gt;Ounces&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.1.trail.D2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px&quot;&gt;&lt;b&gt;&amp;nbsp;&lt;/b&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.1.lead.D3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom&quot;&gt;&lt;b&gt;&amp;nbsp;&lt;/b&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.1.amt.D3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt&quot; colspan=&quot;2&quot;&gt; &lt;p id=&quot;PARA2139&quot; style=&quot;TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;&lt;b&gt;Average&lt;br /&gt;Cost&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.1.trail.D3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px&quot;&gt;&lt;b&gt;&amp;nbsp;&lt;/b&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.1.lead.D4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom&quot;&gt;&lt;b&gt;&amp;nbsp;&lt;/b&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.1.amt.D4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt&quot; colspan=&quot;2&quot;&gt; &lt;p id=&quot;PARA2140&quot; style=&quot;TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;&lt;b&gt;Fair&lt;br /&gt;Value&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.1.trail.D4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px&quot;&gt;&lt;b&gt;&amp;nbsp;&lt;/b&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.1.lead.D5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom&quot;&gt;&lt;b&gt;&amp;nbsp;&lt;/b&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.1.amt.D5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt&quot; colspan=&quot;2&quot;&gt; &lt;p id=&quot;PARA2141&quot; style=&quot;TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;&lt;b&gt;Realized&lt;br /&gt;Gain (Loss)&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.1.trail.D5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px&quot;&gt;&lt;b&gt;&amp;nbsp;&lt;/b&gt;&lt;/td&gt;
    &lt;/tr&gt;
    &lt;tr id=&quot;TBL2230.finRow.2&quot; style=&quot;BACKGROUND-COLOR: #cceeff&quot;&gt;
     &lt;td style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt; &lt;p id=&quot;PARA2142&quot; style=&quot;TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;Beginning balance&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.2.lead.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.2.symb.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.2.amt.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;324,239.1&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.2.trail.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.2.lead.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.2.symb.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;$&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.2.amt.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;8,135,003&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.2.trail.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.2.lead.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.2.symb.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;$&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.2.amt.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;9,710,962&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.2.trail.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.2.lead.5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.2.symb.5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;$&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.2.amt.5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;#x2014;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.2.trail.5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
    &lt;/tr&gt;
    &lt;tr id=&quot;TBL2230.finRow.3&quot; style=&quot;BACKGROUND-COLOR: #ffffff&quot;&gt;
     &lt;td style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot;&gt; &lt;p id=&quot;PARA2153&quot; style=&quot;TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;Silver bullion contributed&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.3.lead.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.3.symb.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.3.amt.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot;&gt;82,810.6&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.3.trail.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.3.lead.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.3.symb.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.3.amt.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot;&gt;2,096,484&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.3.trail.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.3.lead.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.3.symb.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.3.amt.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot;&gt;2,096,484&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.3.trail.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.3.lead.5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.3.symb.5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.3.amt.5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;#x2014;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.3.trail.5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
    &lt;/tr&gt;
    &lt;tr id=&quot;TBL2230.finRow.4&quot; style=&quot;BACKGROUND-COLOR: #cceeff&quot;&gt;
     &lt;td style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt; &lt;p id=&quot;PARA2164&quot; style=&quot;TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;Silver bullion distributed&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.4.lead.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.4.symb.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.4.amt.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;(85,164.1&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.4.trail.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot; nowrap=&quot;nowrap&quot;&gt;)&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.4.lead.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.4.symb.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.4.amt.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;(2,163,458&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.4.trail.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot; nowrap=&quot;nowrap&quot;&gt;)&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.4.lead.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.4.symb.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.4.amt.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;(2,031,644&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.4.trail.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot; nowrap=&quot;nowrap&quot;&gt;)&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.4.lead.5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.4.symb.5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.4.amt.5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;(131,814&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.4.trail.5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot; nowrap=&quot;nowrap&quot;&gt;)&lt;/td&gt;
    &lt;/tr&gt;
    &lt;tr id=&quot;TBL2230.finRow.5&quot; style=&quot;BACKGROUND-COLOR: #ffffff&quot;&gt;
     &lt;td style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot;&gt; &lt;p id=&quot;PARA2175&quot; style=&quot;TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;Silver bullion sold &lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.5.lead.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.5.symb.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.5.amt.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot;&gt;(1,707.8&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.5.trail.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot; nowrap=&quot;nowrap&quot;&gt;)&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.5.lead.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.5.symb.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.5.amt.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot;&gt;(43,296&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.5.trail.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot; nowrap=&quot;nowrap&quot;&gt;)&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.5.lead.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.5.symb.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.5.amt.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot;&gt;(41,406&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.5.trail.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot; nowrap=&quot;nowrap&quot;&gt;)&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.5.lead.5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.5.symb.5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.5.amt.5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot;&gt;(1,890&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.5.trail.5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot; nowrap=&quot;nowrap&quot;&gt;)&lt;/td&gt;
    &lt;/tr&gt;
    &lt;tr id=&quot;TBL2230.finRow.6&quot; style=&quot;BACKGROUND-COLOR: #cceeff&quot;&gt;
     &lt;td style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt; &lt;p id=&quot;PARA2186&quot; style=&quot;TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;Adjustment to silver bullion inventory&lt;font style=&quot;FONT-SIZE: 60%; VERTICAL-ALIGN: text-top&quot;&gt;(a)&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.6.lead.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.6.symb.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.6.amt.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;#x2014;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.6.trail.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.6.lead.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.6.symb.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.6.amt.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;(1,781,266&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.6.trail.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot; nowrap=&quot;nowrap&quot;&gt;)&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.6.lead.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.6.symb.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.6.amt.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;#x2014;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.6.trail.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.6.lead.5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.6.symb.5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.6.amt.5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;#x2014;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.6.trail.5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
    &lt;/tr&gt;
    &lt;tr id=&quot;TBL2230.finRow.7&quot; style=&quot;BACKGROUND-COLOR: #ffffff&quot;&gt;
     &lt;td style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot;&gt; &lt;p id=&quot;PARA2197&quot; style=&quot;TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;Adjustment for realized loss on silver bullion&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.7.lead.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.7.symb.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.7.amt.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;#x2014;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.7.trail.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.7.lead.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.7.symb.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.7.amt.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;#x2014;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.7.trail.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.7.lead.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.7.symb.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.7.amt.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot;&gt;(133,704&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.7.trail.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot; nowrap=&quot;nowrap&quot;&gt;)&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.7.lead.5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.7.symb.5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.7.amt.5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;#x2014;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.7.trail.5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
    &lt;/tr&gt;
    &lt;tr id=&quot;TBL2230.finRow.8&quot; style=&quot;BACKGROUND-COLOR: #cceeff&quot;&gt;
     &lt;td style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt; &lt;p id=&quot;PARA2208&quot; style=&quot;TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;Adjustment for unrealized loss on silver bullion&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.8.lead.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.8.symb.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.8.amt.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;#x2014;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.8.trail.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.8.lead.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.8.symb.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.8.amt.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;#x2014;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.8.trail.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.8.lead.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.8.symb.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.8.amt.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;(3,357,225&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.8.trail.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot; nowrap=&quot;nowrap&quot;&gt;)&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.8.lead.5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.8.symb.5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.8.amt.5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;#x2014;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.8.trail.5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
    &lt;/tr&gt;
    &lt;tr id=&quot;TBL2230.finRow.9&quot; style=&quot;BACKGROUND-COLOR: #ffffff&quot;&gt;
     &lt;td style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot;&gt; &lt;p id=&quot;PARA2219&quot; style=&quot;TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;Ending balance&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.9.lead.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.9.symb.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.9.amt.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot;&gt;320,177.8&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.9.trail.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.9.lead.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.9.symb.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot;&gt;$&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.9.amt.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot;&gt;6,243,467&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.9.trail.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.9.lead.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.9.symb.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot;&gt;$&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.9.amt.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot;&gt;6,243,467&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.9.trail.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.9.lead.5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.9.symb.5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot;&gt;$&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.9.amt.5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot;&gt;(133,704&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.9.trail.5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot; nowrap=&quot;nowrap&quot;&gt;)&lt;/td&gt;
    &lt;/tr&gt;

  &lt;/table&gt;&lt;br/&gt;&lt;p id=&quot;PARA605-0&quot; style=&quot;MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;&lt;font style=&quot;FONT-SIZE: 60%; VERTICAL-ALIGN: text-top&quot;&gt;(a)&lt;/font&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/font&gt;&lt;font style=&quot;FONT-SIZE: 8pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;At December&amp;nbsp;31,&amp;nbsp;2013, the market value of the silver bullion was below the average cost of the Trust&amp;#x2019;s silver bullion inventory held. As a result, the Trust recorded a permanent write down against the average cost of the silver bullion inventory of $1,781,266.&lt;/font&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt; &lt;/font&gt;&lt;/p&gt;&lt;br/&gt;&lt;table id=&quot;MTAB2236&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 100%; TEXT-INDENT: 0px&quot; cellspacing=&quot;0&quot; cellpadding=&quot;0&quot; border=&quot;0&quot;&gt;

    &lt;tr&gt;
     &lt;td style=&quot;WIDTH: 3%; VERTICAL-ALIGN: top&quot;&gt; &lt;p id=&quot;PARA2237&quot; style=&quot;MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;&lt;i&gt;D.&lt;/i&gt;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td style=&quot;WIDTH: 97%; VERTICAL-ALIGN: top&quot;&gt; &lt;p id=&quot;PARA2238&quot; style=&quot;MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;&lt;i&gt;Calculation of Net Asset Value&lt;/i&gt;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
    &lt;/tr&gt;

  &lt;/table&gt;&lt;br/&gt;&lt;p id=&quot;PARA2240&quot; style=&quot;TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;On each business day, as soon as practicable after 4:00 p.m. (New York time), the net asset value of the Trust is obtained by subtracting all accrued fees, expenses and other liabilities of the Trust from the fair value of the silver held by the Trust and other assets of the Trust. The Trustee 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.&lt;/font&gt;&lt;/p&gt;&lt;br/&gt;&lt;table id=&quot;MTAB2243&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 100%; TEXT-INDENT: 0px&quot; cellspacing=&quot;0&quot; cellpadding=&quot;0&quot; border=&quot;0&quot;&gt;

    &lt;tr&gt;
     &lt;td style=&quot;WIDTH: 3%; VERTICAL-ALIGN: top&quot;&gt; &lt;p id=&quot;PARA2244&quot; style=&quot;MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;&lt;i&gt;E. &lt;/i&gt;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td style=&quot;WIDTH: 97%; VERTICAL-ALIGN: top&quot;&gt; &lt;p id=&quot;PARA2245&quot; style=&quot;MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;&lt;i&gt;Offering of the Shares&lt;/i&gt;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
    &lt;/tr&gt;

  &lt;/table&gt;&lt;br/&gt;&lt;p id=&quot;PARA2247&quot; style=&quot;TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;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 that are eligible to settle securities transactions through the book-entry facilities of the Depository Trust Company and that have entered into a contractual arrangement with the Trust and the Sponsor governing, among other matters, the creation and redemption of Shares (such broker-dealers, the &amp;#x201c;Authorized Participants&amp;#x201d;). 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&amp;#x37e; &lt;i&gt;provided&lt;/i&gt;, that redemptions of Shares may be suspended during any period while regular trading on NYSE Arca, Inc. (&amp;#x201c;NYSE Arca&amp;#x201d;) 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.&lt;/font&gt;&lt;/p&gt;&lt;br/&gt;&lt;p id=&quot;PARA655&quot; style=&quot;TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;The per Share amount of silver exchanged for a purchase or redemption represents the per Share amount of silver held by the Trust, after giving effect to its liabilities. The Trustee calculates the silver amount in respect of any liabilities of the Trust daily using the LBMA Silver Price&lt;/font&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;. &lt;/font&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;&lt;/font&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;Prior to August 15, 2014, the Trustee used the London Fix to calculate the silver amount in respect of any liabilities.&lt;/font&gt;&lt;/p&gt;&lt;br/&gt;&lt;p id=&quot;PARA2251&quot; style=&quot;TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;When silver bullion is exchanged in settlement of a redemption, it is considered a sale of silver bullion for accounting purposes.&lt;/font&gt;&lt;/p&gt;&lt;br/&gt;&lt;p id=&quot;PARA656&quot; style=&quot;TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;As noted in Note 2B above, beginning January 1, 2014, Shares of the Trust are classified as shareholders&amp;#x2019; equity. The Trust reflects Shares issued and Shares redeemed within shareholders&amp;#x2019; equity on trade date.&lt;/font&gt;&lt;/p&gt;&lt;br/&gt;&lt;p id=&quot;PARA658&quot; style=&quot;TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;Share activity was as follows (all balances in 000&amp;#x2019;s):&lt;/font&gt;&lt;/p&gt;&lt;br/&gt;&lt;table id=&quot;TBL682&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 100%; TEXT-INDENT: 0px&quot; cellspacing=&quot;0&quot; cellpadding=&quot;0&quot; border=&quot;0&quot;&gt;

    &lt;tr id=&quot;TBL682.finRow.1&quot;&gt;
     &lt;td style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom&quot;&gt;&lt;b&gt;&amp;nbsp;&lt;/b&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL682.finRow.1.lead.D5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom&quot;&gt;&lt;b&gt;&amp;nbsp;&lt;/b&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL682.finRow.1.amt.D5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt&quot; colspan=&quot;14&quot;&gt; &lt;p id=&quot;PARA660&quot; style=&quot;TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;&lt;b&gt;Year&lt;/b&gt;&lt;b&gt;s&lt;/b&gt;&lt;b&gt; Ended&lt;/b&gt;&lt;b&gt; &lt;/b&gt;&lt;b&gt;December 31&lt;/b&gt;&lt;b&gt;,&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL682.finRow.1.trail.D5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px&quot;&gt;&lt;b&gt;&amp;nbsp;&lt;/b&gt;&lt;/td&gt;
    &lt;/tr&gt;
    &lt;tr id=&quot;TBL682.finRow.2&quot;&gt;
     &lt;td style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom&quot;&gt;&lt;b&gt;&amp;nbsp;&lt;/b&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL682.finRow.2.lead.D3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom&quot;&gt;&lt;b&gt;&amp;nbsp;&lt;/b&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL682.finRow.2.amt.D3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt&quot; colspan=&quot;6&quot;&gt; &lt;p id=&quot;PARA661&quot; style=&quot;TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;&lt;b&gt;2015&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL682.finRow.2.trail.D3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px&quot;&gt;&lt;b&gt;&amp;nbsp;&lt;/b&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL682.finRow.2.lead.D5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom&quot;&gt;&lt;b&gt;&amp;nbsp;&lt;/b&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL682.finRow.2.amt.D5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt&quot; colspan=&quot;6&quot;&gt; &lt;p id=&quot;PARA662&quot; style=&quot;TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;&lt;b&gt;2014&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL682.finRow.2.trail.D5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px&quot;&gt;&lt;b&gt;&amp;nbsp;&lt;/b&gt;&lt;/td&gt;
    &lt;/tr&gt;
    &lt;tr id=&quot;TBL682.finRow.3&quot;&gt;
     &lt;td style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom&quot;&gt;&lt;b&gt;&amp;nbsp;&lt;/b&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL682.finRow.3.lead.D2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom&quot;&gt;&lt;b&gt;&amp;nbsp;&lt;/b&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL682.finRow.3.amt.D2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt&quot; colspan=&quot;2&quot;&gt; &lt;p id=&quot;PARA663&quot; style=&quot;TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;&lt;b&gt;Shares&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL682.finRow.3.trail.D2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px&quot;&gt;&lt;b&gt;&amp;nbsp;&lt;/b&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL682.finRow.3.lead.D3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom&quot;&gt;&lt;b&gt;&amp;nbsp;&lt;/b&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL682.finRow.3.amt.D3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt&quot; colspan=&quot;2&quot;&gt; &lt;p id=&quot;PARA664&quot; style=&quot;TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;&lt;b&gt;Amount&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL682.finRow.3.trail.D3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px&quot;&gt;&lt;b&gt;&amp;nbsp;&lt;/b&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL682.finRow.3.lead.D4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom&quot;&gt;&lt;b&gt;&amp;nbsp;&lt;/b&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL682.finRow.3.amt.D4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt&quot; colspan=&quot;2&quot;&gt; &lt;p id=&quot;PARA665&quot; style=&quot;TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;&lt;b&gt;Shares&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL682.finRow.3.trail.D4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px&quot;&gt;&lt;b&gt;&amp;nbsp;&lt;/b&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL682.finRow.3.lead.D5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom&quot;&gt;&lt;b&gt;&amp;nbsp;&lt;/b&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL682.finRow.3.amt.D5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt&quot; colspan=&quot;2&quot;&gt; &lt;p id=&quot;PARA666&quot; style=&quot;TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;&lt;b&gt;Amount&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL682.finRow.3.trail.D5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px&quot;&gt;&lt;b&gt;&amp;nbsp;&lt;/b&gt;&lt;/td&gt;
    &lt;/tr&gt;
    &lt;tr id=&quot;TBL682.finRow.4&quot; style=&quot;BACKGROUND-COLOR: #cceeff&quot;&gt;
     &lt;td style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 52%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt; &lt;p id=&quot;PARA667&quot; style=&quot;TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;Shares issued&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL682.finRow.4.lead.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL682.finRow.4.symb.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL682.finRow.4.amt.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;57,150&lt;/td&gt;
     &lt;td id=&quot;TBL682.finRow.4.trail.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL682.finRow.4.lead.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL682.finRow.4.symb.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;$&lt;/td&gt;
     &lt;td id=&quot;TBL682.finRow.4.amt.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;859,468&lt;/td&gt;
     &lt;td id=&quot;TBL682.finRow.4.trail.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL682.finRow.4.lead.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL682.finRow.4.symb.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL682.finRow.4.amt.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;74,950&lt;/td&gt;
     &lt;td id=&quot;TBL682.finRow.4.trail.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL682.finRow.4.lead.5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL682.finRow.4.symb.5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;$&lt;/td&gt;
     &lt;td id=&quot;TBL682.finRow.4.amt.5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;1,361,917&lt;/td&gt;
     &lt;td id=&quot;TBL682.finRow.4.trail.5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
    &lt;/tr&gt;
    &lt;tr id=&quot;TBL682.finRow.5&quot; style=&quot;BACKGROUND-COLOR: #ffffff&quot;&gt;
     &lt;td style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot;&gt; &lt;p id=&quot;PARA672&quot; style=&quot;TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;Shares redeemed&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL682.finRow.5.lead.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL682.finRow.5.symb.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL682.finRow.5.amt.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot;&gt;(67,600&lt;/td&gt;
     &lt;td id=&quot;TBL682.finRow.5.trail.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot; nowrap=&quot;nowrap&quot;&gt;)&lt;/td&gt;
     &lt;td id=&quot;TBL682.finRow.5.lead.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL682.finRow.5.symb.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL682.finRow.5.amt.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot;&gt;(1,029,094&lt;/td&gt;
     &lt;td id=&quot;TBL682.finRow.5.trail.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot; nowrap=&quot;nowrap&quot;&gt;)&lt;/td&gt;
     &lt;td id=&quot;TBL682.finRow.5.lead.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL682.finRow.5.symb.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL682.finRow.5.amt.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot;&gt;(63,450&lt;/td&gt;
     &lt;td id=&quot;TBL682.finRow.5.trail.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot; nowrap=&quot;nowrap&quot;&gt;)&lt;/td&gt;
     &lt;td id=&quot;TBL682.finRow.5.lead.5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL682.finRow.5.symb.5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL682.finRow.5.amt.5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot;&gt;(1,108,223&lt;/td&gt;
     &lt;td id=&quot;TBL682.finRow.5.trail.5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot; nowrap=&quot;nowrap&quot;&gt;)&lt;/td&gt;
    &lt;/tr&gt;
    &lt;tr id=&quot;TBL682.finRow.6&quot; style=&quot;BACKGROUND-COLOR: #cceeff&quot;&gt;
     &lt;td style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt; &lt;p id=&quot;PARA677&quot; style=&quot;TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;Net decrease&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL682.finRow.6.lead.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL682.finRow.6.symb.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL682.finRow.6.amt.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;(10,450&lt;/td&gt;
     &lt;td id=&quot;TBL682.finRow.6.trail.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot; nowrap=&quot;nowrap&quot;&gt;)&lt;/td&gt;
     &lt;td id=&quot;TBL682.finRow.6.lead.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL682.finRow.6.symb.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;$&lt;/td&gt;
     &lt;td id=&quot;TBL682.finRow.6.amt.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;(169,626&lt;/td&gt;
     &lt;td id=&quot;TBL682.finRow.6.trail.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot; nowrap=&quot;nowrap&quot;&gt;)&lt;/td&gt;
     &lt;td id=&quot;TBL682.finRow.6.lead.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL682.finRow.6.symb.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL682.finRow.6.amt.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;11,500&lt;/td&gt;
     &lt;td id=&quot;TBL682.finRow.6.trail.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL682.finRow.6.lead.5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL682.finRow.6.symb.5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;$&lt;/td&gt;
     &lt;td id=&quot;TBL682.finRow.6.amt.5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;253,694&lt;/td&gt;
     &lt;td id=&quot;TBL682.finRow.6.trail.5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
    &lt;/tr&gt;

  &lt;/table&gt;&lt;br/&gt;&lt;p id=&quot;PARA2253&quot; style=&quot;TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;Prior to January 1, 2014, Shares of the Trust were classified as &amp;#x201c;redeemable&amp;#x201d; for balance sheet purposes. Due to the expected continuing sales and redemption of capital stock and the three-day period for Share settlement, the Trust reflected redeemable capital Shares sold as a receivable, rather than as contra equity. Shares redeemed were reflected as a contra asset on the trade date. Outstanding Trust Shares were reflected at redemption value, which was the net asset value per Share at the period end date. Adjustments to redemption value were reflected in shareholders&amp;#x2019; equity (deficit).&lt;/font&gt;&lt;/p&gt;&lt;br/&gt;&lt;p id=&quot;PARA2255&quot; style=&quot;TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;Activity in redeemable capital Shares for the year ended December&amp;nbsp;31,&amp;nbsp;2013 was as follows (all balances in 000&amp;#x2019;s):&lt;/font&gt;&lt;/p&gt;&lt;br/&gt;&lt;table id=&quot;TBL2278&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 80%; MARGIN-RIGHT: 20%; TEXT-INDENT: 0px&quot; cellspacing=&quot;0&quot; cellpadding=&quot;0&quot; border=&quot;0&quot;&gt;

    &lt;tr id=&quot;TBL2278.finRow.1&quot;&gt;
     &lt;td style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom&quot;&gt;&lt;b&gt;&amp;nbsp;&lt;/b&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2278.finRow.1.lead.D3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom&quot;&gt;&lt;b&gt;&amp;nbsp;&lt;/b&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2278.finRow.1.amt.D3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt&quot; colspan=&quot;6&quot;&gt; &lt;p id=&quot;PARA2257&quot; style=&quot;TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;&lt;b&gt;Year ended December 31, &lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2278.finRow.1.trail.D3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px&quot;&gt;&lt;b&gt;&amp;nbsp;&lt;/b&gt;&lt;/td&gt;
    &lt;/tr&gt;
    &lt;tr id=&quot;TBL2278.finRow.2&quot;&gt;
     &lt;td style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom&quot;&gt;&lt;b&gt;&amp;nbsp;&lt;/b&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2278.finRow.2.lead.D3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom&quot;&gt;&lt;b&gt;&amp;nbsp;&lt;/b&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2278.finRow.2.amt.D3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt&quot; colspan=&quot;6&quot;&gt; &lt;p id=&quot;PARA2258&quot; style=&quot;TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;&lt;b&gt;2013&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2278.finRow.2.trail.D3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px&quot;&gt;&lt;b&gt;&amp;nbsp;&lt;/b&gt;&lt;/td&gt;
    &lt;/tr&gt;
    &lt;tr id=&quot;TBL2278.finRow.3&quot;&gt;
     &lt;td style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom&quot;&gt;&lt;b&gt;&amp;nbsp;&lt;/b&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2278.finRow.3.lead.D2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom&quot;&gt;&lt;b&gt;&amp;nbsp;&lt;/b&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2278.finRow.3.amt.D2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt&quot; colspan=&quot;2&quot;&gt; &lt;p id=&quot;PARA2259&quot; style=&quot;TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;&lt;b&gt;Shares&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2278.finRow.3.trail.D2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px&quot;&gt;&lt;b&gt;&amp;nbsp;&lt;/b&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2278.finRow.3.lead.D3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom&quot;&gt;&lt;b&gt;&amp;nbsp;&lt;/b&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2278.finRow.3.amt.D3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt&quot; colspan=&quot;2&quot;&gt; &lt;p id=&quot;PARA2260&quot; style=&quot;TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;&lt;b&gt;Amount&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2278.finRow.3.trail.D3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px&quot;&gt;&lt;b&gt;&amp;nbsp;&lt;/b&gt;&lt;/td&gt;
    &lt;/tr&gt;
    &lt;tr id=&quot;TBL2278.finRow.4&quot; style=&quot;BACKGROUND-COLOR: #cceeff&quot;&gt;
     &lt;td style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 62%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt; &lt;p id=&quot;PARA2261&quot; style=&quot;TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;Beginning balance&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2278.finRow.4.lead.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2278.finRow.4.symb.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2278.finRow.4.amt.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;335,000&lt;/td&gt;
     &lt;td id=&quot;TBL2278.finRow.4.trail.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2278.finRow.4.lead.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2278.finRow.4.symb.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;$&lt;/td&gt;
     &lt;td id=&quot;TBL2278.finRow.4.amt.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;9,706,654&lt;/td&gt;
     &lt;td id=&quot;TBL2278.finRow.4.trail.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
    &lt;/tr&gt;
    &lt;tr id=&quot;TBL2278.finRow.5&quot; style=&quot;BACKGROUND-COLOR: #ffffff&quot;&gt;
     &lt;td style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot;&gt; &lt;p id=&quot;PARA2265&quot; style=&quot;TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;Shares issued&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2278.finRow.5.lead.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2278.finRow.5.symb.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2278.finRow.5.amt.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot;&gt;85,750&lt;/td&gt;
     &lt;td id=&quot;TBL2278.finRow.5.trail.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2278.finRow.5.lead.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2278.finRow.5.symb.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2278.finRow.5.amt.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot;&gt;2,096,484&lt;/td&gt;
     &lt;td id=&quot;TBL2278.finRow.5.trail.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
    &lt;/tr&gt;
    &lt;tr id=&quot;TBL2278.finRow.6&quot; style=&quot;BACKGROUND-COLOR: #cceeff&quot;&gt;
     &lt;td style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt; &lt;p id=&quot;PARA2268&quot; style=&quot;TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;Shares redeemed&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2278.finRow.6.lead.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2278.finRow.6.symb.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2278.finRow.6.amt.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;(88,250&lt;/td&gt;
     &lt;td id=&quot;TBL2278.finRow.6.trail.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot; nowrap=&quot;nowrap&quot;&gt;)&lt;/td&gt;
     &lt;td id=&quot;TBL2278.finRow.6.lead.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2278.finRow.6.symb.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2278.finRow.6.amt.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;(2,031,644&lt;/td&gt;
     &lt;td id=&quot;TBL2278.finRow.6.trail.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot; nowrap=&quot;nowrap&quot;&gt;)&lt;/td&gt;
    &lt;/tr&gt;
    &lt;tr id=&quot;TBL2278.finRow.7&quot; style=&quot;BACKGROUND-COLOR: #ffffff&quot;&gt;
     &lt;td style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot;&gt; &lt;p id=&quot;PARA2271&quot; style=&quot;TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;Redemption value adjustment&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2278.finRow.7.lead.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2278.finRow.7.symb.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2278.finRow.7.amt.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;#x2014;&lt;/td&gt;
     &lt;td id=&quot;TBL2278.finRow.7.trail.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2278.finRow.7.lead.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2278.finRow.7.symb.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2278.finRow.7.amt.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot;&gt;(3,530,747&lt;/td&gt;
     &lt;td id=&quot;TBL2278.finRow.7.trail.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot; nowrap=&quot;nowrap&quot;&gt;)&lt;/td&gt;
    &lt;/tr&gt;
    &lt;tr id=&quot;TBL2278.finRow.8&quot; style=&quot;BACKGROUND-COLOR: #cceeff&quot;&gt;
     &lt;td style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt; &lt;p id=&quot;PARA2274&quot; style=&quot;TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;Ending balance&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2278.finRow.8.lead.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2278.finRow.8.symb.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2278.finRow.8.amt.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;332,500&lt;/td&gt;
     &lt;td id=&quot;TBL2278.finRow.8.trail.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2278.finRow.8.lead.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2278.finRow.8.symb.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;$&lt;/td&gt;
     &lt;td id=&quot;TBL2278.finRow.8.amt.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;6,240,747&lt;/td&gt;
     &lt;td id=&quot;TBL2278.finRow.8.trail.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
    &lt;/tr&gt;

  &lt;/table&gt;&lt;br/&gt;&lt;table id=&quot;MTAB2282&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 100%; TEXT-INDENT: 0px&quot; cellspacing=&quot;0&quot; cellpadding=&quot;0&quot; border=&quot;0&quot;&gt;

    &lt;tr&gt;
     &lt;td style=&quot;WIDTH: 3%; VERTICAL-ALIGN: top&quot;&gt; &lt;p id=&quot;PARA2283&quot; style=&quot;MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;&lt;i&gt;F.&lt;/i&gt;&lt;i&gt;&lt;/i&gt;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td style=&quot;WIDTH: 97%; VERTICAL-ALIGN: top&quot;&gt; &lt;p id=&quot;PARA2284&quot; style=&quot;MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;&lt;i&gt;&lt;/i&gt;&lt;i&gt;Federal Income Taxes&lt;/i&gt;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
    &lt;/tr&gt;

  &lt;/table&gt;&lt;br/&gt;&lt;p id=&quot;PARA2286&quot; style=&quot;TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;The Trust is treated as a &amp;#x201c;grantor trust&amp;#x201d; for federal income tax purposes and, therefore, no provision for federal income taxes is required. Any interest, expenses, gains and losses are &amp;#x201c;passed through&amp;#x201d; to the holders of Shares of the Trust.&lt;/font&gt;&lt;/p&gt;&lt;br/&gt;&lt;p id=&quot;PARA2288&quot; style=&quot;TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;The Sponsor has reviewed the tax positions as of December&amp;nbsp;31,&amp;nbsp;2015 and has determined that no provision for income tax is required in the Trust&amp;#x2019;s financial statements.&lt;/font&gt;&lt;/p&gt;&lt;br/&gt;</us-gaap:SignificantAccountingPoliciesTextBlock>
  <us-gaap:BasisOfAccountingPolicyPolicyTextBlock contextRef="c3_From1Jan2015To31Dec2015">&lt;table id=&quot;MTAB1946&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 100%; TEXT-INDENT: 0px&quot; cellspacing=&quot;0&quot; cellpadding=&quot;0&quot; border=&quot;0&quot;&gt;&lt;tr&gt;&lt;td style=&quot;WIDTH: 3%; VERTICAL-ALIGN: top&quot;&gt;&lt;p id=&quot;PARA1947&quot; style=&quot;MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;&lt;i&gt;A.&lt;/i&gt;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td style=&quot;WIDTH: 97%; VERTICAL-ALIGN: top&quot;&gt; &lt;p id=&quot;PARA1948&quot; style=&quot;MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;&lt;i&gt;Basis of Accounting&lt;/i&gt;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
    &lt;/tr&gt;

  &lt;/table&gt;&lt;br/&gt;&lt;p id=&quot;PARA1950&quot; style=&quot;TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;The following significant accounting policies are consistently followed by the Trust in the preparation of its financial statements in conformity with accounting principles generally accepted in the United States of America (&amp;#x201c;U.S. GAAP&amp;#x201d;). 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.&lt;/font&gt;&lt;/p&gt;</us-gaap:BasisOfAccountingPolicyPolicyTextBlock>
  <us-gaap:NewAccountingPronouncementsPolicyPolicyTextBlock contextRef="c3_From1Jan2015To31Dec2015">&lt;table style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 100%; TEXT-INDENT: 0px&quot; cellspacing=&quot;0&quot; cellpadding=&quot;0&quot;&gt;&lt;tr&gt;&lt;td style=&quot;MARGIN-BOTTOM: 0px; WIDTH: 3%; MARGIN-TOP: 0px&quot;&gt;&lt;p id=&quot;PARA650&quot; style=&quot;MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px&quot;&gt;&lt;i&gt;B.&lt;/i&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td style=&quot;MARGIN-BOTTOM: 0px; WIDTH: 97%; MARGIN-TOP: 0px&quot;&gt; &lt;p id=&quot;PARA651&quot; style=&quot;MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px&quot;&gt;&lt;i&gt;Investment Company Status&lt;/i&gt;&lt;/p&gt;&lt;/td&gt;
    &lt;/tr&gt;

  &lt;/table&gt;&lt;br/&gt;&lt;p id=&quot;PARA614-0&quot; style=&quot;TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;In June 2013, the FASB issued Accounting Standards Update 2013-08, &lt;/font&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;&lt;i&gt;Investment Companies &amp;#x2013; Amendments to the Scope, Measurement, and Disclosure Requirements &lt;/i&gt;&lt;/font&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;(&amp;#x201c;ASU 2013-08&amp;#x201d;). ASU 2013-08 is an update to Topic 946 that provides guidance to assess whether an entity is an investment company, and gives additional measurement and disclosure requirements for an investment company. ASU 2013-08 is effective for interim and annual periods beginning after December 15, 2013 and is required to be applied prospectively. Assessment of the Trust&amp;#x2019;s status as an investment company under ASU 2013-08 determined that the Trust meets all of the fundamental characteristics of an investment company solely&amp;nbsp;for accounting purposes and not for any other purpose. As a result, effective January 1, 2014, the Trust qualified as an investment company solely for accounting purposes pursuant to the accounting and reporting guidance under Topic 946, but is not registered, and is not required to be registered, as an investment company under the Investment Company Act.&lt;/font&gt;&lt;/p&gt;&lt;br/&gt;&lt;p id=&quot;PARA616-0&quot; style=&quot;TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;As a result of the prospective application at ASU 2013-08, certain disclosures required by Topic 946 are only presented for periods beginning January&amp;nbsp;1,&amp;nbsp;2014. Financial statements and disclosures for periods prior to January 1, 2014 will continue to be presented in their previously reported form, however certain captions have been changed. The Trust will solely utilize investment company financial statement presentations and captions in conjunction with the December 31, 2016 10-K filing since the Trust will have been applying investment company accounting for all relevant periods presented.&amp;nbsp;The primary changes to the financial statements resulting from the adoption of ASU 2013-08 and application of Topic 946 include:&lt;/font&gt;&lt;/p&gt;&lt;br/&gt;&lt;table id=&quot;MTAB619&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 100%; TEXT-INDENT: 0px&quot; cellspacing=&quot;0&quot; cellpadding=&quot;0&quot; border=&quot;0&quot;&gt;

    &lt;tr&gt;
     &lt;td style=&quot;MARGIN-BOTTOM: 0px; WIDTH: 2%; VERTICAL-ALIGN: top; MARGIN-TOP: 0px&quot;&gt; &lt;p id=&quot;PARA620-0&quot; style=&quot;MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;&amp;#x25cf;&lt;/font&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td style=&quot;WIDTH: 98%; VERTICAL-ALIGN: top&quot;&gt; &lt;p id=&quot;PARA621&quot; style=&quot;MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;&lt;/font&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;reporting of silver bullion at fair value on the Balance Sheet, which was previously reported at the lower of cost or market&amp;#x37e; &lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
    &lt;/tr&gt;

  &lt;/table&gt;&lt;br/&gt;&lt;table id=&quot;MTAB623&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 100%; TEXT-INDENT: 0px&quot; cellspacing=&quot;0&quot; cellpadding=&quot;0&quot; border=&quot;0&quot;&gt;

    &lt;tr&gt;
     &lt;td style=&quot;MARGIN-BOTTOM: 0px; WIDTH: 2%; VERTICAL-ALIGN: top; MARGIN-TOP: 0px&quot;&gt; &lt;p id=&quot;PARA624-0&quot; style=&quot;MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;&amp;#x25cf;&lt;/font&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td style=&quot;WIDTH: 98%; VERTICAL-ALIGN: top&quot;&gt; &lt;p id=&quot;PARA625&quot; style=&quot;MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;&lt;/font&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;recognition of the change in unrealized appreciation or depreciation on investment in silver bullion is reported on the Income Statement, which was previously reported as an &amp;#x201c;Adjustment of redeemable capital Shares to redemption value&amp;#x201d; on the Statement of Changes in Shareholders&amp;#x2019; Equity (Deficit)&amp;#x37e; &lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
    &lt;/tr&gt;

  &lt;/table&gt;&lt;br/&gt;&lt;table id=&quot;MTAB627&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 100%; TEXT-INDENT: 0px&quot; cellspacing=&quot;0&quot; cellpadding=&quot;0&quot; border=&quot;0&quot;&gt;

    &lt;tr&gt;
     &lt;td style=&quot;MARGIN-BOTTOM: 0px; WIDTH: 2%; VERTICAL-ALIGN: top; MARGIN-TOP: 0px&quot;&gt; &lt;p id=&quot;PARA628&quot; style=&quot;MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;&amp;#x25cf;&lt;/font&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td style=&quot;WIDTH: 98%; VERTICAL-ALIGN: top&quot;&gt; &lt;p id=&quot;PARA629&quot; style=&quot;MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;&lt;/font&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;Shares of the Trust are classified as &amp;#x201c;Shareholders&amp;#x2019; equity,&amp;#x201d; representing the net asset value on the Balance Sheet, which was previously classified as &amp;#x201c;Redeemable capital Shares.&amp;#x201d; An adjustment was recorded at January 1, 2014 to reclassify the balance of redeemable capital Shares at December&amp;nbsp;31,&amp;nbsp;2013 into shareholders&amp;#x2019; equity as follows (all balances in 000&amp;#x2019;s):&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
    &lt;/tr&gt;

  &lt;/table&gt;&lt;br/&gt;&lt;table id=&quot;TBL641&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 95%; MARGIN-LEFT: 2.5%; MARGIN-RIGHT: 2.5%; TEXT-INDENT: 0px&quot; cellspacing=&quot;0&quot; cellpadding=&quot;0&quot; border=&quot;0&quot;&gt;

    &lt;tr id=&quot;TBL641.finRow.1&quot;&gt;
     &lt;td style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 43%; VERTICAL-ALIGN: bottom&quot;&gt;&lt;b&gt;&amp;nbsp;&lt;/b&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL641.finRow.1.lead.D2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom&quot;&gt;&lt;b&gt;&amp;nbsp;&lt;/b&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL641.finRow.1.amt.D2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt&quot; colspan=&quot;2&quot;&gt; &lt;p id=&quot;PARA630&quot; style=&quot;TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;&lt;b&gt;Balance at&lt;br /&gt;December 31, 2013&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL641.finRow.1.trail.D2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px&quot;&gt;&lt;b&gt;&amp;nbsp;&lt;/b&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL641.finRow.1.lead.D3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom&quot;&gt;&lt;b&gt;&amp;nbsp;&lt;/b&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL641.finRow.1.amt.D3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt&quot; colspan=&quot;2&quot;&gt; &lt;p id=&quot;PARA631&quot; style=&quot;TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;&lt;b&gt;ASU 2013-08&lt;/b&gt;&lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;strong&gt;Transition Adjustment&lt;/strong&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL641.finRow.1.trail.D3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px&quot;&gt;&lt;b&gt;&amp;nbsp;&lt;/b&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL641.finRow.1.lead.D4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom&quot;&gt;&lt;b&gt;&amp;nbsp;&lt;/b&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL641.finRow.1.amt.D4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt&quot; colspan=&quot;2&quot;&gt; &lt;p id=&quot;PARA632&quot; style=&quot;TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;&lt;b&gt;Balance at&lt;br /&gt;January 1, 2014&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL641.finRow.1.trail.D4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px&quot;&gt;&lt;b&gt;&amp;nbsp;&lt;/b&gt;&lt;/td&gt;
    &lt;/tr&gt;
    &lt;tr id=&quot;TBL641.finRow.2&quot; style=&quot;BACKGROUND-COLOR: #cceeff&quot;&gt;
     &lt;td style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 43%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt; &lt;p id=&quot;PARA633&quot; style=&quot;TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;Redeemable capital Shares&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL641.finRow.2.lead.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL641.finRow.2.symb.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;$&lt;/td&gt;
     &lt;td id=&quot;TBL641.finRow.2.amt.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;6,240,747&lt;/td&gt;
     &lt;td id=&quot;TBL641.finRow.2.trail.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL641.finRow.2.lead.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL641.finRow.2.symb.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;$&lt;/td&gt;
     &lt;td id=&quot;TBL641.finRow.2.amt.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;(6,240,747&lt;/td&gt;
     &lt;td id=&quot;TBL641.finRow.2.trail.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot; nowrap=&quot;nowrap&quot;&gt;)&lt;/td&gt;
     &lt;td id=&quot;TBL641.finRow.2.lead.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL641.finRow.2.symb.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;$&lt;/td&gt;
     &lt;td id=&quot;TBL641.finRow.2.amt.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;#x2014;&lt;/td&gt;
     &lt;td id=&quot;TBL641.finRow.2.trail.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
    &lt;/tr&gt;
    &lt;tr id=&quot;TBL641.finRow.3&quot; style=&quot;BACKGROUND-COLOR: #ffffff&quot;&gt;
     &lt;td style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 43%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot;&gt; &lt;p id=&quot;PARA637&quot; style=&quot;TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;Shareholders&amp;#x2019; equity&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL641.finRow.3.lead.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL641.finRow.3.symb.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot;&gt;$&lt;/td&gt;
     &lt;td id=&quot;TBL641.finRow.3.amt.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;#x2014;&lt;/td&gt;
     &lt;td id=&quot;TBL641.finRow.3.trail.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL641.finRow.3.lead.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL641.finRow.3.symb.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot;&gt;$&lt;/td&gt;
     &lt;td id=&quot;TBL641.finRow.3.amt.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot;&gt;6,240,747&lt;/td&gt;
     &lt;td id=&quot;TBL641.finRow.3.trail.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL641.finRow.3.lead.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL641.finRow.3.symb.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot;&gt;$&lt;/td&gt;
     &lt;td id=&quot;TBL641.finRow.3.amt.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot;&gt;6,240,747&lt;/td&gt;
     &lt;td id=&quot;TBL641.finRow.3.trail.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
    &lt;/tr&gt;

  &lt;/table&gt;&lt;br/&gt;&lt;table id=&quot;MTAB645&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 100%; TEXT-INDENT: 0px&quot; cellspacing=&quot;0&quot; cellpadding=&quot;0&quot; border=&quot;0&quot;&gt;

    &lt;tr&gt;
     &lt;td style=&quot;WIDTH: 2%; VERTICAL-ALIGN: top&quot;&gt; &lt;p id=&quot;PARA646&quot; style=&quot;MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;&amp;#x25cf;&lt;/font&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td style=&quot;WIDTH: 98%; VERTICAL-ALIGN: top&quot;&gt; &lt;p id=&quot;PARA647&quot; style=&quot;MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;&lt;/font&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;the addition of a Schedule of Investments and a Financial Highlights note to the financial statements.&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
    &lt;/tr&gt;

  &lt;/table&gt;&lt;br/&gt;&lt;p id=&quot;PARA649&quot; style=&quot;TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;ASU 2013-08 prescribes that an entity that qualifies as an investment company as a result of an assessment of its status shall account for the effect of the change in status prospectively from the date of the change in status and shall recognize any impact as a cumulative effect adjustment to the net asset value at the beginning of the period. No cumulative effect adjustment to net asset value was required to be recorded as a result of adopting ASU 2013-08 because the fair value of silver bullion held by the Trust equaled the cost of silver bullion held by the Trust at December 31, 2013 and therefore there was no accumulated shareholders&amp;#x2019; equity (deficit).&lt;/font&gt;&lt;/p&gt;</us-gaap:NewAccountingPronouncementsPolicyPolicyTextBlock>
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  <us-gaap:InvestmentPolicyTextBlock contextRef="c3_From1Jan2015To31Dec2015">&lt;table id=&quot;MTAB1955&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 100%; TEXT-INDENT: 0px&quot; cellspacing=&quot;0&quot; cellpadding=&quot;0&quot; border=&quot;0&quot;&gt;&lt;tr&gt;&lt;td style=&quot;WIDTH: 3%; VERTICAL-ALIGN: top&quot;&gt;&lt;p id=&quot;PARA1956&quot; style=&quot;MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;&lt;i&gt;C.&lt;/i&gt;&lt;i&gt;&lt;/i&gt;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td style=&quot;WIDTH: 97%; VERTICAL-ALIGN: top&quot;&gt; &lt;p id=&quot;PARA1957&quot; style=&quot;MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;&lt;i&gt;&lt;/i&gt;&lt;i&gt;Silver Bullion&lt;/i&gt;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
    &lt;/tr&gt;

  &lt;/table&gt;&lt;br/&gt;&lt;p id=&quot;PARA1959&quot; style=&quot;TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;JPMorgan Chase Bank N.A., London branch (the &amp;#x201c;Custodian&amp;#x201d;), is responsible for the safekeeping of silver bullion owned by the Trust.&lt;/font&gt;&lt;/p&gt;&lt;br/&gt;&lt;p id=&quot;PARA694&quot; style=&quot;TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;Beginning January 1, 2014, the silver bullion held by the Trust is valued at fair value. Prior to January 1, 2014, the silver bullion held by the Trust was valued at the lower of cost or market, using the average cost method. In applying the lower of cost or market valuation, if the fair value of the silver bullion held was lower than its average cost during the interim periods, an adjustment (&amp;#x201c;market value reserve&amp;#x201d;) to cost was recorded by the Trust to reflect fair value. If the fair value of the silver bullion held increased subsequent to the market value reserve being recorded, a &amp;#x201c;market value recovery&amp;#x201d; was recorded during an interim period in the same fiscal year that the market value reserve had been recorded by the Trust. The market value recovery recorded at an interim period could not exceed the previously recognized market value reserve. At the end of the Trust&amp;#x2019;s fiscal year, management made a determination as to whether the reserve was recovered or whether the cost basis of silver bullion was written down. The market value reserve, market value recovery and inventory write down each were reported as a component of &amp;#x201c;Adjustment to silver bullion inventory.&amp;#x201d;&lt;/font&gt;&lt;/p&gt;&lt;br/&gt;&lt;p id=&quot;PARA1961&quot; style=&quot;TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;Fair value of the silver bullion is based on the price per ounce of silver determined by the CME Group at approximately 12:00 p.m. (London time) and announced by Thomson Reuters shortly thereafter on each day that the London silver market is open for business (&amp;#x201c;LBMA Silver Price&amp;#x201d;). Prior to August&amp;nbsp;15,&amp;nbsp;2014, fair value of the silver bullion was based on the price for an ounce of silver set each working day by three market making members of the London Bullion Market Association (&amp;#x201c;London Fix&amp;#x201d;). &lt;/font&gt;&lt;/p&gt;&lt;br/&gt;&lt;p id=&quot;PARA1963&quot; style=&quot;TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;Gain or loss on sales of silver bullion is calculated on a trade date basis using the average cost method.&lt;/font&gt;&lt;/p&gt;&lt;br/&gt;&lt;p id=&quot;PARA1965&quot; style=&quot;TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;The following table summarizes activity in silver bullion for the years ended December&amp;nbsp;31,&amp;nbsp;2015, 2014 and 2013 (all balances in 000&amp;#x2019;s):&lt;/font&gt;&lt;/p&gt;&lt;br/&gt;&lt;table id=&quot;TBL2049&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 100%; text-indent: 0px;&quot; border=&quot;0&quot; cellspacing=&quot;0&quot; cellpadding=&quot;0&quot;&gt;

    &lt;tr id=&quot;TBL2049.finRow.1&quot;&gt;
     &lt;td style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 52%; vertical-align: bottom; text-align: left; margin-left: 0pt;&quot;&gt;&lt;p id=&quot;PARA1967&quot; style=&quot;text-align: left; margin: 0pt; line-height: 1.25;&quot;&gt;&lt;font style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif;&quot;&gt;&lt;strong&gt;December&amp;nbsp;31,&amp;nbsp;2015 &lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.1.lead.D2&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; vertical-align: bottom;&quot;&gt;&lt;strong&gt;&amp;nbsp;&lt;/strong&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.1.amt.D2&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; vertical-align: bottom; border-bottom: #000000 1px solid; text-align: center; margin-left: 0pt;&quot; colspan=&quot;2&quot;&gt;&lt;p id=&quot;PARA1968&quot; style=&quot;text-align: center; margin: 0pt; line-height: 1.25;&quot;&gt;&lt;font style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif;&quot;&gt;&lt;strong&gt;Ounces&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.1.trail.D2&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; vertical-align: bottom; border-bottom: medium none; padding-bottom: 1px;&quot;&gt;&lt;strong&gt;&amp;nbsp;&lt;/strong&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.1.lead.D3&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; vertical-align: bottom;&quot;&gt;&lt;strong&gt;&amp;nbsp;&lt;/strong&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.1.amt.D3&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; vertical-align: bottom; border-bottom: #000000 1px solid; text-align: center; margin-left: 0pt;&quot; colspan=&quot;2&quot;&gt;&lt;p id=&quot;PARA1969&quot; style=&quot;text-align: center; margin: 0pt; line-height: 1.25;&quot;&gt;&lt;font style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif;&quot;&gt;&lt;strong&gt;Average&lt;br /&gt;Cost&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.1.trail.D3&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; vertical-align: bottom; border-bottom: medium none; padding-bottom: 1px;&quot;&gt;&lt;strong&gt;&amp;nbsp;&lt;/strong&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.1.lead.D4&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; vertical-align: bottom;&quot;&gt;&lt;strong&gt;&amp;nbsp;&lt;/strong&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.1.amt.D4&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; vertical-align: bottom; border-bottom: #000000 1px solid; text-align: center; margin-left: 0pt;&quot; colspan=&quot;2&quot;&gt;&lt;p id=&quot;PARA1970&quot; style=&quot;text-align: center; margin: 0pt; line-height: 1.25;&quot;&gt;&lt;font style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif;&quot;&gt;&lt;strong&gt;Fair&lt;br /&gt;Value&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.1.trail.D4&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; vertical-align: bottom; border-bottom: medium none; padding-bottom: 1px;&quot;&gt;&lt;strong&gt;&amp;nbsp;&lt;/strong&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.1.lead.D5&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; vertical-align: bottom;&quot;&gt;&lt;strong&gt;&amp;nbsp;&lt;/strong&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.1.amt.D5&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; vertical-align: bottom; border-bottom: #000000 1px solid; text-align: center; margin-left: 0pt;&quot; colspan=&quot;2&quot;&gt;&lt;p id=&quot;PARA1971&quot; style=&quot;text-align: center; margin: 0pt; line-height: 1.25;&quot;&gt;&lt;font style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif;&quot;&gt;&lt;strong&gt;Realized&lt;br /&gt;Gain (Loss)&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.1.trail.D5&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; vertical-align: bottom; border-bottom: medium none; padding-bottom: 1px;&quot;&gt;&lt;strong&gt;&amp;nbsp;&lt;/strong&gt;&lt;/td&gt;
    &lt;/tr&gt;
    &lt;tr id=&quot;TBL2049.finRow.2&quot; style=&quot;background-color: #cceeff;&quot;&gt;
     &lt;td style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; vertical-align: bottom; text-align: left; margin-left: 0pt; background-color: #cceeff;&quot;&gt;&lt;p id=&quot;PARA1972&quot; style=&quot;text-align: left; margin: 0pt; line-height: 1.25;&quot;&gt;&lt;font style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif;&quot;&gt;Beginning balance&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.2.lead.2&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #cceeff;&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.2.symb.2&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #cceeff;&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.2.amt.2&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 9%; vertical-align: bottom; text-align: right; margin-left: 0pt; background-color: #cceeff;&quot;&gt;329,564.2&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.2.trail.2&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; margin-left: 0pt; background-color: #cceeff;&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.2.lead.3&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #cceeff;&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.2.symb.3&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; margin-left: 0pt; background-color: #cceeff;&quot;&gt;$&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.2.amt.3&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 9%; vertical-align: bottom; text-align: right; margin-left: 0pt; background-color: #cceeff;&quot;&gt;6,386,750&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.2.trail.3&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; margin-left: 0pt; background-color: #cceeff;&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.2.lead.4&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #cceeff;&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.2.symb.4&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; margin-left: 0pt; background-color: #cceeff;&quot;&gt;$&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.2.amt.4&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 9%; vertical-align: bottom; text-align: right; margin-left: 0pt; background-color: #cceeff;&quot;&gt;5,263,140&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.2.trail.4&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; margin-left: 0pt; background-color: #cceeff;&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.2.lead.5&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #cceeff;&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.2.symb.5&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; margin-left: 0pt; background-color: #cceeff;&quot;&gt;$&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.2.amt.5&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 9%; vertical-align: bottom; text-align: right; margin-left: 0pt; background-color: #cceeff;&quot;&gt;&amp;#x2014;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.2.trail.5&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; margin-left: 0pt; background-color: #cceeff;&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
    &lt;/tr&gt;
    &lt;tr id=&quot;TBL2049.finRow.3&quot; style=&quot;background-color: #ffffff;&quot;&gt;
     &lt;td style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; vertical-align: bottom; text-align: left; margin-left: 0pt; background-color: #ffffff;&quot;&gt;&lt;p id=&quot;PARA1983&quot; style=&quot;text-align: left; margin: 0pt; line-height: 1.25;&quot;&gt;&lt;font style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif;&quot;&gt;Silver bullion contributed&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.3.lead.2&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #ffffff;&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.3.symb.2&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #ffffff;&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.3.amt.2&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 9%; vertical-align: bottom; text-align: right; margin-left: 0pt; background-color: #ffffff;&quot;&gt;54,595.7&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.3.trail.2&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; margin-left: 0pt; background-color: #ffffff;&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.3.lead.3&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #ffffff;&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.3.symb.3&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #ffffff;&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.3.amt.3&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 9%; vertical-align: bottom; text-align: right; margin-left: 0pt; background-color: #ffffff;&quot;&gt;859,468&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.3.trail.3&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; margin-left: 0pt; background-color: #ffffff;&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.3.lead.4&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #ffffff;&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.3.symb.4&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #ffffff;&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.3.amt.4&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 9%; vertical-align: bottom; text-align: right; margin-left: 0pt; background-color: #ffffff;&quot;&gt;859,468&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.3.trail.4&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; margin-left: 0pt; background-color: #ffffff;&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.3.lead.5&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #ffffff;&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.3.symb.5&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #ffffff;&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.3.amt.5&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 9%; vertical-align: bottom; text-align: right; margin-left: 0pt; background-color: #ffffff;&quot;&gt;&amp;#x2014;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.3.trail.5&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; margin-left: 0pt; background-color: #ffffff;&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
    &lt;/tr&gt;
    &lt;tr id=&quot;TBL2049.finRow.4&quot; style=&quot;background-color: #cceeff;&quot;&gt;
     &lt;td style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; vertical-align: bottom; text-align: left; margin-left: 0pt; background-color: #cceeff;&quot;&gt;&lt;p id=&quot;PARA1994&quot; style=&quot;text-align: left; margin: 0pt; line-height: 1.25;&quot;&gt;&lt;font style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif;&quot;&gt;Silver bullion distributed&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.4.lead.2&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #cceeff;&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.4.symb.2&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #cceeff;&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.4.amt.2&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 9%; vertical-align: bottom; text-align: right; margin-left: 0pt; background-color: #cceeff;&quot;&gt;(64,583.5&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.4.trail.2&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; margin-left: 0pt; background-color: #cceeff;&quot; nowrap=&quot;nowrap&quot;&gt;)&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.4.lead.3&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #cceeff;&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.4.symb.3&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #cceeff;&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.4.amt.3&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 9%; vertical-align: bottom; text-align: right; margin-left: 0pt; background-color: #cceeff;&quot;&gt;(1,235,547&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.4.trail.3&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; margin-left: 0pt; background-color: #cceeff;&quot; nowrap=&quot;nowrap&quot;&gt;)&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.4.lead.4&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #cceeff;&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.4.symb.4&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #cceeff;&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.4.amt.4&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 9%; vertical-align: bottom; text-align: right; margin-left: 0pt; background-color: #cceeff;&quot;&gt;(1,029,094&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.4.trail.4&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; margin-left: 0pt; background-color: #cceeff;&quot; nowrap=&quot;nowrap&quot;&gt;)&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.4.lead.5&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #cceeff;&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.4.symb.5&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #cceeff;&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.4.amt.5&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 9%; vertical-align: bottom; text-align: right; margin-left: 0pt; background-color: #cceeff;&quot;&gt;(206,453&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.4.trail.5&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; margin-left: 0pt; background-color: #cceeff;&quot; nowrap=&quot;nowrap&quot;&gt;)&lt;/td&gt;
    &lt;/tr&gt;
    &lt;tr id=&quot;TBL2049.finRow.5&quot; style=&quot;background-color: #ffffff;&quot;&gt;
     &lt;td style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; vertical-align: bottom; text-align: left; margin-left: 0pt; background-color: #ffffff;&quot;&gt;&lt;p id=&quot;PARA2005&quot; style=&quot;text-align: left; margin: 0pt; line-height: 1.25;&quot;&gt;&lt;font style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif;&quot;&gt;Silver bullion sold to pay expenses&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.5.lead.2&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #ffffff;&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.5.symb.2&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #ffffff;&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.5.amt.2&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 9%; vertical-align: bottom; text-align: right; margin-left: 0pt; background-color: #ffffff;&quot;&gt;(1,641.5&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.5.trail.2&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; margin-left: 0pt; background-color: #ffffff;&quot; nowrap=&quot;nowrap&quot;&gt;)&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.5.lead.3&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #ffffff;&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.5.symb.3&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #ffffff;&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.5.amt.3&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 9%; vertical-align: bottom; text-align: right; margin-left: 0pt; background-color: #ffffff;&quot;&gt;(31,419&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.5.trail.3&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; margin-left: 0pt; background-color: #ffffff;&quot; nowrap=&quot;nowrap&quot;&gt;)&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.5.lead.4&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #ffffff;&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.5.symb.4&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #ffffff;&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.5.amt.4&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 9%; vertical-align: bottom; text-align: right; margin-left: 0pt; background-color: #ffffff;&quot;&gt;(25,716&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.5.trail.4&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; margin-left: 0pt; background-color: #ffffff;&quot; nowrap=&quot;nowrap&quot;&gt;)&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.5.lead.5&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #ffffff;&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.5.symb.5&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #ffffff;&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.5.amt.5&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 9%; vertical-align: bottom; text-align: right; margin-left: 0pt; background-color: #ffffff;&quot;&gt;(5,703&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.5.trail.5&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; margin-left: 0pt; background-color: #ffffff;&quot; nowrap=&quot;nowrap&quot;&gt;)&lt;/td&gt;
    &lt;/tr&gt;
    &lt;tr id=&quot;TBL2049.finRow.6&quot; style=&quot;background-color: #cceeff;&quot;&gt;
     &lt;td style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; vertical-align: bottom; text-align: left; margin-left: 0pt; background-color: #cceeff;&quot;&gt;&lt;p id=&quot;PARA2016&quot; style=&quot;text-align: left; margin: 0pt; line-height: 1.25;&quot;&gt;&lt;font style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif;&quot;&gt;Net realized loss on silver bullion&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.6.lead.2&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #cceeff;&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.6.symb.2&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #cceeff;&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.6.amt.2&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 9%; vertical-align: bottom; text-align: right; margin-left: 0pt; background-color: #cceeff;&quot;&gt;&amp;#x2014;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.6.trail.2&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; margin-left: 0pt; background-color: #cceeff;&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.6.lead.3&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #cceeff;&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.6.symb.3&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #cceeff;&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.6.amt.3&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 9%; vertical-align: bottom; text-align: right; margin-left: 0pt; background-color: #cceeff;&quot;&gt;&amp;#x2014;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.6.trail.3&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; margin-left: 0pt; background-color: #cceeff;&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.6.lead.4&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #cceeff;&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.6.symb.4&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #cceeff;&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.6.amt.4&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 9%; vertical-align: bottom; text-align: right; margin-left: 0pt; background-color: #cceeff;&quot;&gt;(212,156&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.6.trail.4&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; margin-left: 0pt; background-color: #cceeff;&quot; nowrap=&quot;nowrap&quot;&gt;)&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.6.lead.5&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #cceeff;&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.6.symb.5&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #cceeff;&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.6.amt.5&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 9%; vertical-align: bottom; text-align: right; margin-left: 0pt; background-color: #cceeff;&quot;&gt;&amp;#x2014;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.6.trail.5&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; margin-left: 0pt; background-color: #cceeff;&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
    &lt;/tr&gt;
    &lt;tr id=&quot;TBL2049.finRow.7&quot; style=&quot;background-color: #ffffff;&quot;&gt;
     &lt;td style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; vertical-align: bottom; text-align: left; margin-left: 0pt; background-color: #ffffff;&quot;&gt;&lt;p id=&quot;PARA2027&quot; style=&quot;text-align: left; margin: 0pt; line-height: 1.25;&quot;&gt;&lt;font style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif;&quot;&gt;Net change in unrealized appreciation/depreciation on investment in silver bullion&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.7.lead.2&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #ffffff;&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.7.symb.2&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; border-bottom: #000000 1px solid; background-color: #ffffff;&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.7.amt.2&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 9%; vertical-align: bottom; border-bottom: #000000 1px solid; text-align: right; margin-left: 0pt; background-color: #ffffff;&quot;&gt;&amp;#x2014;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.7.trail.2&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; border-bottom: medium none; padding-bottom: 1px; margin-left: 0pt; background-color: #ffffff;&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.7.lead.3&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #ffffff;&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.7.symb.3&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; border-bottom: #000000 1px solid; background-color: #ffffff;&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.7.amt.3&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 9%; vertical-align: bottom; border-bottom: #000000 1px solid; text-align: right; margin-left: 0pt; background-color: #ffffff;&quot;&gt;&amp;#x2014;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.7.trail.3&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; border-bottom: medium none; padding-bottom: 1px; margin-left: 0pt; background-color: #ffffff;&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.7.lead.4&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #ffffff;&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.7.symb.4&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; border-bottom: #000000 1px solid; background-color: #ffffff;&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.7.amt.4&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 9%; vertical-align: bottom; border-bottom: #000000 1px solid; text-align: right; margin-left: 0pt; background-color: #ffffff;&quot;&gt;(461,781&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.7.trail.4&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; border-bottom: medium none; padding-bottom: 1px; margin-left: 0pt; background-color: #ffffff;&quot; nowrap=&quot;nowrap&quot;&gt;)&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.7.lead.5&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #ffffff;&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.7.symb.5&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; border-bottom: #000000 1px solid; background-color: #ffffff;&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.7.amt.5&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 9%; vertical-align: bottom; border-bottom: #000000 1px solid; text-align: right; margin-left: 0pt; background-color: #ffffff;&quot;&gt;&amp;#x2014;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.7.trail.5&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; border-bottom: medium none; padding-bottom: 1px; margin-left: 0pt; background-color: #ffffff;&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
    &lt;/tr&gt;
    &lt;tr id=&quot;TBL2049.finRow.8&quot; style=&quot;background-color: #cceeff;&quot;&gt;
     &lt;td style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; vertical-align: bottom; text-align: left; margin-left: 0pt; background-color: #cceeff;&quot;&gt;&lt;p id=&quot;PARA2038&quot; style=&quot;text-align: left; margin: 0pt; line-height: 1.25;&quot;&gt;&lt;font style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif;&quot;&gt;Ending balance&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.8.lead.2&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #cceeff;&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.8.symb.2&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; border-bottom: #000000 3px double; background-color: #cceeff;&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.8.amt.2&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 9%; vertical-align: bottom; border-bottom: #000000 3px double; text-align: right; margin-left: 0pt; background-color: #cceeff;&quot;&gt;317,934.9&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.8.trail.2&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; border-bottom: medium none; padding-bottom: 3px; margin-left: 0pt; background-color: #cceeff;&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.8.lead.3&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #cceeff;&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.8.symb.3&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; border-bottom: #000000 3px double; margin-left: 0pt; background-color: #cceeff;&quot;&gt;$&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.8.amt.3&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 9%; vertical-align: bottom; border-bottom: #000000 3px double; text-align: right; margin-left: 0pt; background-color: #cceeff;&quot;&gt;5,979,252&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.8.trail.3&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; border-bottom: medium none; padding-bottom: 3px; margin-left: 0pt; background-color: #cceeff;&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.8.lead.4&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #cceeff;&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.8.symb.4&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; border-bottom: #000000 3px double; margin-left: 0pt; background-color: #cceeff;&quot;&gt;$&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.8.amt.4&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 9%; vertical-align: bottom; border-bottom: #000000 3px double; text-align: right; margin-left: 0pt; background-color: #cceeff;&quot;&gt;4,393,861&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.8.trail.4&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; border-bottom: medium none; padding-bottom: 3px; margin-left: 0pt; background-color: #cceeff;&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.8.lead.5&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #cceeff;&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.8.symb.5&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; border-bottom: #000000 3px double; margin-left: 0pt; background-color: #cceeff;&quot;&gt;$&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.8.amt.5&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 9%; vertical-align: bottom; border-bottom: #000000 3px double; text-align: right; margin-left: 0pt; background-color: #cceeff;&quot;&gt;(212,156&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.8.trail.5&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; border-bottom: medium none; padding-bottom: 3px; margin-left: 0pt; background-color: #cceeff;&quot; nowrap=&quot;nowrap&quot;&gt;)&lt;/td&gt;
    &lt;/tr&gt;

  &lt;/table&gt;&lt;br/&gt;&lt;table id=&quot;TBL2134&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 100%; TEXT-INDENT: 0px&quot; cellspacing=&quot;0&quot; cellpadding=&quot;0&quot; border=&quot;0&quot;&gt;

    &lt;tr id=&quot;TBL2134.finRow.1&quot;&gt;
     &lt;td style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 52%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt&quot;&gt; &lt;p id=&quot;PARA2052&quot; style=&quot;TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;&lt;b&gt;December&amp;nbsp;31,&amp;nbsp;2014 &lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.1.lead.D2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom&quot;&gt;&lt;b&gt;&amp;nbsp;&lt;/b&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.1.amt.D2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt&quot; colspan=&quot;2&quot;&gt; &lt;p id=&quot;PARA2053&quot; style=&quot;TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;&lt;b&gt;Ounces&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.1.trail.D2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px&quot;&gt;&lt;b&gt;&amp;nbsp;&lt;/b&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.1.lead.D3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom&quot;&gt;&lt;b&gt;&amp;nbsp;&lt;/b&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.1.amt.D3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt&quot; colspan=&quot;2&quot;&gt; &lt;p id=&quot;PARA2054&quot; style=&quot;TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;&lt;b&gt;Average&lt;br /&gt;Cost&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.1.trail.D3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px&quot;&gt;&lt;b&gt;&amp;nbsp;&lt;/b&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.1.lead.D4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom&quot;&gt;&lt;b&gt;&amp;nbsp;&lt;/b&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.1.amt.D4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt&quot; colspan=&quot;2&quot;&gt; &lt;p id=&quot;PARA2055&quot; style=&quot;TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;&lt;b&gt;Fair&lt;br /&gt;Value&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.1.trail.D4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px&quot;&gt;&lt;b&gt;&amp;nbsp;&lt;/b&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.1.lead.D5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom&quot;&gt;&lt;b&gt;&amp;nbsp;&lt;/b&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.1.amt.D5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt&quot; colspan=&quot;2&quot;&gt; &lt;p id=&quot;PARA2056&quot; style=&quot;TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;&lt;b&gt;Realized&lt;br /&gt;Gain (Loss)&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.1.trail.D5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px&quot;&gt;&lt;b&gt;&amp;nbsp;&lt;/b&gt;&lt;/td&gt;
    &lt;/tr&gt;
    &lt;tr id=&quot;TBL2134.finRow.2&quot; style=&quot;BACKGROUND-COLOR: #cceeff&quot;&gt;
     &lt;td style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt; &lt;p id=&quot;PARA2057&quot; style=&quot;TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;Beginning balance&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.2.lead.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.2.symb.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.2.amt.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;320,177.8&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.2.trail.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.2.lead.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.2.symb.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;$&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.2.amt.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;6,243,467&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.2.trail.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.2.lead.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.2.symb.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;$&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.2.amt.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;6,243,467&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.2.trail.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.2.lead.5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.2.symb.5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;$&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.2.amt.5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;#x2014;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.2.trail.5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
    &lt;/tr&gt;
    &lt;tr id=&quot;TBL2134.finRow.3&quot; style=&quot;BACKGROUND-COLOR: #ffffff&quot;&gt;
     &lt;td style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot;&gt; &lt;p id=&quot;PARA2068&quot; style=&quot;TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;Silver bullion contributed&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.3.lead.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.3.symb.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.3.amt.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot;&gt;71,956.1&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.3.trail.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.3.lead.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.3.symb.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.3.amt.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot;&gt;1,361,917&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.3.trail.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.3.lead.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.3.symb.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.3.amt.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot;&gt;1,361,917&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.3.trail.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.3.lead.5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.3.symb.5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.3.amt.5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;#x2014;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.3.trail.5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
    &lt;/tr&gt;
    &lt;tr id=&quot;TBL2134.finRow.4&quot; style=&quot;BACKGROUND-COLOR: #cceeff&quot;&gt;
     &lt;td style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt; &lt;p id=&quot;PARA2079&quot; style=&quot;TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;Silver bullion distributed&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.4.lead.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.4.symb.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.4.amt.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;(60,878.0&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.4.trail.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot; nowrap=&quot;nowrap&quot;&gt;)&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.4.lead.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.4.symb.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.4.amt.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;(1,185,617&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.4.trail.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot; nowrap=&quot;nowrap&quot;&gt;)&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.4.lead.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.4.symb.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.4.amt.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;(1,108,223&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.4.trail.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot; nowrap=&quot;nowrap&quot;&gt;)&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.4.lead.5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.4.symb.5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.4.amt.5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;(77,394&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.4.trail.5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot; nowrap=&quot;nowrap&quot;&gt;)&lt;/td&gt;
    &lt;/tr&gt;
    &lt;tr id=&quot;TBL2134.finRow.5&quot; style=&quot;BACKGROUND-COLOR: #ffffff&quot;&gt;
     &lt;td style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot;&gt; &lt;p id=&quot;PARA2090&quot; style=&quot;TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;Silver bullion sold &lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.5.lead.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.5.symb.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.5.amt.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot;&gt;(1,691.7&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.5.trail.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot; nowrap=&quot;nowrap&quot;&gt;)&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.5.lead.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.5.symb.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.5.amt.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot;&gt;(33,017&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.5.trail.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot; nowrap=&quot;nowrap&quot;&gt;)&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.5.lead.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.5.symb.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.5.amt.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot;&gt;(31,961&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.5.trail.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot; nowrap=&quot;nowrap&quot;&gt;)&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.5.lead.5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.5.symb.5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.5.amt.5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot;&gt;(1,056&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.5.trail.5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot; nowrap=&quot;nowrap&quot;&gt;)&lt;/td&gt;
    &lt;/tr&gt;
    &lt;tr id=&quot;TBL2134.finRow.6&quot; style=&quot;BACKGROUND-COLOR: #cceeff&quot;&gt;
     &lt;td style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt; &lt;p id=&quot;PARA2101&quot; style=&quot;TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;Net realized loss on silver bullion&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.6.lead.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.6.symb.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.6.amt.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;#x2014;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.6.trail.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.6.lead.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.6.symb.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.6.amt.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;#x2014;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.6.trail.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.6.lead.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.6.symb.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.6.amt.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;(78,450&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.6.trail.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot; nowrap=&quot;nowrap&quot;&gt;)&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.6.lead.5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.6.symb.5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.6.amt.5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;#x2014;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.6.trail.5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
    &lt;/tr&gt;
    &lt;tr id=&quot;TBL2134.finRow.7&quot; style=&quot;BACKGROUND-COLOR: #ffffff&quot;&gt;
     &lt;td style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; PADDING-LEFT: 9pt; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff; TEXT-INDENT: -9pt&quot;&gt; &lt;p id=&quot;PARA2112&quot; style=&quot;TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;Net change in unrealized appreciation/depreciation on investment in silver bullion&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.7.lead.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.7.symb.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.7.amt.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;#x2014;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.7.trail.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.7.lead.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.7.symb.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.7.amt.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;#x2014;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.7.trail.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.7.lead.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.7.symb.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.7.amt.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot;&gt;(1,123,610&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.7.trail.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot; nowrap=&quot;nowrap&quot;&gt;)&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.7.lead.5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.7.symb.5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.7.amt.5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;#x2014;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.7.trail.5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
    &lt;/tr&gt;
    &lt;tr id=&quot;TBL2134.finRow.8&quot; style=&quot;BACKGROUND-COLOR: #cceeff&quot;&gt;
     &lt;td style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt; &lt;p id=&quot;PARA2123&quot; style=&quot;TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;Ending balance&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.8.lead.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.8.symb.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.8.amt.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;329,564.2&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.8.trail.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.8.lead.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.8.symb.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;$&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.8.amt.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;6,386,750&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.8.trail.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.8.lead.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.8.symb.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;$&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.8.amt.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;5,263,140&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.8.trail.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.8.lead.5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.8.symb.5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;$&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.8.amt.5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;(78,450&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.8.trail.5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot; nowrap=&quot;nowrap&quot;&gt;)&lt;/td&gt;
    &lt;/tr&gt;

  &lt;/table&gt;&lt;br/&gt;&lt;table id=&quot;TBL2230&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 100%; TEXT-INDENT: 0px&quot; cellspacing=&quot;0&quot; cellpadding=&quot;0&quot; border=&quot;0&quot;&gt;

    &lt;tr id=&quot;TBL2230.finRow.1&quot;&gt;
     &lt;td style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 52%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt&quot;&gt; &lt;p id=&quot;PARA2137&quot; style=&quot;TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;&lt;b&gt;December&amp;nbsp;31,&amp;nbsp;2013 &lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.1.lead.D2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom&quot;&gt;&lt;b&gt;&amp;nbsp;&lt;/b&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.1.amt.D2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt&quot; colspan=&quot;2&quot;&gt; &lt;p id=&quot;PARA2138&quot; style=&quot;TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;&lt;b&gt;Ounces&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.1.trail.D2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px&quot;&gt;&lt;b&gt;&amp;nbsp;&lt;/b&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.1.lead.D3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom&quot;&gt;&lt;b&gt;&amp;nbsp;&lt;/b&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.1.amt.D3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt&quot; colspan=&quot;2&quot;&gt; &lt;p id=&quot;PARA2139&quot; style=&quot;TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;&lt;b&gt;Average&lt;br /&gt;Cost&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.1.trail.D3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px&quot;&gt;&lt;b&gt;&amp;nbsp;&lt;/b&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.1.lead.D4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom&quot;&gt;&lt;b&gt;&amp;nbsp;&lt;/b&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.1.amt.D4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt&quot; colspan=&quot;2&quot;&gt; &lt;p id=&quot;PARA2140&quot; style=&quot;TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;&lt;b&gt;Fair&lt;br /&gt;Value&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.1.trail.D4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px&quot;&gt;&lt;b&gt;&amp;nbsp;&lt;/b&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.1.lead.D5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom&quot;&gt;&lt;b&gt;&amp;nbsp;&lt;/b&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.1.amt.D5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt&quot; colspan=&quot;2&quot;&gt; &lt;p id=&quot;PARA2141&quot; style=&quot;TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;&lt;b&gt;Realized&lt;br /&gt;Gain (Loss)&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.1.trail.D5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px&quot;&gt;&lt;b&gt;&amp;nbsp;&lt;/b&gt;&lt;/td&gt;
    &lt;/tr&gt;
    &lt;tr id=&quot;TBL2230.finRow.2&quot; style=&quot;BACKGROUND-COLOR: #cceeff&quot;&gt;
     &lt;td style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt; &lt;p id=&quot;PARA2142&quot; style=&quot;TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;Beginning balance&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.2.lead.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.2.symb.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.2.amt.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;324,239.1&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.2.trail.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.2.lead.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.2.symb.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;$&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.2.amt.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;8,135,003&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.2.trail.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.2.lead.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.2.symb.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;$&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.2.amt.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;9,710,962&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.2.trail.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.2.lead.5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.2.symb.5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;$&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.2.amt.5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;#x2014;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.2.trail.5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
    &lt;/tr&gt;
    &lt;tr id=&quot;TBL2230.finRow.3&quot; style=&quot;BACKGROUND-COLOR: #ffffff&quot;&gt;
     &lt;td style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot;&gt; &lt;p id=&quot;PARA2153&quot; style=&quot;TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;Silver bullion contributed&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.3.lead.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.3.symb.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.3.amt.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot;&gt;82,810.6&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.3.trail.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.3.lead.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.3.symb.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.3.amt.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot;&gt;2,096,484&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.3.trail.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.3.lead.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.3.symb.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.3.amt.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot;&gt;2,096,484&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.3.trail.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.3.lead.5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.3.symb.5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.3.amt.5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;#x2014;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.3.trail.5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
    &lt;/tr&gt;
    &lt;tr id=&quot;TBL2230.finRow.4&quot; style=&quot;BACKGROUND-COLOR: #cceeff&quot;&gt;
     &lt;td style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt; &lt;p id=&quot;PARA2164&quot; style=&quot;TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;Silver bullion distributed&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.4.lead.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.4.symb.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.4.amt.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;(85,164.1&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.4.trail.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot; nowrap=&quot;nowrap&quot;&gt;)&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.4.lead.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.4.symb.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.4.amt.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;(2,163,458&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.4.trail.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot; nowrap=&quot;nowrap&quot;&gt;)&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.4.lead.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.4.symb.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.4.amt.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;(2,031,644&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.4.trail.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot; nowrap=&quot;nowrap&quot;&gt;)&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.4.lead.5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.4.symb.5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.4.amt.5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;(131,814&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.4.trail.5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot; nowrap=&quot;nowrap&quot;&gt;)&lt;/td&gt;
    &lt;/tr&gt;
    &lt;tr id=&quot;TBL2230.finRow.5&quot; style=&quot;BACKGROUND-COLOR: #ffffff&quot;&gt;
     &lt;td style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot;&gt; &lt;p id=&quot;PARA2175&quot; style=&quot;TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;Silver bullion sold &lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.5.lead.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.5.symb.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.5.amt.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot;&gt;(1,707.8&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.5.trail.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot; nowrap=&quot;nowrap&quot;&gt;)&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.5.lead.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.5.symb.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.5.amt.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot;&gt;(43,296&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.5.trail.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot; nowrap=&quot;nowrap&quot;&gt;)&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.5.lead.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.5.symb.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.5.amt.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot;&gt;(41,406&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.5.trail.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot; nowrap=&quot;nowrap&quot;&gt;)&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.5.lead.5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.5.symb.5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.5.amt.5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot;&gt;(1,890&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.5.trail.5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot; nowrap=&quot;nowrap&quot;&gt;)&lt;/td&gt;
    &lt;/tr&gt;
    &lt;tr id=&quot;TBL2230.finRow.6&quot; style=&quot;BACKGROUND-COLOR: #cceeff&quot;&gt;
     &lt;td style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt; &lt;p id=&quot;PARA2186&quot; style=&quot;TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;Adjustment to silver bullion inventory&lt;font style=&quot;FONT-SIZE: 60%; VERTICAL-ALIGN: text-top&quot;&gt;(a)&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.6.lead.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.6.symb.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.6.amt.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;#x2014;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.6.trail.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.6.lead.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.6.symb.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.6.amt.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;(1,781,266&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.6.trail.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot; nowrap=&quot;nowrap&quot;&gt;)&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.6.lead.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.6.symb.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.6.amt.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;#x2014;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.6.trail.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.6.lead.5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.6.symb.5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.6.amt.5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;#x2014;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.6.trail.5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
    &lt;/tr&gt;
    &lt;tr id=&quot;TBL2230.finRow.7&quot; style=&quot;BACKGROUND-COLOR: #ffffff&quot;&gt;
     &lt;td style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot;&gt; &lt;p id=&quot;PARA2197&quot; style=&quot;TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;Adjustment for realized loss on silver bullion&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.7.lead.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.7.symb.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.7.amt.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;#x2014;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.7.trail.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.7.lead.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.7.symb.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.7.amt.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;#x2014;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.7.trail.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.7.lead.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.7.symb.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.7.amt.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot;&gt;(133,704&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.7.trail.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot; nowrap=&quot;nowrap&quot;&gt;)&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.7.lead.5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.7.symb.5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.7.amt.5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;#x2014;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.7.trail.5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
    &lt;/tr&gt;
    &lt;tr id=&quot;TBL2230.finRow.8&quot; style=&quot;BACKGROUND-COLOR: #cceeff&quot;&gt;
     &lt;td style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt; &lt;p id=&quot;PARA2208&quot; style=&quot;TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;Adjustment for unrealized loss on silver bullion&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.8.lead.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.8.symb.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.8.amt.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;#x2014;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.8.trail.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.8.lead.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.8.symb.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.8.amt.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;#x2014;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.8.trail.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.8.lead.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.8.symb.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.8.amt.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;(3,357,225&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.8.trail.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot; nowrap=&quot;nowrap&quot;&gt;)&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.8.lead.5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.8.symb.5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.8.amt.5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;#x2014;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.8.trail.5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
    &lt;/tr&gt;
    &lt;tr id=&quot;TBL2230.finRow.9&quot; style=&quot;BACKGROUND-COLOR: #ffffff&quot;&gt;
     &lt;td style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot;&gt; &lt;p id=&quot;PARA2219&quot; style=&quot;TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;Ending balance&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.9.lead.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.9.symb.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.9.amt.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot;&gt;320,177.8&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.9.trail.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.9.lead.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.9.symb.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot;&gt;$&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.9.amt.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot;&gt;6,243,467&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.9.trail.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.9.lead.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.9.symb.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot;&gt;$&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.9.amt.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot;&gt;6,243,467&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.9.trail.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.9.lead.5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.9.symb.5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot;&gt;$&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.9.amt.5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot;&gt;(133,704&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.9.trail.5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot; nowrap=&quot;nowrap&quot;&gt;)&lt;/td&gt;
    &lt;/tr&gt;

  &lt;/table&gt;&lt;br/&gt;&lt;p id=&quot;PARA605-0&quot; style=&quot;MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;&lt;font style=&quot;FONT-SIZE: 60%; VERTICAL-ALIGN: text-top&quot;&gt;(a)&lt;/font&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/font&gt;&lt;font style=&quot;FONT-SIZE: 8pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;At December&amp;nbsp;31,&amp;nbsp;2013, the market value of the silver bullion was below the average cost of the Trust&amp;#x2019;s silver bullion inventory held. As a result, the Trust recorded a permanent write down against the average cost of the silver bullion inventory of $1,781,266.&lt;/font&gt;&lt;/p&gt;</us-gaap:InvestmentPolicyTextBlock>
  <slv:CalculationOfNetAssetValuePolicyTextBlock contextRef="c3_From1Jan2015To31Dec2015">&lt;table id=&quot;MTAB2236&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 100%; TEXT-INDENT: 0px&quot; cellspacing=&quot;0&quot; cellpadding=&quot;0&quot; border=&quot;0&quot;&gt;&lt;tr&gt;&lt;td style=&quot;WIDTH: 3%; VERTICAL-ALIGN: top&quot;&gt;&lt;p id=&quot;PARA2237&quot; style=&quot;MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;&lt;i&gt;D.&lt;/i&gt;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td style=&quot;WIDTH: 97%; VERTICAL-ALIGN: top&quot;&gt; &lt;p id=&quot;PARA2238&quot; style=&quot;MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;&lt;i&gt;Calculation of Net Asset Value&lt;/i&gt;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
    &lt;/tr&gt;

  &lt;/table&gt;&lt;br/&gt;&lt;p id=&quot;PARA2240&quot; style=&quot;TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;On each business day, as soon as practicable after 4:00 p.m. (New York time), the net asset value of the Trust is obtained by subtracting all accrued fees, expenses and other liabilities of the Trust from the fair value of the silver held by the Trust and other assets of the Trust. The Trustee 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.&lt;/font&gt;&lt;/p&gt;</slv:CalculationOfNetAssetValuePolicyTextBlock>
  <slv:OfferingOfTheSharesPolicyTextBlock contextRef="c3_From1Jan2015To31Dec2015">&lt;table id=&quot;MTAB2243&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 100%; TEXT-INDENT: 0px&quot; cellspacing=&quot;0&quot; cellpadding=&quot;0&quot; border=&quot;0&quot;&gt;&lt;tr&gt;&lt;td style=&quot;WIDTH: 3%; VERTICAL-ALIGN: top&quot;&gt;&lt;p id=&quot;PARA2244&quot; style=&quot;MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;&lt;i&gt;E. &lt;/i&gt;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td style=&quot;WIDTH: 97%; VERTICAL-ALIGN: top&quot;&gt; &lt;p id=&quot;PARA2245&quot; style=&quot;MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;&lt;i&gt;Offering of the Shares&lt;/i&gt;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
    &lt;/tr&gt;

  &lt;/table&gt;&lt;br/&gt;&lt;p id=&quot;PARA2247&quot; style=&quot;TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;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 that are eligible to settle securities transactions through the book-entry facilities of the Depository Trust Company and that have entered into a contractual arrangement with the Trust and the Sponsor governing, among other matters, the creation and redemption of Shares (such broker-dealers, the &amp;#x201c;Authorized Participants&amp;#x201d;). 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&amp;#x37e; &lt;i&gt;provided&lt;/i&gt;, that redemptions of Shares may be suspended during any period while regular trading on NYSE Arca, Inc. (&amp;#x201c;NYSE Arca&amp;#x201d;) 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.&lt;/font&gt;&lt;/p&gt;&lt;br/&gt;&lt;p id=&quot;PARA655&quot; style=&quot;TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;The per Share amount of silver exchanged for a purchase or redemption represents the per Share amount of silver held by the Trust, after giving effect to its liabilities. The Trustee calculates the silver amount in respect of any liabilities of the Trust daily using the LBMA Silver Price&lt;/font&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;. &lt;/font&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;&lt;/font&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;Prior to August 15, 2014, the Trustee used the London Fix to calculate the silver amount in respect of any liabilities.&lt;/font&gt;&lt;/p&gt;&lt;br/&gt;&lt;p id=&quot;PARA2251&quot; style=&quot;TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;When silver bullion is exchanged in settlement of a redemption, it is considered a sale of silver bullion for accounting purposes.&lt;/font&gt;&lt;/p&gt;&lt;br/&gt;&lt;p id=&quot;PARA656&quot; style=&quot;TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;As noted in Note 2B above, beginning January 1, 2014, Shares of the Trust are classified as shareholders&amp;#x2019; equity. The Trust reflects Shares issued and Shares redeemed within shareholders&amp;#x2019; equity on trade date.&lt;/font&gt;&lt;/p&gt;&lt;br/&gt;&lt;p id=&quot;PARA658&quot; style=&quot;TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;Share activity was as follows (all balances in 000&amp;#x2019;s):&lt;/font&gt;&lt;/p&gt;&lt;br/&gt;&lt;table id=&quot;TBL682&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 100%; TEXT-INDENT: 0px&quot; cellspacing=&quot;0&quot; cellpadding=&quot;0&quot; border=&quot;0&quot;&gt;

    &lt;tr id=&quot;TBL682.finRow.1&quot;&gt;
     &lt;td style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom&quot;&gt;&lt;b&gt;&amp;nbsp;&lt;/b&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL682.finRow.1.lead.D5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom&quot;&gt;&lt;b&gt;&amp;nbsp;&lt;/b&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL682.finRow.1.amt.D5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt&quot; colspan=&quot;14&quot;&gt; &lt;p id=&quot;PARA660&quot; style=&quot;TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;&lt;b&gt;Year&lt;/b&gt;&lt;b&gt;s&lt;/b&gt;&lt;b&gt; Ended&lt;/b&gt;&lt;b&gt; &lt;/b&gt;&lt;b&gt;December 31&lt;/b&gt;&lt;b&gt;,&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL682.finRow.1.trail.D5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px&quot;&gt;&lt;b&gt;&amp;nbsp;&lt;/b&gt;&lt;/td&gt;
    &lt;/tr&gt;
    &lt;tr id=&quot;TBL682.finRow.2&quot;&gt;
     &lt;td style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom&quot;&gt;&lt;b&gt;&amp;nbsp;&lt;/b&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL682.finRow.2.lead.D3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom&quot;&gt;&lt;b&gt;&amp;nbsp;&lt;/b&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL682.finRow.2.amt.D3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt&quot; colspan=&quot;6&quot;&gt; &lt;p id=&quot;PARA661&quot; style=&quot;TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;&lt;b&gt;2015&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL682.finRow.2.trail.D3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px&quot;&gt;&lt;b&gt;&amp;nbsp;&lt;/b&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL682.finRow.2.lead.D5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom&quot;&gt;&lt;b&gt;&amp;nbsp;&lt;/b&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL682.finRow.2.amt.D5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt&quot; colspan=&quot;6&quot;&gt; &lt;p id=&quot;PARA662&quot; style=&quot;TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;&lt;b&gt;2014&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL682.finRow.2.trail.D5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px&quot;&gt;&lt;b&gt;&amp;nbsp;&lt;/b&gt;&lt;/td&gt;
    &lt;/tr&gt;
    &lt;tr id=&quot;TBL682.finRow.3&quot;&gt;
     &lt;td style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom&quot;&gt;&lt;b&gt;&amp;nbsp;&lt;/b&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL682.finRow.3.lead.D2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom&quot;&gt;&lt;b&gt;&amp;nbsp;&lt;/b&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL682.finRow.3.amt.D2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt&quot; colspan=&quot;2&quot;&gt; &lt;p id=&quot;PARA663&quot; style=&quot;TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;&lt;b&gt;Shares&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL682.finRow.3.trail.D2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px&quot;&gt;&lt;b&gt;&amp;nbsp;&lt;/b&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL682.finRow.3.lead.D3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom&quot;&gt;&lt;b&gt;&amp;nbsp;&lt;/b&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL682.finRow.3.amt.D3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt&quot; colspan=&quot;2&quot;&gt; &lt;p id=&quot;PARA664&quot; style=&quot;TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;&lt;b&gt;Amount&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL682.finRow.3.trail.D3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px&quot;&gt;&lt;b&gt;&amp;nbsp;&lt;/b&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL682.finRow.3.lead.D4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom&quot;&gt;&lt;b&gt;&amp;nbsp;&lt;/b&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL682.finRow.3.amt.D4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt&quot; colspan=&quot;2&quot;&gt; &lt;p id=&quot;PARA665&quot; style=&quot;TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;&lt;b&gt;Shares&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL682.finRow.3.trail.D4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px&quot;&gt;&lt;b&gt;&amp;nbsp;&lt;/b&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL682.finRow.3.lead.D5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom&quot;&gt;&lt;b&gt;&amp;nbsp;&lt;/b&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL682.finRow.3.amt.D5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt&quot; colspan=&quot;2&quot;&gt; &lt;p id=&quot;PARA666&quot; style=&quot;TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;&lt;b&gt;Amount&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL682.finRow.3.trail.D5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px&quot;&gt;&lt;b&gt;&amp;nbsp;&lt;/b&gt;&lt;/td&gt;
    &lt;/tr&gt;
    &lt;tr id=&quot;TBL682.finRow.4&quot; style=&quot;BACKGROUND-COLOR: #cceeff&quot;&gt;
     &lt;td style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 52%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt; &lt;p id=&quot;PARA667&quot; style=&quot;TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;Shares issued&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL682.finRow.4.lead.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL682.finRow.4.symb.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL682.finRow.4.amt.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;57,150&lt;/td&gt;
     &lt;td id=&quot;TBL682.finRow.4.trail.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL682.finRow.4.lead.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL682.finRow.4.symb.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;$&lt;/td&gt;
     &lt;td id=&quot;TBL682.finRow.4.amt.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;859,468&lt;/td&gt;
     &lt;td id=&quot;TBL682.finRow.4.trail.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL682.finRow.4.lead.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL682.finRow.4.symb.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL682.finRow.4.amt.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;74,950&lt;/td&gt;
     &lt;td id=&quot;TBL682.finRow.4.trail.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL682.finRow.4.lead.5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL682.finRow.4.symb.5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;$&lt;/td&gt;
     &lt;td id=&quot;TBL682.finRow.4.amt.5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;1,361,917&lt;/td&gt;
     &lt;td id=&quot;TBL682.finRow.4.trail.5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
    &lt;/tr&gt;
    &lt;tr id=&quot;TBL682.finRow.5&quot; style=&quot;BACKGROUND-COLOR: #ffffff&quot;&gt;
     &lt;td style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot;&gt; &lt;p id=&quot;PARA672&quot; style=&quot;TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;Shares redeemed&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL682.finRow.5.lead.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL682.finRow.5.symb.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL682.finRow.5.amt.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot;&gt;(67,600&lt;/td&gt;
     &lt;td id=&quot;TBL682.finRow.5.trail.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot; nowrap=&quot;nowrap&quot;&gt;)&lt;/td&gt;
     &lt;td id=&quot;TBL682.finRow.5.lead.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL682.finRow.5.symb.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL682.finRow.5.amt.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot;&gt;(1,029,094&lt;/td&gt;
     &lt;td id=&quot;TBL682.finRow.5.trail.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot; nowrap=&quot;nowrap&quot;&gt;)&lt;/td&gt;
     &lt;td id=&quot;TBL682.finRow.5.lead.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL682.finRow.5.symb.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL682.finRow.5.amt.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot;&gt;(63,450&lt;/td&gt;
     &lt;td id=&quot;TBL682.finRow.5.trail.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot; nowrap=&quot;nowrap&quot;&gt;)&lt;/td&gt;
     &lt;td id=&quot;TBL682.finRow.5.lead.5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL682.finRow.5.symb.5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL682.finRow.5.amt.5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot;&gt;(1,108,223&lt;/td&gt;
     &lt;td id=&quot;TBL682.finRow.5.trail.5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot; nowrap=&quot;nowrap&quot;&gt;)&lt;/td&gt;
    &lt;/tr&gt;
    &lt;tr id=&quot;TBL682.finRow.6&quot; style=&quot;BACKGROUND-COLOR: #cceeff&quot;&gt;
     &lt;td style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt; &lt;p id=&quot;PARA677&quot; style=&quot;TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;Net decrease&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL682.finRow.6.lead.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL682.finRow.6.symb.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL682.finRow.6.amt.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;(10,450&lt;/td&gt;
     &lt;td id=&quot;TBL682.finRow.6.trail.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot; nowrap=&quot;nowrap&quot;&gt;)&lt;/td&gt;
     &lt;td id=&quot;TBL682.finRow.6.lead.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL682.finRow.6.symb.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;$&lt;/td&gt;
     &lt;td id=&quot;TBL682.finRow.6.amt.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;(169,626&lt;/td&gt;
     &lt;td id=&quot;TBL682.finRow.6.trail.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot; nowrap=&quot;nowrap&quot;&gt;)&lt;/td&gt;
     &lt;td id=&quot;TBL682.finRow.6.lead.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL682.finRow.6.symb.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL682.finRow.6.amt.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;11,500&lt;/td&gt;
     &lt;td id=&quot;TBL682.finRow.6.trail.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL682.finRow.6.lead.5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL682.finRow.6.symb.5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;$&lt;/td&gt;
     &lt;td id=&quot;TBL682.finRow.6.amt.5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;253,694&lt;/td&gt;
     &lt;td id=&quot;TBL682.finRow.6.trail.5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
    &lt;/tr&gt;

  &lt;/table&gt;&lt;br/&gt;&lt;p id=&quot;PARA2253&quot; style=&quot;TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;Prior to January 1, 2014, Shares of the Trust were classified as &amp;#x201c;redeemable&amp;#x201d; for balance sheet purposes. Due to the expected continuing sales and redemption of capital stock and the three-day period for Share settlement, the Trust reflected redeemable capital Shares sold as a receivable, rather than as contra equity. Shares redeemed were reflected as a contra asset on the trade date. Outstanding Trust Shares were reflected at redemption value, which was the net asset value per Share at the period end date. Adjustments to redemption value were reflected in shareholders&amp;#x2019; equity (deficit).&lt;/font&gt;&lt;/p&gt;&lt;br/&gt;&lt;p id=&quot;PARA2255&quot; style=&quot;TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;Activity in redeemable capital Shares for the year ended December&amp;nbsp;31,&amp;nbsp;2013 was as follows (all balances in 000&amp;#x2019;s):&lt;/font&gt;&lt;/p&gt;&lt;br/&gt;&lt;table id=&quot;TBL2278&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 80%; MARGIN-RIGHT: 20%; TEXT-INDENT: 0px&quot; cellspacing=&quot;0&quot; cellpadding=&quot;0&quot; border=&quot;0&quot;&gt;

    &lt;tr id=&quot;TBL2278.finRow.1&quot;&gt;
     &lt;td style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom&quot;&gt;&lt;b&gt;&amp;nbsp;&lt;/b&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2278.finRow.1.lead.D3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom&quot;&gt;&lt;b&gt;&amp;nbsp;&lt;/b&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2278.finRow.1.amt.D3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt&quot; colspan=&quot;6&quot;&gt; &lt;p id=&quot;PARA2257&quot; style=&quot;TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;&lt;b&gt;Year ended December 31, &lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2278.finRow.1.trail.D3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px&quot;&gt;&lt;b&gt;&amp;nbsp;&lt;/b&gt;&lt;/td&gt;
    &lt;/tr&gt;
    &lt;tr id=&quot;TBL2278.finRow.2&quot;&gt;
     &lt;td style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom&quot;&gt;&lt;b&gt;&amp;nbsp;&lt;/b&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2278.finRow.2.lead.D3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom&quot;&gt;&lt;b&gt;&amp;nbsp;&lt;/b&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2278.finRow.2.amt.D3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt&quot; colspan=&quot;6&quot;&gt; &lt;p id=&quot;PARA2258&quot; style=&quot;TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;&lt;b&gt;2013&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2278.finRow.2.trail.D3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px&quot;&gt;&lt;b&gt;&amp;nbsp;&lt;/b&gt;&lt;/td&gt;
    &lt;/tr&gt;
    &lt;tr id=&quot;TBL2278.finRow.3&quot;&gt;
     &lt;td style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom&quot;&gt;&lt;b&gt;&amp;nbsp;&lt;/b&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2278.finRow.3.lead.D2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom&quot;&gt;&lt;b&gt;&amp;nbsp;&lt;/b&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2278.finRow.3.amt.D2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt&quot; colspan=&quot;2&quot;&gt; &lt;p id=&quot;PARA2259&quot; style=&quot;TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;&lt;b&gt;Shares&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2278.finRow.3.trail.D2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px&quot;&gt;&lt;b&gt;&amp;nbsp;&lt;/b&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2278.finRow.3.lead.D3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom&quot;&gt;&lt;b&gt;&amp;nbsp;&lt;/b&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2278.finRow.3.amt.D3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt&quot; colspan=&quot;2&quot;&gt; &lt;p id=&quot;PARA2260&quot; style=&quot;TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;&lt;b&gt;Amount&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2278.finRow.3.trail.D3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px&quot;&gt;&lt;b&gt;&amp;nbsp;&lt;/b&gt;&lt;/td&gt;
    &lt;/tr&gt;
    &lt;tr id=&quot;TBL2278.finRow.4&quot; style=&quot;BACKGROUND-COLOR: #cceeff&quot;&gt;
     &lt;td style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 62%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt; &lt;p id=&quot;PARA2261&quot; style=&quot;TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;Beginning balance&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2278.finRow.4.lead.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2278.finRow.4.symb.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2278.finRow.4.amt.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;335,000&lt;/td&gt;
     &lt;td id=&quot;TBL2278.finRow.4.trail.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2278.finRow.4.lead.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2278.finRow.4.symb.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;$&lt;/td&gt;
     &lt;td id=&quot;TBL2278.finRow.4.amt.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;9,706,654&lt;/td&gt;
     &lt;td id=&quot;TBL2278.finRow.4.trail.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
    &lt;/tr&gt;
    &lt;tr id=&quot;TBL2278.finRow.5&quot; style=&quot;BACKGROUND-COLOR: #ffffff&quot;&gt;
     &lt;td style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot;&gt; &lt;p id=&quot;PARA2265&quot; style=&quot;TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;Shares issued&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2278.finRow.5.lead.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2278.finRow.5.symb.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2278.finRow.5.amt.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot;&gt;85,750&lt;/td&gt;
     &lt;td id=&quot;TBL2278.finRow.5.trail.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2278.finRow.5.lead.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2278.finRow.5.symb.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2278.finRow.5.amt.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot;&gt;2,096,484&lt;/td&gt;
     &lt;td id=&quot;TBL2278.finRow.5.trail.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
    &lt;/tr&gt;
    &lt;tr id=&quot;TBL2278.finRow.6&quot; style=&quot;BACKGROUND-COLOR: #cceeff&quot;&gt;
     &lt;td style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt; &lt;p id=&quot;PARA2268&quot; style=&quot;TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;Shares redeemed&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2278.finRow.6.lead.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2278.finRow.6.symb.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2278.finRow.6.amt.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;(88,250&lt;/td&gt;
     &lt;td id=&quot;TBL2278.finRow.6.trail.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot; nowrap=&quot;nowrap&quot;&gt;)&lt;/td&gt;
     &lt;td id=&quot;TBL2278.finRow.6.lead.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2278.finRow.6.symb.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2278.finRow.6.amt.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;(2,031,644&lt;/td&gt;
     &lt;td id=&quot;TBL2278.finRow.6.trail.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot; nowrap=&quot;nowrap&quot;&gt;)&lt;/td&gt;
    &lt;/tr&gt;
    &lt;tr id=&quot;TBL2278.finRow.7&quot; style=&quot;BACKGROUND-COLOR: #ffffff&quot;&gt;
     &lt;td style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot;&gt; &lt;p id=&quot;PARA2271&quot; style=&quot;TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;Redemption value adjustment&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2278.finRow.7.lead.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2278.finRow.7.symb.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2278.finRow.7.amt.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;#x2014;&lt;/td&gt;
     &lt;td id=&quot;TBL2278.finRow.7.trail.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2278.finRow.7.lead.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2278.finRow.7.symb.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2278.finRow.7.amt.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot;&gt;(3,530,747&lt;/td&gt;
     &lt;td id=&quot;TBL2278.finRow.7.trail.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot; nowrap=&quot;nowrap&quot;&gt;)&lt;/td&gt;
    &lt;/tr&gt;
    &lt;tr id=&quot;TBL2278.finRow.8&quot; style=&quot;BACKGROUND-COLOR: #cceeff&quot;&gt;
     &lt;td style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt; &lt;p id=&quot;PARA2274&quot; style=&quot;TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;Ending balance&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2278.finRow.8.lead.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2278.finRow.8.symb.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2278.finRow.8.amt.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;332,500&lt;/td&gt;
     &lt;td id=&quot;TBL2278.finRow.8.trail.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2278.finRow.8.lead.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2278.finRow.8.symb.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;$&lt;/td&gt;
     &lt;td id=&quot;TBL2278.finRow.8.amt.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;6,240,747&lt;/td&gt;
     &lt;td id=&quot;TBL2278.finRow.8.trail.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
    &lt;/tr&gt;

  &lt;/table&gt;</slv:OfferingOfTheSharesPolicyTextBlock>
  <slv:SharesPrescribedAggregation unitRef="shares" contextRef="c0_AsOf31Dec2015" decimals="INF">50000</slv:SharesPrescribedAggregation>
  <us-gaap:IncomeTaxPolicyTextBlock contextRef="c3_From1Jan2015To31Dec2015">&lt;table id=&quot;MTAB2282&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 100%; TEXT-INDENT: 0px&quot; cellspacing=&quot;0&quot; cellpadding=&quot;0&quot; border=&quot;0&quot;&gt;&lt;tr&gt;&lt;td style=&quot;WIDTH: 3%; VERTICAL-ALIGN: top&quot;&gt;&lt;p id=&quot;PARA2283&quot; style=&quot;MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;&lt;i&gt;F.&lt;/i&gt;&lt;i&gt;&lt;/i&gt;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td style=&quot;WIDTH: 97%; VERTICAL-ALIGN: top&quot;&gt; &lt;p id=&quot;PARA2284&quot; style=&quot;MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;&lt;i&gt;&lt;/i&gt;&lt;i&gt;Federal Income Taxes&lt;/i&gt;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
    &lt;/tr&gt;

  &lt;/table&gt;&lt;br/&gt;&lt;p id=&quot;PARA2286&quot; style=&quot;TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;The Trust is treated as a &amp;#x201c;grantor trust&amp;#x201d; for federal income tax purposes and, therefore, no provision for federal income taxes is required. Any interest, expenses, gains and losses are &amp;#x201c;passed through&amp;#x201d; to the holders of Shares of the Trust.&lt;/font&gt;&lt;/p&gt;&lt;br/&gt;&lt;p id=&quot;PARA2288&quot; style=&quot;TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;The Sponsor has reviewed the tax positions as of December&amp;nbsp;31,&amp;nbsp;2015 and has determined that no provision for income tax is required in the Trust&amp;#x2019;s financial statements.&lt;/font&gt;&lt;/p&gt;</us-gaap:IncomeTaxPolicyTextBlock>
  <us-gaap:ScheduleOfStockholdersEquityTableTextBlock contextRef="c3_From1Jan2015To31Dec2015">&lt;table id=&quot;TBL641&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 95%; MARGIN-LEFT: 2.5%; MARGIN-RIGHT: 2.5%; TEXT-INDENT: 0px&quot; cellspacing=&quot;0&quot; cellpadding=&quot;0&quot; border=&quot;0&quot;&gt;

    &lt;tr id=&quot;TBL641.finRow.1&quot;&gt;
     &lt;td style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 43%; VERTICAL-ALIGN: bottom&quot;&gt;&lt;b&gt;&amp;nbsp;&lt;/b&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL641.finRow.1.lead.D2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom&quot;&gt;&lt;b&gt;&amp;nbsp;&lt;/b&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL641.finRow.1.amt.D2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt&quot; colspan=&quot;2&quot;&gt; &lt;p id=&quot;PARA630&quot; style=&quot;TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;&lt;b&gt;Balance at&lt;br /&gt;December 31, 2013&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL641.finRow.1.trail.D2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px&quot;&gt;&lt;b&gt;&amp;nbsp;&lt;/b&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL641.finRow.1.lead.D3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom&quot;&gt;&lt;b&gt;&amp;nbsp;&lt;/b&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL641.finRow.1.amt.D3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt&quot; colspan=&quot;2&quot;&gt; &lt;p id=&quot;PARA631&quot; style=&quot;TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;&lt;b&gt;ASU 2013-08&lt;/b&gt;&lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;strong&gt;Transition Adjustment&lt;/strong&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL641.finRow.1.trail.D3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px&quot;&gt;&lt;b&gt;&amp;nbsp;&lt;/b&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL641.finRow.1.lead.D4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom&quot;&gt;&lt;b&gt;&amp;nbsp;&lt;/b&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL641.finRow.1.amt.D4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt&quot; colspan=&quot;2&quot;&gt; &lt;p id=&quot;PARA632&quot; style=&quot;TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;&lt;b&gt;Balance at&lt;br /&gt;January 1, 2014&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL641.finRow.1.trail.D4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px&quot;&gt;&lt;b&gt;&amp;nbsp;&lt;/b&gt;&lt;/td&gt;
    &lt;/tr&gt;
    &lt;tr id=&quot;TBL641.finRow.2&quot; style=&quot;BACKGROUND-COLOR: #cceeff&quot;&gt;
     &lt;td style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 43%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt; &lt;p id=&quot;PARA633&quot; style=&quot;TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;Redeemable capital Shares&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL641.finRow.2.lead.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL641.finRow.2.symb.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;$&lt;/td&gt;
     &lt;td id=&quot;TBL641.finRow.2.amt.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;6,240,747&lt;/td&gt;
     &lt;td id=&quot;TBL641.finRow.2.trail.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL641.finRow.2.lead.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL641.finRow.2.symb.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;$&lt;/td&gt;
     &lt;td id=&quot;TBL641.finRow.2.amt.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;(6,240,747&lt;/td&gt;
     &lt;td id=&quot;TBL641.finRow.2.trail.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot; nowrap=&quot;nowrap&quot;&gt;)&lt;/td&gt;
     &lt;td id=&quot;TBL641.finRow.2.lead.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL641.finRow.2.symb.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;$&lt;/td&gt;
     &lt;td id=&quot;TBL641.finRow.2.amt.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;#x2014;&lt;/td&gt;
     &lt;td id=&quot;TBL641.finRow.2.trail.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
    &lt;/tr&gt;
    &lt;tr id=&quot;TBL641.finRow.3&quot; style=&quot;BACKGROUND-COLOR: #ffffff&quot;&gt;
     &lt;td style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 43%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot;&gt; &lt;p id=&quot;PARA637&quot; style=&quot;TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;Shareholders&amp;#x2019; equity&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL641.finRow.3.lead.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL641.finRow.3.symb.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot;&gt;$&lt;/td&gt;
     &lt;td id=&quot;TBL641.finRow.3.amt.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;#x2014;&lt;/td&gt;
     &lt;td id=&quot;TBL641.finRow.3.trail.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL641.finRow.3.lead.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL641.finRow.3.symb.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot;&gt;$&lt;/td&gt;
     &lt;td id=&quot;TBL641.finRow.3.amt.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot;&gt;6,240,747&lt;/td&gt;
     &lt;td id=&quot;TBL641.finRow.3.trail.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL641.finRow.3.lead.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL641.finRow.3.symb.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot;&gt;$&lt;/td&gt;
     &lt;td id=&quot;TBL641.finRow.3.amt.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot;&gt;6,240,747&lt;/td&gt;
     &lt;td id=&quot;TBL641.finRow.3.trail.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
    &lt;/tr&gt;

  &lt;/table&gt;</us-gaap:ScheduleOfStockholdersEquityTableTextBlock>
  <us-gaap:TemporaryEquityCarryingAmountIncludingPortionAttributableToNoncontrollingInterests unitRef="usd" contextRef="c13_AsOf31Dec2013_ScenarioPreviouslyReportedMember" decimals="-3">6240747000</us-gaap:TemporaryEquityCarryingAmountIncludingPortionAttributableToNoncontrollingInterests>
  <slv:ReclassificationOfRedeemableCapitalSharesToShareholdersEquity unitRef="usd" contextRef="c11_AsOf31Dec2013" decimals="-3">6240747000</slv:ReclassificationOfRedeemableCapitalSharesToShareholdersEquity>
  <slv:ActivityInSilverBullionTableTextBlock contextRef="c3_From1Jan2015To31Dec2015">&lt;table id=&quot;TBL2049&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 100%; text-indent: 0px;&quot; border=&quot;0&quot; cellspacing=&quot;0&quot; cellpadding=&quot;0&quot;&gt;

    &lt;tr id=&quot;TBL2049.finRow.1&quot;&gt;
     &lt;td style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 52%; vertical-align: bottom; text-align: left; margin-left: 0pt;&quot;&gt;&lt;p id=&quot;PARA1967&quot; style=&quot;text-align: left; margin: 0pt; line-height: 1.25;&quot;&gt;&lt;font style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif;&quot;&gt;&lt;strong&gt;December&amp;nbsp;31,&amp;nbsp;2015 &lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.1.lead.D2&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; vertical-align: bottom;&quot;&gt;&lt;strong&gt;&amp;nbsp;&lt;/strong&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.1.amt.D2&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; vertical-align: bottom; border-bottom: #000000 1px solid; text-align: center; margin-left: 0pt;&quot; colspan=&quot;2&quot;&gt;&lt;p id=&quot;PARA1968&quot; style=&quot;text-align: center; margin: 0pt; line-height: 1.25;&quot;&gt;&lt;font style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif;&quot;&gt;&lt;strong&gt;Ounces&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.1.trail.D2&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; vertical-align: bottom; border-bottom: medium none; padding-bottom: 1px;&quot;&gt;&lt;strong&gt;&amp;nbsp;&lt;/strong&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.1.lead.D3&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; vertical-align: bottom;&quot;&gt;&lt;strong&gt;&amp;nbsp;&lt;/strong&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.1.amt.D3&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; vertical-align: bottom; border-bottom: #000000 1px solid; text-align: center; margin-left: 0pt;&quot; colspan=&quot;2&quot;&gt;&lt;p id=&quot;PARA1969&quot; style=&quot;text-align: center; margin: 0pt; line-height: 1.25;&quot;&gt;&lt;font style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif;&quot;&gt;&lt;strong&gt;Average&lt;br /&gt;Cost&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.1.trail.D3&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; vertical-align: bottom; border-bottom: medium none; padding-bottom: 1px;&quot;&gt;&lt;strong&gt;&amp;nbsp;&lt;/strong&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.1.lead.D4&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; vertical-align: bottom;&quot;&gt;&lt;strong&gt;&amp;nbsp;&lt;/strong&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.1.amt.D4&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; vertical-align: bottom; border-bottom: #000000 1px solid; text-align: center; margin-left: 0pt;&quot; colspan=&quot;2&quot;&gt;&lt;p id=&quot;PARA1970&quot; style=&quot;text-align: center; margin: 0pt; line-height: 1.25;&quot;&gt;&lt;font style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif;&quot;&gt;&lt;strong&gt;Fair&lt;br /&gt;Value&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.1.trail.D4&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; vertical-align: bottom; border-bottom: medium none; padding-bottom: 1px;&quot;&gt;&lt;strong&gt;&amp;nbsp;&lt;/strong&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.1.lead.D5&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; vertical-align: bottom;&quot;&gt;&lt;strong&gt;&amp;nbsp;&lt;/strong&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.1.amt.D5&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; vertical-align: bottom; border-bottom: #000000 1px solid; text-align: center; margin-left: 0pt;&quot; colspan=&quot;2&quot;&gt;&lt;p id=&quot;PARA1971&quot; style=&quot;text-align: center; margin: 0pt; line-height: 1.25;&quot;&gt;&lt;font style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif;&quot;&gt;&lt;strong&gt;Realized&lt;br /&gt;Gain (Loss)&lt;/strong&gt;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.1.trail.D5&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; vertical-align: bottom; border-bottom: medium none; padding-bottom: 1px;&quot;&gt;&lt;strong&gt;&amp;nbsp;&lt;/strong&gt;&lt;/td&gt;
    &lt;/tr&gt;
    &lt;tr id=&quot;TBL2049.finRow.2&quot; style=&quot;background-color: #cceeff;&quot;&gt;
     &lt;td style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; vertical-align: bottom; text-align: left; margin-left: 0pt; background-color: #cceeff;&quot;&gt;&lt;p id=&quot;PARA1972&quot; style=&quot;text-align: left; margin: 0pt; line-height: 1.25;&quot;&gt;&lt;font style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif;&quot;&gt;Beginning balance&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.2.lead.2&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #cceeff;&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.2.symb.2&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #cceeff;&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.2.amt.2&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 9%; vertical-align: bottom; text-align: right; margin-left: 0pt; background-color: #cceeff;&quot;&gt;329,564.2&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.2.trail.2&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; margin-left: 0pt; background-color: #cceeff;&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.2.lead.3&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #cceeff;&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.2.symb.3&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; margin-left: 0pt; background-color: #cceeff;&quot;&gt;$&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.2.amt.3&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 9%; vertical-align: bottom; text-align: right; margin-left: 0pt; background-color: #cceeff;&quot;&gt;6,386,750&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.2.trail.3&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; margin-left: 0pt; background-color: #cceeff;&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.2.lead.4&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #cceeff;&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.2.symb.4&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; margin-left: 0pt; background-color: #cceeff;&quot;&gt;$&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.2.amt.4&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 9%; vertical-align: bottom; text-align: right; margin-left: 0pt; background-color: #cceeff;&quot;&gt;5,263,140&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.2.trail.4&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; margin-left: 0pt; background-color: #cceeff;&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.2.lead.5&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #cceeff;&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.2.symb.5&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; margin-left: 0pt; background-color: #cceeff;&quot;&gt;$&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.2.amt.5&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 9%; vertical-align: bottom; text-align: right; margin-left: 0pt; background-color: #cceeff;&quot;&gt;&amp;#x2014;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.2.trail.5&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; margin-left: 0pt; background-color: #cceeff;&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
    &lt;/tr&gt;
    &lt;tr id=&quot;TBL2049.finRow.3&quot; style=&quot;background-color: #ffffff;&quot;&gt;
     &lt;td style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; vertical-align: bottom; text-align: left; margin-left: 0pt; background-color: #ffffff;&quot;&gt;&lt;p id=&quot;PARA1983&quot; style=&quot;text-align: left; margin: 0pt; line-height: 1.25;&quot;&gt;&lt;font style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif;&quot;&gt;Silver bullion contributed&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.3.lead.2&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #ffffff;&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.3.symb.2&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #ffffff;&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.3.amt.2&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 9%; vertical-align: bottom; text-align: right; margin-left: 0pt; background-color: #ffffff;&quot;&gt;54,595.7&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.3.trail.2&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; margin-left: 0pt; background-color: #ffffff;&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.3.lead.3&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #ffffff;&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.3.symb.3&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #ffffff;&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.3.amt.3&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 9%; vertical-align: bottom; text-align: right; margin-left: 0pt; background-color: #ffffff;&quot;&gt;859,468&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.3.trail.3&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; margin-left: 0pt; background-color: #ffffff;&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.3.lead.4&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #ffffff;&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.3.symb.4&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #ffffff;&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.3.amt.4&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 9%; vertical-align: bottom; text-align: right; margin-left: 0pt; background-color: #ffffff;&quot;&gt;859,468&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.3.trail.4&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; margin-left: 0pt; background-color: #ffffff;&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.3.lead.5&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #ffffff;&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.3.symb.5&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #ffffff;&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.3.amt.5&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 9%; vertical-align: bottom; text-align: right; margin-left: 0pt; background-color: #ffffff;&quot;&gt;&amp;#x2014;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.3.trail.5&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; margin-left: 0pt; background-color: #ffffff;&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
    &lt;/tr&gt;
    &lt;tr id=&quot;TBL2049.finRow.4&quot; style=&quot;background-color: #cceeff;&quot;&gt;
     &lt;td style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; vertical-align: bottom; text-align: left; margin-left: 0pt; background-color: #cceeff;&quot;&gt;&lt;p id=&quot;PARA1994&quot; style=&quot;text-align: left; margin: 0pt; line-height: 1.25;&quot;&gt;&lt;font style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif;&quot;&gt;Silver bullion distributed&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.4.lead.2&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #cceeff;&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.4.symb.2&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #cceeff;&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.4.amt.2&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 9%; vertical-align: bottom; text-align: right; margin-left: 0pt; background-color: #cceeff;&quot;&gt;(64,583.5&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.4.trail.2&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; margin-left: 0pt; background-color: #cceeff;&quot; nowrap=&quot;nowrap&quot;&gt;)&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.4.lead.3&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #cceeff;&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.4.symb.3&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #cceeff;&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.4.amt.3&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 9%; vertical-align: bottom; text-align: right; margin-left: 0pt; background-color: #cceeff;&quot;&gt;(1,235,547&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.4.trail.3&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; margin-left: 0pt; background-color: #cceeff;&quot; nowrap=&quot;nowrap&quot;&gt;)&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.4.lead.4&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #cceeff;&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.4.symb.4&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #cceeff;&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.4.amt.4&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 9%; vertical-align: bottom; text-align: right; margin-left: 0pt; background-color: #cceeff;&quot;&gt;(1,029,094&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.4.trail.4&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; margin-left: 0pt; background-color: #cceeff;&quot; nowrap=&quot;nowrap&quot;&gt;)&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.4.lead.5&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #cceeff;&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.4.symb.5&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #cceeff;&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.4.amt.5&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 9%; vertical-align: bottom; text-align: right; margin-left: 0pt; background-color: #cceeff;&quot;&gt;(206,453&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.4.trail.5&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; margin-left: 0pt; background-color: #cceeff;&quot; nowrap=&quot;nowrap&quot;&gt;)&lt;/td&gt;
    &lt;/tr&gt;
    &lt;tr id=&quot;TBL2049.finRow.5&quot; style=&quot;background-color: #ffffff;&quot;&gt;
     &lt;td style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; vertical-align: bottom; text-align: left; margin-left: 0pt; background-color: #ffffff;&quot;&gt;&lt;p id=&quot;PARA2005&quot; style=&quot;text-align: left; margin: 0pt; line-height: 1.25;&quot;&gt;&lt;font style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif;&quot;&gt;Silver bullion sold to pay expenses&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.5.lead.2&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #ffffff;&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.5.symb.2&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #ffffff;&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.5.amt.2&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 9%; vertical-align: bottom; text-align: right; margin-left: 0pt; background-color: #ffffff;&quot;&gt;(1,641.5&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.5.trail.2&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; margin-left: 0pt; background-color: #ffffff;&quot; nowrap=&quot;nowrap&quot;&gt;)&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.5.lead.3&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #ffffff;&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.5.symb.3&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #ffffff;&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.5.amt.3&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 9%; vertical-align: bottom; text-align: right; margin-left: 0pt; background-color: #ffffff;&quot;&gt;(31,419&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.5.trail.3&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; margin-left: 0pt; background-color: #ffffff;&quot; nowrap=&quot;nowrap&quot;&gt;)&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.5.lead.4&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #ffffff;&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.5.symb.4&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #ffffff;&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.5.amt.4&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 9%; vertical-align: bottom; text-align: right; margin-left: 0pt; background-color: #ffffff;&quot;&gt;(25,716&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.5.trail.4&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; margin-left: 0pt; background-color: #ffffff;&quot; nowrap=&quot;nowrap&quot;&gt;)&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.5.lead.5&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #ffffff;&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.5.symb.5&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #ffffff;&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.5.amt.5&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 9%; vertical-align: bottom; text-align: right; margin-left: 0pt; background-color: #ffffff;&quot;&gt;(5,703&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.5.trail.5&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; margin-left: 0pt; background-color: #ffffff;&quot; nowrap=&quot;nowrap&quot;&gt;)&lt;/td&gt;
    &lt;/tr&gt;
    &lt;tr id=&quot;TBL2049.finRow.6&quot; style=&quot;background-color: #cceeff;&quot;&gt;
     &lt;td style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; vertical-align: bottom; text-align: left; margin-left: 0pt; background-color: #cceeff;&quot;&gt;&lt;p id=&quot;PARA2016&quot; style=&quot;text-align: left; margin: 0pt; line-height: 1.25;&quot;&gt;&lt;font style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif;&quot;&gt;Net realized loss on silver bullion&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.6.lead.2&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #cceeff;&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.6.symb.2&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #cceeff;&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.6.amt.2&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 9%; vertical-align: bottom; text-align: right; margin-left: 0pt; background-color: #cceeff;&quot;&gt;&amp;#x2014;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.6.trail.2&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; margin-left: 0pt; background-color: #cceeff;&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.6.lead.3&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #cceeff;&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.6.symb.3&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #cceeff;&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.6.amt.3&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 9%; vertical-align: bottom; text-align: right; margin-left: 0pt; background-color: #cceeff;&quot;&gt;&amp;#x2014;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.6.trail.3&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; margin-left: 0pt; background-color: #cceeff;&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.6.lead.4&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #cceeff;&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.6.symb.4&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #cceeff;&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.6.amt.4&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 9%; vertical-align: bottom; text-align: right; margin-left: 0pt; background-color: #cceeff;&quot;&gt;(212,156&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.6.trail.4&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; margin-left: 0pt; background-color: #cceeff;&quot; nowrap=&quot;nowrap&quot;&gt;)&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.6.lead.5&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #cceeff;&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.6.symb.5&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #cceeff;&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.6.amt.5&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 9%; vertical-align: bottom; text-align: right; margin-left: 0pt; background-color: #cceeff;&quot;&gt;&amp;#x2014;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.6.trail.5&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; margin-left: 0pt; background-color: #cceeff;&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
    &lt;/tr&gt;
    &lt;tr id=&quot;TBL2049.finRow.7&quot; style=&quot;background-color: #ffffff;&quot;&gt;
     &lt;td style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; vertical-align: bottom; text-align: left; margin-left: 0pt; background-color: #ffffff;&quot;&gt;&lt;p id=&quot;PARA2027&quot; style=&quot;text-align: left; margin: 0pt; line-height: 1.25;&quot;&gt;&lt;font style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif;&quot;&gt;Net change in unrealized appreciation/depreciation on investment in silver bullion&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.7.lead.2&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #ffffff;&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.7.symb.2&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; border-bottom: #000000 1px solid; background-color: #ffffff;&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.7.amt.2&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 9%; vertical-align: bottom; border-bottom: #000000 1px solid; text-align: right; margin-left: 0pt; background-color: #ffffff;&quot;&gt;&amp;#x2014;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.7.trail.2&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; border-bottom: medium none; padding-bottom: 1px; margin-left: 0pt; background-color: #ffffff;&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.7.lead.3&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #ffffff;&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.7.symb.3&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; border-bottom: #000000 1px solid; background-color: #ffffff;&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.7.amt.3&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 9%; vertical-align: bottom; border-bottom: #000000 1px solid; text-align: right; margin-left: 0pt; background-color: #ffffff;&quot;&gt;&amp;#x2014;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.7.trail.3&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; border-bottom: medium none; padding-bottom: 1px; margin-left: 0pt; background-color: #ffffff;&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.7.lead.4&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #ffffff;&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.7.symb.4&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; border-bottom: #000000 1px solid; background-color: #ffffff;&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.7.amt.4&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 9%; vertical-align: bottom; border-bottom: #000000 1px solid; text-align: right; margin-left: 0pt; background-color: #ffffff;&quot;&gt;(461,781&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.7.trail.4&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; border-bottom: medium none; padding-bottom: 1px; margin-left: 0pt; background-color: #ffffff;&quot; nowrap=&quot;nowrap&quot;&gt;)&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.7.lead.5&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #ffffff;&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.7.symb.5&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; border-bottom: #000000 1px solid; background-color: #ffffff;&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.7.amt.5&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 9%; vertical-align: bottom; border-bottom: #000000 1px solid; text-align: right; margin-left: 0pt; background-color: #ffffff;&quot;&gt;&amp;#x2014;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.7.trail.5&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; border-bottom: medium none; padding-bottom: 1px; margin-left: 0pt; background-color: #ffffff;&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
    &lt;/tr&gt;
    &lt;tr id=&quot;TBL2049.finRow.8&quot; style=&quot;background-color: #cceeff;&quot;&gt;
     &lt;td style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; vertical-align: bottom; text-align: left; margin-left: 0pt; background-color: #cceeff;&quot;&gt;&lt;p id=&quot;PARA2038&quot; style=&quot;text-align: left; margin: 0pt; line-height: 1.25;&quot;&gt;&lt;font style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif;&quot;&gt;Ending balance&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.8.lead.2&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #cceeff;&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.8.symb.2&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; border-bottom: #000000 3px double; background-color: #cceeff;&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.8.amt.2&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 9%; vertical-align: bottom; border-bottom: #000000 3px double; text-align: right; margin-left: 0pt; background-color: #cceeff;&quot;&gt;317,934.9&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.8.trail.2&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; border-bottom: medium none; padding-bottom: 3px; margin-left: 0pt; background-color: #cceeff;&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.8.lead.3&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #cceeff;&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.8.symb.3&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; border-bottom: #000000 3px double; margin-left: 0pt; background-color: #cceeff;&quot;&gt;$&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.8.amt.3&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 9%; vertical-align: bottom; border-bottom: #000000 3px double; text-align: right; margin-left: 0pt; background-color: #cceeff;&quot;&gt;5,979,252&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.8.trail.3&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; border-bottom: medium none; padding-bottom: 3px; margin-left: 0pt; background-color: #cceeff;&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.8.lead.4&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #cceeff;&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.8.symb.4&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; border-bottom: #000000 3px double; margin-left: 0pt; background-color: #cceeff;&quot;&gt;$&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.8.amt.4&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 9%; vertical-align: bottom; border-bottom: #000000 3px double; text-align: right; margin-left: 0pt; background-color: #cceeff;&quot;&gt;4,393,861&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.8.trail.4&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; border-bottom: medium none; padding-bottom: 3px; margin-left: 0pt; background-color: #cceeff;&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.8.lead.5&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #cceeff;&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.8.symb.5&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; border-bottom: #000000 3px double; margin-left: 0pt; background-color: #cceeff;&quot;&gt;$&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.8.amt.5&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 9%; vertical-align: bottom; border-bottom: #000000 3px double; text-align: right; margin-left: 0pt; background-color: #cceeff;&quot;&gt;(212,156&lt;/td&gt;
     &lt;td id=&quot;TBL2049.finRow.8.trail.5&quot; style=&quot;font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; border-bottom: medium none; padding-bottom: 3px; margin-left: 0pt; background-color: #cceeff;&quot; nowrap=&quot;nowrap&quot;&gt;)&lt;/td&gt;
    &lt;/tr&gt;

  &lt;/table&gt;&lt;table id=&quot;TBL2134&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 100%; TEXT-INDENT: 0px&quot; cellspacing=&quot;0&quot; cellpadding=&quot;0&quot; border=&quot;0&quot;&gt;

    &lt;tr id=&quot;TBL2134.finRow.1&quot;&gt;
     &lt;td style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 52%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt&quot;&gt; &lt;p id=&quot;PARA2052&quot; style=&quot;TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;&lt;b&gt;December&amp;nbsp;31,&amp;nbsp;2014 &lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.1.lead.D2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom&quot;&gt;&lt;b&gt;&amp;nbsp;&lt;/b&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.1.amt.D2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt&quot; colspan=&quot;2&quot;&gt; &lt;p id=&quot;PARA2053&quot; style=&quot;TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;&lt;b&gt;Ounces&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.1.trail.D2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px&quot;&gt;&lt;b&gt;&amp;nbsp;&lt;/b&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.1.lead.D3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom&quot;&gt;&lt;b&gt;&amp;nbsp;&lt;/b&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.1.amt.D3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt&quot; colspan=&quot;2&quot;&gt; &lt;p id=&quot;PARA2054&quot; style=&quot;TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;&lt;b&gt;Average&lt;br /&gt;Cost&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.1.trail.D3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px&quot;&gt;&lt;b&gt;&amp;nbsp;&lt;/b&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.1.lead.D4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom&quot;&gt;&lt;b&gt;&amp;nbsp;&lt;/b&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.1.amt.D4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt&quot; colspan=&quot;2&quot;&gt; &lt;p id=&quot;PARA2055&quot; style=&quot;TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;&lt;b&gt;Fair&lt;br /&gt;Value&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.1.trail.D4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px&quot;&gt;&lt;b&gt;&amp;nbsp;&lt;/b&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.1.lead.D5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom&quot;&gt;&lt;b&gt;&amp;nbsp;&lt;/b&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.1.amt.D5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt&quot; colspan=&quot;2&quot;&gt; &lt;p id=&quot;PARA2056&quot; style=&quot;TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;&lt;b&gt;Realized&lt;br /&gt;Gain (Loss)&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.1.trail.D5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px&quot;&gt;&lt;b&gt;&amp;nbsp;&lt;/b&gt;&lt;/td&gt;
    &lt;/tr&gt;
    &lt;tr id=&quot;TBL2134.finRow.2&quot; style=&quot;BACKGROUND-COLOR: #cceeff&quot;&gt;
     &lt;td style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt; &lt;p id=&quot;PARA2057&quot; style=&quot;TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;Beginning balance&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.2.lead.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.2.symb.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.2.amt.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;320,177.8&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.2.trail.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.2.lead.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.2.symb.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;$&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.2.amt.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;6,243,467&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.2.trail.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.2.lead.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.2.symb.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;$&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.2.amt.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;6,243,467&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.2.trail.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.2.lead.5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.2.symb.5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;$&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.2.amt.5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;#x2014;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.2.trail.5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
    &lt;/tr&gt;
    &lt;tr id=&quot;TBL2134.finRow.3&quot; style=&quot;BACKGROUND-COLOR: #ffffff&quot;&gt;
     &lt;td style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot;&gt; &lt;p id=&quot;PARA2068&quot; style=&quot;TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;Silver bullion contributed&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.3.lead.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.3.symb.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.3.amt.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot;&gt;71,956.1&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.3.trail.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.3.lead.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.3.symb.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.3.amt.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot;&gt;1,361,917&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.3.trail.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.3.lead.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.3.symb.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.3.amt.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot;&gt;1,361,917&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.3.trail.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.3.lead.5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.3.symb.5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.3.amt.5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;#x2014;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.3.trail.5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
    &lt;/tr&gt;
    &lt;tr id=&quot;TBL2134.finRow.4&quot; style=&quot;BACKGROUND-COLOR: #cceeff&quot;&gt;
     &lt;td style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt; &lt;p id=&quot;PARA2079&quot; style=&quot;TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;Silver bullion distributed&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.4.lead.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.4.symb.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.4.amt.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;(60,878.0&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.4.trail.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot; nowrap=&quot;nowrap&quot;&gt;)&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.4.lead.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.4.symb.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.4.amt.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;(1,185,617&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.4.trail.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot; nowrap=&quot;nowrap&quot;&gt;)&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.4.lead.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.4.symb.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.4.amt.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;(1,108,223&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.4.trail.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot; nowrap=&quot;nowrap&quot;&gt;)&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.4.lead.5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.4.symb.5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.4.amt.5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;(77,394&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.4.trail.5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot; nowrap=&quot;nowrap&quot;&gt;)&lt;/td&gt;
    &lt;/tr&gt;
    &lt;tr id=&quot;TBL2134.finRow.5&quot; style=&quot;BACKGROUND-COLOR: #ffffff&quot;&gt;
     &lt;td style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot;&gt; &lt;p id=&quot;PARA2090&quot; style=&quot;TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;Silver bullion sold &lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.5.lead.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.5.symb.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.5.amt.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot;&gt;(1,691.7&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.5.trail.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot; nowrap=&quot;nowrap&quot;&gt;)&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.5.lead.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.5.symb.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.5.amt.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot;&gt;(33,017&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.5.trail.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot; nowrap=&quot;nowrap&quot;&gt;)&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.5.lead.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.5.symb.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.5.amt.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot;&gt;(31,961&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.5.trail.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot; nowrap=&quot;nowrap&quot;&gt;)&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.5.lead.5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.5.symb.5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.5.amt.5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot;&gt;(1,056&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.5.trail.5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot; nowrap=&quot;nowrap&quot;&gt;)&lt;/td&gt;
    &lt;/tr&gt;
    &lt;tr id=&quot;TBL2134.finRow.6&quot; style=&quot;BACKGROUND-COLOR: #cceeff&quot;&gt;
     &lt;td style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt; &lt;p id=&quot;PARA2101&quot; style=&quot;TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;Net realized loss on silver bullion&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.6.lead.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.6.symb.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.6.amt.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;#x2014;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.6.trail.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.6.lead.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.6.symb.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.6.amt.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;#x2014;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.6.trail.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.6.lead.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.6.symb.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.6.amt.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;(78,450&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.6.trail.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot; nowrap=&quot;nowrap&quot;&gt;)&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.6.lead.5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.6.symb.5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.6.amt.5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;#x2014;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.6.trail.5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
    &lt;/tr&gt;
    &lt;tr id=&quot;TBL2134.finRow.7&quot; style=&quot;BACKGROUND-COLOR: #ffffff&quot;&gt;
     &lt;td style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; PADDING-LEFT: 9pt; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff; TEXT-INDENT: -9pt&quot;&gt; &lt;p id=&quot;PARA2112&quot; style=&quot;TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;Net change in unrealized appreciation/depreciation on investment in silver bullion&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.7.lead.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.7.symb.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.7.amt.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;#x2014;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.7.trail.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.7.lead.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.7.symb.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.7.amt.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;#x2014;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.7.trail.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.7.lead.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.7.symb.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.7.amt.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot;&gt;(1,123,610&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.7.trail.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot; nowrap=&quot;nowrap&quot;&gt;)&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.7.lead.5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.7.symb.5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.7.amt.5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;#x2014;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.7.trail.5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
    &lt;/tr&gt;
    &lt;tr id=&quot;TBL2134.finRow.8&quot; style=&quot;BACKGROUND-COLOR: #cceeff&quot;&gt;
     &lt;td style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt; &lt;p id=&quot;PARA2123&quot; style=&quot;TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;Ending balance&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.8.lead.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.8.symb.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.8.amt.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;329,564.2&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.8.trail.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.8.lead.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.8.symb.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;$&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.8.amt.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;6,386,750&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.8.trail.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.8.lead.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.8.symb.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;$&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.8.amt.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;5,263,140&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.8.trail.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.8.lead.5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.8.symb.5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;$&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.8.amt.5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;(78,450&lt;/td&gt;
     &lt;td id=&quot;TBL2134.finRow.8.trail.5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot; nowrap=&quot;nowrap&quot;&gt;)&lt;/td&gt;
    &lt;/tr&gt;

  &lt;/table&gt;&lt;table id=&quot;TBL2230&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 100%; TEXT-INDENT: 0px&quot; cellspacing=&quot;0&quot; cellpadding=&quot;0&quot; border=&quot;0&quot;&gt;

    &lt;tr id=&quot;TBL2230.finRow.1&quot;&gt;
     &lt;td style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 52%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt&quot;&gt; &lt;p id=&quot;PARA2137&quot; style=&quot;TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;&lt;b&gt;December&amp;nbsp;31,&amp;nbsp;2013 &lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.1.lead.D2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom&quot;&gt;&lt;b&gt;&amp;nbsp;&lt;/b&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.1.amt.D2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt&quot; colspan=&quot;2&quot;&gt; &lt;p id=&quot;PARA2138&quot; style=&quot;TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;&lt;b&gt;Ounces&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.1.trail.D2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px&quot;&gt;&lt;b&gt;&amp;nbsp;&lt;/b&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.1.lead.D3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom&quot;&gt;&lt;b&gt;&amp;nbsp;&lt;/b&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.1.amt.D3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt&quot; colspan=&quot;2&quot;&gt; &lt;p id=&quot;PARA2139&quot; style=&quot;TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;&lt;b&gt;Average&lt;br /&gt;Cost&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.1.trail.D3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px&quot;&gt;&lt;b&gt;&amp;nbsp;&lt;/b&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.1.lead.D4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom&quot;&gt;&lt;b&gt;&amp;nbsp;&lt;/b&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.1.amt.D4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt&quot; colspan=&quot;2&quot;&gt; &lt;p id=&quot;PARA2140&quot; style=&quot;TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;&lt;b&gt;Fair&lt;br /&gt;Value&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.1.trail.D4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px&quot;&gt;&lt;b&gt;&amp;nbsp;&lt;/b&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.1.lead.D5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom&quot;&gt;&lt;b&gt;&amp;nbsp;&lt;/b&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.1.amt.D5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt&quot; colspan=&quot;2&quot;&gt; &lt;p id=&quot;PARA2141&quot; style=&quot;TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;&lt;b&gt;Realized&lt;br /&gt;Gain (Loss)&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.1.trail.D5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px&quot;&gt;&lt;b&gt;&amp;nbsp;&lt;/b&gt;&lt;/td&gt;
    &lt;/tr&gt;
    &lt;tr id=&quot;TBL2230.finRow.2&quot; style=&quot;BACKGROUND-COLOR: #cceeff&quot;&gt;
     &lt;td style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt; &lt;p id=&quot;PARA2142&quot; style=&quot;TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;Beginning balance&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.2.lead.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.2.symb.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.2.amt.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;324,239.1&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.2.trail.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.2.lead.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.2.symb.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;$&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.2.amt.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;8,135,003&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.2.trail.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.2.lead.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.2.symb.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;$&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.2.amt.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;9,710,962&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.2.trail.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.2.lead.5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.2.symb.5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;$&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.2.amt.5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;#x2014;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.2.trail.5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
    &lt;/tr&gt;
    &lt;tr id=&quot;TBL2230.finRow.3&quot; style=&quot;BACKGROUND-COLOR: #ffffff&quot;&gt;
     &lt;td style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot;&gt; &lt;p id=&quot;PARA2153&quot; style=&quot;TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;Silver bullion contributed&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.3.lead.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.3.symb.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.3.amt.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot;&gt;82,810.6&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.3.trail.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.3.lead.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.3.symb.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.3.amt.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot;&gt;2,096,484&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.3.trail.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.3.lead.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.3.symb.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.3.amt.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot;&gt;2,096,484&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.3.trail.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.3.lead.5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.3.symb.5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.3.amt.5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;#x2014;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.3.trail.5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
    &lt;/tr&gt;
    &lt;tr id=&quot;TBL2230.finRow.4&quot; style=&quot;BACKGROUND-COLOR: #cceeff&quot;&gt;
     &lt;td style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt; &lt;p id=&quot;PARA2164&quot; style=&quot;TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;Silver bullion distributed&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.4.lead.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.4.symb.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.4.amt.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;(85,164.1&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.4.trail.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot; nowrap=&quot;nowrap&quot;&gt;)&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.4.lead.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.4.symb.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.4.amt.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;(2,163,458&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.4.trail.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot; nowrap=&quot;nowrap&quot;&gt;)&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.4.lead.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.4.symb.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.4.amt.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;(2,031,644&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.4.trail.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot; nowrap=&quot;nowrap&quot;&gt;)&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.4.lead.5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.4.symb.5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.4.amt.5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;(131,814&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.4.trail.5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot; nowrap=&quot;nowrap&quot;&gt;)&lt;/td&gt;
    &lt;/tr&gt;
    &lt;tr id=&quot;TBL2230.finRow.5&quot; style=&quot;BACKGROUND-COLOR: #ffffff&quot;&gt;
     &lt;td style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot;&gt; &lt;p id=&quot;PARA2175&quot; style=&quot;TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;Silver bullion sold &lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.5.lead.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.5.symb.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.5.amt.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot;&gt;(1,707.8&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.5.trail.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot; nowrap=&quot;nowrap&quot;&gt;)&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.5.lead.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.5.symb.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.5.amt.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot;&gt;(43,296&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.5.trail.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot; nowrap=&quot;nowrap&quot;&gt;)&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.5.lead.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.5.symb.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.5.amt.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot;&gt;(41,406&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.5.trail.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot; nowrap=&quot;nowrap&quot;&gt;)&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.5.lead.5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.5.symb.5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.5.amt.5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot;&gt;(1,890&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.5.trail.5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot; nowrap=&quot;nowrap&quot;&gt;)&lt;/td&gt;
    &lt;/tr&gt;
    &lt;tr id=&quot;TBL2230.finRow.6&quot; style=&quot;BACKGROUND-COLOR: #cceeff&quot;&gt;
     &lt;td style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt; &lt;p id=&quot;PARA2186&quot; style=&quot;TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;Adjustment to silver bullion inventory&lt;font style=&quot;FONT-SIZE: 60%; VERTICAL-ALIGN: text-top&quot;&gt;(a)&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.6.lead.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.6.symb.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.6.amt.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;#x2014;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.6.trail.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.6.lead.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.6.symb.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.6.amt.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;(1,781,266&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.6.trail.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot; nowrap=&quot;nowrap&quot;&gt;)&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.6.lead.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.6.symb.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.6.amt.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;#x2014;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.6.trail.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.6.lead.5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.6.symb.5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.6.amt.5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;#x2014;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.6.trail.5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
    &lt;/tr&gt;
    &lt;tr id=&quot;TBL2230.finRow.7&quot; style=&quot;BACKGROUND-COLOR: #ffffff&quot;&gt;
     &lt;td style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot;&gt; &lt;p id=&quot;PARA2197&quot; style=&quot;TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;Adjustment for realized loss on silver bullion&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.7.lead.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.7.symb.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.7.amt.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;#x2014;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.7.trail.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.7.lead.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.7.symb.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.7.amt.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;#x2014;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.7.trail.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.7.lead.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.7.symb.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.7.amt.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot;&gt;(133,704&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.7.trail.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot; nowrap=&quot;nowrap&quot;&gt;)&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.7.lead.5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.7.symb.5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.7.amt.5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;#x2014;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.7.trail.5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
    &lt;/tr&gt;
    &lt;tr id=&quot;TBL2230.finRow.8&quot; style=&quot;BACKGROUND-COLOR: #cceeff&quot;&gt;
     &lt;td style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt; &lt;p id=&quot;PARA2208&quot; style=&quot;TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;Adjustment for unrealized loss on silver bullion&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.8.lead.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.8.symb.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.8.amt.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;#x2014;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.8.trail.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.8.lead.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.8.symb.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.8.amt.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;#x2014;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.8.trail.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.8.lead.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.8.symb.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.8.amt.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;(3,357,225&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.8.trail.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot; nowrap=&quot;nowrap&quot;&gt;)&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.8.lead.5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.8.symb.5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.8.amt.5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;#x2014;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.8.trail.5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
    &lt;/tr&gt;
    &lt;tr id=&quot;TBL2230.finRow.9&quot; style=&quot;BACKGROUND-COLOR: #ffffff&quot;&gt;
     &lt;td style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot;&gt; &lt;p id=&quot;PARA2219&quot; style=&quot;TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;Ending balance&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.9.lead.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.9.symb.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.9.amt.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot;&gt;320,177.8&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.9.trail.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.9.lead.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.9.symb.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot;&gt;$&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.9.amt.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot;&gt;6,243,467&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.9.trail.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.9.lead.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.9.symb.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot;&gt;$&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.9.amt.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot;&gt;6,243,467&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.9.trail.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.9.lead.5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.9.symb.5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot;&gt;$&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.9.amt.5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot;&gt;(133,704&lt;/td&gt;
     &lt;td id=&quot;TBL2230.finRow.9.trail.5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot; nowrap=&quot;nowrap&quot;&gt;)&lt;/td&gt;
    &lt;/tr&gt;

  &lt;/table&gt;</slv:ActivityInSilverBullionTableTextBlock>
  <slv:SilverContributed unitRef="oz" contextRef="c3_From1Jan2015To31Dec2015" decimals="-2">54595700</slv:SilverContributed>
  <slv:SilverContributedAverageCost unitRef="usd" contextRef="c3_From1Jan2015To31Dec2015" decimals="-3">859468000</slv:SilverContributedAverageCost>
  <slv:SilverContributedFairValue unitRef="usd" contextRef="c3_From1Jan2015To31Dec2015" decimals="-3">859468000</slv:SilverContributedFairValue>
  <slv:SilverDistributed unitRef="oz" contextRef="c3_From1Jan2015To31Dec2015" decimals="-2">64583500</slv:SilverDistributed>
  <slv:SilverDistributedAverageCost unitRef="usd" contextRef="c3_From1Jan2015To31Dec2015" decimals="-3">1235547000</slv:SilverDistributedAverageCost>
  <slv:SilverDistributedFairValue unitRef="usd" contextRef="c3_From1Jan2015To31Dec2015" decimals="-3">1029094000</slv:SilverDistributedFairValue>
  <slv:SilverSold unitRef="oz" contextRef="c3_From1Jan2015To31Dec2015" decimals="-2">1641500</slv:SilverSold>
  <slv:SilverSoldAverageCost unitRef="usd" contextRef="c3_From1Jan2015To31Dec2015" decimals="-3">31419000</slv:SilverSoldAverageCost>
  <slv:SilverSoldFairValue unitRef="usd" contextRef="c3_From1Jan2015To31Dec2015" decimals="-3">25716000</slv:SilverSoldFairValue>
  <slv:SilverBullionBalance unitRef="oz" contextRef="c11_AsOf31Dec2013" decimals="-2">320177800</slv:SilverBullionBalance>
  <us-gaap:InvestmentOwnedAtCost unitRef="usd" contextRef="c11_AsOf31Dec2013" decimals="-3">6243467000</us-gaap:InvestmentOwnedAtCost>
  <us-gaap:InvestmentInPhysicalCommoditiesFairValueDisclosure unitRef="usd" contextRef="c11_AsOf31Dec2013" decimals="-3">6243467000</us-gaap:InvestmentInPhysicalCommoditiesFairValueDisclosure>
  <slv:SilverContributed unitRef="oz" contextRef="c4_From1Jan2014To31Dec2014" decimals="-2">71956100</slv:SilverContributed>
  <slv:SilverContributedAverageCost unitRef="usd" contextRef="c4_From1Jan2014To31Dec2014" decimals="-3">1361917000</slv:SilverContributedAverageCost>
  <slv:SilverContributedFairValue unitRef="usd" contextRef="c4_From1Jan2014To31Dec2014" decimals="-3">1361917000</slv:SilverContributedFairValue>
  <slv:SilverDistributed unitRef="oz" contextRef="c4_From1Jan2014To31Dec2014" decimals="-2">60878000</slv:SilverDistributed>
  <slv:SilverDistributedAverageCost unitRef="usd" contextRef="c4_From1Jan2014To31Dec2014" decimals="-3">1185617000</slv:SilverDistributedAverageCost>
  <slv:SilverDistributedFairValue unitRef="usd" contextRef="c4_From1Jan2014To31Dec2014" decimals="-3">1108223000</slv:SilverDistributedFairValue>
  <slv:SilverSold unitRef="oz" contextRef="c4_From1Jan2014To31Dec2014" decimals="-2">1691700</slv:SilverSold>
  <slv:SilverSoldAverageCost unitRef="usd" contextRef="c4_From1Jan2014To31Dec2014" decimals="-3">33017000</slv:SilverSoldAverageCost>
  <slv:SilverSoldFairValue unitRef="usd" contextRef="c4_From1Jan2014To31Dec2014" decimals="-3">31961000</slv:SilverSoldFairValue>
  <slv:SilverBullionBalance unitRef="oz" contextRef="c7_AsOf31Dec2012" decimals="-2">324239100</slv:SilverBullionBalance>
  <us-gaap:InvestmentOwnedAtCost unitRef="usd" contextRef="c7_AsOf31Dec2012" decimals="-3">8135003000</us-gaap:InvestmentOwnedAtCost>
  <us-gaap:InvestmentInPhysicalCommoditiesFairValueDisclosure unitRef="usd" contextRef="c7_AsOf31Dec2012" decimals="-3">9710962000</us-gaap:InvestmentInPhysicalCommoditiesFairValueDisclosure>
  <slv:SilverContributed unitRef="oz" contextRef="c2_From1Jan2013To31Dec2013" decimals="-2">82810600</slv:SilverContributed>
  <slv:SilverContributedAverageCost unitRef="usd" contextRef="c2_From1Jan2013To31Dec2013" decimals="-3">2096484000</slv:SilverContributedAverageCost>
  <slv:SilverContributedFairValue unitRef="usd" contextRef="c2_From1Jan2013To31Dec2013" decimals="-3">2096484000</slv:SilverContributedFairValue>
  <slv:SilverDistributed unitRef="oz" contextRef="c2_From1Jan2013To31Dec2013" decimals="-2">85164100</slv:SilverDistributed>
  <slv:SilverDistributedAverageCost unitRef="usd" contextRef="c2_From1Jan2013To31Dec2013" decimals="-3">2163458000</slv:SilverDistributedAverageCost>
  <slv:SilverDistributedFairValue unitRef="usd" contextRef="c2_From1Jan2013To31Dec2013" decimals="-3">2031644000</slv:SilverDistributedFairValue>
  <slv:SilverSold unitRef="oz" contextRef="c2_From1Jan2013To31Dec2013" decimals="-2">1707800</slv:SilverSold>
  <slv:SilverSoldAverageCost unitRef="usd" contextRef="c2_From1Jan2013To31Dec2013" decimals="-3">43296000</slv:SilverSoldAverageCost>
  <slv:SilverSoldFairValue unitRef="usd" contextRef="c2_From1Jan2013To31Dec2013" decimals="-3">41406000</slv:SilverSoldFairValue>
  <slv:AdjustmentForUnrealizedGainLossOnSilverBullionFairValue unitRef="usd" contextRef="c2_From1Jan2013To31Dec2013" decimals="-3">-3357225000</slv:AdjustmentForUnrealizedGainLossOnSilverBullionFairValue>
  <us-gaap:ScheduleOfCapitalUnitsTextBlock contextRef="c3_From1Jan2015To31Dec2015">&lt;table id=&quot;TBL682&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 100%; TEXT-INDENT: 0px&quot; cellspacing=&quot;0&quot; cellpadding=&quot;0&quot; border=&quot;0&quot;&gt;

    &lt;tr id=&quot;TBL682.finRow.1&quot;&gt;
     &lt;td style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom&quot;&gt;&lt;b&gt;&amp;nbsp;&lt;/b&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL682.finRow.1.lead.D5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom&quot;&gt;&lt;b&gt;&amp;nbsp;&lt;/b&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL682.finRow.1.amt.D5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt&quot; colspan=&quot;14&quot;&gt; &lt;p id=&quot;PARA660&quot; style=&quot;TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;&lt;b&gt;Year&lt;/b&gt;&lt;b&gt;s&lt;/b&gt;&lt;b&gt; Ended&lt;/b&gt;&lt;b&gt; &lt;/b&gt;&lt;b&gt;December 31&lt;/b&gt;&lt;b&gt;,&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL682.finRow.1.trail.D5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px&quot;&gt;&lt;b&gt;&amp;nbsp;&lt;/b&gt;&lt;/td&gt;
    &lt;/tr&gt;
    &lt;tr id=&quot;TBL682.finRow.2&quot;&gt;
     &lt;td style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom&quot;&gt;&lt;b&gt;&amp;nbsp;&lt;/b&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL682.finRow.2.lead.D3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom&quot;&gt;&lt;b&gt;&amp;nbsp;&lt;/b&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL682.finRow.2.amt.D3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt&quot; colspan=&quot;6&quot;&gt; &lt;p id=&quot;PARA661&quot; style=&quot;TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;&lt;b&gt;2015&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL682.finRow.2.trail.D3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px&quot;&gt;&lt;b&gt;&amp;nbsp;&lt;/b&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL682.finRow.2.lead.D5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom&quot;&gt;&lt;b&gt;&amp;nbsp;&lt;/b&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL682.finRow.2.amt.D5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt&quot; colspan=&quot;6&quot;&gt; &lt;p id=&quot;PARA662&quot; style=&quot;TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;&lt;b&gt;2014&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL682.finRow.2.trail.D5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px&quot;&gt;&lt;b&gt;&amp;nbsp;&lt;/b&gt;&lt;/td&gt;
    &lt;/tr&gt;
    &lt;tr id=&quot;TBL682.finRow.3&quot;&gt;
     &lt;td style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom&quot;&gt;&lt;b&gt;&amp;nbsp;&lt;/b&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL682.finRow.3.lead.D2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom&quot;&gt;&lt;b&gt;&amp;nbsp;&lt;/b&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL682.finRow.3.amt.D2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt&quot; colspan=&quot;2&quot;&gt; &lt;p id=&quot;PARA663&quot; style=&quot;TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;&lt;b&gt;Shares&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL682.finRow.3.trail.D2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px&quot;&gt;&lt;b&gt;&amp;nbsp;&lt;/b&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL682.finRow.3.lead.D3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom&quot;&gt;&lt;b&gt;&amp;nbsp;&lt;/b&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL682.finRow.3.amt.D3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt&quot; colspan=&quot;2&quot;&gt; &lt;p id=&quot;PARA664&quot; style=&quot;TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;&lt;b&gt;Amount&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL682.finRow.3.trail.D3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px&quot;&gt;&lt;b&gt;&amp;nbsp;&lt;/b&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL682.finRow.3.lead.D4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom&quot;&gt;&lt;b&gt;&amp;nbsp;&lt;/b&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL682.finRow.3.amt.D4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt&quot; colspan=&quot;2&quot;&gt; &lt;p id=&quot;PARA665&quot; style=&quot;TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;&lt;b&gt;Shares&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL682.finRow.3.trail.D4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px&quot;&gt;&lt;b&gt;&amp;nbsp;&lt;/b&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL682.finRow.3.lead.D5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom&quot;&gt;&lt;b&gt;&amp;nbsp;&lt;/b&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL682.finRow.3.amt.D5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt&quot; colspan=&quot;2&quot;&gt; &lt;p id=&quot;PARA666&quot; style=&quot;TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;&lt;b&gt;Amount&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL682.finRow.3.trail.D5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px&quot;&gt;&lt;b&gt;&amp;nbsp;&lt;/b&gt;&lt;/td&gt;
    &lt;/tr&gt;
    &lt;tr id=&quot;TBL682.finRow.4&quot; style=&quot;BACKGROUND-COLOR: #cceeff&quot;&gt;
     &lt;td style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 52%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt; &lt;p id=&quot;PARA667&quot; style=&quot;TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;Shares issued&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL682.finRow.4.lead.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL682.finRow.4.symb.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL682.finRow.4.amt.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;57,150&lt;/td&gt;
     &lt;td id=&quot;TBL682.finRow.4.trail.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL682.finRow.4.lead.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL682.finRow.4.symb.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;$&lt;/td&gt;
     &lt;td id=&quot;TBL682.finRow.4.amt.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;859,468&lt;/td&gt;
     &lt;td id=&quot;TBL682.finRow.4.trail.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL682.finRow.4.lead.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL682.finRow.4.symb.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL682.finRow.4.amt.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;74,950&lt;/td&gt;
     &lt;td id=&quot;TBL682.finRow.4.trail.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL682.finRow.4.lead.5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL682.finRow.4.symb.5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;$&lt;/td&gt;
     &lt;td id=&quot;TBL682.finRow.4.amt.5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;1,361,917&lt;/td&gt;
     &lt;td id=&quot;TBL682.finRow.4.trail.5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
    &lt;/tr&gt;
    &lt;tr id=&quot;TBL682.finRow.5&quot; style=&quot;BACKGROUND-COLOR: #ffffff&quot;&gt;
     &lt;td style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot;&gt; &lt;p id=&quot;PARA672&quot; style=&quot;TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;Shares redeemed&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL682.finRow.5.lead.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL682.finRow.5.symb.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL682.finRow.5.amt.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot;&gt;(67,600&lt;/td&gt;
     &lt;td id=&quot;TBL682.finRow.5.trail.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot; nowrap=&quot;nowrap&quot;&gt;)&lt;/td&gt;
     &lt;td id=&quot;TBL682.finRow.5.lead.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL682.finRow.5.symb.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL682.finRow.5.amt.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot;&gt;(1,029,094&lt;/td&gt;
     &lt;td id=&quot;TBL682.finRow.5.trail.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot; nowrap=&quot;nowrap&quot;&gt;)&lt;/td&gt;
     &lt;td id=&quot;TBL682.finRow.5.lead.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL682.finRow.5.symb.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL682.finRow.5.amt.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot;&gt;(63,450&lt;/td&gt;
     &lt;td id=&quot;TBL682.finRow.5.trail.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot; nowrap=&quot;nowrap&quot;&gt;)&lt;/td&gt;
     &lt;td id=&quot;TBL682.finRow.5.lead.5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL682.finRow.5.symb.5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL682.finRow.5.amt.5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot;&gt;(1,108,223&lt;/td&gt;
     &lt;td id=&quot;TBL682.finRow.5.trail.5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot; nowrap=&quot;nowrap&quot;&gt;)&lt;/td&gt;
    &lt;/tr&gt;
    &lt;tr id=&quot;TBL682.finRow.6&quot; style=&quot;BACKGROUND-COLOR: #cceeff&quot;&gt;
     &lt;td style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt; &lt;p id=&quot;PARA677&quot; style=&quot;TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;Net decrease&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL682.finRow.6.lead.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL682.finRow.6.symb.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL682.finRow.6.amt.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;(10,450&lt;/td&gt;
     &lt;td id=&quot;TBL682.finRow.6.trail.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot; nowrap=&quot;nowrap&quot;&gt;)&lt;/td&gt;
     &lt;td id=&quot;TBL682.finRow.6.lead.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL682.finRow.6.symb.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;$&lt;/td&gt;
     &lt;td id=&quot;TBL682.finRow.6.amt.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;(169,626&lt;/td&gt;
     &lt;td id=&quot;TBL682.finRow.6.trail.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot; nowrap=&quot;nowrap&quot;&gt;)&lt;/td&gt;
     &lt;td id=&quot;TBL682.finRow.6.lead.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL682.finRow.6.symb.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL682.finRow.6.amt.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;11,500&lt;/td&gt;
     &lt;td id=&quot;TBL682.finRow.6.trail.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL682.finRow.6.lead.5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL682.finRow.6.symb.5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;$&lt;/td&gt;
     &lt;td id=&quot;TBL682.finRow.6.amt.5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;253,694&lt;/td&gt;
     &lt;td id=&quot;TBL682.finRow.6.trail.5&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
    &lt;/tr&gt;

  &lt;/table&gt;</us-gaap:ScheduleOfCapitalUnitsTextBlock>
  <us-gaap:StockIssuedDuringPeriodSharesNewIssues unitRef="shares" contextRef="c3_From1Jan2015To31Dec2015" decimals="-3">57150000</us-gaap:StockIssuedDuringPeriodSharesNewIssues>
  <us-gaap:TemporaryEquityStockIssuedDuringPeriodValueNewIssues unitRef="usd" contextRef="c3_From1Jan2015To31Dec2015" decimals="-3">859468000</us-gaap:TemporaryEquityStockIssuedDuringPeriodValueNewIssues>
  <us-gaap:StockIssuedDuringPeriodSharesNewIssues unitRef="shares" contextRef="c4_From1Jan2014To31Dec2014" decimals="-3">74950000</us-gaap:StockIssuedDuringPeriodSharesNewIssues>
  <us-gaap:TemporaryEquityStockIssuedDuringPeriodValueNewIssues unitRef="usd" contextRef="c4_From1Jan2014To31Dec2014" decimals="-3">1361917000</us-gaap:TemporaryEquityStockIssuedDuringPeriodValueNewIssues>
  <slv:SharesOfStockClassifedAsTemporaryEquitySurrenderedDuringReportingPeriod unitRef="shares" contextRef="c3_From1Jan2015To31Dec2015" decimals="-3">67600000</slv:SharesOfStockClassifedAsTemporaryEquitySurrenderedDuringReportingPeriod>
  <slv:ValueOfStockClassifiedAsTemporaryEquitySurrenderedDuringReportingPeriod unitRef="usd" contextRef="c3_From1Jan2015To31Dec2015" decimals="-3">1029094000</slv:ValueOfStockClassifiedAsTemporaryEquitySurrenderedDuringReportingPeriod>
  <slv:SharesOfStockClassifedAsTemporaryEquitySurrenderedDuringReportingPeriod unitRef="shares" contextRef="c4_From1Jan2014To31Dec2014" decimals="-3">63450000</slv:SharesOfStockClassifedAsTemporaryEquitySurrenderedDuringReportingPeriod>
  <slv:ValueOfStockClassifiedAsTemporaryEquitySurrenderedDuringReportingPeriod unitRef="usd" contextRef="c4_From1Jan2014To31Dec2014" decimals="-3">1108223000</slv:ValueOfStockClassifiedAsTemporaryEquitySurrenderedDuringReportingPeriod>
  <us-gaap:StockIssuedDuringPeriodSharesPeriodIncreaseDecrease unitRef="shares" contextRef="c3_From1Jan2015To31Dec2015" decimals="-3">-10450000</us-gaap:StockIssuedDuringPeriodSharesPeriodIncreaseDecrease>
  <us-gaap:TemporaryEquityIssuePeriodIncreaseOrDecrease unitRef="usd" contextRef="c3_From1Jan2015To31Dec2015" decimals="-3">-169626000</us-gaap:TemporaryEquityIssuePeriodIncreaseOrDecrease>
  <us-gaap:StockIssuedDuringPeriodSharesPeriodIncreaseDecrease unitRef="shares" contextRef="c4_From1Jan2014To31Dec2014" decimals="-3">11500000</us-gaap:StockIssuedDuringPeriodSharesPeriodIncreaseDecrease>
  <us-gaap:TemporaryEquityIssuePeriodIncreaseOrDecrease unitRef="usd" contextRef="c4_From1Jan2014To31Dec2014" decimals="-3">253694000</us-gaap:TemporaryEquityIssuePeriodIncreaseOrDecrease>
  <us-gaap:TemporaryEquityTableTextBlock contextRef="c3_From1Jan2015To31Dec2015">&lt;table id=&quot;TBL2278&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 80%; MARGIN-RIGHT: 20%; TEXT-INDENT: 0px&quot; cellspacing=&quot;0&quot; cellpadding=&quot;0&quot; border=&quot;0&quot;&gt;

    &lt;tr id=&quot;TBL2278.finRow.1&quot;&gt;
     &lt;td style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom&quot;&gt;&lt;b&gt;&amp;nbsp;&lt;/b&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2278.finRow.1.lead.D3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom&quot;&gt;&lt;b&gt;&amp;nbsp;&lt;/b&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2278.finRow.1.amt.D3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt&quot; colspan=&quot;6&quot;&gt; &lt;p id=&quot;PARA2257&quot; style=&quot;TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;&lt;b&gt;Year ended December 31, &lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2278.finRow.1.trail.D3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px&quot;&gt;&lt;b&gt;&amp;nbsp;&lt;/b&gt;&lt;/td&gt;
    &lt;/tr&gt;
    &lt;tr id=&quot;TBL2278.finRow.2&quot;&gt;
     &lt;td style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom&quot;&gt;&lt;b&gt;&amp;nbsp;&lt;/b&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2278.finRow.2.lead.D3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom&quot;&gt;&lt;b&gt;&amp;nbsp;&lt;/b&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2278.finRow.2.amt.D3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt&quot; colspan=&quot;6&quot;&gt; &lt;p id=&quot;PARA2258&quot; style=&quot;TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;&lt;b&gt;2013&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2278.finRow.2.trail.D3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px&quot;&gt;&lt;b&gt;&amp;nbsp;&lt;/b&gt;&lt;/td&gt;
    &lt;/tr&gt;
    &lt;tr id=&quot;TBL2278.finRow.3&quot;&gt;
     &lt;td style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom&quot;&gt;&lt;b&gt;&amp;nbsp;&lt;/b&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2278.finRow.3.lead.D2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom&quot;&gt;&lt;b&gt;&amp;nbsp;&lt;/b&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2278.finRow.3.amt.D2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt&quot; colspan=&quot;2&quot;&gt; &lt;p id=&quot;PARA2259&quot; style=&quot;TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;&lt;b&gt;Shares&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2278.finRow.3.trail.D2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px&quot;&gt;&lt;b&gt;&amp;nbsp;&lt;/b&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2278.finRow.3.lead.D3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom&quot;&gt;&lt;b&gt;&amp;nbsp;&lt;/b&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2278.finRow.3.amt.D3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt&quot; colspan=&quot;2&quot;&gt; &lt;p id=&quot;PARA2260&quot; style=&quot;TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;&lt;b&gt;Amount&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2278.finRow.3.trail.D3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px&quot;&gt;&lt;b&gt;&amp;nbsp;&lt;/b&gt;&lt;/td&gt;
    &lt;/tr&gt;
    &lt;tr id=&quot;TBL2278.finRow.4&quot; style=&quot;BACKGROUND-COLOR: #cceeff&quot;&gt;
     &lt;td style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 62%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt; &lt;p id=&quot;PARA2261&quot; style=&quot;TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;Beginning balance&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2278.finRow.4.lead.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2278.finRow.4.symb.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2278.finRow.4.amt.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;335,000&lt;/td&gt;
     &lt;td id=&quot;TBL2278.finRow.4.trail.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2278.finRow.4.lead.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2278.finRow.4.symb.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;$&lt;/td&gt;
     &lt;td id=&quot;TBL2278.finRow.4.amt.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;9,706,654&lt;/td&gt;
     &lt;td id=&quot;TBL2278.finRow.4.trail.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
    &lt;/tr&gt;
    &lt;tr id=&quot;TBL2278.finRow.5&quot; style=&quot;BACKGROUND-COLOR: #ffffff&quot;&gt;
     &lt;td style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot;&gt; &lt;p id=&quot;PARA2265&quot; style=&quot;TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;Shares issued&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2278.finRow.5.lead.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2278.finRow.5.symb.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2278.finRow.5.amt.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot;&gt;85,750&lt;/td&gt;
     &lt;td id=&quot;TBL2278.finRow.5.trail.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2278.finRow.5.lead.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2278.finRow.5.symb.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2278.finRow.5.amt.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot;&gt;2,096,484&lt;/td&gt;
     &lt;td id=&quot;TBL2278.finRow.5.trail.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
    &lt;/tr&gt;
    &lt;tr id=&quot;TBL2278.finRow.6&quot; style=&quot;BACKGROUND-COLOR: #cceeff&quot;&gt;
     &lt;td style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt; &lt;p id=&quot;PARA2268&quot; style=&quot;TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;Shares redeemed&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2278.finRow.6.lead.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2278.finRow.6.symb.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2278.finRow.6.amt.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;(88,250&lt;/td&gt;
     &lt;td id=&quot;TBL2278.finRow.6.trail.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot; nowrap=&quot;nowrap&quot;&gt;)&lt;/td&gt;
     &lt;td id=&quot;TBL2278.finRow.6.lead.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2278.finRow.6.symb.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2278.finRow.6.amt.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;(2,031,644&lt;/td&gt;
     &lt;td id=&quot;TBL2278.finRow.6.trail.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot; nowrap=&quot;nowrap&quot;&gt;)&lt;/td&gt;
    &lt;/tr&gt;
    &lt;tr id=&quot;TBL2278.finRow.7&quot; style=&quot;BACKGROUND-COLOR: #ffffff&quot;&gt;
     &lt;td style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot;&gt; &lt;p id=&quot;PARA2271&quot; style=&quot;TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;Redemption value adjustment&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2278.finRow.7.lead.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2278.finRow.7.symb.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2278.finRow.7.amt.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;#x2014;&lt;/td&gt;
     &lt;td id=&quot;TBL2278.finRow.7.trail.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2278.finRow.7.lead.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2278.finRow.7.symb.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2278.finRow.7.amt.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot;&gt;(3,530,747&lt;/td&gt;
     &lt;td id=&quot;TBL2278.finRow.7.trail.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot; nowrap=&quot;nowrap&quot;&gt;)&lt;/td&gt;
    &lt;/tr&gt;
    &lt;tr id=&quot;TBL2278.finRow.8&quot; style=&quot;BACKGROUND-COLOR: #cceeff&quot;&gt;
     &lt;td style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt; &lt;p id=&quot;PARA2274&quot; style=&quot;TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;Ending balance&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2278.finRow.8.lead.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2278.finRow.8.symb.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2278.finRow.8.amt.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;332,500&lt;/td&gt;
     &lt;td id=&quot;TBL2278.finRow.8.trail.2&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2278.finRow.8.lead.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2278.finRow.8.symb.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;$&lt;/td&gt;
     &lt;td id=&quot;TBL2278.finRow.8.amt.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;6,240,747&lt;/td&gt;
     &lt;td id=&quot;TBL2278.finRow.8.trail.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
    &lt;/tr&gt;

  &lt;/table&gt;</us-gaap:TemporaryEquityTableTextBlock>
  <us-gaap:TemporaryEquitySharesOutstanding unitRef="shares" contextRef="c7_AsOf31Dec2012" decimals="-3">335000000</us-gaap:TemporaryEquitySharesOutstanding>
  <us-gaap:TemporaryEquityCarryingAmountIncludingPortionAttributableToNoncontrollingInterests unitRef="usd" contextRef="c7_AsOf31Dec2012" decimals="-3">9706654000</us-gaap:TemporaryEquityCarryingAmountIncludingPortionAttributableToNoncontrollingInterests>
  <us-gaap:StockIssuedDuringPeriodSharesNewIssues unitRef="shares" contextRef="c2_From1Jan2013To31Dec2013" decimals="-3">85750000</us-gaap:StockIssuedDuringPeriodSharesNewIssues>
  <us-gaap:TemporaryEquityStockIssuedDuringPeriodValueNewIssues unitRef="usd" contextRef="c2_From1Jan2013To31Dec2013" decimals="-3">2096484000</us-gaap:TemporaryEquityStockIssuedDuringPeriodValueNewIssues>
  <slv:SharesOfStockClassifedAsTemporaryEquitySurrenderedDuringReportingPeriod unitRef="shares" contextRef="c2_From1Jan2013To31Dec2013" decimals="-3">88250000</slv:SharesOfStockClassifedAsTemporaryEquitySurrenderedDuringReportingPeriod>
  <slv:ValueOfStockClassifiedAsTemporaryEquitySurrenderedDuringReportingPeriod unitRef="usd" contextRef="c2_From1Jan2013To31Dec2013" decimals="-3">2031644000</slv:ValueOfStockClassifiedAsTemporaryEquitySurrenderedDuringReportingPeriod>
  <slv:RedemptionValueAdjustmentAmount unitRef="usd" contextRef="c2_From1Jan2013To31Dec2013" decimals="-3">3530747000</slv:RedemptionValueAdjustmentAmount>
  <us-gaap:TemporaryEquitySharesOutstanding unitRef="shares" contextRef="c11_AsOf31Dec2013" decimals="-3">332500000</us-gaap:TemporaryEquitySharesOutstanding>
  <us-gaap:TemporaryEquityCarryingAmountIncludingPortionAttributableToNoncontrollingInterests unitRef="usd" contextRef="c11_AsOf31Dec2013" decimals="-3">6240747000</us-gaap:TemporaryEquityCarryingAmountIncludingPortionAttributableToNoncontrollingInterests>
  <slv:TrustExpensesTextBlock contextRef="c3_From1Jan2015To31Dec2015">&lt;p id=&quot;PARA2290&quot; style=&quot;TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;&lt;b&gt;3 &lt;/b&gt;&lt;b&gt;- Trust Expenses&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&lt;br/&gt;&lt;p id=&quot;PARA2292&quot; style=&quot;TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;The Trust pays to the Sponsor a Sponsor&amp;#x2019;s fee that accrues daily at an annualized rate equal to 0.50% of the 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&amp;#x2019;s fee, the Custodian&amp;#x2019;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.&lt;/font&gt;&lt;/p&gt;&lt;br/&gt;</slv:TrustExpensesTextBlock>
  <slv:SponsorsFeeAnnualizedAccrualRateBasedOnDailyNetAssetValue unitRef="pure" contextRef="c3_From1Jan2015To31Dec2015" decimals="4">0.0050</slv:SponsorsFeeAnnualizedAccrualRateBasedOnDailyNetAssetValue>
  <slv:LegalFeesPerYear unitRef="usd" contextRef="c14_From1Jan2015To31Dec2015_MaximumMember" decimals="0">100000</slv:LegalFeesPerYear>
  <us-gaap:RelatedPartyTransactionsDisclosureTextBlock contextRef="c3_From1Jan2015To31Dec2015">&lt;p id=&quot;PARA2294&quot; style=&quot;TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;&lt;b&gt;4 - Related Parties&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&lt;br/&gt;&lt;p id=&quot;PARA2296&quot; style=&quot;TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;The Sponsor and the Trustee are considered to be related parties to the Trust. The Trustee&amp;#x2019;s fee is paid by the Sponsor and is not a separate expense of the Trust.&lt;/font&gt;&lt;/p&gt;&lt;br/&gt;</us-gaap:RelatedPartyTransactionsDisclosureTextBlock>
  <slv:IndemnificationTextBlock contextRef="c3_From1Jan2015To31Dec2015">&lt;p id=&quot;PARA2298&quot; style=&quot;TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;&lt;b&gt;5 - Indemnification&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&lt;br/&gt;&lt;p id=&quot;PARA2300&quot; style=&quot;TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;The Trust Agreement provides that the Sponsor and its shareholders, directors, officers, employees, affiliates (as such term is defined under the Securities Act of 1933, as amended) and subsidiaries shall be indemnified from the Trust and held harmless against any loss, liability, or expense arising out of or in connection with the performance of their obligations under the Trust Agreement or any actions taken in accordance with the provisions of the Trust Agreement and incurred without their (1) negligence, bad faith or willful misconduct or (2) reckless disregard of their obligations and duties under the Trust Agreement.&lt;/font&gt;&lt;/p&gt;&lt;br/&gt;&lt;p id=&quot;PARA2302&quot; style=&quot;TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;The Trust has agreed to indemnify the Custodian for any loss incurred in connection with the custodian agreement, other than losses due to the Custodian&amp;#x2019;s negligence, fraud or willful default.&lt;/font&gt;&lt;/p&gt;&lt;br/&gt;</slv:IndemnificationTextBlock>
  <us-gaap:CommitmentsAndContingenciesDisclosureTextBlock contextRef="c3_From1Jan2015To31Dec2015">&lt;p id=&quot;PARA2304&quot; style=&quot;TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;&lt;b&gt;6 - Commitments and Contingent Liabilities&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&lt;br/&gt;&lt;p id=&quot;PARA2306&quot; style=&quot;TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;In the normal course of business, the Trust may enter into contracts with service providers that contain general indemnification clauses. The Trust&amp;#x2019;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.&lt;/font&gt;&lt;/p&gt;&lt;br/&gt;</us-gaap:CommitmentsAndContingenciesDisclosureTextBlock>
  <us-gaap:ConcentrationRiskDisclosureTextBlock contextRef="c3_From1Jan2015To31Dec2015">&lt;p id=&quot;PARA2308&quot; style=&quot;TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;&lt;b&gt;7 - Concentration Risk&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&lt;br/&gt;&lt;p id=&quot;PARA2310&quot; style=&quot;TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;Substantially all of the Trust&amp;#x2019;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 of speculators, investors and other market participants towards silver.&lt;/font&gt;&lt;/p&gt;&lt;br/&gt;</us-gaap:ConcentrationRiskDisclosureTextBlock>
  <slv:FinancialHighlightsTextBlock contextRef="c3_From1Jan2015To31Dec2015">&lt;p id=&quot;PARA2312&quot; style=&quot;TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;&lt;b&gt;8 &lt;/b&gt;&lt;b&gt;- Financial Highlights&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&lt;br/&gt;&lt;p id=&quot;PARA2314&quot; style=&quot;TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;Effective January 1, 2014, the Trust qualified as an investment company solely&amp;nbsp;for accounting purposes and not for any other purpose. Disclosure of financial highlights is required for investment companies. Please refer to Note 2B.&lt;/font&gt;&lt;/p&gt;&lt;br/&gt;&lt;p style=&quot;TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;The following financial highlights relate to investment performance and operations for a Share outstanding for the years ended December&amp;nbsp;31,&amp;nbsp;2015 and 2014.&lt;/font&gt;&lt;/p&gt;&lt;br/&gt;&lt;table id=&quot;TBL2365S1&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 100%; TEXT-INDENT: 0px&quot; cellspacing=&quot;0&quot; cellpadding=&quot;0&quot; border=&quot;0&quot;&gt;

    &lt;tr id=&quot;TBL2365S1.finRow.1&quot;&gt;
     &lt;td style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 70%; VERTICAL-ALIGN: bottom&quot;&gt;&lt;b&gt;&amp;nbsp;&lt;/b&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2365S1.finRow.1.lead.D4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom&quot;&gt;&lt;b&gt;&amp;nbsp;&lt;/b&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2365S1.finRow.1.amt.D4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt&quot; colspan=&quot;6&quot;&gt; &lt;p id=&quot;PARA2316&quot; style=&quot;TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;&lt;b&gt;Year Ended&lt;br /&gt;December 31,&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2365S1.finRow.1.trail.D4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px&quot;&gt;&lt;b&gt;&amp;nbsp;&lt;/b&gt;&lt;/td&gt;
    &lt;/tr&gt;
    &lt;tr id=&quot;TBL2365S1.finRow.2&quot;&gt;
     &lt;td style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 70%; VERTICAL-ALIGN: bottom&quot;&gt;&lt;b&gt;&amp;nbsp;&lt;/b&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2365S1.finRow.2.lead.D3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom&quot;&gt;&lt;b&gt;&amp;nbsp;&lt;/b&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2365S1.finRow.2.amt.D3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt&quot; colspan=&quot;2&quot;&gt; &lt;p id=&quot;PARA2317&quot; style=&quot;TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;&lt;b&gt;2015&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2365S1.finRow.2.trail.D3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px&quot;&gt;&lt;b&gt;&amp;nbsp;&lt;/b&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2365S1.finRow.2.lead.D4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom&quot;&gt;&lt;b&gt;&amp;nbsp;&lt;/b&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2365S1.finRow.2.amt.D4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt&quot; colspan=&quot;2&quot;&gt; &lt;p id=&quot;PARA2318&quot; style=&quot;TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;&lt;b&gt;2014&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2365S1.finRow.2.trail.D4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px&quot;&gt;&lt;b&gt;&amp;nbsp;&lt;/b&gt;&lt;/td&gt;
    &lt;/tr&gt;
    &lt;tr id=&quot;TBL2365S1.finRow.3&quot; style=&quot;BACKGROUND-COLOR: #cceeff&quot;&gt;
     &lt;td style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 70%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt; &lt;p id=&quot;PARA2319&quot; style=&quot;TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;Net asset value per Share, beginning of period&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2365S1.finRow.3.lead.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2365S1.finRow.3.symb.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;$&lt;/td&gt;
     &lt;td id=&quot;TBL2365S1.finRow.3.amt.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;15.29&lt;/td&gt;
     &lt;td id=&quot;TBL2365S1.finRow.3.trail.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2365S1.finRow.3.lead.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2365S1.finRow.3.symb.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;$&lt;/td&gt;
     &lt;td id=&quot;TBL2365S1.finRow.3.amt.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;18.77&lt;/td&gt;
     &lt;td id=&quot;TBL2365S1.finRow.3.trail.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
    &lt;/tr&gt;
    &lt;tr id=&quot;TBL2365S1.finRow.4&quot; style=&quot;BACKGROUND-COLOR: #ffffff&quot;&gt;
     &lt;td style=&quot;WIDTH: 70%; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2365S1.finRow.4.lead.B3&quot; style=&quot;BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2365S1.finRow.4.symb.B3&quot; style=&quot;BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2365S1.finRow.4.amt.B3&quot; style=&quot;BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2365S1.finRow.4.trail.B3&quot; style=&quot;BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2365S1.finRow.4.lead.B4&quot; style=&quot;BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2365S1.finRow.4.symb.B4&quot; style=&quot;BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2365S1.finRow.4.amt.B4&quot; style=&quot;BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2365S1.finRow.4.trail.B4&quot; style=&quot;BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
    &lt;/tr&gt;
    &lt;tr id=&quot;TBL2365S1.finRow.5&quot; style=&quot;BACKGROUND-COLOR: #cceeff&quot;&gt;
     &lt;td style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 70%; VERTICAL-ALIGN: bottom; PADDING-LEFT: 18pt; BACKGROUND-COLOR: #cceeff&quot;&gt; &lt;p id=&quot;PARA2325&quot; style=&quot;TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;Net investment loss&lt;font style=&quot;FONT-SIZE: 60%; VERTICAL-ALIGN: text-top&quot;&gt;(a)&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2365S1.finRow.5.lead.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2365S1.finRow.5.symb.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2365S1.finRow.5.amt.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;(0.07&lt;/td&gt;
     &lt;td id=&quot;TBL2365S1.finRow.5.trail.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot; nowrap=&quot;nowrap&quot;&gt;)&lt;/td&gt;
     &lt;td id=&quot;TBL2365S1.finRow.5.lead.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2365S1.finRow.5.symb.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2365S1.finRow.5.amt.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;(0.09&lt;/td&gt;
     &lt;td id=&quot;TBL2365S1.finRow.5.trail.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot; nowrap=&quot;nowrap&quot;&gt;)&lt;/td&gt;
    &lt;/tr&gt;
    &lt;tr id=&quot;TBL2365S1.finRow.6&quot; style=&quot;BACKGROUND-COLOR: #ffffff&quot;&gt;
     &lt;td style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 70%; VERTICAL-ALIGN: bottom; PADDING-LEFT: 18pt; BACKGROUND-COLOR: #ffffff&quot;&gt; &lt;p id=&quot;PARA2328&quot; style=&quot;TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;Net realized and unrealized loss&lt;font style=&quot;FONT-SIZE: 60%; VERTICAL-ALIGN: text-top&quot;&gt;(b)&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2365S1.finRow.6.lead.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2365S1.finRow.6.symb.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2365S1.finRow.6.amt.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot;&gt;(2.05&lt;/td&gt;
     &lt;td id=&quot;TBL2365S1.finRow.6.trail.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot; nowrap=&quot;nowrap&quot;&gt;)&lt;/td&gt;
     &lt;td id=&quot;TBL2365S1.finRow.6.lead.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2365S1.finRow.6.symb.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2365S1.finRow.6.amt.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot;&gt;(3.39&lt;/td&gt;
     &lt;td id=&quot;TBL2365S1.finRow.6.trail.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot; nowrap=&quot;nowrap&quot;&gt;)&lt;/td&gt;
    &lt;/tr&gt;
    &lt;tr id=&quot;TBL2365S1.finRow.7&quot; style=&quot;BACKGROUND-COLOR: #cceeff&quot;&gt;
     &lt;td style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 70%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt; &lt;p id=&quot;PARA2331&quot; style=&quot;TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;Net decrease in net assets from operations&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2365S1.finRow.7.lead.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2365S1.finRow.7.symb.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2365S1.finRow.7.amt.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;(2.12&lt;/td&gt;
     &lt;td id=&quot;TBL2365S1.finRow.7.trail.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot; nowrap=&quot;nowrap&quot;&gt;)&lt;/td&gt;
     &lt;td id=&quot;TBL2365S1.finRow.7.lead.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2365S1.finRow.7.symb.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2365S1.finRow.7.amt.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;(3.48&lt;/td&gt;
     &lt;td id=&quot;TBL2365S1.finRow.7.trail.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot; nowrap=&quot;nowrap&quot;&gt;)&lt;/td&gt;
    &lt;/tr&gt;
    &lt;tr id=&quot;TBL2365S1.finRow.8&quot; style=&quot;BACKGROUND-COLOR: #ffffff&quot;&gt;
     &lt;td style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 70%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot;&gt; &lt;p id=&quot;PARA2334&quot; style=&quot;TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;Net asset value per Share, end of period&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2365S1.finRow.8.lead.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2365S1.finRow.8.symb.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot;&gt;$&lt;/td&gt;
     &lt;td id=&quot;TBL2365S1.finRow.8.amt.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot;&gt;13.17&lt;/td&gt;
     &lt;td id=&quot;TBL2365S1.finRow.8.trail.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2365S1.finRow.8.lead.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2365S1.finRow.8.symb.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot;&gt;$&lt;/td&gt;
     &lt;td id=&quot;TBL2365S1.finRow.8.amt.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot;&gt;15.29&lt;/td&gt;
     &lt;td id=&quot;TBL2365S1.finRow.8.trail.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
    &lt;/tr&gt;
    &lt;tr id=&quot;TBL2365S1.finRow.9&quot; style=&quot;BACKGROUND-COLOR: #cceeff&quot;&gt;
     &lt;td style=&quot;WIDTH: 70%; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2365S1.finRow.9.lead.B3&quot; style=&quot;BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2365S1.finRow.9.symb.B3&quot; style=&quot;BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2365S1.finRow.9.amt.B3&quot; style=&quot;BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2365S1.finRow.9.trail.B3&quot; style=&quot;BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2365S1.finRow.9.lead.B4&quot; style=&quot;BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2365S1.finRow.9.symb.B4&quot; style=&quot;BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2365S1.finRow.9.amt.B4&quot; style=&quot;BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2365S1.finRow.9.trail.B4&quot; style=&quot;BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
    &lt;/tr&gt;
    &lt;tr id=&quot;TBL2365S1.finRow.10&quot; style=&quot;BACKGROUND-COLOR: #ffffff&quot;&gt;
     &lt;td style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 70%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot;&gt; &lt;p id=&quot;PARA2340&quot; style=&quot;TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;Total return, at net asset value&lt;font style=&quot;FONT-SIZE: 60%; VERTICAL-ALIGN: text-top&quot;&gt;(c)&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2365S1.finRow.10.lead.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2365S1.finRow.10.symb.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2365S1.finRow.10.amt.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot;&gt;(13.87&lt;/td&gt;
     &lt;td id=&quot;TBL2365S1.finRow.10.trail.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 2%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot; nowrap=&quot;nowrap&quot;&gt; &lt;p id=&quot;PARA2342&quot; style=&quot;TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;)&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;%&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2365S1.finRow.10.lead.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2365S1.finRow.10.symb.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2365S1.finRow.10.amt.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot;&gt;(18.54&lt;/td&gt;
     &lt;td id=&quot;TBL2365S1.finRow.10.trail.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 2%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot; nowrap=&quot;nowrap&quot;&gt; &lt;p id=&quot;PARA2344&quot; style=&quot;TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;)&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;%&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
    &lt;/tr&gt;
    &lt;tr id=&quot;TBL2365S1.finRow.11&quot; style=&quot;BACKGROUND-COLOR: #cceeff&quot;&gt;
     &lt;td style=&quot;WIDTH: 70%; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2365S1.finRow.11.lead.B3&quot; style=&quot;BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2365S1.finRow.11.symb.B3&quot; style=&quot;BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2365S1.finRow.11.amt.B3&quot; style=&quot;BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2365S1.finRow.11.trail.B3&quot; style=&quot;BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2365S1.finRow.11.lead.B4&quot; style=&quot;BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2365S1.finRow.11.symb.B4&quot; style=&quot;BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2365S1.finRow.11.amt.B4&quot; style=&quot;BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2365S1.finRow.11.trail.B4&quot; style=&quot;BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
    &lt;/tr&gt;
    &lt;tr id=&quot;TBL2365S1.finRow.12&quot; style=&quot;BACKGROUND-COLOR: #ffffff&quot;&gt;
     &lt;td style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 70%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot;&gt; &lt;p id=&quot;PARA2346&quot; style=&quot;TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;Ratio to average net assets:&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2365S1.finRow.12.lead.B3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2365S1.finRow.12.symb.B3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2365S1.finRow.12.amt.B3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2365S1.finRow.12.trail.B3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2365S1.finRow.12.lead.B4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2365S1.finRow.12.symb.B4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2365S1.finRow.12.amt.B4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2365S1.finRow.12.trail.B4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
    &lt;/tr&gt;
    &lt;tr id=&quot;TBL2365S1.finRow.13&quot; style=&quot;BACKGROUND-COLOR: #cceeff&quot;&gt;
     &lt;td style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 70%; VERTICAL-ALIGN: bottom; PADDING-LEFT: 18pt; BACKGROUND-COLOR: #cceeff&quot;&gt; &lt;p id=&quot;PARA2347&quot; style=&quot;TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;Net investment loss&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2365S1.finRow.13.lead.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2365S1.finRow.13.symb.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2365S1.finRow.13.amt.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;(0.50&lt;/td&gt;
     &lt;td id=&quot;TBL2365S1.finRow.13.trail.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 2%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot; nowrap=&quot;nowrap&quot;&gt; &lt;p id=&quot;PARA2349&quot; style=&quot;TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;)&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;%&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2365S1.finRow.13.lead.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2365S1.finRow.13.symb.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2365S1.finRow.13.amt.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;(0.50&lt;/td&gt;
     &lt;td id=&quot;TBL2365S1.finRow.13.trail.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 2%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot; nowrap=&quot;nowrap&quot;&gt; &lt;p id=&quot;PARA2351&quot; style=&quot;TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;)&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;%&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
    &lt;/tr&gt;
    &lt;tr id=&quot;TBL2365S1.finRow.14&quot; style=&quot;BACKGROUND-COLOR: #ffffff&quot;&gt;
     &lt;td style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 70%; VERTICAL-ALIGN: bottom; PADDING-LEFT: 18pt; BACKGROUND-COLOR: #ffffff&quot;&gt; &lt;p id=&quot;PARA2352&quot; style=&quot;TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;Expenses&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2365S1.finRow.14.lead.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2365S1.finRow.14.symb.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2365S1.finRow.14.amt.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot;&gt;0.50&lt;/td&gt;
     &lt;td id=&quot;TBL2365S1.finRow.14.trail.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot; nowrap=&quot;nowrap&quot;&gt; &lt;p id=&quot;PARA2354&quot; style=&quot;TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;%&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2365S1.finRow.14.lead.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2365S1.finRow.14.symb.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2365S1.finRow.14.amt.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot;&gt;0.50&lt;/td&gt;
     &lt;td id=&quot;TBL2365S1.finRow.14.trail.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot; nowrap=&quot;nowrap&quot;&gt; &lt;p id=&quot;PARA2356&quot; style=&quot;TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;%&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
    &lt;/tr&gt;

  &lt;/table&gt;&lt;br/&gt;&lt;p id=&quot;PARA235-0&quot; style=&quot;MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;&lt;font style=&quot;FONT-SIZE: 60%; VERTICAL-ALIGN: text-top&quot;&gt;(a)&lt;/font&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/font&gt;&lt;font style=&quot;FONT-SIZE: 8pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;Based on average Shares outstanding during the period.&lt;/font&gt; &lt;/p&gt;&lt;br/&gt;&lt;p id=&quot;PARA236-0&quot; style=&quot;MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;&lt;font style=&quot;FONT-SIZE: 60%; VERTICAL-ALIGN: text-top&quot;&gt;(b)&lt;/font&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/font&gt;&lt;font style=&quot;FONT-SIZE: 8pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;The amounts reported for a Share outstanding may not accord with the change in aggregate gains and losses on investment for the period due to the timing of Trust Share transactions in relation to the fluctuating fair values of the Trust&amp;#x2019;s underlying investment.&lt;/font&gt; &lt;/p&gt;&lt;br/&gt;&lt;p id=&quot;PARA237-0&quot; style=&quot;MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;&lt;font style=&quot;FONT-SIZE: 60%; VERTICAL-ALIGN: text-top&quot;&gt;(c)&lt;/font&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/font&gt;&lt;font style=&quot;FONT-SIZE: 8pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;Based on the change in net asset value of a Share during the period.&lt;/font&gt; &lt;/p&gt;&lt;br/&gt;</slv:FinancialHighlightsTextBlock>
  <slv:FinancialHighlightsTableTextBlock contextRef="c3_From1Jan2015To31Dec2015">&lt;table id=&quot;TBL2365S1&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 100%; TEXT-INDENT: 0px&quot; cellspacing=&quot;0&quot; cellpadding=&quot;0&quot; border=&quot;0&quot;&gt;

    &lt;tr id=&quot;TBL2365S1.finRow.1&quot;&gt;
     &lt;td style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 70%; VERTICAL-ALIGN: bottom&quot;&gt;&lt;b&gt;&amp;nbsp;&lt;/b&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2365S1.finRow.1.lead.D4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom&quot;&gt;&lt;b&gt;&amp;nbsp;&lt;/b&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2365S1.finRow.1.amt.D4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt&quot; colspan=&quot;6&quot;&gt; &lt;p id=&quot;PARA2316&quot; style=&quot;TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;&lt;b&gt;Year Ended&lt;br /&gt;December 31,&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2365S1.finRow.1.trail.D4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px&quot;&gt;&lt;b&gt;&amp;nbsp;&lt;/b&gt;&lt;/td&gt;
    &lt;/tr&gt;
    &lt;tr id=&quot;TBL2365S1.finRow.2&quot;&gt;
     &lt;td style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 70%; VERTICAL-ALIGN: bottom&quot;&gt;&lt;b&gt;&amp;nbsp;&lt;/b&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2365S1.finRow.2.lead.D3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom&quot;&gt;&lt;b&gt;&amp;nbsp;&lt;/b&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2365S1.finRow.2.amt.D3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt&quot; colspan=&quot;2&quot;&gt; &lt;p id=&quot;PARA2317&quot; style=&quot;TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;&lt;b&gt;2015&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2365S1.finRow.2.trail.D3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px&quot;&gt;&lt;b&gt;&amp;nbsp;&lt;/b&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2365S1.finRow.2.lead.D4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom&quot;&gt;&lt;b&gt;&amp;nbsp;&lt;/b&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2365S1.finRow.2.amt.D4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt&quot; colspan=&quot;2&quot;&gt; &lt;p id=&quot;PARA2318&quot; style=&quot;TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;&lt;b&gt;2014&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2365S1.finRow.2.trail.D4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px&quot;&gt;&lt;b&gt;&amp;nbsp;&lt;/b&gt;&lt;/td&gt;
    &lt;/tr&gt;
    &lt;tr id=&quot;TBL2365S1.finRow.3&quot; style=&quot;BACKGROUND-COLOR: #cceeff&quot;&gt;
     &lt;td style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 70%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt; &lt;p id=&quot;PARA2319&quot; style=&quot;TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;Net asset value per Share, beginning of period&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2365S1.finRow.3.lead.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2365S1.finRow.3.symb.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;$&lt;/td&gt;
     &lt;td id=&quot;TBL2365S1.finRow.3.amt.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;15.29&lt;/td&gt;
     &lt;td id=&quot;TBL2365S1.finRow.3.trail.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2365S1.finRow.3.lead.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2365S1.finRow.3.symb.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;$&lt;/td&gt;
     &lt;td id=&quot;TBL2365S1.finRow.3.amt.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;18.77&lt;/td&gt;
     &lt;td id=&quot;TBL2365S1.finRow.3.trail.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
    &lt;/tr&gt;
    &lt;tr id=&quot;TBL2365S1.finRow.4&quot; style=&quot;BACKGROUND-COLOR: #ffffff&quot;&gt;
     &lt;td style=&quot;WIDTH: 70%; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2365S1.finRow.4.lead.B3&quot; style=&quot;BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2365S1.finRow.4.symb.B3&quot; style=&quot;BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2365S1.finRow.4.amt.B3&quot; style=&quot;BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2365S1.finRow.4.trail.B3&quot; style=&quot;BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2365S1.finRow.4.lead.B4&quot; style=&quot;BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2365S1.finRow.4.symb.B4&quot; style=&quot;BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2365S1.finRow.4.amt.B4&quot; style=&quot;BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2365S1.finRow.4.trail.B4&quot; style=&quot;BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
    &lt;/tr&gt;
    &lt;tr id=&quot;TBL2365S1.finRow.5&quot; style=&quot;BACKGROUND-COLOR: #cceeff&quot;&gt;
     &lt;td style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 70%; VERTICAL-ALIGN: bottom; PADDING-LEFT: 18pt; BACKGROUND-COLOR: #cceeff&quot;&gt; &lt;p id=&quot;PARA2325&quot; style=&quot;TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;Net investment loss&lt;font style=&quot;FONT-SIZE: 60%; VERTICAL-ALIGN: text-top&quot;&gt;(a)&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2365S1.finRow.5.lead.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2365S1.finRow.5.symb.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2365S1.finRow.5.amt.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;(0.07&lt;/td&gt;
     &lt;td id=&quot;TBL2365S1.finRow.5.trail.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot; nowrap=&quot;nowrap&quot;&gt;)&lt;/td&gt;
     &lt;td id=&quot;TBL2365S1.finRow.5.lead.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2365S1.finRow.5.symb.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2365S1.finRow.5.amt.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;(0.09&lt;/td&gt;
     &lt;td id=&quot;TBL2365S1.finRow.5.trail.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot; nowrap=&quot;nowrap&quot;&gt;)&lt;/td&gt;
    &lt;/tr&gt;
    &lt;tr id=&quot;TBL2365S1.finRow.6&quot; style=&quot;BACKGROUND-COLOR: #ffffff&quot;&gt;
     &lt;td style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 70%; VERTICAL-ALIGN: bottom; PADDING-LEFT: 18pt; BACKGROUND-COLOR: #ffffff&quot;&gt; &lt;p id=&quot;PARA2328&quot; style=&quot;TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;Net realized and unrealized loss&lt;font style=&quot;FONT-SIZE: 60%; VERTICAL-ALIGN: text-top&quot;&gt;(b)&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2365S1.finRow.6.lead.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2365S1.finRow.6.symb.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2365S1.finRow.6.amt.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot;&gt;(2.05&lt;/td&gt;
     &lt;td id=&quot;TBL2365S1.finRow.6.trail.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot; nowrap=&quot;nowrap&quot;&gt;)&lt;/td&gt;
     &lt;td id=&quot;TBL2365S1.finRow.6.lead.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2365S1.finRow.6.symb.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2365S1.finRow.6.amt.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot;&gt;(3.39&lt;/td&gt;
     &lt;td id=&quot;TBL2365S1.finRow.6.trail.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot; nowrap=&quot;nowrap&quot;&gt;)&lt;/td&gt;
    &lt;/tr&gt;
    &lt;tr id=&quot;TBL2365S1.finRow.7&quot; style=&quot;BACKGROUND-COLOR: #cceeff&quot;&gt;
     &lt;td style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 70%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt; &lt;p id=&quot;PARA2331&quot; style=&quot;TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;Net decrease in net assets from operations&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2365S1.finRow.7.lead.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2365S1.finRow.7.symb.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2365S1.finRow.7.amt.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;(2.12&lt;/td&gt;
     &lt;td id=&quot;TBL2365S1.finRow.7.trail.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot; nowrap=&quot;nowrap&quot;&gt;)&lt;/td&gt;
     &lt;td id=&quot;TBL2365S1.finRow.7.lead.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2365S1.finRow.7.symb.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2365S1.finRow.7.amt.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;(3.48&lt;/td&gt;
     &lt;td id=&quot;TBL2365S1.finRow.7.trail.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot; nowrap=&quot;nowrap&quot;&gt;)&lt;/td&gt;
    &lt;/tr&gt;
    &lt;tr id=&quot;TBL2365S1.finRow.8&quot; style=&quot;BACKGROUND-COLOR: #ffffff&quot;&gt;
     &lt;td style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 70%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot;&gt; &lt;p id=&quot;PARA2334&quot; style=&quot;TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;Net asset value per Share, end of period&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2365S1.finRow.8.lead.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2365S1.finRow.8.symb.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot;&gt;$&lt;/td&gt;
     &lt;td id=&quot;TBL2365S1.finRow.8.amt.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot;&gt;13.17&lt;/td&gt;
     &lt;td id=&quot;TBL2365S1.finRow.8.trail.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2365S1.finRow.8.lead.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2365S1.finRow.8.symb.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot;&gt;$&lt;/td&gt;
     &lt;td id=&quot;TBL2365S1.finRow.8.amt.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot;&gt;15.29&lt;/td&gt;
     &lt;td id=&quot;TBL2365S1.finRow.8.trail.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot; nowrap=&quot;nowrap&quot;&gt;&amp;nbsp;&lt;/td&gt;
    &lt;/tr&gt;
    &lt;tr id=&quot;TBL2365S1.finRow.9&quot; style=&quot;BACKGROUND-COLOR: #cceeff&quot;&gt;
     &lt;td style=&quot;WIDTH: 70%; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2365S1.finRow.9.lead.B3&quot; style=&quot;BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2365S1.finRow.9.symb.B3&quot; style=&quot;BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2365S1.finRow.9.amt.B3&quot; style=&quot;BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2365S1.finRow.9.trail.B3&quot; style=&quot;BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2365S1.finRow.9.lead.B4&quot; style=&quot;BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2365S1.finRow.9.symb.B4&quot; style=&quot;BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2365S1.finRow.9.amt.B4&quot; style=&quot;BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2365S1.finRow.9.trail.B4&quot; style=&quot;BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
    &lt;/tr&gt;
    &lt;tr id=&quot;TBL2365S1.finRow.10&quot; style=&quot;BACKGROUND-COLOR: #ffffff&quot;&gt;
     &lt;td style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 70%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot;&gt; &lt;p id=&quot;PARA2340&quot; style=&quot;TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;Total return, at net asset value&lt;font style=&quot;FONT-SIZE: 60%; VERTICAL-ALIGN: text-top&quot;&gt;(c)&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2365S1.finRow.10.lead.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2365S1.finRow.10.symb.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2365S1.finRow.10.amt.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot;&gt;(13.87&lt;/td&gt;
     &lt;td id=&quot;TBL2365S1.finRow.10.trail.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 2%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot; nowrap=&quot;nowrap&quot;&gt; &lt;p id=&quot;PARA2342&quot; style=&quot;TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;)&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;%&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2365S1.finRow.10.lead.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2365S1.finRow.10.symb.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2365S1.finRow.10.amt.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot;&gt;(18.54&lt;/td&gt;
     &lt;td id=&quot;TBL2365S1.finRow.10.trail.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 2%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot; nowrap=&quot;nowrap&quot;&gt; &lt;p id=&quot;PARA2344&quot; style=&quot;TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;)&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;%&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
    &lt;/tr&gt;
    &lt;tr id=&quot;TBL2365S1.finRow.11&quot; style=&quot;BACKGROUND-COLOR: #cceeff&quot;&gt;
     &lt;td style=&quot;WIDTH: 70%; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2365S1.finRow.11.lead.B3&quot; style=&quot;BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2365S1.finRow.11.symb.B3&quot; style=&quot;BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2365S1.finRow.11.amt.B3&quot; style=&quot;BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2365S1.finRow.11.trail.B3&quot; style=&quot;BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2365S1.finRow.11.lead.B4&quot; style=&quot;BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2365S1.finRow.11.symb.B4&quot; style=&quot;BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2365S1.finRow.11.amt.B4&quot; style=&quot;BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2365S1.finRow.11.trail.B4&quot; style=&quot;BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
    &lt;/tr&gt;
    &lt;tr id=&quot;TBL2365S1.finRow.12&quot; style=&quot;BACKGROUND-COLOR: #ffffff&quot;&gt;
     &lt;td style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 70%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot;&gt; &lt;p id=&quot;PARA2346&quot; style=&quot;TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;Ratio to average net assets:&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2365S1.finRow.12.lead.B3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2365S1.finRow.12.symb.B3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2365S1.finRow.12.amt.B3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2365S1.finRow.12.trail.B3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2365S1.finRow.12.lead.B4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2365S1.finRow.12.symb.B4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2365S1.finRow.12.amt.B4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2365S1.finRow.12.trail.B4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
    &lt;/tr&gt;
    &lt;tr id=&quot;TBL2365S1.finRow.13&quot; style=&quot;BACKGROUND-COLOR: #cceeff&quot;&gt;
     &lt;td style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 70%; VERTICAL-ALIGN: bottom; PADDING-LEFT: 18pt; BACKGROUND-COLOR: #cceeff&quot;&gt; &lt;p id=&quot;PARA2347&quot; style=&quot;TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;Net investment loss&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2365S1.finRow.13.lead.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2365S1.finRow.13.symb.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2365S1.finRow.13.amt.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;(0.50&lt;/td&gt;
     &lt;td id=&quot;TBL2365S1.finRow.13.trail.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 2%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot; nowrap=&quot;nowrap&quot;&gt; &lt;p id=&quot;PARA2349&quot; style=&quot;TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;)&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;%&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2365S1.finRow.13.lead.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2365S1.finRow.13.symb.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2365S1.finRow.13.amt.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot;&gt;(0.50&lt;/td&gt;
     &lt;td id=&quot;TBL2365S1.finRow.13.trail.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 2%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff&quot; nowrap=&quot;nowrap&quot;&gt; &lt;p id=&quot;PARA2351&quot; style=&quot;TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;)&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;%&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
    &lt;/tr&gt;
    &lt;tr id=&quot;TBL2365S1.finRow.14&quot; style=&quot;BACKGROUND-COLOR: #ffffff&quot;&gt;
     &lt;td style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 70%; VERTICAL-ALIGN: bottom; PADDING-LEFT: 18pt; BACKGROUND-COLOR: #ffffff&quot;&gt; &lt;p id=&quot;PARA2352&quot; style=&quot;TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;Expenses&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2365S1.finRow.14.lead.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2365S1.finRow.14.symb.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2365S1.finRow.14.amt.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot;&gt;0.50&lt;/td&gt;
     &lt;td id=&quot;TBL2365S1.finRow.14.trail.3&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot; nowrap=&quot;nowrap&quot;&gt; &lt;p id=&quot;PARA2354&quot; style=&quot;TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;%&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td id=&quot;TBL2365S1.finRow.14.lead.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2365S1.finRow.14.symb.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff&quot;&gt;&amp;nbsp;&lt;/td&gt;
     &lt;td id=&quot;TBL2365S1.finRow.14.amt.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot;&gt;0.50&lt;/td&gt;
     &lt;td id=&quot;TBL2365S1.finRow.14.trail.4&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff&quot; nowrap=&quot;nowrap&quot;&gt; &lt;p id=&quot;PARA2356&quot; style=&quot;TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;%&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
    &lt;/tr&gt;

  &lt;/table&gt;</slv:FinancialHighlightsTableTextBlock>
  <us-gaap:TemporaryEquityRedemptionPricePerShare unitRef="usdPershares" contextRef="c11_AsOf31Dec2013" decimals="2">18.77</us-gaap:TemporaryEquityRedemptionPricePerShare>
  <slv:NetInvestmentIncomeLossPerShare id="_NetInvestmentIncomeLossPerShare-c3_From1Jan2015To31Dec2015_usdPershares" unitRef="usdPershares" contextRef="c3_From1Jan2015To31Dec2015" decimals="2">-0.07</slv:NetInvestmentIncomeLossPerShare>
  <slv:NetInvestmentIncomeLossPerShare id="_NetInvestmentIncomeLossPerShare-c4_From1Jan2014To31Dec2014_usdPershares" unitRef="usdPershares" contextRef="c4_From1Jan2014To31Dec2014" decimals="2">-0.09</slv:NetInvestmentIncomeLossPerShare>
  <slv:NetRealizedAndUnrealizedGainLossPerShare id="_NetRealizedAndUnrealizedGainLossPerShare-c3_From1Jan2015To31Dec2015_usdPershares" unitRef="usdPershares" contextRef="c3_From1Jan2015To31Dec2015" decimals="2">-2.05</slv:NetRealizedAndUnrealizedGainLossPerShare>
  <slv:NetRealizedAndUnrealizedGainLossPerShare id="_NetRealizedAndUnrealizedGainLossPerShare-c4_From1Jan2014To31Dec2014_usdPershares" unitRef="usdPershares" contextRef="c4_From1Jan2014To31Dec2014" decimals="2">-3.39</slv:NetRealizedAndUnrealizedGainLossPerShare>
  <slv:NetIncreaseDecreaseInNetAssetsFromOperationsPerShare unitRef="usdPershares" contextRef="c3_From1Jan2015To31Dec2015" decimals="2">-2.12</slv:NetIncreaseDecreaseInNetAssetsFromOperationsPerShare>
  <slv:NetIncreaseDecreaseInNetAssetsFromOperationsPerShare unitRef="usdPershares" contextRef="c4_From1Jan2014To31Dec2014" decimals="2">-3.48</slv:NetIncreaseDecreaseInNetAssetsFromOperationsPerShare>
  <slv:TotalReturn id="_TotalReturn-c3_From1Jan2015To31Dec2015_pure" unitRef="pure" contextRef="c3_From1Jan2015To31Dec2015" decimals="4">-0.1387</slv:TotalReturn>
  <slv:TotalReturn id="_TotalReturn-c4_From1Jan2014To31Dec2014_pure" unitRef="pure" contextRef="c4_From1Jan2014To31Dec2014" decimals="4">-0.1854</slv:TotalReturn>
  <slv:NetInvestmentGainLossToAverageNetAssetsRatio unitRef="pure" contextRef="c3_From1Jan2015To31Dec2015" decimals="4">-0.0050</slv:NetInvestmentGainLossToAverageNetAssetsRatio>
  <slv:NetInvestmentGainLossToAverageNetAssetsRatio unitRef="pure" contextRef="c4_From1Jan2014To31Dec2014" decimals="4">-0.0050</slv:NetInvestmentGainLossToAverageNetAssetsRatio>
  <slv:ExpensesToAverageNetAssetsRatio unitRef="pure" contextRef="c3_From1Jan2015To31Dec2015" decimals="4">0.0050</slv:ExpensesToAverageNetAssetsRatio>
  <slv:ExpensesToAverageNetAssetsRatio unitRef="pure" contextRef="c4_From1Jan2014To31Dec2014" decimals="4">0.0050</slv:ExpensesToAverageNetAssetsRatio>
  <us-gaap:FairValueDisclosuresTextBlock contextRef="c3_From1Jan2015To31Dec2015">&lt;p id=&quot;PARA2369&quot; style=&quot;TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;&lt;b&gt;9 - Investment Valuation&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&lt;br/&gt;&lt;p id=&quot;PARA2371&quot; style=&quot;TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;U.S. GAAP defines fair value as the price the Trust would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Trust&amp;#x2019;s policy is to value its investment at fair value.&lt;/font&gt;&lt;/p&gt;&lt;br/&gt;&lt;p id=&quot;PARA2373&quot; style=&quot;TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;Various inputs are used in determining the fair value of assets and liabilities. Inputs may be based on independent market data (&amp;#x201c;observable inputs&amp;#x201d;) or they may be internally developed (&amp;#x201c;unobservable inputs&amp;#x201d;). These inputs are categorized into a disclosure hierarchy consisting of three broad levels for financial reporting purposes. The level of a value determined for an asset or liability within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement in its entirety. The three levels of the fair value hierarchy are as follows:&lt;/font&gt;&lt;/p&gt;&lt;br/&gt;&lt;table id=&quot;TBL316&quot; style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 100%; TEXT-INDENT: 0px&quot; cellspacing=&quot;0&quot; cellpadding=&quot;0&quot; border=&quot;0&quot;&gt;

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     &lt;td style=&quot;WIDTH: 45pt; VERTICAL-ALIGN: top&quot;&gt; &lt;p id=&quot;PARA322-0&quot;&gt;Level 1 &amp;#x2013;&lt;/p&gt;&lt;/td&gt;
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    &lt;/tr&gt;

  &lt;/table&gt;&lt;br/&gt;&lt;table style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 100%; TEXT-INDENT: 0px&quot; cellspacing=&quot;0&quot; cellpadding=&quot;0&quot; border=&quot;0&quot;&gt;

    &lt;tr&gt;
     &lt;td style=&quot;WIDTH: 27pt&quot;&gt; &lt;p id=&quot;PARA325-0&quot; style=&quot;MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif&quot;&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td style=&quot;WIDTH: 45pt; VERTICAL-ALIGN: top&quot;&gt; &lt;p id=&quot;PARA320&quot;&gt;Level 2 &amp;#x2013;&lt;/p&gt;&lt;/td&gt;
     &lt;td style=&quot;VERTICAL-ALIGN: top&quot;&gt; &lt;p id=&quot;PARA321-0&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability, and inputs that are derived principally from or corroborated by observable market data by correlation or other means; and&lt;/font&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
    &lt;/tr&gt;

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    &lt;tr&gt;
     &lt;td style=&quot;WIDTH: 27pt&quot;&gt; &lt;p id=&quot;PARA326&quot; style=&quot;MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif&quot;&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
     &lt;td style=&quot;WIDTH: 45pt; VERTICAL-ALIGN: top&quot;&gt; &lt;p id=&quot;PARA318-0&quot;&gt;Level 3 &amp;#x2013;&lt;/p&gt;&lt;/td&gt;
     &lt;td style=&quot;VERTICAL-ALIGN: top&quot;&gt; &lt;p id=&quot;PARA319-0&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;Unobservable inputs that are unobservable for the asset or liability, including the Trust&amp;#x2019;s assumptions used in determining the fair value of investments.&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
    &lt;/tr&gt;

  &lt;/table&gt;&lt;br/&gt;&lt;p id=&quot;PARA2381&quot; style=&quot;TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25&quot;&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;At December&amp;nbsp;31,&amp;nbsp;2015 and December&amp;nbsp;31,&amp;nbsp;2014, the value of the silver bullion held by the Trust is categorized as Level 1.&lt;/font&gt;&lt;font style=&quot;FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif&quot;&gt;&lt;/font&gt;&lt;/p&gt;&lt;br/&gt;</us-gaap:FairValueDisclosuresTextBlock>
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  <xs:element name="RevenueAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="slv_RevenueAbstract"/>
  <xs:element name="ReconciliationOfNetLossToNetCashProvidedByOperatingActivitiesAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="slv_ReconciliationOfNetLossToNetCashProvidedByOperatingActivitiesAbstract"/>
  <xs:element name="RatioToAverageNetAssetsAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="slv_RatioToAverageNetAssetsAbstract"/>
  <xs:element name="GainLossOnSaleOfTrustAssetsToPayExpensesRecognizedInOperatingIncomeLoss" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="credit" nillable="true" substitutionGroup="xbrli:item" id="slv_GainLossOnSaleOfTrustAssetsToPayExpensesRecognizedInOperatingIncomeLoss"/>
  <xs:element name="GainLossOnSilverDistributedForRedemptionOfShares" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="credit" nillable="true" substitutionGroup="xbrli:item" id="slv_GainLossOnSilverDistributedForRedemptionOfShares"/>
  <xs:element name="GainLossOnSalesAndDistributionsOfSilver" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="credit" nillable="true" substitutionGroup="xbrli:item" id="slv_GainLossOnSalesAndDistributionsOfSilver"/>
  <xs:element name="SponsorsFees" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="debit" nillable="true" substitutionGroup="xbrli:item" id="slv_SponsorsFees"/>
  <xs:element name="NetRealizedGainLossFromSilverDistributedForTheRedemptionOfShares" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="credit" nillable="true" substitutionGroup="xbrli:item" id="slv_NetRealizedGainLossFromSilverDistributedForTheRedemptionOfShares"/>
  <xs:element name="ValueOfStockClassifiedAsTemporaryEquitySurrenderedDuringReportingPeriod" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="debit" nillable="true" substitutionGroup="xbrli:item" id="slv_ValueOfStockClassifiedAsTemporaryEquitySurrenderedDuringReportingPeriod"/>
  <xs:element name="TrustExpensesTextBlock" type="nonnum:textBlockItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="slv_TrustExpensesTextBlock"/>
  <xs:element name="IndemnificationTextBlock" type="nonnum:textBlockItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="slv_IndemnificationTextBlock"/>
  <xs:element name="FinancialHighlightsTextBlock" type="nonnum:textBlockItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="slv_FinancialHighlightsTextBlock"/>
  <xs:element name="CalculationOfNetAssetValuePolicyTextBlock" type="nonnum:textBlockItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="slv_CalculationOfNetAssetValuePolicyTextBlock"/>
  <xs:element name="OfferingOfTheSharesPolicyTextBlock" type="nonnum:textBlockItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="slv_OfferingOfTheSharesPolicyTextBlock"/>
  <xs:element name="ActivityInSilverBullionTableTextBlock" type="nonnum:textBlockItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="slv_ActivityInSilverBullionTableTextBlock"/>
  <xs:element name="FinancialHighlightsTableTextBlock" type="nonnum:textBlockItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="slv_FinancialHighlightsTableTextBlock"/>
  <xs:element name="SilverBullionBalance" type="num:massItemType" abstract="false" xbrli:periodType="instant" nillable="true" substitutionGroup="xbrli:item" id="slv_SilverBullionBalance"/>
  <xs:element name="NetAssetsPercentageOfNetAssets" type="num:percentItemType" abstract="false" xbrli:periodType="instant" nillable="true" substitutionGroup="xbrli:item" id="slv_NetAssetsPercentageOfNetAssets"/>
  <xs:element name="Note2SignificantAccountingPoliciesDetailsAdjustmenttoReclassifytheBalanceofRedeemableCapitalSharesTable" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrldt:hypercubeItem" id="slv_Note2SignificantAccountingPoliciesDetailsAdjustmenttoReclassifytheBalanceofRedeemableCapitalSharesTable"/>
  <xs:element name="Note2SignificantAccountingPoliciesDetailsAdjustmenttoReclassifytheBalanceofRedeemableCapitalSharesLineItems" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="slv_Note2SignificantAccountingPoliciesDetailsAdjustmenttoReclassifytheBalanceofRedeemableCapitalSharesLineItems"/>
  <xs:element name="ReclassificationOfRedeemableCapitalSharesToShareholdersEquity" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="instant" xbrli:balance="credit" nillable="true" substitutionGroup="xbrli:item" id="slv_ReclassificationOfRedeemableCapitalSharesToShareholdersEquity"/>
  <xs:element name="SilverContributed" type="num:massItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="slv_SilverContributed"/>
  <xs:element name="SilverContributedAverageCost" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="debit" nillable="true" substitutionGroup="xbrli:item" id="slv_SilverContributedAverageCost"/>
  <xs:element name="SilverContributedFairValue" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="debit" nillable="true" substitutionGroup="xbrli:item" id="slv_SilverContributedFairValue"/>
  <xs:element name="SilverDistributed" type="num:massItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="slv_SilverDistributed"/>
  <xs:element name="SilverDistributedAverageCost" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="credit" nillable="true" substitutionGroup="xbrli:item" id="slv_SilverDistributedAverageCost"/>
  <xs:element name="SilverDistributedFairValue" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="credit" nillable="true" substitutionGroup="xbrli:item" id="slv_SilverDistributedFairValue"/>
  <xs:element name="SilverSold" type="num:massItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="slv_SilverSold"/>
  <xs:element name="SilverSoldAverageCost" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="credit" nillable="true" substitutionGroup="xbrli:item" id="slv_SilverSoldAverageCost"/>
  <xs:element name="SilverSoldFairValue" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="credit" nillable="true" substitutionGroup="xbrli:item" id="slv_SilverSoldFairValue"/>
  <xs:element name="AdjustmentForUnrealizedGainLossOnSilverBullionFairValue" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="credit" nillable="true" substitutionGroup="xbrli:item" id="slv_AdjustmentForUnrealizedGainLossOnSilverBullionFairValue"/>
  <xs:element name="SharesOfStockClassifedAsTemporaryEquitySurrenderedDuringReportingPeriod" type="xbrli:sharesItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="slv_SharesOfStockClassifedAsTemporaryEquitySurrenderedDuringReportingPeriod"/>
  <xs:element name="RedemptionValueAdjustmentAmount" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="credit" nillable="true" substitutionGroup="xbrli:item" id="slv_RedemptionValueAdjustmentAmount"/>
  <xs:element name="NetInvestmentIncomeLossPerShare" type="num:perShareItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="slv_NetInvestmentIncomeLossPerShare"/>
  <xs:element name="NetRealizedAndUnrealizedGainLossPerShare" type="num:perShareItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="slv_NetRealizedAndUnrealizedGainLossPerShare"/>
  <xs:element name="NetIncreaseDecreaseInNetAssetsFromOperationsPerShare" type="num:perShareItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="slv_NetIncreaseDecreaseInNetAssetsFromOperationsPerShare"/>
  <xs:element name="TotalReturn" type="num:percentItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="slv_TotalReturn"/>
  <xs:element name="NetInvestmentGainLossToAverageNetAssetsRatio" type="num:percentItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="slv_NetInvestmentGainLossToAverageNetAssetsRatio"/>
  <xs:element name="ExpensesToAverageNetAssetsRatio" type="num:percentItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="slv_ExpensesToAverageNetAssetsRatio"/>
  <xs:element name="SharesPrescribedAggregation" type="xbrli:sharesItemType" abstract="false" xbrli:periodType="instant" nillable="true" substitutionGroup="xbrli:item" id="slv_SharesPrescribedAggregation"/>
  <xs:element name="Note3TrustExpensesDetailsTable" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrldt:hypercubeItem" id="slv_Note3TrustExpensesDetailsTable"/>
  <xs:element name="Note3TrustExpensesDetailsLineItems" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="slv_Note3TrustExpensesDetailsLineItems"/>
  <xs:element name="SponsorsFeeAnnualizedAccrualRateBasedOnDailyNetAssetValue" type="num:percentItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="slv_SponsorsFeeAnnualizedAccrualRateBasedOnDailyNetAssetValue"/>
  <xs:element name="LegalFeesPerYear" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="debit" nillable="true" substitutionGroup="xbrli:item" id="slv_LegalFeesPerYear"/>
  <xs:element name="ScenarioAfterApplicationOfASU201308Member" type="nonnum:domainItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="slv_ScenarioAfterApplicationOfASU201308Member"/>
  <xs:element name="DocumentAndEntityInformationAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="slv_DocumentAndEntityInformationAbstract"/>
</xs:schema>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.CAL
<SEQUENCE>9
<FILENAME>slv-20151231_cal.xml
<DESCRIPTION>EXHIBIT 101.CAL
<TEXT>
<XBRL>
<?xml version="1.0" encoding="US-ASCII"?>
<!-- Generated by iC(tm) - CompSci Interactive Converter - http://www.compsciresources.com -->
<!-- Created: Thu Feb 25 00:50:14 UTC 2016 -->
<linkbase xmlns="http://www.xbrl.org/2003/linkbase" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd">
  <roleRef xlink:type="simple" xlink:href="slv-20151231.xsd#slv_r_ConsolidatedBalanceSheet" roleURI="http://www.ishares.com/role/ConsolidatedBalanceSheet"/>
  <roleRef xlink:type="simple" xlink:href="slv-20151231.xsd#slv_r_ConsolidatedIncomeStatement" roleURI="http://www.ishares.com/role/ConsolidatedIncomeStatement"/>
  <roleRef xlink:type="simple" xlink:href="slv-20151231.xsd#slv_r_ConsolidatedCashFlow" roleURI="http://www.ishares.com/role/ConsolidatedCashFlow"/>
  <roleRef xlink:type="simple" xlink:href="slv-20151231.xsd#slv_r_ConsolidatedCashFlowAlt0" roleURI="http://www.ishares.com/role/ConsolidatedCashFlowAlt0"/>
  <roleRef xlink:type="simple" xlink:href="slv-20151231.xsd#slv_r_ShareActivityTable" roleURI="http://www.ishares.com/role/ShareActivityTable"/>
  <roleRef xlink:type="simple" xlink:href="slv-20151231.xsd#slv_r_FinancialHighlightsTable" roleURI="http://www.ishares.com/role/FinancialHighlightsTable"/>
  <calculationLink xlink:type="extended" xlink:role="http://www.ishares.com/role/ConsolidatedBalanceSheet">
    <loc xlink:type="locator" xlink:label="us-gaap_AssetsFairValueDisclosure" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_AssetsFairValueDisclosure"/>
    <loc xlink:type="locator" xlink:label="us-gaap_InvestmentInPhysicalCommoditiesFairValueDisclosure" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_InvestmentInPhysicalCommoditiesFairValueDisclosure"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_AssetsFairValueDisclosure" xlink:to="us-gaap_InvestmentInPhysicalCommoditiesFairValueDisclosure" order="1" weight="1"/>
    <loc xlink:type="locator" xlink:label="us-gaap_LiabilitiesFairValueDisclosure" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_LiabilitiesFairValueDisclosure"/>
    <loc xlink:type="locator" xlink:label="us-gaap_AccountsPayableFairValueDisclosure" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_AccountsPayableFairValueDisclosure"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_LiabilitiesFairValueDisclosure" xlink:to="us-gaap_AccountsPayableFairValueDisclosure" order="1" weight="1"/>
    <loc xlink:type="locator" xlink:label="us-gaap_LiabilitiesAndStockholdersEquity" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_LiabilitiesAndStockholdersEquity"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_LiabilitiesAndStockholdersEquity" xlink:to="us-gaap_LiabilitiesFairValueDisclosure" order="1" weight="1"/>
    <loc xlink:type="locator" xlink:label="us-gaap_StockholdersEquity" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_StockholdersEquity"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_LiabilitiesAndStockholdersEquity" xlink:to="us-gaap_StockholdersEquity" order="2" weight="1"/>
  </calculationLink>
  <calculationLink xlink:type="extended" xlink:role="http://www.ishares.com/role/ConsolidatedIncomeStatement">
    <loc xlink:type="locator" xlink:label="slv_GainLossOnSaleOfTrustAssetsToPayExpensesRecognizedInOperatingIncomeLoss" xlink:href="slv-20151231.xsd#slv_GainLossOnSaleOfTrustAssetsToPayExpensesRecognizedInOperatingIncomeLoss"/>
    <loc xlink:type="locator" xlink:label="us-gaap_SaleOfTrustAssetsToPayExpenses" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_SaleOfTrustAssetsToPayExpenses"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="slv_GainLossOnSaleOfTrustAssetsToPayExpensesRecognizedInOperatingIncomeLoss" xlink:to="us-gaap_SaleOfTrustAssetsToPayExpenses" order="1" weight="1"/>
    <loc xlink:type="locator" xlink:label="us-gaap_CostOfTrustAssetsSoldToPayExpenses" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_CostOfTrustAssetsSoldToPayExpenses"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="slv_GainLossOnSaleOfTrustAssetsToPayExpensesRecognizedInOperatingIncomeLoss" xlink:to="us-gaap_CostOfTrustAssetsSoldToPayExpenses" order="2" weight="-1"/>
    <loc xlink:type="locator" xlink:label="slv_GainLossOnSalesAndDistributionsOfSilver" xlink:href="slv-20151231.xsd#slv_GainLossOnSalesAndDistributionsOfSilver"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="slv_GainLossOnSalesAndDistributionsOfSilver" xlink:to="slv_GainLossOnSaleOfTrustAssetsToPayExpensesRecognizedInOperatingIncomeLoss" order="1" weight="1"/>
    <loc xlink:type="locator" xlink:label="slv_GainLossOnSilverDistributedForRedemptionOfShares" xlink:href="slv-20151231.xsd#slv_GainLossOnSilverDistributedForRedemptionOfShares"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="slv_GainLossOnSalesAndDistributionsOfSilver" xlink:to="slv_GainLossOnSilverDistributedForRedemptionOfShares" order="2" weight="1"/>
    <loc xlink:type="locator" xlink:label="us-gaap_Revenues" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_Revenues"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_Revenues" xlink:to="slv_GainLossOnSalesAndDistributionsOfSilver" order="1" weight="1"/>
    <loc xlink:type="locator" xlink:label="us-gaap_InventoryWriteDown" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_InventoryWriteDown"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_Revenues" xlink:to="us-gaap_InventoryWriteDown" order="2" weight="-1"/>
    <loc xlink:type="locator" xlink:label="us-gaap_OperatingExpenses" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_OperatingExpenses"/>
    <loc xlink:type="locator" xlink:label="slv_SponsorsFees" xlink:href="slv-20151231.xsd#slv_SponsorsFees"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_OperatingExpenses" xlink:to="slv_SponsorsFees" order="1" weight="1"/>
    <loc xlink:type="locator" xlink:label="us-gaap_RealizedInvestmentGainsLosses" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_RealizedInvestmentGainsLosses"/>
    <loc xlink:type="locator" xlink:label="us-gaap_GainLossOnSaleOfTrustAssetsToPayExpenses" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_GainLossOnSaleOfTrustAssetsToPayExpenses"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_RealizedInvestmentGainsLosses" xlink:to="us-gaap_GainLossOnSaleOfTrustAssetsToPayExpenses" order="1" weight="1"/>
    <loc xlink:type="locator" xlink:label="slv_NetRealizedGainLossFromSilverDistributedForTheRedemptionOfShares" xlink:href="slv-20151231.xsd#slv_NetRealizedGainLossFromSilverDistributedForTheRedemptionOfShares"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_RealizedInvestmentGainsLosses" xlink:to="slv_NetRealizedGainLossFromSilverDistributedForTheRedemptionOfShares" order="2" weight="1"/>
    <loc xlink:type="locator" xlink:label="us-gaap_GainLossOnInvestments" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_GainLossOnInvestments"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_GainLossOnInvestments" xlink:to="us-gaap_RealizedInvestmentGainsLosses" order="1" weight="1"/>
    <loc xlink:type="locator" xlink:label="us-gaap_UnrealizedGainLossOnInvestments" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_UnrealizedGainLossOnInvestments"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_GainLossOnInvestments" xlink:to="us-gaap_UnrealizedGainLossOnInvestments" order="2" weight="1"/>
    <loc xlink:type="locator" xlink:label="us-gaap_NetIncomeLoss" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_NetIncomeLoss"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_NetIncomeLoss" xlink:to="us-gaap_Revenues" order="1" weight="1"/>
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    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_NetIncomeLoss" xlink:to="us-gaap_GainLossOnInvestments" order="2" weight="1"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_NetIncomeLoss" xlink:to="us-gaap_OperatingExpenses" order="3" weight="-1"/>
  </calculationLink>
  <calculationLink xlink:type="extended" xlink:role="http://www.ishares.com/role/ConsolidatedCashFlow">
    <loc xlink:type="locator" xlink:label="us-gaap_NetCashProvidedByUsedInOperatingActivities" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_NetCashProvidedByUsedInOperatingActivities"/>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.DEF
<SEQUENCE>10
<FILENAME>slv-20151231_def.xml
<DESCRIPTION>EXHIBIT 101.DEF
<TEXT>
<XBRL>
<?xml version="1.0" encoding="US-ASCII"?>
<!-- Generated by iC(tm) - CompSci Interactive Converter - http://www.compsciresources.com -->
<!-- Created: Thu Feb 25 00:50:14 UTC 2016 -->
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<DOCUMENT>
<TYPE>EX-101.LAB
<SEQUENCE>11
<FILENAME>slv-20151231_lab.xml
<DESCRIPTION>EXHIBIT 101.LAB
<TEXT>
<XBRL>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="slv_GainLossOnSilverDistributedForRedemptionOfShares_lbl0" xml:lang="en-US">Silver bullion distributed</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="slv_GainLossOnSilverDistributedForRedemptionOfShares" xlink:to="slv_GainLossOnSilverDistributedForRedemptionOfShares_lbl0"/>
    <loc xlink:type="locator" xlink:label="slv_GainLossOnSalesAndDistributionsOfSilver" xlink:href="slv-20151231.xsd#slv_GainLossOnSalesAndDistributionsOfSilver"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="slv_GainLossOnSalesAndDistributionsOfSilver_lbl" xml:lang="en-US">Total loss on sales and distributions of silver bullion</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="slv_GainLossOnSalesAndDistributionsOfSilver" xlink:to="slv_GainLossOnSalesAndDistributionsOfSilver_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="slv_GainLossOnSalesAndDistributionsOfSilver_lbl0" xml:lang="en-US">Adjustment for realized loss on silver bullion</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="slv_GainLossOnSalesAndDistributionsOfSilver" xlink:to="slv_GainLossOnSalesAndDistributionsOfSilver_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="slv_GainLossOnSalesAndDistributionsOfSilver_lbl1" xml:lang="en-US">Ending balance</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="slv_GainLossOnSalesAndDistributionsOfSilver" xlink:to="slv_GainLossOnSalesAndDistributionsOfSilver_lbl1"/>
    <loc xlink:type="locator" xlink:label="us-gaap_InventoryWriteDown" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_InventoryWriteDown"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_InventoryWriteDown_lbl" xml:lang="en-US">Adjustment to silver bullion inventory</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InventoryWriteDown" xlink:to="us-gaap_InventoryWriteDown_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_InventoryWriteDown_lbl0" xml:lang="en-US">Adjustment to silver bullion inventory</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InventoryWriteDown" xlink:to="us-gaap_InventoryWriteDown_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:label="us-gaap_InventoryWriteDown_lbl1" xml:lang="en-US">Adjustment to silver bullion inventory(a)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InventoryWriteDown" xlink:to="us-gaap_InventoryWriteDown_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_InventoryWriteDown_lbl2" xml:lang="en-US">Inventory Write-down</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InventoryWriteDown" xlink:to="us-gaap_InventoryWriteDown_lbl2"/>
    <loc xlink:type="locator" xlink:label="us-gaap_Revenues" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_Revenues"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_Revenues_lbl" xml:lang="en-US">Total loss on silver bullion</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_Revenues" xlink:to="us-gaap_Revenues_lbl"/>
    <loc xlink:type="locator" xlink:label="slv_SponsorsFees" xlink:href="slv-20151231.xsd#slv_SponsorsFees"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="slv_SponsorsFees_lbl" xml:lang="en-US">Sponsor&#8217;s fees</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="slv_SponsorsFees" xlink:to="slv_SponsorsFees_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_OperatingExpenses" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_OperatingExpenses"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_OperatingExpenses_lbl" xml:lang="en-US">Total expenses</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OperatingExpenses" xlink:to="us-gaap_OperatingExpenses_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_OperatingIncomeLoss" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_OperatingIncomeLoss"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OperatingIncomeLoss_lbl" xml:lang="en-US">Net investment loss(b)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OperatingIncomeLoss" xlink:to="us-gaap_OperatingIncomeLoss_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_OperatingIncomeLoss_lbl0" xml:lang="en-US">Net investment loss</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OperatingIncomeLoss" xlink:to="us-gaap_OperatingIncomeLoss_lbl0"/>
    <loc xlink:type="locator" xlink:label="us-gaap_GainLossOnSaleOfTrustAssetsToPayExpenses" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_GainLossOnSaleOfTrustAssetsToPayExpenses"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_GainLossOnSaleOfTrustAssetsToPayExpenses_lbl" xml:lang="en-US">Net realized loss from silver bullion sold to pay expenses</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_GainLossOnSaleOfTrustAssetsToPayExpenses" xlink:to="us-gaap_GainLossOnSaleOfTrustAssetsToPayExpenses_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_GainLossOnSaleOfTrustAssetsToPayExpenses_lbl0" xml:lang="en-US">Net realized loss from silver bullion sold to pay expenses</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_GainLossOnSaleOfTrustAssetsToPayExpenses" xlink:to="us-gaap_GainLossOnSaleOfTrustAssetsToPayExpenses_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:label="us-gaap_GainLossOnSaleOfTrustAssetsToPayExpenses_lbl1" xml:lang="en-US">Net realized loss from silver bullion sold to pay expenses</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_GainLossOnSaleOfTrustAssetsToPayExpenses" xlink:to="us-gaap_GainLossOnSaleOfTrustAssetsToPayExpenses_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_GainLossOnSaleOfTrustAssetsToPayExpenses_lbl2" xml:lang="en-US">Silver bullion sold to pay expenses, realized gain (loss)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_GainLossOnSaleOfTrustAssetsToPayExpenses" xlink:to="us-gaap_GainLossOnSaleOfTrustAssetsToPayExpenses_lbl2"/>
    <loc xlink:type="locator" xlink:label="slv_NetRealizedGainLossFromSilverDistributedForTheRedemptionOfShares" xlink:href="slv-20151231.xsd#slv_NetRealizedGainLossFromSilverDistributedForTheRedemptionOfShares"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="slv_NetRealizedGainLossFromSilverDistributedForTheRedemptionOfShares_lbl" xml:lang="en-US">Net realized loss from silver bullion distributed for the redemption of Shares</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="slv_NetRealizedGainLossFromSilverDistributedForTheRedemptionOfShares" xlink:to="slv_NetRealizedGainLossFromSilverDistributedForTheRedemptionOfShares_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="slv_NetRealizedGainLossFromSilverDistributedForTheRedemptionOfShares_lbl0" xml:lang="en-US">Net realized loss from silver bullion distributed for the redemption of Shares</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="slv_NetRealizedGainLossFromSilverDistributedForTheRedemptionOfShares" xlink:to="slv_NetRealizedGainLossFromSilverDistributedForTheRedemptionOfShares_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="slv_NetRealizedGainLossFromSilverDistributedForTheRedemptionOfShares_lbl1" xml:lang="en-US">Silver bullion distributed, realized gain (loss)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="slv_NetRealizedGainLossFromSilverDistributedForTheRedemptionOfShares" xlink:to="slv_NetRealizedGainLossFromSilverDistributedForTheRedemptionOfShares_lbl1"/>
    <loc xlink:type="locator" xlink:label="us-gaap_RealizedInvestmentGainsLosses" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_RealizedInvestmentGainsLosses"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_RealizedInvestmentGainsLosses_lbl" xml:lang="en-US">Net realized loss</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RealizedInvestmentGainsLosses" xlink:to="us-gaap_RealizedInvestmentGainsLosses_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_RealizedInvestmentGainsLosses_lbl0" xml:lang="en-US">Ending balance, realized gain (loss)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RealizedInvestmentGainsLosses" xlink:to="us-gaap_RealizedInvestmentGainsLosses_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RealizedInvestmentGainsLosses_lbl1" xml:lang="en-US">Net realized gain (loss)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RealizedInvestmentGainsLosses" xlink:to="us-gaap_RealizedInvestmentGainsLosses_lbl1"/>
    <loc xlink:type="locator" xlink:label="us-gaap_UnrealizedGainLossOnInvestments" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_UnrealizedGainLossOnInvestments"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_UnrealizedGainLossOnInvestments_lbl" xml:lang="en-US">Net change in unrealized appreciation/depreciation on investment in silver bullion</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_UnrealizedGainLossOnInvestments" xlink:to="us-gaap_UnrealizedGainLossOnInvestments_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_UnrealizedGainLossOnInvestments_lbl0" xml:lang="en-US">Net change in unrealized appreciation/depreciation on investment in silver bullion</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_UnrealizedGainLossOnInvestments" xlink:to="us-gaap_UnrealizedGainLossOnInvestments_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_UnrealizedGainLossOnInvestments_lbl1" xml:lang="en-US">Net change in unrealized appreciation/depreciation on investment in silver bullion</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_UnrealizedGainLossOnInvestments" xlink:to="us-gaap_UnrealizedGainLossOnInvestments_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_UnrealizedGainLossOnInvestments_lbl2" xml:lang="en-US">Net change in unrealized appreciation/depreciation</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_UnrealizedGainLossOnInvestments" xlink:to="us-gaap_UnrealizedGainLossOnInvestments_lbl2"/>
    <loc xlink:type="locator" xlink:label="us-gaap_GainLossOnInvestments" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_GainLossOnInvestments"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_GainLossOnInvestments_lbl" xml:lang="en-US">Net realized and unrealized loss</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_GainLossOnInvestments" xlink:to="us-gaap_GainLossOnInvestments_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_NetIncomeLoss" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_NetIncomeLoss"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_NetIncomeLoss_lbl" xml:lang="en-US">NET LOSS</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetIncomeLoss" xlink:to="us-gaap_NetIncomeLoss_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_NetIncomeLoss_lbl0" xml:lang="en-US">Net loss (b)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetIncomeLoss" xlink:to="us-gaap_NetIncomeLoss_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NetIncomeLoss_lbl1" xml:lang="en-US">Net loss</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetIncomeLoss" xlink:to="us-gaap_NetIncomeLoss_lbl1"/>
    <loc xlink:type="locator" xlink:label="us-gaap_EarningsPerShareBasic" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_EarningsPerShareBasic"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_EarningsPerShareBasic_lbl" xml:lang="en-US">Net loss per Share (in Dollars per share)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EarningsPerShareBasic" xlink:to="us-gaap_EarningsPerShareBasic_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_WeightedAverageNumberOfSharesOutstandingBasic" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_WeightedAverageNumberOfSharesOutstandingBasic"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_WeightedAverageNumberOfSharesOutstandingBasic_lbl" xml:lang="en-US">Weighted-average Shares outstanding (in Shares)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_WeightedAverageNumberOfSharesOutstandingBasic" xlink:to="us-gaap_WeightedAverageNumberOfSharesOutstandingBasic_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_StatementOfStockholdersEquityAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_StatementOfStockholdersEquityAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StatementOfStockholdersEquityAbstract_lbl" xml:lang="en-US">Statement of Stockholders&apos; Equity [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementOfStockholdersEquityAbstract" xlink:to="us-gaap_StatementOfStockholdersEquityAbstract_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_TemporaryEquityStockIssuedDuringPeriodValueNewIssues" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_TemporaryEquityStockIssuedDuringPeriodValueNewIssues"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_TemporaryEquityStockIssuedDuringPeriodValueNewIssues_lbl" xml:lang="en-US">Contributions for Shares issued</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_TemporaryEquityStockIssuedDuringPeriodValueNewIssues" xlink:to="us-gaap_TemporaryEquityStockIssuedDuringPeriodValueNewIssues_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_TemporaryEquityStockIssuedDuringPeriodValueNewIssues_lbl0" xml:lang="en-US">Shares issued</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_TemporaryEquityStockIssuedDuringPeriodValueNewIssues" xlink:to="us-gaap_TemporaryEquityStockIssuedDuringPeriodValueNewIssues_lbl0"/>
    <loc xlink:type="locator" xlink:label="slv_ValueOfStockClassifiedAsTemporaryEquitySurrenderedDuringReportingPeriod" xlink:href="slv-20151231.xsd#slv_ValueOfStockClassifiedAsTemporaryEquitySurrenderedDuringReportingPeriod"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:label="slv_ValueOfStockClassifiedAsTemporaryEquitySurrenderedDuringReportingPeriod_lbl" xml:lang="en-US">Distributions for Shares redeemed</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="slv_ValueOfStockClassifiedAsTemporaryEquitySurrenderedDuringReportingPeriod" xlink:to="slv_ValueOfStockClassifiedAsTemporaryEquitySurrenderedDuringReportingPeriod_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="slv_ValueOfStockClassifiedAsTemporaryEquitySurrenderedDuringReportingPeriod_lbl0" xml:lang="en-US">Shares redeemed</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="slv_ValueOfStockClassifiedAsTemporaryEquitySurrenderedDuringReportingPeriod" xlink:to="slv_ValueOfStockClassifiedAsTemporaryEquitySurrenderedDuringReportingPeriod_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedNetLabel" xlink:label="slv_ValueOfStockClassifiedAsTemporaryEquitySurrenderedDuringReportingPeriod_lbl1" xml:lang="en-US">Shares redeemed</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="slv_ValueOfStockClassifiedAsTemporaryEquitySurrenderedDuringReportingPeriod" xlink:to="slv_ValueOfStockClassifiedAsTemporaryEquitySurrenderedDuringReportingPeriod_lbl1"/>
    <loc xlink:type="locator" xlink:label="us-gaap_TemporaryEquityIssuePeriodIncreaseOrDecrease" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_TemporaryEquityIssuePeriodIncreaseOrDecrease"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_TemporaryEquityIssuePeriodIncreaseOrDecrease_lbl" xml:lang="en-US">Adjustment of redeemable capital Shares to redemption value</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_TemporaryEquityIssuePeriodIncreaseOrDecrease" xlink:to="us-gaap_TemporaryEquityIssuePeriodIncreaseOrDecrease_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_TemporaryEquityIssuePeriodIncreaseOrDecrease_lbl0" xml:lang="en-US">Net decrease</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_TemporaryEquityIssuePeriodIncreaseOrDecrease" xlink:to="us-gaap_TemporaryEquityIssuePeriodIncreaseOrDecrease_lbl0"/>
    <loc xlink:type="locator" xlink:label="us-gaap_StatementScenarioAxis" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_StatementScenarioAxis"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StatementScenarioAxis_lbl" xml:lang="en-US">Scenario [Axis]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementScenarioAxis" xlink:to="us-gaap_StatementScenarioAxis_lbl"/>
    <loc xlink:type="locator" xlink:label="slv_ScenarioAfterApplicationOfASU201308Member" xlink:href="slv-20151231.xsd#slv_ScenarioAfterApplicationOfASU201308Member"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="slv_ScenarioAfterApplicationOfASU201308Member_lbl" xml:lang="en-US">Scenario After Application of ASU 2013-08 [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="slv_ScenarioAfterApplicationOfASU201308Member" xlink:to="slv_ScenarioAfterApplicationOfASU201308Member_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_StatementOfCashFlowsAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_StatementOfCashFlowsAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StatementOfCashFlowsAbstract_lbl" xml:lang="en-US">Statement of Cash Flows [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementOfCashFlowsAbstract" xlink:to="us-gaap_StatementOfCashFlowsAbstract_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_ProceedsFromSaleOfTrustAssetsToPayExpenses" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ProceedsFromSaleOfTrustAssetsToPayExpenses"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ProceedsFromSaleOfTrustAssetsToPayExpenses_lbl" xml:lang="en-US">Proceeds from sales of silver bullion to pay expenses</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ProceedsFromSaleOfTrustAssetsToPayExpenses" xlink:to="us-gaap_ProceedsFromSaleOfTrustAssetsToPayExpenses_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ProceedsFromSaleOfTrustAssetsToPayExpenses_lbl0" xml:lang="en-US">Proceeds from sales of silver bullion sold to pay expenses</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ProceedsFromSaleOfTrustAssetsToPayExpenses" xlink:to="us-gaap_ProceedsFromSaleOfTrustAssetsToPayExpenses_lbl0"/>
    <loc xlink:type="locator" xlink:label="us-gaap_PaymentsForFees" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_PaymentsForFees"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_PaymentsForFees_lbl" xml:lang="en-US">Expenses &#8211; Sponsor&#8217;s fees paid</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PaymentsForFees" xlink:to="us-gaap_PaymentsForFees_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_NetCashProvidedByUsedInOperatingActivities" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_NetCashProvidedByUsedInOperatingActivities"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_NetCashProvidedByUsedInOperatingActivities_lbl" xml:lang="en-US">Net cash provided by operating activities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetCashProvidedByUsedInOperatingActivities" xlink:to="us-gaap_NetCashProvidedByUsedInOperatingActivities_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease_lbl" xml:lang="en-US">Increase (decrease) in cash</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease" xlink:to="us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_CashAndCashEquivalentsAtCarryingValue"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="us-gaap_CashAndCashEquivalentsAtCarryingValue_lbl" xml:lang="en-US">Cash, beginning of period</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:to="us-gaap_CashAndCashEquivalentsAtCarryingValue_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="us-gaap_CashAndCashEquivalentsAtCarryingValue_lbl0" xml:lang="en-US">Cash, end of period</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:to="us-gaap_CashAndCashEquivalentsAtCarryingValue_lbl0"/>
    <loc xlink:type="locator" xlink:label="us-gaap_IncreaseDecreaseInAccountsPayableRelatedParties" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_IncreaseDecreaseInAccountsPayableRelatedParties"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_IncreaseDecreaseInAccountsPayableRelatedParties_lbl" xml:lang="en-US">Sponsor&#8217;s fees payable</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInAccountsPayableRelatedParties" xlink:to="us-gaap_IncreaseDecreaseInAccountsPayableRelatedParties_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_FairValueOfAssetsAcquired" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_FairValueOfAssetsAcquired"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FairValueOfAssetsAcquired_lbl" xml:lang="en-US">Silver bullion contributed for subscription of Shares (a)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FairValueOfAssetsAcquired" xlink:to="us-gaap_FairValueOfAssetsAcquired_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_OtherSignificantNoncashTransactionValueOfConsiderationGiven1" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_OtherSignificantNoncashTransactionValueOfConsiderationGiven1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_OtherSignificantNoncashTransactionValueOfConsiderationGiven1_lbl" xml:lang="en-US">Silver bullion distributed for redemption of Shares(a)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherSignificantNoncashTransactionValueOfConsiderationGiven1" xlink:to="us-gaap_OtherSignificantNoncashTransactionValueOfConsiderationGiven1_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_ScheduleOfInvestmentsAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ScheduleOfInvestmentsAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ScheduleOfInvestmentsAbstract_lbl" xml:lang="en-US">Schedule of Investments [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ScheduleOfInvestmentsAbstract" xlink:to="us-gaap_ScheduleOfInvestmentsAbstract_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_InvestmentsAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_InvestmentsAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_InvestmentsAbstract_lbl" xml:lang="en-US">Investments [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InvestmentsAbstract" xlink:to="us-gaap_InvestmentsAbstract_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_DisclosureTextBlockAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DisclosureTextBlockAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DisclosureTextBlockAbstract_lbl" xml:lang="en-US">Disclosure Text Block [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DisclosureTextBlockAbstract" xlink:to="us-gaap_DisclosureTextBlockAbstract_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_AccountingPoliciesAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_AccountingPoliciesAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AccountingPoliciesAbstract_lbl" xml:lang="en-US">Accounting Policies [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AccountingPoliciesAbstract" xlink:to="us-gaap_AccountingPoliciesAbstract_lbl"/>
    <loc xlink:type="locator" xlink:label="slv_AdjustmentToReclassifyTheBalanceOfRedeemableCapitalSharesAbstract" xlink:href="slv-20151231.xsd#slv_AdjustmentToReclassifyTheBalanceOfRedeemableCapitalSharesAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="slv_AdjustmentToReclassifyTheBalanceOfRedeemableCapitalSharesAbstract_lbl" xml:lang="en-US">Adjustment to Reclassify the Balance of Redeemable Capital Shares [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="slv_AdjustmentToReclassifyTheBalanceOfRedeemableCapitalSharesAbstract" xlink:to="slv_AdjustmentToReclassifyTheBalanceOfRedeemableCapitalSharesAbstract_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_TemporaryEquityCarryingAmountIncludingPortionAttributableToNoncontrollingInterests" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_TemporaryEquityCarryingAmountIncludingPortionAttributableToNoncontrollingInterests"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_TemporaryEquityCarryingAmountIncludingPortionAttributableToNoncontrollingInterests_lbl" xml:lang="en-US">Redeemable capital Shares</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_TemporaryEquityCarryingAmountIncludingPortionAttributableToNoncontrollingInterests" xlink:to="us-gaap_TemporaryEquityCarryingAmountIncludingPortionAttributableToNoncontrollingInterests_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="us-gaap_TemporaryEquityCarryingAmountIncludingPortionAttributableToNoncontrollingInterests_lbl0" xml:lang="en-US">Beginning balance</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_TemporaryEquityCarryingAmountIncludingPortionAttributableToNoncontrollingInterests" xlink:to="us-gaap_TemporaryEquityCarryingAmountIncludingPortionAttributableToNoncontrollingInterests_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="us-gaap_TemporaryEquityCarryingAmountIncludingPortionAttributableToNoncontrollingInterests_lbl1" xml:lang="en-US">Ending balance</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_TemporaryEquityCarryingAmountIncludingPortionAttributableToNoncontrollingInterests" xlink:to="us-gaap_TemporaryEquityCarryingAmountIncludingPortionAttributableToNoncontrollingInterests_lbl1"/>
    <loc xlink:type="locator" xlink:label="slv_ReclassificationOfRedeemableCapitalSharesToShareholdersEquity" xlink:href="slv-20151231.xsd#slv_ReclassificationOfRedeemableCapitalSharesToShareholdersEquity"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="slv_ReclassificationOfRedeemableCapitalSharesToShareholdersEquity_lbl" xml:lang="en-US">Redeemable capital Shares</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="slv_ReclassificationOfRedeemableCapitalSharesToShareholdersEquity" xlink:to="slv_ReclassificationOfRedeemableCapitalSharesToShareholdersEquity_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="slv_ReclassificationOfRedeemableCapitalSharesToShareholdersEquity_lbl0" xml:lang="en-US">Shareholders&#8217; equity</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="slv_ReclassificationOfRedeemableCapitalSharesToShareholdersEquity" xlink:to="slv_ReclassificationOfRedeemableCapitalSharesToShareholdersEquity_lbl0"/>
    <loc xlink:type="locator" xlink:label="us-gaap_ScenarioPreviouslyReportedMember" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ScenarioPreviouslyReportedMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ScenarioPreviouslyReportedMember_lbl" xml:lang="en-US">Scenario, Previously Reported [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ScenarioPreviouslyReportedMember" xlink:to="us-gaap_ScenarioPreviouslyReportedMember_lbl"/>
    <loc xlink:type="locator" xlink:label="slv_ActivityInSilverBullionAbstract" xlink:href="slv-20151231.xsd#slv_ActivityInSilverBullionAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="slv_ActivityInSilverBullionAbstract_lbl" xml:lang="en-US">Activity in Silver Bullion [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="slv_ActivityInSilverBullionAbstract" xlink:to="slv_ActivityInSilverBullionAbstract_lbl"/>
    <loc xlink:type="locator" xlink:label="slv_SilverBullionBalance" xlink:href="slv-20151231.xsd#slv_SilverBullionBalance"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="slv_SilverBullionBalance_lbl" xml:lang="en-US">Beginning balance (in Ounces)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="slv_SilverBullionBalance" xlink:to="slv_SilverBullionBalance_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="slv_SilverBullionBalance_lbl0" xml:lang="en-US">Ending balance (in Ounces)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="slv_SilverBullionBalance" xlink:to="slv_SilverBullionBalance_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="slv_SilverBullionBalance_lbl1" xml:lang="en-US">Silver bullion (in Ounces)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="slv_SilverBullionBalance" xlink:to="slv_SilverBullionBalance_lbl1"/>
    <loc xlink:type="locator" xlink:label="slv_SilverContributed" xlink:href="slv-20151231.xsd#slv_SilverContributed"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="slv_SilverContributed_lbl" xml:lang="en-US">Silver bullion contributed (in Ounces)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="slv_SilverContributed" xlink:to="slv_SilverContributed_lbl"/>
    <loc xlink:type="locator" xlink:label="slv_SilverContributedAverageCost" xlink:href="slv-20151231.xsd#slv_SilverContributedAverageCost"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="slv_SilverContributedAverageCost_lbl" xml:lang="en-US">Silver bullion contributed, average cost</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="slv_SilverContributedAverageCost" xlink:to="slv_SilverContributedAverageCost_lbl"/>
    <loc xlink:type="locator" xlink:label="slv_SilverContributedFairValue" xlink:href="slv-20151231.xsd#slv_SilverContributedFairValue"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="slv_SilverContributedFairValue_lbl" xml:lang="en-US">Silver bullion contributed, fair value</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="slv_SilverContributedFairValue" xlink:to="slv_SilverContributedFairValue_lbl"/>
    <loc xlink:type="locator" xlink:label="slv_SilverDistributed" xlink:href="slv-20151231.xsd#slv_SilverDistributed"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:label="slv_SilverDistributed_lbl" xml:lang="en-US">Silver bullion distributed (in Ounces)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="slv_SilverDistributed" xlink:to="slv_SilverDistributed_lbl"/>
    <loc xlink:type="locator" xlink:label="slv_SilverDistributedAverageCost" xlink:href="slv-20151231.xsd#slv_SilverDistributedAverageCost"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:label="slv_SilverDistributedAverageCost_lbl" xml:lang="en-US">Silver bullion distributed, average cost</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="slv_SilverDistributedAverageCost" xlink:to="slv_SilverDistributedAverageCost_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="slv_SilverDistributedAverageCost_lbl0" xml:lang="en-US">Silver bullion distributed</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="slv_SilverDistributedAverageCost" xlink:to="slv_SilverDistributedAverageCost_lbl0"/>
    <loc xlink:type="locator" xlink:label="slv_SilverDistributedFairValue" xlink:href="slv-20151231.xsd#slv_SilverDistributedFairValue"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:label="slv_SilverDistributedFairValue_lbl" xml:lang="en-US">Silver bullion distributed, fair value</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="slv_SilverDistributedFairValue" xlink:to="slv_SilverDistributedFairValue_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="slv_SilverDistributedFairValue_lbl0" xml:lang="en-US">Silver bullion distributed</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="slv_SilverDistributedFairValue" xlink:to="slv_SilverDistributedFairValue_lbl0"/>
    <loc xlink:type="locator" xlink:label="slv_SilverSold" xlink:href="slv-20151231.xsd#slv_SilverSold"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="slv_SilverSold_lbl" xml:lang="en-US">Silver bullion sold to pay expenses (in Ounces)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="slv_SilverSold" xlink:to="slv_SilverSold_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:label="slv_SilverSold_lbl0" xml:lang="en-US">Silver bullion sold (in Ounces)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="slv_SilverSold" xlink:to="slv_SilverSold_lbl0"/>
    <loc xlink:type="locator" xlink:label="slv_SilverSoldAverageCost" xlink:href="slv-20151231.xsd#slv_SilverSoldAverageCost"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="slv_SilverSoldAverageCost_lbl" xml:lang="en-US">Silver bullion sold to pay expenses, average cost</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:label="slv_SilverSoldAverageCost_lbl0" xml:lang="en-US">Silver bullion sold</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="slv_SilverSoldAverageCost" xlink:to="slv_SilverSoldAverageCost_lbl0"/>
    <loc xlink:type="locator" xlink:label="slv_SilverSoldFairValue" xlink:href="slv-20151231.xsd#slv_SilverSoldFairValue"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="slv_SilverSoldFairValue_lbl" xml:lang="en-US">Silver bullion sold to pay expenses, fair value</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="slv_SilverSoldFairValue" xlink:to="slv_SilverSoldFairValue_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:label="slv_SilverSoldFairValue_lbl0" xml:lang="en-US">Silver bullion sold</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="slv_SilverSoldFairValue" xlink:to="slv_SilverSoldFairValue_lbl0"/>
    <loc xlink:type="locator" xlink:label="slv_AdjustmentForUnrealizedGainLossOnSilverBullionFairValue" xlink:href="slv-20151231.xsd#slv_AdjustmentForUnrealizedGainLossOnSilverBullionFairValue"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="slv_AdjustmentForUnrealizedGainLossOnSilverBullionFairValue_lbl" xml:lang="en-US">Adjustment for unrealized loss on silver bullion</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="slv_AdjustmentForUnrealizedGainLossOnSilverBullionFairValue" xlink:to="slv_AdjustmentForUnrealizedGainLossOnSilverBullionFairValue_lbl"/>
    <loc xlink:type="locator" xlink:label="slv_ShareActivityAbstract" xlink:href="slv-20151231.xsd#slv_ShareActivityAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="slv_ShareActivityAbstract_lbl" xml:lang="en-US">Share Activity [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="slv_ShareActivityAbstract" xlink:to="slv_ShareActivityAbstract_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_StockIssuedDuringPeriodSharesNewIssues" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_StockIssuedDuringPeriodSharesNewIssues"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockIssuedDuringPeriodSharesNewIssues_lbl" xml:lang="en-US">Shares issued</label>
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    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockIssuedDuringPeriodSharesNewIssues" xlink:to="us-gaap_StockIssuedDuringPeriodSharesNewIssues_lbl0"/>
    <loc xlink:type="locator" xlink:label="slv_SharesOfStockClassifedAsTemporaryEquitySurrenderedDuringReportingPeriod" xlink:href="slv-20151231.xsd#slv_SharesOfStockClassifedAsTemporaryEquitySurrenderedDuringReportingPeriod"/>
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    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="slv_SharesOfStockClassifedAsTemporaryEquitySurrenderedDuringReportingPeriod" xlink:to="slv_SharesOfStockClassifedAsTemporaryEquitySurrenderedDuringReportingPeriod_lbl0"/>
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    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockIssuedDuringPeriodSharesPeriodIncreaseDecrease" xlink:to="us-gaap_StockIssuedDuringPeriodSharesPeriodIncreaseDecrease_lbl"/>
    <loc xlink:type="locator" xlink:label="slv_ActivityInRedeemableCapitalSharesAbstract" xlink:href="slv-20151231.xsd#slv_ActivityInRedeemableCapitalSharesAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="slv_ActivityInRedeemableCapitalSharesAbstract_lbl" xml:lang="en-US">Activity in Redeemable Capital Shares [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="slv_ActivityInRedeemableCapitalSharesAbstract" xlink:to="slv_ActivityInRedeemableCapitalSharesAbstract_lbl"/>
    <loc xlink:type="locator" xlink:label="slv_TrustExpensesAbstract" xlink:href="slv-20151231.xsd#slv_TrustExpensesAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="slv_TrustExpensesAbstract_lbl" xml:lang="en-US">Trust Expenses [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="slv_TrustExpensesAbstract" xlink:to="slv_TrustExpensesAbstract_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_RelatedPartyTransactionsAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_RelatedPartyTransactionsAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RelatedPartyTransactionsAbstract_lbl" xml:lang="en-US">Related Party Transactions [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RelatedPartyTransactionsAbstract" xlink:to="us-gaap_RelatedPartyTransactionsAbstract_lbl"/>
    <loc xlink:type="locator" xlink:label="slv_IndemnificationAbstract" xlink:href="slv-20151231.xsd#slv_IndemnificationAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="slv_IndemnificationAbstract_lbl" xml:lang="en-US">Indemnification [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="slv_IndemnificationAbstract" xlink:to="slv_IndemnificationAbstract_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_CommitmentsAndContingenciesDisclosureAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_CommitmentsAndContingenciesDisclosureAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CommitmentsAndContingenciesDisclosureAbstract_lbl" xml:lang="en-US">Commitments and Contingencies Disclosure [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommitmentsAndContingenciesDisclosureAbstract" xlink:to="us-gaap_CommitmentsAndContingenciesDisclosureAbstract_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_RisksAndUncertaintiesAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_RisksAndUncertaintiesAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RisksAndUncertaintiesAbstract_lbl" xml:lang="en-US">Risks and Uncertainties [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RisksAndUncertaintiesAbstract" xlink:to="us-gaap_RisksAndUncertaintiesAbstract_lbl"/>
    <loc xlink:type="locator" xlink:label="slv_FinancialHighlightsAbstract" xlink:href="slv-20151231.xsd#slv_FinancialHighlightsAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="slv_FinancialHighlightsAbstract_lbl" xml:lang="en-US">Financial Highlights [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="slv_FinancialHighlightsAbstract" xlink:to="slv_FinancialHighlightsAbstract_lbl"/>
    <loc xlink:type="locator" xlink:label="slv_NetInvestmentIncomeLossPerShare" xlink:href="slv-20151231.xsd#slv_NetInvestmentIncomeLossPerShare"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="slv_NetInvestmentIncomeLossPerShare_lbl" xml:lang="en-US">Net investment loss(a)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="slv_NetInvestmentIncomeLossPerShare" xlink:to="slv_NetInvestmentIncomeLossPerShare_lbl"/>
    <loc xlink:type="locator" xlink:label="slv_NetRealizedAndUnrealizedGainLossPerShare" xlink:href="slv-20151231.xsd#slv_NetRealizedAndUnrealizedGainLossPerShare"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="slv_NetRealizedAndUnrealizedGainLossPerShare_lbl" xml:lang="en-US">Net realized and unrealized loss(b)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="slv_NetRealizedAndUnrealizedGainLossPerShare" xlink:to="slv_NetRealizedAndUnrealizedGainLossPerShare_lbl"/>
    <loc xlink:type="locator" xlink:label="slv_NetIncreaseDecreaseInNetAssetsFromOperationsPerShare" xlink:href="slv-20151231.xsd#slv_NetIncreaseDecreaseInNetAssetsFromOperationsPerShare"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="slv_NetIncreaseDecreaseInNetAssetsFromOperationsPerShare_lbl" xml:lang="en-US">Net decrease in net assets from operations</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="slv_NetIncreaseDecreaseInNetAssetsFromOperationsPerShare" xlink:to="slv_NetIncreaseDecreaseInNetAssetsFromOperationsPerShare_lbl"/>
    <loc xlink:type="locator" xlink:label="slv_TotalReturn" xlink:href="slv-20151231.xsd#slv_TotalReturn"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="slv_TotalReturn_lbl" xml:lang="en-US">Total return, at net asset value(c)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="slv_TotalReturn" xlink:to="slv_TotalReturn_lbl"/>
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    <loc xlink:type="locator" xlink:label="slv_NetInvestmentGainLossToAverageNetAssetsRatio" xlink:href="slv-20151231.xsd#slv_NetInvestmentGainLossToAverageNetAssetsRatio"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="slv_NetInvestmentGainLossToAverageNetAssetsRatio_lbl" xml:lang="en-US">Net investment loss</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="slv_NetInvestmentGainLossToAverageNetAssetsRatio" xlink:to="slv_NetInvestmentGainLossToAverageNetAssetsRatio_lbl"/>
    <loc xlink:type="locator" xlink:label="slv_ExpensesToAverageNetAssetsRatio" xlink:href="slv-20151231.xsd#slv_ExpensesToAverageNetAssetsRatio"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="slv_ExpensesToAverageNetAssetsRatio_lbl" xml:lang="en-US">Expenses</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="slv_ExpensesToAverageNetAssetsRatio" xlink:to="slv_ExpensesToAverageNetAssetsRatio_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_FairValueDisclosuresAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_FairValueDisclosuresAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FairValueDisclosuresAbstract_lbl" xml:lang="en-US">Fair Value Disclosures [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FairValueDisclosuresAbstract" xlink:to="us-gaap_FairValueDisclosuresAbstract_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_AssetsAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_AssetsAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AssetsAbstract_lbl" xml:lang="en-US">ASSETS</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AssetsCurrentAbstract_lbl" xml:lang="en-US">Current assets</label>
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    <loc xlink:type="locator" xlink:label="slv_LiabilitiesRedeemableCapitalSharesAndShareholdersEquityDeficitAbstract" xlink:href="slv-20151231.xsd#slv_LiabilitiesRedeemableCapitalSharesAndShareholdersEquityDeficitAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="slv_LiabilitiesRedeemableCapitalSharesAndShareholdersEquityDeficitAbstract_lbl" xml:lang="en-US">LIABILITIES, REDEEMABLE CAPITAL SHARES AND SHAREHOLDERS&#8217; EQUITY (DEFICIT)</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LiabilitiesCurrentAbstract_lbl" xml:lang="en-US">Current liabilities</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_CostsAndExpensesAbstract_lbl" xml:lang="en-US">Expenses</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_GainLossOnInvestmentsAbstract_lbl" xml:lang="en-US">Net Realized and Unrealized Gain (Loss)</label>
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    <loc xlink:type="locator" xlink:label="us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract_lbl" xml:lang="en-US">CASH FLOWS FROM OPERATING ACTIVITIES:</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="slv_ReconciliationOfNetLossToNetCashProvidedByOperatingActivitiesAbstract_lbl" xml:lang="en-US">RECONCILIATION OF NET LOSS TO NET CASH PROVIDED BY OPERATING ACTIVITIES:</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="slv_ReconciliationOfNetLossToNetCashProvidedByOperatingActivitiesAbstract" xlink:to="slv_ReconciliationOfNetLossToNetCashProvidedByOperatingActivitiesAbstract_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract_lbl" xml:lang="en-US">Adjustments to reconcile net loss to net cash provided by operating activities:</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncreaseDecreaseInOperatingCapitalAbstract_lbl" xml:lang="en-US">Change in operating assets and liabilities:</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInOperatingCapitalAbstract" xlink:to="us-gaap_IncreaseDecreaseInOperatingCapitalAbstract_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_SupplementalCashFlowInformationAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_SupplementalCashFlowInformationAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SupplementalCashFlowInformationAbstract_lbl" xml:lang="en-US">Supplemental disclosure of non-cash information:</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SupplementalCashFlowInformationAbstract" xlink:to="us-gaap_SupplementalCashFlowInformationAbstract_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_InvestmentHoldingsScheduleOfInvestmentsTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_InvestmentHoldingsScheduleOfInvestmentsTextBlock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_InvestmentHoldingsScheduleOfInvestmentsTextBlock_lbl" xml:lang="en-US">Investment Holdings, Schedule of Investments [Text Block]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InvestmentHoldingsScheduleOfInvestmentsTextBlock" xlink:to="us-gaap_InvestmentHoldingsScheduleOfInvestmentsTextBlock_lbl"/>
    <loc xlink:type="locator" xlink:label="invest_InvestmentTableTextBlock" xlink:href="http://xbrl.sec.gov/invest/2013/invest-2013-01-31.xsd#invest_InvestmentTableTextBlock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="invest_InvestmentTableTextBlock_lbl" xml:lang="en-US">Investment [Table Text Block]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="invest_InvestmentTableTextBlock" xlink:to="invest_InvestmentTableTextBlock_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_InvestmentOwnedAtFairValue" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_InvestmentOwnedAtFairValue"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_InvestmentOwnedAtFairValue_lbl" xml:lang="en-US">Silver bullion</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InvestmentOwnedAtFairValue" xlink:to="us-gaap_InvestmentOwnedAtFairValue_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_InvestmentOwnedPercentOfNetAssets" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_InvestmentOwnedPercentOfNetAssets"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_InvestmentOwnedPercentOfNetAssets_lbl" xml:lang="en-US">Total Investment, Percentage of Net Asset Value</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InvestmentOwnedPercentOfNetAssets" xlink:to="us-gaap_InvestmentOwnedPercentOfNetAssets_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_FairValueNetAssetLiability" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_FairValueNetAssetLiability"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FairValueNetAssetLiability_lbl" xml:lang="en-US">Net Assets</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FairValueNetAssetLiability" xlink:to="us-gaap_FairValueNetAssetLiability_lbl"/>
    <loc xlink:type="locator" xlink:label="slv_NetAssetsPercentageOfNetAssets" xlink:href="slv-20151231.xsd#slv_NetAssetsPercentageOfNetAssets"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="slv_NetAssetsPercentageOfNetAssets_lbl" xml:lang="en-US">Net Assets, Percentage of Net Asset Value</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="slv_NetAssetsPercentageOfNetAssets" xlink:to="slv_NetAssetsPercentageOfNetAssets_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_BusinessDescriptionAndBasisOfPresentationTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_BusinessDescriptionAndBasisOfPresentationTextBlock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_BusinessDescriptionAndBasisOfPresentationTextBlock_lbl" xml:lang="en-US">Business Description and Basis of Presentation [Text Block]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_BusinessDescriptionAndBasisOfPresentationTextBlock" xlink:to="us-gaap_BusinessDescriptionAndBasisOfPresentationTextBlock_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_SignificantAccountingPoliciesTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_SignificantAccountingPoliciesTextBlock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SignificantAccountingPoliciesTextBlock_lbl" xml:lang="en-US">Significant Accounting Policies [Text Block]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SignificantAccountingPoliciesTextBlock" xlink:to="us-gaap_SignificantAccountingPoliciesTextBlock_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_ScheduleOfStockholdersEquityTableTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ScheduleOfStockholdersEquityTableTextBlock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ScheduleOfStockholdersEquityTableTextBlock_lbl" xml:lang="en-US">Schedule of Stockholders Equity [Table Text Block]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ScheduleOfStockholdersEquityTableTextBlock" xlink:to="us-gaap_ScheduleOfStockholdersEquityTableTextBlock_lbl"/>
    <loc xlink:type="locator" xlink:label="slv_ActivityInSilverBullionTableTextBlock" xlink:href="slv-20151231.xsd#slv_ActivityInSilverBullionTableTextBlock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="slv_ActivityInSilverBullionTableTextBlock_lbl" xml:lang="en-US">Activity in Silver Bullion [Table Text Block]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="slv_ActivityInSilverBullionTableTextBlock" xlink:to="slv_ActivityInSilverBullionTableTextBlock_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_ScheduleOfCapitalUnitsTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ScheduleOfCapitalUnitsTextBlock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ScheduleOfCapitalUnitsTextBlock_lbl" xml:lang="en-US">Schedule of Capital Units [Table Text Block]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ScheduleOfCapitalUnitsTextBlock" xlink:to="us-gaap_ScheduleOfCapitalUnitsTextBlock_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_TemporaryEquityTableTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_TemporaryEquityTableTextBlock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_TemporaryEquityTableTextBlock_lbl" xml:lang="en-US">Temporary Equity [Table Text Block]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_TemporaryEquityTableTextBlock" xlink:to="us-gaap_TemporaryEquityTableTextBlock_lbl"/>
    <loc xlink:type="locator" xlink:label="slv_TrustExpensesTextBlock" xlink:href="slv-20151231.xsd#slv_TrustExpensesTextBlock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="slv_TrustExpensesTextBlock_lbl" xml:lang="en-US">Trust Expenses [Text Block]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="slv_TrustExpensesTextBlock" xlink:to="slv_TrustExpensesTextBlock_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_RelatedPartyTransactionsDisclosureTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_RelatedPartyTransactionsDisclosureTextBlock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RelatedPartyTransactionsDisclosureTextBlock_lbl" xml:lang="en-US">Related Party Transactions Disclosure [Text Block]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RelatedPartyTransactionsDisclosureTextBlock" xlink:to="us-gaap_RelatedPartyTransactionsDisclosureTextBlock_lbl"/>
    <loc xlink:type="locator" xlink:label="slv_IndemnificationTextBlock" xlink:href="slv-20151231.xsd#slv_IndemnificationTextBlock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="slv_IndemnificationTextBlock_lbl" xml:lang="en-US">Indemnification [Text Block]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="slv_IndemnificationTextBlock" xlink:to="slv_IndemnificationTextBlock_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_CommitmentsAndContingenciesDisclosureTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_CommitmentsAndContingenciesDisclosureTextBlock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CommitmentsAndContingenciesDisclosureTextBlock_lbl" xml:lang="en-US">Commitments and Contingencies Disclosure [Text Block]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommitmentsAndContingenciesDisclosureTextBlock" xlink:to="us-gaap_CommitmentsAndContingenciesDisclosureTextBlock_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_ConcentrationRiskDisclosureTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ConcentrationRiskDisclosureTextBlock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ConcentrationRiskDisclosureTextBlock_lbl" xml:lang="en-US">Concentration Risk Disclosure [Text Block]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ConcentrationRiskDisclosureTextBlock" xlink:to="us-gaap_ConcentrationRiskDisclosureTextBlock_lbl"/>
    <loc xlink:type="locator" xlink:label="slv_FinancialHighlightsTextBlock" xlink:href="slv-20151231.xsd#slv_FinancialHighlightsTextBlock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="slv_FinancialHighlightsTextBlock_lbl" xml:lang="en-US">Financial Highlights [Text Block]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="slv_FinancialHighlightsTextBlock" xlink:to="slv_FinancialHighlightsTextBlock_lbl"/>
    <loc xlink:type="locator" xlink:label="slv_FinancialHighlightsTableTextBlock" xlink:href="slv-20151231.xsd#slv_FinancialHighlightsTableTextBlock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="slv_FinancialHighlightsTableTextBlock_lbl" xml:lang="en-US">Financial Highlights [Table Text Block]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="slv_FinancialHighlightsTableTextBlock" xlink:to="slv_FinancialHighlightsTableTextBlock_lbl"/>
    <loc xlink:type="locator" xlink:label="slv_RatioToAverageNetAssetsAbstract" xlink:href="slv-20151231.xsd#slv_RatioToAverageNetAssetsAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="slv_RatioToAverageNetAssetsAbstract_lbl" xml:lang="en-US">Ratio to average net assets:</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="slv_RatioToAverageNetAssetsAbstract" xlink:to="slv_RatioToAverageNetAssetsAbstract_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_FairValueDisclosuresTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_FairValueDisclosuresTextBlock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FairValueDisclosuresTextBlock_lbl" xml:lang="en-US">Fair Value Disclosures [Text Block]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FairValueDisclosuresTextBlock" xlink:to="us-gaap_FairValueDisclosuresTextBlock_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_NonInvestmentAssetsLessNonInvestmentLiabilitiesPercentOfNetAssets" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_NonInvestmentAssetsLessNonInvestmentLiabilitiesPercentOfNetAssets"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_NonInvestmentAssetsLessNonInvestmentLiabilitiesPercentOfNetAssets_lbl" xml:lang="en-US">Less Liabilities, Percentage of Net Asset Value</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NonInvestmentAssetsLessNonInvestmentLiabilitiesPercentOfNetAssets" xlink:to="us-gaap_NonInvestmentAssetsLessNonInvestmentLiabilitiesPercentOfNetAssets_lbl"/>
    <loc xlink:type="locator" xlink:label="slv_RedemptionValueAdjustmentAmount" xlink:href="slv-20151231.xsd#slv_RedemptionValueAdjustmentAmount"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="slv_RedemptionValueAdjustmentAmount_lbl" xml:lang="en-US">Redemption value adjustment</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="slv_RedemptionValueAdjustmentAmount" xlink:to="slv_RedemptionValueAdjustmentAmount_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_RangeAxis" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_RangeAxis"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RangeAxis_lbl" xml:lang="en-US">Range [Axis]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RangeAxis" xlink:to="us-gaap_RangeAxis_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_MaximumMember" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_MaximumMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_MaximumMember_lbl" xml:lang="en-US">Maximum [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_MaximumMember" xlink:to="us-gaap_MaximumMember_lbl"/>
    <loc xlink:type="locator" xlink:label="slv_SharesPrescribedAggregation" xlink:href="slv-20151231.xsd#slv_SharesPrescribedAggregation"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="slv_SharesPrescribedAggregation_lbl" xml:lang="en-US">Shares Prescribed Aggregation</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="slv_SharesPrescribedAggregation" xlink:to="slv_SharesPrescribedAggregation_lbl"/>
    <loc xlink:type="locator" xlink:label="slv_SponsorsFeeAnnualizedAccrualRateBasedOnDailyNetAssetValue" xlink:href="slv-20151231.xsd#slv_SponsorsFeeAnnualizedAccrualRateBasedOnDailyNetAssetValue"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="slv_SponsorsFeeAnnualizedAccrualRateBasedOnDailyNetAssetValue_lbl" xml:lang="en-US">Sponsors Fee Annualized Accrual Rate Based On Daily Net Asset Value</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="slv_SponsorsFeeAnnualizedAccrualRateBasedOnDailyNetAssetValue" xlink:to="slv_SponsorsFeeAnnualizedAccrualRateBasedOnDailyNetAssetValue_lbl"/>
    <loc xlink:type="locator" xlink:label="slv_LegalFeesPerYear" xlink:href="slv-20151231.xsd#slv_LegalFeesPerYear"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="slv_LegalFeesPerYear_lbl" xml:lang="en-US">Legal Fees Per Year</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="slv_LegalFeesPerYear" xlink:to="slv_LegalFeesPerYear_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_BasisOfAccountingPolicyPolicyTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_BasisOfAccountingPolicyPolicyTextBlock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_BasisOfAccountingPolicyPolicyTextBlock_lbl" xml:lang="en-US">Basis of Accounting, Policy [Policy Text Block]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_BasisOfAccountingPolicyPolicyTextBlock" xlink:to="us-gaap_BasisOfAccountingPolicyPolicyTextBlock_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock_lbl" xml:lang="en-US">New Accounting Pronouncements, Policy [Policy Text Block]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock" xlink:to="us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_InvestmentPolicyTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_InvestmentPolicyTextBlock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_InvestmentPolicyTextBlock_lbl" xml:lang="en-US">Investment, Policy [Policy Text Block]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InvestmentPolicyTextBlock" xlink:to="us-gaap_InvestmentPolicyTextBlock_lbl"/>
    <loc xlink:type="locator" xlink:label="slv_CalculationOfNetAssetValuePolicyTextBlock" xlink:href="slv-20151231.xsd#slv_CalculationOfNetAssetValuePolicyTextBlock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="slv_CalculationOfNetAssetValuePolicyTextBlock_lbl" xml:lang="en-US">Calculation of Net Asset Value [Policy Text Block]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="slv_CalculationOfNetAssetValuePolicyTextBlock" xlink:to="slv_CalculationOfNetAssetValuePolicyTextBlock_lbl"/>
    <loc xlink:type="locator" xlink:label="slv_OfferingOfTheSharesPolicyTextBlock" xlink:href="slv-20151231.xsd#slv_OfferingOfTheSharesPolicyTextBlock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="slv_OfferingOfTheSharesPolicyTextBlock_lbl" xml:lang="en-US">Offering of the Shares [Policy Text Block]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="slv_OfferingOfTheSharesPolicyTextBlock" xlink:to="slv_OfferingOfTheSharesPolicyTextBlock_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_IncomeTaxPolicyTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_IncomeTaxPolicyTextBlock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncomeTaxPolicyTextBlock_lbl" xml:lang="en-US">Income Tax, Policy [Policy Text Block]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeTaxPolicyTextBlock" xlink:to="us-gaap_IncomeTaxPolicyTextBlock_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_ScenarioUnspecifiedDomain" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ScenarioUnspecifiedDomain"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ScenarioUnspecifiedDomain_lbl" xml:lang="en-US">Scenario, Unspecified [Domain]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ScenarioUnspecifiedDomain" xlink:to="us-gaap_ScenarioUnspecifiedDomain_lbl"/>
    <loc xlink:type="locator" xlink:label="slv_Note2SignificantAccountingPoliciesDetailsAdjustmenttoReclassifytheBalanceofRedeemableCapitalSharesTable" xlink:href="slv-20151231.xsd#slv_Note2SignificantAccountingPoliciesDetailsAdjustmenttoReclassifytheBalanceofRedeemableCapitalSharesTable"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="slv_Note2SignificantAccountingPoliciesDetailsAdjustmenttoReclassifytheBalanceofRedeemableCapitalSharesTable_lbl" xml:lang="en-US">Note 2 - Significant Accounting Policies (Details) - Adjustment to Reclassify the Balance of Redeemable Capital Shares [Table]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="slv_Note2SignificantAccountingPoliciesDetailsAdjustmenttoReclassifytheBalanceofRedeemableCapitalSharesTable" xlink:to="slv_Note2SignificantAccountingPoliciesDetailsAdjustmenttoReclassifytheBalanceofRedeemableCapitalSharesTable_lbl"/>
    <loc xlink:type="locator" xlink:label="slv_Note2SignificantAccountingPoliciesDetailsAdjustmenttoReclassifytheBalanceofRedeemableCapitalSharesLineItems" xlink:href="slv-20151231.xsd#slv_Note2SignificantAccountingPoliciesDetailsAdjustmenttoReclassifytheBalanceofRedeemableCapitalSharesLineItems"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="slv_Note2SignificantAccountingPoliciesDetailsAdjustmenttoReclassifytheBalanceofRedeemableCapitalSharesLineItems_lbl" xml:lang="en-US">Note 2 - Significant Accounting Policies (Details) - Adjustment to Reclassify the Balance of Redeemable Capital Shares [Line Items]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="slv_Note2SignificantAccountingPoliciesDetailsAdjustmenttoReclassifytheBalanceofRedeemableCapitalSharesLineItems" xlink:to="slv_Note2SignificantAccountingPoliciesDetailsAdjustmenttoReclassifytheBalanceofRedeemableCapitalSharesLineItems_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_RangeMember" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_RangeMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RangeMember_lbl" xml:lang="en-US">Range [Domain]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RangeMember" xlink:to="us-gaap_RangeMember_lbl"/>
    <loc xlink:type="locator" xlink:label="slv_Note3TrustExpensesDetailsTable" xlink:href="slv-20151231.xsd#slv_Note3TrustExpensesDetailsTable"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="slv_Note3TrustExpensesDetailsTable_lbl" xml:lang="en-US">Note 3 - Trust Expenses (Details) [Table]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="slv_Note3TrustExpensesDetailsTable" xlink:to="slv_Note3TrustExpensesDetailsTable_lbl"/>
    <loc xlink:type="locator" xlink:label="slv_Note3TrustExpensesDetailsLineItems" xlink:href="slv-20151231.xsd#slv_Note3TrustExpensesDetailsLineItems"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="slv_Note3TrustExpensesDetailsLineItems_lbl" xml:lang="en-US">Note 3 - Trust Expenses (Details) [Line Items]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="slv_Note3TrustExpensesDetailsLineItems" xlink:to="slv_Note3TrustExpensesDetailsLineItems_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="slv_ActivityInSilverBullionTableTextBlock_lbl0" xml:lang="en-US">Tabular disclosure of the ounces, average cost, fair value and realized gain (loss) related to activity in silver bullion.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="slv_ActivityInSilverBullionTableTextBlock" xlink:to="slv_ActivityInSilverBullionTableTextBlock_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="slv_AdjustmentForUnrealizedGainLossOnSilverBullionFairValue_lbl0" xml:lang="en-US">An adjustment for the net excess or deficiency of the fair value of silver bullion over or under its average cost, respectively, which excess value or deficiency has not been recognized in earnings of the trust.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="slv_AdjustmentForUnrealizedGainLossOnSilverBullionFairValue" xlink:to="slv_AdjustmentForUnrealizedGainLossOnSilverBullionFairValue_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="slv_CalculationOfNetAssetValuePolicyTextBlock_lbl0" xml:lang="en-US">The method used by the entity to calculate the net asset value.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="slv_CalculationOfNetAssetValuePolicyTextBlock" xlink:to="slv_CalculationOfNetAssetValuePolicyTextBlock_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="slv_ExpensesToAverageNetAssetsRatio_lbl0" xml:lang="en-US">Ratio of expenses to average net assets.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="slv_ExpensesToAverageNetAssetsRatio" xlink:to="slv_ExpensesToAverageNetAssetsRatio_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="slv_FinancialHighlightsTableTextBlock_lbl0" xml:lang="en-US">Financial highlights table.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="slv_FinancialHighlightsTableTextBlock" xlink:to="slv_FinancialHighlightsTableTextBlock_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="slv_FinancialHighlightsTextBlock_lbl0" xml:lang="en-US">Presentation of financial highlights related to investment performance and operations.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="slv_FinancialHighlightsTextBlock" xlink:to="slv_FinancialHighlightsTextBlock_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="slv_GainLossOnSaleOfTrustAssetsToPayExpensesRecognizedInOperatingIncomeLoss_lbl1" xml:lang="en-US">The amount of gain (loss) on the sale of trust assets to pay expenses recognized in operating income (loss).</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="slv_GainLossOnSaleOfTrustAssetsToPayExpensesRecognizedInOperatingIncomeLoss" xlink:to="slv_GainLossOnSaleOfTrustAssetsToPayExpensesRecognizedInOperatingIncomeLoss_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="slv_GainLossOnSalesAndDistributionsOfSilver_lbl2" xml:lang="en-US">Total realized gain or loss on the sales and distributions of silver.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="slv_GainLossOnSalesAndDistributionsOfSilver" xlink:to="slv_GainLossOnSalesAndDistributionsOfSilver_lbl2"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="slv_GainLossOnSilverDistributedForRedemptionOfShares_lbl1" xml:lang="en-US">Realized gain or loss on silver distributed for the redemption of redeemable capital shares recognized in operating income (loss).</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="slv_GainLossOnSilverDistributedForRedemptionOfShares" xlink:to="slv_GainLossOnSilverDistributedForRedemptionOfShares_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="slv_IndemnificationTextBlock_lbl0" xml:lang="en-US">Includes disclosure of indemnification.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="slv_IndemnificationTextBlock" xlink:to="slv_IndemnificationTextBlock_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="slv_LegalFeesPerYear_lbl0" xml:lang="en-US">Maximum per annum in legal fees and expenses the sponsor has agreed to assume.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="slv_LegalFeesPerYear" xlink:to="slv_LegalFeesPerYear_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="slv_NetAssetsPercentageOfNetAssets_lbl0" xml:lang="en-US">The percentage of net assets of net assets.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="slv_NetAssetsPercentageOfNetAssets" xlink:to="slv_NetAssetsPercentageOfNetAssets_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="slv_NetIncreaseDecreaseInNetAssetsFromOperationsPerShare_lbl0" xml:lang="en-US">Net increase (decrease) in net assets from operations per Share during the period.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="slv_NetIncreaseDecreaseInNetAssetsFromOperationsPerShare" xlink:to="slv_NetIncreaseDecreaseInNetAssetsFromOperationsPerShare_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="slv_NetInvestmentGainLossToAverageNetAssetsRatio_lbl0" xml:lang="en-US">Ratio of net investment gain (loss) to average net assets.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="slv_NetInvestmentGainLossToAverageNetAssetsRatio" xlink:to="slv_NetInvestmentGainLossToAverageNetAssetsRatio_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="slv_NetInvestmentIncomeLossPerShare_lbl0" xml:lang="en-US">Net investment income (loss) per share during the period.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="slv_NetInvestmentIncomeLossPerShare" xlink:to="slv_NetInvestmentIncomeLossPerShare_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="slv_NetRealizedAndUnrealizedGainLossPerShare_lbl0" xml:lang="en-US">Net realized and unrealized gain (loss) per share during the period.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="slv_NetRealizedAndUnrealizedGainLossPerShare" xlink:to="slv_NetRealizedAndUnrealizedGainLossPerShare_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="slv_NetRealizedGainLossFromSilverDistributedForTheRedemptionOfShares_lbl2" xml:lang="en-US">The net realized gain (loss) from silver distributed for the redemption of shares during the period.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="slv_NetRealizedGainLossFromSilverDistributedForTheRedemptionOfShares" xlink:to="slv_NetRealizedGainLossFromSilverDistributedForTheRedemptionOfShares_lbl2"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="slv_OfferingOfTheSharesPolicyTextBlock_lbl0" xml:lang="en-US">Disclosure of accounting policy for creation and redemption of shares.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="slv_OfferingOfTheSharesPolicyTextBlock" xlink:to="slv_OfferingOfTheSharesPolicyTextBlock_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="slv_ReclassificationOfRedeemableCapitalSharesToShareholdersEquity_lbl1" xml:lang="en-US">The reclassification of redeemable capital shares to shareholders&apos; equity as a result of adoption of ASU 2013-08.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="slv_ReclassificationOfRedeemableCapitalSharesToShareholdersEquity" xlink:to="slv_ReclassificationOfRedeemableCapitalSharesToShareholdersEquity_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="slv_RedemptionValueAdjustmentAmount_lbl0" xml:lang="en-US">Change in the value of each type or class of stock classified as temporary equity during the period.  This change impacts the value of redeemable capital shares.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="slv_RedemptionValueAdjustmentAmount" xlink:to="slv_RedemptionValueAdjustmentAmount_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="slv_SharesOfStockClassifedAsTemporaryEquitySurrenderedDuringReportingPeriod_lbl1" xml:lang="en-US">Number of stock classified as temporary equity surrendered during the reporting period.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="slv_SharesOfStockClassifedAsTemporaryEquitySurrenderedDuringReportingPeriod" xlink:to="slv_SharesOfStockClassifedAsTemporaryEquitySurrenderedDuringReportingPeriod_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="slv_SharesPrescribedAggregation_lbl0" xml:lang="en-US">Prescribed aggregation at which shares are issued and redeemed.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="slv_SharesPrescribedAggregation" xlink:to="slv_SharesPrescribedAggregation_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="slv_SilverBullionBalance_lbl2" xml:lang="en-US">Ounces of silver bullion held by the trust.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="slv_SilverBullionBalance" xlink:to="slv_SilverBullionBalance_lbl2"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="slv_SilverContributed_lbl0" xml:lang="en-US">Ounces of silver bullion contributed for the creation of shares.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="slv_SilverContributed" xlink:to="slv_SilverContributed_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="slv_SilverContributedAverageCost_lbl0" xml:lang="en-US">Average cost of silver bullion contributed for the creation of shares.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="slv_SilverContributedAverageCost" xlink:to="slv_SilverContributedAverageCost_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="slv_SilverContributedFairValue_lbl0" xml:lang="en-US">Fair value of silver bullion contributed for the creation of shares.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="slv_SilverContributedFairValue" xlink:to="slv_SilverContributedFairValue_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="slv_SilverDistributed_lbl0" xml:lang="en-US">Ounces of silver bullion distributed for the redemption of shares.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="slv_SilverDistributed" xlink:to="slv_SilverDistributed_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="slv_SilverDistributedAverageCost_lbl1" xml:lang="en-US">Average cost of silver bullion distributed for the redemption of shares.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="slv_SilverDistributedAverageCost" xlink:to="slv_SilverDistributedAverageCost_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="slv_SilverDistributedFairValue_lbl1" xml:lang="en-US">Fair value of silver bullion distributed for the redemption of shares.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="slv_SilverDistributedFairValue" xlink:to="slv_SilverDistributedFairValue_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="slv_SilverSold_lbl1" xml:lang="en-US">Ounces of silver bullion sold to pay the trust&apos;s expenses.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="slv_SilverSold" xlink:to="slv_SilverSold_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="slv_SilverSoldAverageCost_lbl1" xml:lang="en-US">Average cost of silver bullion sold to pay the trust&apos;s expenses.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="slv_SilverSoldAverageCost" xlink:to="slv_SilverSoldAverageCost_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="slv_SilverSoldFairValue_lbl1" xml:lang="en-US">Fair value of silver bullion sold to pay the trust&apos;s expenses.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="slv_SilverSoldFairValue" xlink:to="slv_SilverSoldFairValue_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="slv_SponsorsFeeAnnualizedAccrualRateBasedOnDailyNetAssetValue_lbl0" xml:lang="en-US">Annualized sponsor&apos;s fee rate accrued daily based on the net asset value of the trust.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="slv_SponsorsFeeAnnualizedAccrualRateBasedOnDailyNetAssetValue" xlink:to="slv_SponsorsFeeAnnualizedAccrualRateBasedOnDailyNetAssetValue_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="slv_SponsorsFees_lbl0" xml:lang="en-US">Fees paid to the sponsor of the trust.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="slv_SponsorsFees" xlink:to="slv_SponsorsFees_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="slv_TotalReturn_lbl0" xml:lang="en-US">Total return at net asset value for the period.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="slv_TotalReturn" xlink:to="slv_TotalReturn_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="slv_TrustExpensesTextBlock_lbl0" xml:lang="en-US">The entire disclosure for expenses incurred by the trust.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="slv_TrustExpensesTextBlock" xlink:to="slv_TrustExpensesTextBlock_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="slv_ValueOfStockClassifiedAsTemporaryEquitySurrenderedDuringReportingPeriod_lbl2" xml:lang="en-US">Represents the value of stock classified as temporary equity surrendered during the reporting period.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="slv_ValueOfStockClassifiedAsTemporaryEquitySurrenderedDuringReportingPeriod" xlink:to="slv_ValueOfStockClassifiedAsTemporaryEquitySurrenderedDuringReportingPeriod_lbl2"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="slv_ScenarioAfterApplicationOfASU201308Member_lbl0" xml:lang="en-US">Scenario After Application Of AS U201308 [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="slv_ScenarioAfterApplicationOfASU201308Member" xlink:to="slv_ScenarioAfterApplicationOfASU201308Member_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="slv_ScenarioAfterApplicationOfASU201308Member_lbl1" xml:lang="en-US">This item represents balances after the application of ASU 2013-08 on the Entity&apos;s equity accounts.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="slv_ScenarioAfterApplicationOfASU201308Member" xlink:to="slv_ScenarioAfterApplicationOfASU201308Member_lbl1"/>
    <loc xlink:type="locator" xlink:label="slv_DocumentAndEntityInformationAbstract" xlink:href="slv-20151231.xsd#slv_DocumentAndEntityInformationAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="slv_DocumentAndEntityInformationAbstract_lbl" xml:lang="en-US">Document and Entity Information [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="slv_DocumentAndEntityInformationAbstract" xlink:to="slv_DocumentAndEntityInformationAbstract_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="slv_GainLossOnSaleOfTrustAssetsToPayExpensesRecognizedInOperatingIncomeLoss_lbl2" xml:lang="en-US">GainLossOnSaleOfTrustAssetsToPayExpensesRecognizedInOperatingIncomeLoss</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="slv_GainLossOnSaleOfTrustAssetsToPayExpensesRecognizedInOperatingIncomeLoss" xlink:to="slv_GainLossOnSaleOfTrustAssetsToPayExpensesRecognizedInOperatingIncomeLoss_lbl2"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="slv_SharesOfStockClassifedAsTemporaryEquitySurrenderedDuringReportingPeriod_lbl2" xml:lang="en-US">SharesOfStockClassifedAsTemporaryEquitySurrenderedDuringReportingPeriod</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="slv_SharesOfStockClassifedAsTemporaryEquitySurrenderedDuringReportingPeriod" xlink:to="slv_SharesOfStockClassifedAsTemporaryEquitySurrenderedDuringReportingPeriod_lbl2"/>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityCentralIndexKey_lbl" xml:lang="en-US">Entity Central Index Key</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_AmendmentFlag_lbl" xml:lang="en-US">Amendment Flag</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityPublicFloat_lbl" xml:lang="en-US">Entity Public Float</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentPeriodEndDate_lbl" xml:lang="en-US">Document Period End Date</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityRegistrantName_lbl" xml:lang="en-US">Entity Registrant Name</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentFiscalPeriodFocus_lbl" xml:lang="en-US">Document Fiscal Period Focus</label>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.PRE
<SEQUENCE>12
<FILENAME>slv-20151231_pre.xml
<DESCRIPTION>EXHIBIT 101.PRE
<TEXT>
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<span style="display: none;">v3.3.1.900</span><table class="report" border="0" cellspacing="2" id="idp6730595808">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Document And Entity Information - USD ($)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2015</div></th>
<th class="th"><div>Jun. 30, 2015</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_slv_DocumentAndEntityInformationAbstract', window );"><strong>Document and Entity Information [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityRegistrantName', window );">Entity Registrant Name</a></td>
<td class="text">iShares Silver Trust<span></span>
</td>
<td class="text">&#160;<span></span>
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<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">slv<span></span>
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<td class="text">&#160;<span></span>
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</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentType', window );">Document Type</a></td>
<td class="text">10-K<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_CurrentFiscalYearEndDate', window );">Current Fiscal Year End Date</a></td>
<td class="text">--12-31<span></span>
</td>
<td class="text">&#160;<span></span>
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<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityCommonStockSharesOutstanding', window );">Entity Common Stock, Shares Outstanding</a></td>
<td class="nump">333,550,000<span></span>
</td>
<td class="text">&#160;<span></span>
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<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityPublicFloat', window );">Entity Public Float</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 5,116,963,500<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_AmendmentFlag', window );">Amendment Flag</a></td>
<td class="text">false<span></span>
</td>
<td class="text">&#160;<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityCentralIndexKey', window );">Entity Central Index Key</a></td>
<td class="text">0001330568<span></span>
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<td class="text">&#160;<span></span>
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<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityCurrentReportingStatus', window );">Entity Current Reporting Status</a></td>
<td class="text">Yes<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityVoluntaryFilers', window );">Entity Voluntary Filers</a></td>
<td class="text">No<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityFilerCategory', window );">Entity Filer Category</a></td>
<td class="text">Large Accelerated Filer<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityWellKnownSeasonedIssuer', window );">Entity Well-known Seasoned Issuer</a></td>
<td class="text">Yes<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentPeriodEndDate', window );">Document Period End Date</a></td>
<td class="text">Dec. 31,  2015<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentFiscalYearFocus', window );">Document Fiscal Year Focus</a></td>
<td class="text">2015<span></span>
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<td class="text">&#160;<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentFiscalPeriodFocus', window );">Document Fiscal Period Focus</a></td>
<td class="text">FY<span></span>
</td>
<td class="text">&#160;<span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>If the value is true, then the document is an amendment to previously-filed/accepted document.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>End date of current fiscal year in the format --MM-DD.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CurrentFiscalYearEndDate</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>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.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>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.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<td><strong> Data Type:</strong></td>
<td>xbrli:gYearItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentPeriodEndDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements containing historical data, it is the date up through which that historical data is presented.  If there is no historical data in the report, use the filing date. The format of the date is CCYY-MM-DD.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentPeriodEndDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:dateItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentType">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word "Other".</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentType</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:submissionTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCentralIndexKey">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12b<br> -Subsection 1<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCentralIndexKey</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:centralIndexKeyItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCommonStockSharesOutstanding">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate number of shares or other units outstanding of each of registrant's classes of capital or common stock or other ownership interests, if and as stated on cover of related periodic report. Where multiple classes or units exist define each class/interest by adding class of stock items such as Common Class A [Member], Common Class B [Member] or Partnership Interest [Member] onto the Instrument [Domain] of the Entity Listings, Instrument.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCommonStockSharesOutstanding</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCurrentReportingStatus">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate "Yes" or "No" whether registrants (1) have 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 registrants were required to file such reports), and (2) have been subject to such filing requirements for the past 90 days. This information should be based on the registrant's current or most recent filing containing the related disclosure.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCurrentReportingStatus</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:yesNoItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityFilerCategory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate whether the registrant is one of the following: (1) Large Accelerated Filer, (2) Accelerated Filer, (3) Non-accelerated Filer, (4) Smaller Reporting Company (Non-accelerated) or (5) Smaller Reporting Accelerated Filer. 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.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityFilerCategory</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>dei:filerCategoryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityPublicFloat">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>State aggregate market value of voting and non-voting common equity held by non-affiliates computed by reference to price at which the common equity was last sold, or average bid and asked price of such common equity, as of the last business day of registrant's most recently completed second fiscal quarter. The public float should be reported on the cover page of the registrants form 10K.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityPublicFloat</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityRegistrantName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12b<br> -Subsection 1<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityRegistrantName</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityVoluntaryFilers">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate "Yes" or "No" if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityVoluntaryFilers</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:yesNoItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityWellKnownSeasonedIssuer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate "Yes" or "No" if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Is used on Form Type: 10-K, 10-Q, 8-K, 20-F, 6-K, 10-K/A, 10-Q/A, 20-F/A, 6-K/A, N-CSR, N-Q, N-1A.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityWellKnownSeasonedIssuer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:yesNoItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
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</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_TradingSymbol">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Trading symbol of an instrument as listed on an exchange.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_TradingSymbol</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
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</tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_slv_DocumentAndEntityInformationAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">slv_DocumentAndEntityInformationAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>slv_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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<DESCRIPTION>IDEA: XBRL DOCUMENT
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<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
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<span style="display: none;">v3.3.1.900</span><table class="report" border="0" cellspacing="2" id="idp6724065376">
<tr>
<th class="tl" colspan="2" rowspan="1"><div style="width: 200px;"><strong>Balance Sheets - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
<th class="th"><div>Dec. 31, 2014</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetsCurrentAbstract', window );"><strong>Current assets</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InvestmentInPhysicalCommoditiesFairValueDisclosure', window );">Investment in silver bullion at fair value (a)</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">$ 4,393,861<span></span>
</td>
<td class="nump">$ 5,263,140<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetsFairValueDisclosure', window );">TOTAL ASSETS</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">4,393,861<span></span>
</td>
<td class="nump">5,263,140<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesCurrentAbstract', window );"><strong>Current liabilities</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccountsPayableFairValueDisclosure', window );">Sponsor&#8217;s fees payable</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">1,917<span></span>
</td>
<td class="nump">2,338<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesFairValueDisclosure', window );">Total liabilities</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 1,917<span></span>
</td>
<td class="nump">$ 2,338<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommitmentsAndContingencies', window );">Commitments and contingent liabilities (Note 6)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquity', window );">Shareholders&#8217; equity(b)</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="nump">$ 4,391,944<span></span>
</td>
<td class="nump">$ 5,260,802<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesAndStockholdersEquity', window );">TOTAL LIABILITIES, REDEEMABLE CAPITAL SHARES AND SHAREHOLDERS&#8217; EQUITY (DEFICIT)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 4,393,861<span></span>
</td>
<td class="nump">$ 5,263,140<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TemporaryEquitySharesOutstanding', window );">Shares issued and outstanding (c) (in Shares)</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[3]</sup></td>
<td class="nump">333,550,000<span></span>
</td>
<td class="nump">344,000,000<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TemporaryEquityRedemptionPricePerShare', window );">Net asset value per Share (d) (in Dollars per share)</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[4]</sup></td>
<td class="nump">$ 13.17<span></span>
</td>
<td class="nump">$ 15.29<span></span>
</td>
</tr>
<tr><td colspan="4"></td></tr>
<tr><td colspan="4"><table class="outerFootnotes" width="100%">
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">Cost of investment in silver bullion: $5,979,252 and $6,386,750, respectively.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[2]</td>
<td style="vertical-align: top;" valign="top">Represents net asset value. Please refer to Note 2D.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[3]</td>
<td style="vertical-align: top;" valign="top">No par value, unlimited amount authorized.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[4]</td>
<td style="vertical-align: top;" valign="top">Effective January 1, 2014, the Trust qualified as an investment company solely for accounting purposes and not for any other purpose. Disclosure of net asset value per Share is required for investment companies. Please refer to Note 2B.</td>
</tr>
</table></td></tr>
</table>
<div style="display: none;">
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Fair value portion of liabilities incurred for goods and services received that are used in an entity's business and related party payables.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 825<br> -SubTopic 10<br> -Section 50<br> -Paragraph 14<br> -URI http://asc.fasb.org/extlink&amp;oid=49121117&amp;loc=d3e13487-108611<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.19(a))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 8<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e6935-107765<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Fair value portion of probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 820<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=36462937&amp;loc=d3e19207-110258<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>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.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03.(a),19)<br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 450<br> -SubTopic 20<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=25496072&amp;loc=d3e14326-108349<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-03.17)<br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.25)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Fair value of investment held in physical commodities, for example, but not limited to, gold, silver, platinum, crude oil, coal, sugar, rice, wheat.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 820<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=36462937&amp;loc=d3e19190-110258<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of liabilities and equity items, including the portion of equity attributable to noncontrolling interests, if any.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.32)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 03<br> -Paragraph 25<br> -Article 7<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Fair value of financial and nonfinancial obligations.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 820<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=36462937&amp;loc=d3e19207-110258<br></p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 310<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SAB TOPIC 4.E)<br> -URI http://asc.fasb.org/extlink&amp;oid=27010918&amp;loc=d3e74512-122707<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.29-31)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Staff Accounting Bulletin (SAB)<br> -Number Topic 4<br> -Section E<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount to be paid per share that is classified as temporary equity by entity upon redemption. Temporary equity is a security with redemption features that are outside the control of the issuer, is not classified as an asset or liability in conformity with GAAP, and is not mandatorily redeemable. Includes any type of security that is redeemable at a fixed or determinable price or on a fixed or determinable date or dates, is redeemable at the option of the holder, or has conditions for redemption which are not solely within the control of the issuer. If convertible, the issuer does not control the actions or events necessary to issue the maximum number of shares that could be required to be delivered under the conversion option if the holder exercises the option to convert the stock to another class of equity. If the security is a warrant or a rights issue, the warrant or rights issue is considered to be temporary equity if the issuer cannot demonstrate that it would be able to deliver upon the exercise of the option by the holder in all cases. Includes stock with put option held by ESOP and stock redeemable by holder only in the event of a change in control of the issuer.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 480<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=27011957&amp;loc=d3e177068-122764<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (27)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
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<tr>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of securities classified as temporary equity that have been issued and are held by the entity's shareholders. Securities outstanding equals securities issued minus securities held in treasury. Temporary equity is a security with redemption features that are outside the control of the issuer, is not classified as an asset or liability in conformity with GAAP, and is not mandatorily redeemable. Includes any type of security that is redeemable at a fixed or determinable price or on a fixed or determinable date or dates, is redeemable at the option of the holder, or has conditions for redemption which are not solely within the control of the issuer. If convertible, the issuer does not control the actions or events necessary to issue the maximum number of shares that could be required to be delivered under the conversion option if the holder exercises the option to convert the stock to another class of equity. If the security is a warrant or a rights issue, the warrant or rights issue is considered to be temporary equity if the issuer cannot demonstrate that it would be able to deliver upon the exercise of the option by the holder in all cases. Includes stock with put option held by ESOP and stock redeemable by holder only in the event of a change in control of the issuer.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.27(b))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 02<br> -Paragraph 28<br> -Subparagraph b<br> -Article 5<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_TemporaryEquitySharesOutstanding</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>16
<FILENAME>R3.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<body>
<span style="display: none;">v3.3.1.900</span><table class="report" border="0" cellspacing="2" id="idp6897867856">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Balance Sheets (Parentheticals) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
<th class="th"><div>Dec. 31, 2014</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InvestmentOwnedAtCost', window );">Investment in silver bullion, cost</a></td>
<td class="nump">$ 5,979,252<span></span>
</td>
<td class="nump">$ 6,386,750<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TemporaryEquityParOrStatedValuePerShare', window );">Shares, par value</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TemporaryEquitySharesIssued', window );">Shares issued</a></td>
<td class="nump">333,550,000<span></span>
</td>
<td class="nump">344,000,000<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InvestmentOwnedAtCost">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Cost of the investment.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_InvestmentOwnedAtCost</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_TemporaryEquityParOrStatedValuePerShare">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Per share amount of par value or stated value of stock classified as temporary equity. Temporary equity is a security with redemption features that are outside the control of the issuer, is not classified as an asset or liability in conformity with GAAP, and is not mandatorily redeemable.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (27)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 480<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=27011957&amp;loc=d3e177068-122764<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_TemporaryEquityParOrStatedValuePerShare</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_TemporaryEquitySharesIssued">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of securities classified as temporary equity that have been sold (or granted) to the entity's shareholders. Securities issued include securities outstanding and securities held in treasury. Temporary equity is a security with redemption features that are outside the control of the issuer, is not classified as an asset or liability in conformity with GAAP, and is not mandatorily redeemable. Includes any type of security that is redeemable at a fixed or determinable price or on a fixed or determinable date or dates, is redeemable at the option of the holder, or has conditions for redemption which are not solely within the control of the issuer. If convertible, the issuer does not control the actions or events necessary to issue the maximum number of shares that could be required to be delivered under the conversion option if the holder exercises the option to convert the stock to another class of equity. If the security is a warrant or a rights issue, the warrant or rights issue is considered to be temporary equity if the issuer cannot demonstrate that it would be able to deliver upon the exercise of the option by the holder in all cases. Includes stock with put option held by ESOP and stock redeemable by holder only in the event of a change in control of the issuer.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.27(b))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 02<br> -Paragraph 28<br> -Subparagraph b<br> -Article 5<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_TemporaryEquitySharesIssued</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>17
<FILENAME>R4.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<body>
<span style="display: none;">v3.3.1.900</span><table class="report" border="0" cellspacing="2" id="idp6730865856">
<tr>
<th class="tl" colspan="2" rowspan="2"><div style="width: 200px;"><strong>Income Statements - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="6">12 Months Ended</th>
</tr>
<tr>
<th class="th" colspan="2"><div>Dec. 31, 2015</div></th>
<th class="th" colspan="2"><div>Dec. 31, 2014</div></th>
<th class="th" colspan="2"><div>Dec. 31, 2013</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_slv_RevenueAbstract', window );"><strong>Revenue</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SaleOfTrustAssetsToPayExpenses', window );">Proceeds from sales of silver bullion inventory to pay expenses</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">$ 41,406<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CostOfTrustAssetsSoldToPayExpenses', window );">Cost of silver bullion inventory sold to pay expenses</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(43,296)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_slv_GainLossOnSaleOfTrustAssetsToPayExpensesRecognizedInOperatingIncomeLoss', window );">Loss on sales of silver bullion inventory to pay expenses</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(1,890)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_slv_GainLossOnSilverDistributedForRedemptionOfShares', window );">Loss on silver bullion distributed for the redemption of Shares</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(131,814)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_slv_GainLossOnSalesAndDistributionsOfSilver', window );">Total loss on sales and distributions of silver bullion</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(133,704)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InventoryWriteDown', window );">Adjustment to silver bullion inventory</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(1,781,266)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Revenues', window );">Total loss on silver bullion</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(1,914,970)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CostsAndExpensesAbstract', window );"><strong>Expenses</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_slv_SponsorsFees', window );">Sponsor&#8217;s fees</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 25,295<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="nump">$ 31,579<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="nump">39,818<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingExpenses', window );">Total expenses</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">25,295<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="nump">31,579<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="nump">39,818<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingIncomeLoss', window );">Net investment loss(b)</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2],[3]</sup></td>
<td class="num">(25,295)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(31,579)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GainLossOnInvestmentsAbstract', window );"><strong>Net Realized and Unrealized Gain (Loss)</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GainLossOnSaleOfTrustAssetsToPayExpenses', window );">Net realized loss from silver bullion sold to pay expenses</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="num">(5,703)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(1,056)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_slv_NetRealizedGainLossFromSilverDistributedForTheRedemptionOfShares', window );">Net realized loss from silver bullion distributed for the redemption of Shares</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(206,453)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="num">(77,394)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="num">(131,814)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RealizedInvestmentGainsLosses', window );">Net realized loss</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="num">(212,156)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(78,450)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_UnrealizedGainLossOnInvestments', window );">Net change in unrealized appreciation/depreciation on investment in silver bullion</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="num">(461,781)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(1,123,610)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GainLossOnInvestments', window );">Net realized and unrealized loss</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="num">(673,937)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(1,202,060)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLoss', window );">NET LOSS</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">$ (699,232)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="num">$ (1,233,639)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="num">$ (1,954,788)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[4]</sup></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EarningsPerShareBasic', window );">Net loss per Share (in Dollars per share)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">$ (2.07)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="num">$ (3.57)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="num">$ (5.65)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_WeightedAverageNumberOfSharesOutstandingBasic', window );">Weighted-average Shares outstanding (in Shares)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">337,569,863<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="nump">345,726,575<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="nump">345,697,260<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr><td colspan="8"></td></tr>
<tr><td colspan="8"><table class="outerFootnotes" width="100%">
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">At December 31, 2013, the market value of the silver bullion was below the average cost of the Trust's silver bullion inventory held. As a result, theTrust recorded a permanent write down against the average cost of the silver bullion inventory of $1,781,266.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[2]</td>
<td style="vertical-align: top;" valign="top">Effective January 1, 2014, the Trust qualified as an investment company for accounting purposes. Please refer to Note 2B.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[3]</td>
<td style="vertical-align: top;" valign="top">Net investment income (loss) is applicable to investment companies. Please refer to Note 2B.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[4]</td>
<td style="vertical-align: top;" valign="top">The components of net loss for the years ended December 31, 2015 and 2014 are reflected in the other captions disclosed within this statement.</td>
</tr>
</table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_slv_GainLossOnSaleOfTrustAssetsToPayExpensesRecognizedInOperatingIncomeLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of gain (loss) on the sale of trust assets to pay expenses recognized in operating income (loss).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">slv_GainLossOnSaleOfTrustAssetsToPayExpensesRecognizedInOperatingIncomeLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>slv_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_slv_GainLossOnSalesAndDistributionsOfSilver">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Total realized gain or loss on the sales and distributions of silver.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">slv_GainLossOnSalesAndDistributionsOfSilver</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>slv_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_slv_GainLossOnSilverDistributedForRedemptionOfShares">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Realized gain or loss on silver distributed for the redemption of redeemable capital shares recognized in operating income (loss).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">slv_GainLossOnSilverDistributedForRedemptionOfShares</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>slv_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_slv_NetRealizedGainLossFromSilverDistributedForTheRedemptionOfShares">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The net realized gain (loss) from silver distributed for the redemption of shares during the period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">slv_NetRealizedGainLossFromSilverDistributedForTheRedemptionOfShares</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>slv_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
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</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_slv_RevenueAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">slv_RevenueAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>slv_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_slv_SponsorsFees">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Fees paid to the sponsor of the trust.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">slv_SponsorsFees</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>slv_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CostOfTrustAssetsSoldToPayExpenses">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Cost of trust assets sold to pay trust expenses (includes commodities, but is not limited to, gold and silver).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CostOfTrustAssetsSoldToPayExpenses</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CostsAndExpensesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CostsAndExpensesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EarningsPerShareBasic">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.21)<br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 55<br> -Paragraph 52<br> -URI http://asc.fasb.org/extlink&amp;oid=32703322&amp;loc=d3e4984-109258<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 45<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=7655603&amp;loc=d3e1252-109256<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 225<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-04.19)<br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 225<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-04.23)<br> -URI http://asc.fasb.org/extlink&amp;oid=6879574&amp;loc=d3e536633-122882<br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 04<br> -Paragraph 18<br> -Article 7<br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 03<br> -Paragraph 20<br> -Article 5<br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 04<br> -Paragraph 21<br> -Article 9<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EarningsPerShareBasic</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_GainLossOnInvestments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>This item represents the net total realized and unrealized gain (loss) included in earnings for the period as a result of selling or holding marketable securities categorized as trading, available-for-sale, or held-to-maturity, including the unrealized holding gain (loss) of held-to-maturity securities transferred to the trading security category and the cumulative unrealized gain (loss) which was included in other comprehensive income (a separate component of shareholders' equity) for available-for-sale securities transferred to trading securities during the period. Additionally, this item would include any gains (losses) realized during the period from the sale of investments accounted for under the cost method of accounting and losses recognized for other than temporary impairments (OTTI) of the subject investments.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 320<br> -SubTopic 10<br> -Section 50<br> -Paragraph 9<br> -Subparagraph (c)-(e)<br> -URI http://asc.fasb.org/extlink&amp;oid=27724398&amp;loc=d3e27357-111563<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3602-108585<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.7(c),9(a))<br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 320<br> -SubTopic 10<br> -Section 50<br> -Paragraph 10<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=27724398&amp;loc=d3e27405-111563<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_GainLossOnInvestments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
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</tr>
<tr>
<td><strong> Period Type:</strong></td>
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</tr>
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</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_GainLossOnInvestmentsAbstract">
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_GainLossOnInvestmentsAbstract</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Gain (loss) related to the sale of trust assets (includes, but is not limited to, gold and silver) to pay trust expenses.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_GainLossOnSaleOfTrustAssetsToPayExpenses</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InventoryWriteDown">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Charge to cost of goods sold that represents the reduction of the carrying amount of inventory, generally attributable to obsolescence or market conditions.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 330<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=28360613&amp;loc=d3e4542-108314<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.2)<br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_InventoryWriteDown</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetIncomeLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Net Income<br> -URI http://asc.fasb.org/extlink&amp;oid=51831255<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3602-108585<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 225<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-04.19)<br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.18)<br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 225<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-04.22)<br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Other Comprehensive Income<br> -URI http://asc.fasb.org/extlink&amp;oid=51831270<br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 03<br> -Paragraph 19<br> -Article 5<br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 04<br> -Paragraph 20<br> -Article 9<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetIncomeLoss</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>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.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OperatingExpenses</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<td>debit</td>
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</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OperatingIncomeLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The net result for the period of deducting operating expenses from operating revenues.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OperatingIncomeLoss</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<td><strong> Data Type:</strong></td>
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<tr>
<td><strong> Balance Type:</strong></td>
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</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RealizedInvestmentGainsLosses">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The net realized gains or losses on investments during the period, not including gains or losses on securities separately or otherwise categorized as trading, available-for-sale, or held-to-maturity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 225<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-04.3(a))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 325<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6485959&amp;loc=d3e22529-158502<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RealizedInvestmentGainsLosses</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_Revenues">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.1)<br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_Revenues</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<tr>
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<td>xbrli:monetaryItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SaleOfTrustAssetsToPayExpenses">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of sale of trust assets (includes, but is not limited to, gold and silver) to pay trust expenses.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_SaleOfTrustAssetsToPayExpenses</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_UnrealizedGainLossOnInvestments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The net change in the difference between the fair value and the carrying value, or in the comparative fair values, of investments, not including unrealized gains or losses on securities separately or otherwise categorized as trading, available-for-sale, or held-to-maturity, held at each balance sheet date and included in earnings for the period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3602-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_UnrealizedGainLossOnInvestments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<tr>
<td><strong> Data Type:</strong></td>
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<tr>
<td><strong> Balance Type:</strong></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_WeightedAverageNumberOfSharesOutstandingBasic">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of [basic] shares or units, after adjustment for contingently issuable shares or units and other shares or units not deemed outstanding, determined by relating the portion of time within a reporting period that common shares or units have been outstanding to the total time in that period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 45<br> -Paragraph 10<br> -URI http://asc.fasb.org/extlink&amp;oid=7655603&amp;loc=d3e1448-109256<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Weighted-Average Number of Common Shares Outstanding<br> -URI http://asc.fasb.org/extlink&amp;oid=6528421<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_WeightedAverageNumberOfSharesOutstandingBasic</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<span style="display: none;">v3.3.1.900</span><table class="report" border="0" cellspacing="2" id="idp6731116192">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Statements of Changes Shareholders' Equity (Deficit)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="2"><div>USD ($)</div></th>
</tr>
<tr class="rc">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquity', window );">Shareholders&#8217; equity (deficit) &#8211; beginning of period (a) at Dec. 31, 2012</a></td>
<td class="num">$ (1,575,959)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TemporaryEquityStockIssuedDuringPeriodValueNewIssues', window );">Contributions for Shares issued</a></td>
<td class="nump">2,096,484<span></span>
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<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_slv_ValueOfStockClassifiedAsTemporaryEquitySurrenderedDuringReportingPeriod', window );">Distributions for Shares redeemed</a></td>
<td class="num">(2,031,644)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_slv_NetRealizedGainLossFromSilverDistributedForTheRedemptionOfShares', window );">Net realized loss from silver bullion distributed for the redemption of Shares</a></td>
<td class="num">(131,814)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLoss', window );">Net loss (b)</a></td>
<td class="num">(1,954,788)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TemporaryEquityIssuePeriodIncreaseOrDecrease', window );">Adjustment of redeemable capital Shares to redemption value</a></td>
<td class="nump">3,530,747<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rc">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquity', window );">Shareholders&#8217; equity (deficit) &#8211; end of period (Scenario After Application of ASU 2013-08 [Member]) at Dec. 31, 2013</a></td>
<td class="nump">6,240,747<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TemporaryEquityStockIssuedDuringPeriodValueNewIssues', window );">Contributions for Shares issued | Scenario After Application of ASU 2013-08 [Member]</a></td>
<td class="nump">1,361,917<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TemporaryEquityStockIssuedDuringPeriodValueNewIssues', window );">Contributions for Shares issued</a></td>
<td class="nump">1,361,917<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_slv_ValueOfStockClassifiedAsTemporaryEquitySurrenderedDuringReportingPeriod', window );">Distributions for Shares redeemed | Scenario After Application of ASU 2013-08 [Member]</a></td>
<td class="num">(1,108,223)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_slv_ValueOfStockClassifiedAsTemporaryEquitySurrenderedDuringReportingPeriod', window );">Distributions for Shares redeemed</a></td>
<td class="num">(1,108,223)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingIncomeLoss', window );">Net investment loss | Scenario After Application of ASU 2013-08 [Member]</a></td>
<td class="num">(31,579)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingIncomeLoss', window );">Net investment loss</a></td>
<td class="num">(31,579)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[3],[4]</sup></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GainLossOnSaleOfTrustAssetsToPayExpenses', window );">Net realized loss from silver bullion sold to pay expenses | Scenario After Application of ASU 2013-08 [Member]</a></td>
<td class="num">(1,056)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GainLossOnSaleOfTrustAssetsToPayExpenses', window );">Net realized loss from silver bullion sold to pay expenses</a></td>
<td class="num">(1,056)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[3]</sup></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_slv_NetRealizedGainLossFromSilverDistributedForTheRedemptionOfShares', window );">Net realized loss from silver bullion distributed for the redemption of Shares | Scenario After Application of ASU 2013-08 [Member]</a></td>
<td class="num">(77,394)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_slv_NetRealizedGainLossFromSilverDistributedForTheRedemptionOfShares', window );">Net realized loss from silver bullion distributed for the redemption of Shares</a></td>
<td class="num">(77,394)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[3]</sup></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_UnrealizedGainLossOnInvestments', window );">Net change in unrealized appreciation/depreciation on investment in silver bullion | Scenario After Application of ASU 2013-08 [Member]</a></td>
<td class="num">(1,123,610)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_UnrealizedGainLossOnInvestments', window );">Net change in unrealized appreciation/depreciation on investment in silver bullion</a></td>
<td class="num">(1,123,610)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[3]</sup></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLoss', window );">Net loss (b)</a></td>
<td class="num">(1,233,639)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[3]</sup></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TemporaryEquityIssuePeriodIncreaseOrDecrease', window );">Adjustment of redeemable capital Shares to redemption value</a></td>
<td class="nump">253,694<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rc">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquity', window );">Shareholders&#8217; equity (deficit) &#8211; end of period (Scenario After Application of ASU 2013-08 [Member]) at Dec. 31, 2014</a></td>
<td class="nump">5,260,802<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1],[5]</sup></td>
</tr>
<tr class="rc">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquity', window );">Shareholders&#8217; equity (deficit) &#8211; end of period at Dec. 31, 2014</a></td>
<td class="nump">5,260,802<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[5]</sup></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TemporaryEquityStockIssuedDuringPeriodValueNewIssues', window );">Contributions for Shares issued | Scenario After Application of ASU 2013-08 [Member]</a></td>
<td class="nump">859,468<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TemporaryEquityStockIssuedDuringPeriodValueNewIssues', window );">Contributions for Shares issued</a></td>
<td class="nump">859,468<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_slv_ValueOfStockClassifiedAsTemporaryEquitySurrenderedDuringReportingPeriod', window );">Distributions for Shares redeemed | Scenario After Application of ASU 2013-08 [Member]</a></td>
<td class="num">(1,029,094)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_slv_ValueOfStockClassifiedAsTemporaryEquitySurrenderedDuringReportingPeriod', window );">Distributions for Shares redeemed</a></td>
<td class="num">(1,029,094)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingIncomeLoss', window );">Net investment loss | Scenario After Application of ASU 2013-08 [Member]</a></td>
<td class="num">(25,295)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingIncomeLoss', window );">Net investment loss</a></td>
<td class="num">(25,295)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[3],[4]</sup></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GainLossOnSaleOfTrustAssetsToPayExpenses', window );">Net realized loss from silver bullion sold to pay expenses | Scenario After Application of ASU 2013-08 [Member]</a></td>
<td class="num">(5,703)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GainLossOnSaleOfTrustAssetsToPayExpenses', window );">Net realized loss from silver bullion sold to pay expenses</a></td>
<td class="num">(5,703)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[3]</sup></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_slv_NetRealizedGainLossFromSilverDistributedForTheRedemptionOfShares', window );">Net realized loss from silver bullion distributed for the redemption of Shares | Scenario After Application of ASU 2013-08 [Member]</a></td>
<td class="num">(206,453)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_slv_NetRealizedGainLossFromSilverDistributedForTheRedemptionOfShares', window );">Net realized loss from silver bullion distributed for the redemption of Shares</a></td>
<td class="num">(206,453)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[3]</sup></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_UnrealizedGainLossOnInvestments', window );">Net change in unrealized appreciation/depreciation on investment in silver bullion | Scenario After Application of ASU 2013-08 [Member]</a></td>
<td class="num">(461,781)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_UnrealizedGainLossOnInvestments', window );">Net change in unrealized appreciation/depreciation on investment in silver bullion</a></td>
<td class="num">(461,781)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[3]</sup></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLoss', window );">Net loss (b)</a></td>
<td class="num">(699,232)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[3]</sup></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TemporaryEquityIssuePeriodIncreaseOrDecrease', window );">Adjustment of redeemable capital Shares to redemption value</a></td>
<td class="num">(169,626)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rc">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquity', window );">Shareholders&#8217; equity (deficit) &#8211; end of period (Scenario After Application of ASU 2013-08 [Member]) at Dec. 31, 2015</a></td>
<td class="nump">4,391,944<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[5]</sup></td>
</tr>
<tr class="rc">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquity', window );">Shareholders&#8217; equity (deficit) &#8211; end of period at Dec. 31, 2015</a></td>
<td class="nump">$ 4,391,944<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[5]</sup></td>
</tr>
<tr><td colspan="3"></td></tr>
<tr><td colspan="3"><table class="outerFootnotes" width="100%">
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">The Trust reclassified redeemable capital shares as of December 31, 2013 into shareholders' equity as part of it's transition to investment companyaccounting effective January 1, 2014. Please refer to Note 2B.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[2]</td>
<td style="vertical-align: top;" valign="top">The components of net loss for the years ended December 31, 2015 and 2014 are reflected in the other captions disclosed within this statement.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[3]</td>
<td style="vertical-align: top;" valign="top">Effective January 1, 2014, the Trust qualified as an investment company for accounting purposes. Please refer to Note 2B.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[4]</td>
<td style="vertical-align: top;" valign="top">Net investment income (loss) is applicable to investment companies. Please refer to Note 2B.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[5]</td>
<td style="vertical-align: top;" valign="top">Represents net asset value. Please refer to Note 2D.</td>
</tr>
</table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_slv_NetRealizedGainLossFromSilverDistributedForTheRedemptionOfShares">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The net realized gain (loss) from silver distributed for the redemption of shares during the period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">slv_NetRealizedGainLossFromSilverDistributedForTheRedemptionOfShares</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>slv_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_slv_ValueOfStockClassifiedAsTemporaryEquitySurrenderedDuringReportingPeriod">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the value of stock classified as temporary equity surrendered during the reporting period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">slv_ValueOfStockClassifiedAsTemporaryEquitySurrenderedDuringReportingPeriod</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>slv_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_GainLossOnSaleOfTrustAssetsToPayExpenses">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Gain (loss) related to the sale of trust assets (includes, but is not limited to, gold and silver) to pay trust expenses.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_GainLossOnSaleOfTrustAssetsToPayExpenses</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetIncomeLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Net Income<br> -URI http://asc.fasb.org/extlink&amp;oid=51831255<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3602-108585<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 225<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-04.19)<br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.18)<br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 225<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-04.22)<br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Other Comprehensive Income<br> -URI http://asc.fasb.org/extlink&amp;oid=51831270<br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 03<br> -Paragraph 19<br> -Article 5<br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 04<br> -Paragraph 20<br> -Article 9<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetIncomeLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OperatingIncomeLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The net result for the period of deducting operating expenses from operating revenues.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OperatingIncomeLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockholdersEquity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 310<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SAB TOPIC 4.E)<br> -URI http://asc.fasb.org/extlink&amp;oid=27010918&amp;loc=d3e74512-122707<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.29-31)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Staff Accounting Bulletin (SAB)<br> -Number Topic 4<br> -Section E<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StockholdersEquity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>credit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Change in the value of each type or class of stock classified as temporary equity during the period. The redemption requirement does not constitute an unconditional obligation that will be settled in a variable number of shares constituting a monetary value predominantly indexed to (a) a fixed monetary amount known at inception, (b) an amount inversely correlated with the residual value of the entity, or (c) an amount determined by reference to something other than the fair value of issuer's stock. Does not include mandatorily redeemable stock. The exception is if redemption is required upon liquidation or termination of the reporting entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (27)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 480<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=27011957&amp;loc=d3e177068-122764<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_TemporaryEquityIssuePeriodIncreaseOrDecrease</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_TemporaryEquityStockIssuedDuringPeriodValueNewIssues">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Value of new stock classified as temporary equity issued during the period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_TemporaryEquityStockIssuedDuringPeriodValueNewIssues</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_UnrealizedGainLossOnInvestments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The net change in the difference between the fair value and the carrying value, or in the comparative fair values, of investments, not including unrealized gains or losses on securities separately or otherwise categorized as trading, available-for-sale, or held-to-maturity, held at each balance sheet date and included in earnings for the period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3602-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_UnrealizedGainLossOnInvestments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>credit</td>
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<td><strong> Period Type:</strong></td>
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</table></div>
</div></td></tr>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<td><strong> Name:</strong></td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<head>
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<span style="display: none;">v3.3.1.900</span><table class="report" border="0" cellspacing="2" id="idp6730970096">
<tr>
<th class="tl" colspan="2" rowspan="2"><div style="width: 200px;"><strong>Statements of Cash Flows - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="6">12 Months Ended</th>
</tr>
<tr>
<th class="th" colspan="2"><div>Dec. 31, 2015</div></th>
<th class="th" colspan="2"><div>Dec. 31, 2014</div></th>
<th class="th" colspan="2"><div>Dec. 31, 2013</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract', window );"><strong>CASH FLOWS FROM OPERATING ACTIVITIES:</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromSaleOfTrustAssetsToPayExpenses', window );">Proceeds from sales of silver bullion to pay expenses</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 25,716<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">$ 31,961<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">$ 41,406<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsForFees', window );">Expenses &#8211; Sponsor&#8217;s fees paid</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(25,716)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(31,961)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(41,406)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInOperatingActivities', window );">Net cash provided by operating activities</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease', window );">Increase (decrease) in cash</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsAtCarryingValue', window );">Cash, beginning of period</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsAtCarryingValue', window );">Cash, end of period</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_slv_ReconciliationOfNetLossToNetCashProvidedByOperatingActivitiesAbstract', window );"><strong>RECONCILIATION OF NET LOSS TO NET CASH PROVIDED BY OPERATING ACTIVITIES:</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLoss', window );">Net loss</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(699,232)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="num">(1,233,639)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="num">(1,954,788)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract', window );"><strong>Adjustments to reconcile net loss to net cash provided by operating activities:</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromSaleOfTrustAssetsToPayExpenses', window );">Proceeds from sales of silver bullion sold to pay expenses</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">25,716<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">31,961<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">41,406<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GainLossOnSaleOfTrustAssetsToPayExpenses', window );">Net realized loss from silver bullion sold to pay expenses</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">5,703<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">1,056<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CostOfTrustAssetsSoldToPayExpenses', window );">Cost of silver bullion inventory sold to pay expenses</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">43,296<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_slv_NetRealizedGainLossFromSilverDistributedForTheRedemptionOfShares', window );">Net realized loss from silver bullion distributed for the redemption of Shares</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">206,453<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">77,394<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">131,814<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_UnrealizedGainLossOnInvestments', window );">Net change in unrealized appreciation/depreciation on investment in silver bullion</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">461,781<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">1,123,610<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InventoryWriteDown', window );">Adjustment to silver bullion inventory</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[3]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">1,781,266<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInOperatingCapitalAbstract', window );"><strong>Change in operating assets and liabilities:</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInAccountsPayableRelatedParties', window );">Sponsor&#8217;s fees payable</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(421)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(382)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(1,588)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInOperatingActivities', window );">Net cash provided by operating activities</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SupplementalCashFlowInformationAbstract', window );"><strong>Supplemental disclosure of non-cash information:</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueOfAssetsAcquired', window );">Silver bullion contributed for subscription of Shares (a)</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[4]</sup></td>
<td class="nump">859,468<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">1,361,917<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">2,096,484<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherSignificantNoncashTransactionValueOfConsiderationGiven1', window );">Silver bullion distributed for redemption of Shares(a)</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[4]</sup></td>
<td class="num">$ (1,029,094)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">$ (1,108,223)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">$ (2,163,458)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr><td colspan="8"></td></tr>
<tr><td colspan="8"><table class="outerFootnotes" width="100%">
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">Effective January 1, 2014, the Trust qualified as an investment company for accounting purposes. Please refer to Note 2B.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[2]</td>
<td style="vertical-align: top;" valign="top">The components of net loss for the years ended December 31, 2015 and 2014 are reflected in the other captions disclosed within this statement.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[3]</td>
<td style="vertical-align: top;" valign="top">At December 31, 2013, the market value of the silver bullion was below the average cost of the Trust's silver bullion inventory held. As a result, theTrust recorded a permanent write down against the average cost of the silver bullion inventory of $1,781,266.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[4]</td>
<td style="vertical-align: top;" valign="top">Presented at fair value for the years ended December 31, 2015 and 2014 and cost for the year ended Decmeber 31, 2013.</td>
</tr>
</table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_slv_NetRealizedGainLossFromSilverDistributedForTheRedemptionOfShares">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The net realized gain (loss) from silver distributed for the redemption of shares during the period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">slv_NetRealizedGainLossFromSilverDistributedForTheRedemptionOfShares</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>slv_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_slv_ReconciliationOfNetLossToNetCashProvidedByOperatingActivitiesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">slv_ReconciliationOfNetLossToNetCashProvidedByOperatingActivitiesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>slv_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
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</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CashAndCashEquivalentsAtCarryingValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Cash<br> -URI http://asc.fasb.org/extlink&amp;oid=6506951<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e6676-107765<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3044-108585<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Cash Equivalents<br> -URI http://asc.fasb.org/extlink&amp;oid=6507016<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.1)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CashAndCashEquivalentsAtCarryingValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of increase (decrease) in cash and cash equivalents. Cash and cash equivalents are the amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Includes effect from exchange rate changes.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 24<br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3521-108585<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 830<br> -SubTopic 230<br> -Section 45<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=49171198&amp;loc=d3e33268-110906<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CostOfTrustAssetsSoldToPayExpenses">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Cost of trust assets sold to pay trust expenses (includes commodities, but is not limited to, gold and silver).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CostOfTrustAssetsSoldToPayExpenses</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FairValueOfAssetsAcquired">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The fair value of assets acquired in noncash investing or financing activities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 50<br> -Paragraph 5<br> -URI http://asc.fasb.org/extlink&amp;oid=6367179&amp;loc=d3e4332-108586<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 50<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=6367179&amp;loc=d3e4313-108586<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=6367179&amp;loc=d3e4304-108586<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FairValueOfAssetsAcquired</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_GainLossOnSaleOfTrustAssetsToPayExpenses">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Gain (loss) related to the sale of trust assets (includes, but is not limited to, gold and silver) to pay trust expenses.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_GainLossOnSaleOfTrustAssetsToPayExpenses</td>
</tr>
<tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) during the reporting period in the obligations due for goods and services provided by the following types of related parties: a parent company and its subsidiaries, subsidiaries of a common parent, an entity and trust for the benefit of employees, such as pension and profit-sharing trusts that are managed by or under the trusteeship of the entities' management, an entity and its principal owners, management, or member of their immediate families, affiliates, or other parties with the ability to exert significant influence.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3602-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Charge to cost of goods sold that represents the reduction of the carrying amount of inventory, generally attributable to obsolescence or market conditions.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 330<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=28360613&amp;loc=d3e4542-108314<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.2)<br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_InventoryWriteDown</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of cash inflow (outflow) from operating activities, including discontinued operations. Operating activity cash flows include transactions, adjustments, and changes in value not defined as investing or financing activities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 24<br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3521-108585<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3602-108585<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 25<br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3536-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetCashProvidedByUsedInOperatingActivities</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<td><strong> Balance Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetIncomeLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Net Income<br> -URI http://asc.fasb.org/extlink&amp;oid=51831255<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3602-108585<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 225<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-04.19)<br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.18)<br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 225<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-04.22)<br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Other Comprehensive Income<br> -URI http://asc.fasb.org/extlink&amp;oid=51831270<br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 03<br> -Paragraph 19<br> -Article 5<br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 04<br> -Paragraph 20<br> -Article 9<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetIncomeLoss</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherSignificantNoncashTransactionValueOfConsiderationGiven1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The value of the noncash (or part noncash) consideration given (for example, liability, equity) in a transaction. Noncash is defined as transactions during a period that do not result in cash receipts or cash payments in the period. "Part noncash" refers to that portion of a transaction not resulting in cash receipts or cash payments in the period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=6367179&amp;loc=d3e4304-108586<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 50<br> -Paragraph 5<br> -URI http://asc.fasb.org/extlink&amp;oid=6367179&amp;loc=d3e4332-108586<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 50<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=6367179&amp;loc=d3e4313-108586<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OtherSignificantNoncashTransactionValueOfConsiderationGiven1</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of cash paid during the current period for fees which are not defined elsewhere in the taxonomy.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 25<br> -Subparagraph (g)<br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3536-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PaymentsForFees</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of cash inflows from the sale of trust assets to pay trust expenses.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ProceedsFromSaleOfTrustAssetsToPayExpenses</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_SupplementalCashFlowInformationAbstract</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_UnrealizedGainLossOnInvestments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The net change in the difference between the fair value and the carrying value, or in the comparative fair values, of investments, not including unrealized gains or losses on securities separately or otherwise categorized as trading, available-for-sale, or held-to-maturity, held at each balance sheet date and included in earnings for the period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3602-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_UnrealizedGainLossOnInvestments</td>
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Schedules of Investments<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2015</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ScheduleOfInvestmentsAbstract', window );"><strong>Schedule of Investments [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InvestmentHoldingsScheduleOfInvestmentsTextBlock', window );">Investment Holdings, Schedule of Investments [Text Block]</a></td>
<td class="text"><table id="TBL1932S1S1" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 100%; TEXT-INDENT: 0px" cellspacing="0" cellpadding="0" border="0">

    <tr id="TBL1932S1.finRow.1">
     <td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 83%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt" colspan="12"> <p id="PARA1885" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><u><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><b>(All balances in 000&#x2019;s, except percentage data)</b></font></u></p></td>
     <td id="TBL1932S1.finRow.1.trail.D4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0px">&nbsp;</td>
    </tr>
    <tr id="TBL1932S1.finRow.2">
     <td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 83%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt" colspan="12"> <p id="PARA1886" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><u><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><b>December&nbsp;31,&nbsp;2015</b></font></u></p></td>
     <td id="TBL1932S1.finRow.2.trail.D4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0px">&nbsp;</td>
    </tr>
    <tr id="TBL1932S1.finRow.3">
     <td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 43%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt"> <p id="PARA1887" style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><b>Description</b></font></p></td>
     <td id="TBL1932S1.finRow.3.lead.D2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom">&nbsp;</td>
     <td id="TBL1932S1.finRow.3.amt.D2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt" colspan="2"> <p id="PARA1889" style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><b>Ounces</b></font></p></td>
     <td id="TBL1932S1.finRow.3.trail.D2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px">&nbsp;</td>
     <td id="TBL1932S1.finRow.3.lead.D3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom">&nbsp;</td>
     <td id="TBL1932S1.finRow.3.amt.D3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt" colspan="2"> <p id="PARA1891" style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><b>Cost</b></font></p></td>
     <td id="TBL1932S1.finRow.3.trail.D3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px">&nbsp;</td>
     <td id="TBL1932S1.finRow.3.lead.D4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom">&nbsp;</td>
     <td id="TBL1932S1.finRow.3.amt.D4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt" colspan="2"> <p id="PARA1893" style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><b>Fair Value</b></font></p></td>
     <td id="TBL1932S1.finRow.3.trail.D4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px">&nbsp;</td>
    </tr>
    <tr id="TBL1932S1.finRow.4" style="BACKGROUND-COLOR: #cceeff">
     <td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 43%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff"> <p id="PARA1894" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Silver bullion</font></p></td>
     <td id="TBL1932S1.finRow.4.lead.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL1932S1.finRow.4.symb.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL1932S1.finRow.4.amt.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">317,934.9</td>
     <td id="TBL1932S1.finRow.4.trail.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap">&nbsp;</td>
     <td id="TBL1932S1.finRow.4.lead.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL1932S1.finRow.4.symb.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">$</td>
     <td id="TBL1932S1.finRow.4.amt.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">5,979,252</td>
     <td id="TBL1932S1.finRow.4.trail.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap">&nbsp;</td>
     <td id="TBL1932S1.finRow.4.lead.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL1932S1.finRow.4.symb.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">$</td>
     <td id="TBL1932S1.finRow.4.amt.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">4,393,861</td>
     <td id="TBL1932S1.finRow.4.trail.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap">&nbsp;</td>
    </tr>
    <tr id="TBL1932S1.finRow.5" style="BACKGROUND-COLOR: #ffffff">
     <td style="WIDTH: 43%; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL1932S1.finRow.5.lead.B2" style="WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL1932S1.finRow.5.symb.B2" style="WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL1932S1.finRow.5.amt.B2" style="WIDTH: 16%; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL1932S1.finRow.5.trail.B2" style="WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL1932S1.finRow.5.lead.B3" style="WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL1932S1.finRow.5.symb.B3" style="WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL1932S1.finRow.5.amt.B3" style="WIDTH: 16%; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL1932S1.finRow.5.trail.B3" style="WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL1932S1.finRow.5.lead.B4" style="WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL1932S1.finRow.5.symb.B4" style="WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL1932S1.finRow.5.amt.B4" style="WIDTH: 16%; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL1932S1.finRow.5.trail.B4" style="WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
    </tr>
    <tr id="TBL1932S1.finRow.6" style="BACKGROUND-COLOR: #cceeff">
     <td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 43%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff"> <p id="PARA1901" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Total Investment &#x2013; 100.04%</font></p></td>
     <td id="TBL1932S1.finRow.6.lead.B2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL1932S1.finRow.6.symb.B2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL1932S1.finRow.6.amt.B2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL1932S1.finRow.6.trail.B2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL1932S1.finRow.6.lead.B3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL1932S1.finRow.6.symb.B3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL1932S1.finRow.6.amt.B3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL1932S1.finRow.6.trail.B3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL1932S1.finRow.6.lead.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL1932S1.finRow.6.symb.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL1932S1.finRow.6.amt.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">4,393,861</td>
     <td id="TBL1932S1.finRow.6.trail.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap">&nbsp;</td>
    </tr>
    <tr id="TBL1932S1.finRow.7" style="BACKGROUND-COLOR: #ffffff">
     <td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 43%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff"> <p id="PARA1903" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Less Liabilities &#x2013; (0.04)%</font></p></td>
     <td id="TBL1932S1.finRow.7.lead.B2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL1932S1.finRow.7.symb.B2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL1932S1.finRow.7.amt.B2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL1932S1.finRow.7.trail.B2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL1932S1.finRow.7.lead.B3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL1932S1.finRow.7.symb.B3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL1932S1.finRow.7.amt.B3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL1932S1.finRow.7.trail.B3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL1932S1.finRow.7.lead.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL1932S1.finRow.7.symb.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL1932S1.finRow.7.amt.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">(1,917</td>
     <td id="TBL1932S1.finRow.7.trail.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="nowrap">)</td>
    </tr>
    <tr id="TBL1932S1.finRow.8" style="BACKGROUND-COLOR: #cceeff">
     <td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 43%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff"> <p id="PARA1905" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Net Assets &#x2013; 100.00%</font></p></td>
     <td id="TBL1932S1.finRow.8.lead.B2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL1932S1.finRow.8.symb.B2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL1932S1.finRow.8.amt.B2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL1932S1.finRow.8.trail.B2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0px; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL1932S1.finRow.8.lead.B3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL1932S1.finRow.8.symb.B3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL1932S1.finRow.8.amt.B3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL1932S1.finRow.8.trail.B3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0px; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL1932S1.finRow.8.lead.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL1932S1.finRow.8.symb.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">$</td>
     <td id="TBL1932S1.finRow.8.amt.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">4,391,944</td>
     <td id="TBL1932S1.finRow.8.trail.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap">&nbsp;</td>
    </tr>

  </table><br/><table id="TBL1932S1" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 100%; TEXT-INDENT: 0px" cellspacing="0" cellpadding="0" border="0">

    <tr id="TBL1932S1.finRow.10" style="BACKGROUND-COLOR: #ffffff">
     <td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 83%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" colspan="12"> <p id="PARA1909" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><u><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><b>December&nbsp;31,&nbsp;2014</b></font></u></p></td>
     <td id="TBL1932S1.finRow.10.trail.D4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0px; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
    </tr>
    <tr id="TBL1932S1.finRow.11" style="BACKGROUND-COLOR: #ffffff">
     <td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 43%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff"> <p id="PARA1910" style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><b>Description</b></font></p></td>
     <td id="TBL1932S1.finRow.11.lead.D2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL1932S1.finRow.11.amt.D2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" colspan="2"> <p id="PARA1912" style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><b>Ounces</b></font></p></td>
     <td id="TBL1932S1.finRow.11.trail.D2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL1932S1.finRow.11.lead.D3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL1932S1.finRow.11.amt.D3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" colspan="2"> <p id="PARA1914" style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><b>Cost</b></font></p></td>
     <td id="TBL1932S1.finRow.11.trail.D3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL1932S1.finRow.11.lead.D4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL1932S1.finRow.11.amt.D4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" colspan="2"> <p id="PARA1916" style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><b>Fair Value</b></font></p></td>
     <td id="TBL1932S1.finRow.11.trail.D4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
    </tr>
    <tr id="TBL1932S1.finRow.12" style="BACKGROUND-COLOR: #cceeff">
     <td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 43%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff"> <p id="PARA1917" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Silver bullion</font></p></td>
     <td id="TBL1932S1.finRow.12.lead.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL1932S1.finRow.12.symb.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL1932S1.finRow.12.amt.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">329,564.2</td>
     <td id="TBL1932S1.finRow.12.trail.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap">&nbsp;</td>
     <td id="TBL1932S1.finRow.12.lead.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL1932S1.finRow.12.symb.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">$</td>
     <td id="TBL1932S1.finRow.12.amt.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">6,386,750</td>
     <td id="TBL1932S1.finRow.12.trail.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap">&nbsp;</td>
     <td id="TBL1932S1.finRow.12.lead.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL1932S1.finRow.12.symb.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">$</td>
     <td id="TBL1932S1.finRow.12.amt.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">5,263,140</td>
     <td id="TBL1932S1.finRow.12.trail.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap">&nbsp;</td>
    </tr>
    <tr id="TBL1932S1.finRow.13" style="BACKGROUND-COLOR: #ffffff">
     <td style="WIDTH: 43%; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL1932S1.finRow.13.lead.B2" style="WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL1932S1.finRow.13.symb.B2" style="WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL1932S1.finRow.13.amt.B2" style="WIDTH: 16%; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL1932S1.finRow.13.trail.B2" style="WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL1932S1.finRow.13.lead.B3" style="WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL1932S1.finRow.13.symb.B3" style="WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL1932S1.finRow.13.amt.B3" style="WIDTH: 16%; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL1932S1.finRow.13.trail.B3" style="WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL1932S1.finRow.13.lead.B4" style="WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL1932S1.finRow.13.symb.B4" style="WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL1932S1.finRow.13.amt.B4" style="WIDTH: 16%; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL1932S1.finRow.13.trail.B4" style="WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
    </tr>
    <tr id="TBL1932S1.finRow.14" style="BACKGROUND-COLOR: #cceeff">
     <td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 43%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff"> <p id="PARA1924" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Total Investment &#x2013; 100.04%</font></p></td>
     <td id="TBL1932S1.finRow.14.lead.B2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL1932S1.finRow.14.symb.B2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL1932S1.finRow.14.amt.B2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL1932S1.finRow.14.trail.B2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL1932S1.finRow.14.lead.B3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL1932S1.finRow.14.symb.B3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL1932S1.finRow.14.amt.B3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL1932S1.finRow.14.trail.B3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL1932S1.finRow.14.lead.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL1932S1.finRow.14.symb.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL1932S1.finRow.14.amt.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">5,263,140</td>
     <td id="TBL1932S1.finRow.14.trail.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap">&nbsp;</td>
    </tr>
    <tr id="TBL1932S1.finRow.15" style="BACKGROUND-COLOR: #ffffff">
     <td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 43%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff"> <p id="PARA1926" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Less Liabilities &#x2013; (0.04)%</font></p></td>
     <td id="TBL1932S1.finRow.15.lead.B2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL1932S1.finRow.15.symb.B2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL1932S1.finRow.15.amt.B2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL1932S1.finRow.15.trail.B2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL1932S1.finRow.15.lead.B3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL1932S1.finRow.15.symb.B3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL1932S1.finRow.15.amt.B3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL1932S1.finRow.15.trail.B3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL1932S1.finRow.15.lead.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL1932S1.finRow.15.symb.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL1932S1.finRow.15.amt.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">(2,338</td>
     <td id="TBL1932S1.finRow.15.trail.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="nowrap">)</td>
    </tr>
    <tr id="TBL1932S1.finRow.16" style="BACKGROUND-COLOR: #cceeff">
     <td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 43%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff"> <p id="PARA1928" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Net Assets &#x2013; 100.00%</font></p></td>
     <td id="TBL1932S1.finRow.16.lead.B2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL1932S1.finRow.16.symb.B2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL1932S1.finRow.16.amt.B2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL1932S1.finRow.16.trail.B2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0px; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL1932S1.finRow.16.lead.B3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL1932S1.finRow.16.symb.B3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL1932S1.finRow.16.amt.B3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL1932S1.finRow.16.trail.B3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0px; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL1932S1.finRow.16.lead.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL1932S1.finRow.16.symb.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">$</td>
     <td id="TBL1932S1.finRow.16.amt.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">5,260,802</td>
     <td id="TBL1932S1.finRow.16.trail.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap">&nbsp;</td>
    </tr>

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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for investment holdings.  This includes the information required in the supplementary schedule applicable to management investment companies listing holdings of unaffiliated investments.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 946<br> -SubTopic 320<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.12-12)<br> -URI http://asc.fasb.org/extlink&amp;oid=50485924&amp;loc=d3e611133-123010<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<span style="display: none;">v3.3.1.900</span><table class="report" border="0" cellspacing="2" id="idp6600268720">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 1 - Organization<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2015</div></th></tr>
<tr class="re">
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_BusinessDescriptionAndBasisOfPresentationTextBlock', window );">Business Description and Basis of Presentation [Text Block]</a></td>
<td class="text"><p id="PARA1935" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><b>1 </b><b>- Organization</b></font></p><br/><p id="PARA1937" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The iShares Silver Trust (the &#x201c;Trust&#x201d;) was organized on April 21, 2006 as a New York trust. The trustee is The Bank of New York Mellon (the &#x201c;Trustee&#x201d;), which is responsible for the day-to-day administration of the Trust. The Trust&#x2019;s sponsor is iShares Delaware Trust Sponsor LLC, a Delaware limited liability company (the &#x201c;Sponsor&#x201d;). The Trust is governed by the First Amended and Restated Depositary Trust Agreement (the &#x201c;Trust Agreement&#x201d;) executed by the Trustee and the Sponsor as of February 28, 2013. The Trust issues units of beneficial interest (or &#x201c;Shares&#x201d;) representing fractional undivided beneficial interests in its net assets.</font></p><br/><p id="PARA1939" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The Trust seeks to reflect generally the performance of the price of silver. The Trust seeks to reflect such performance before payment of the Trust&#x2019;s expenses and liabilities. The Trust is designed to provide a vehicle for investors to own interests in silver bullion.</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</font></p><br/><p id="PARA608-0" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Effective January 1, 2014, the Trust qualified as an investment company solely&nbsp;for accounting purposes and not for any other purpose&nbsp;and follows the accounting and reporting guidance under the Financial Accounting Standards Board (&#x201c;FASB&#x201d;) Accounting Standards Codification Topic 946, </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><i>Financial Services &#x2013; Investment Companies </i></font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">(&#x201c;Topic 946&#x201d;), but is not registered, and is not required to be registered, as an investment company&nbsp;under the Investment Company Act of 1940, as amended (the &#x201c;Investment Company Act&#x201d;). Please refer to Note 2B Investment Company Status.</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"></font></p><br/><span></span>
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<span style="display: none;">v3.3.1.900</span><table class="report" border="0" cellspacing="2" id="idp6602834992">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 2 - Significant Accounting Policies<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2015</div></th></tr>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccountingPoliciesAbstract', window );"><strong>Accounting Policies [Abstract]</strong></a></td>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SignificantAccountingPoliciesTextBlock', window );">Significant Accounting Policies [Text Block]</a></td>
<td class="text"><p id="PARA1943" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><b>2 - Significant Accounting Policies</b></font></p><br/><table id="MTAB1946" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 100%; TEXT-INDENT: 0px" cellspacing="0" cellpadding="0" border="0">

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     <td style="WIDTH: 3%; VERTICAL-ALIGN: top"> <p id="PARA1947" style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><i>A.</i></font></p></td>
     <td style="WIDTH: 97%; VERTICAL-ALIGN: top"> <p id="PARA1948" style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><i>Basis of Accounting</i></font></p></td>
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  </table><br/><p id="PARA1950" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The following significant accounting policies are consistently followed by the Trust in the preparation of its financial statements in conformity with accounting principles generally accepted in the United States of America (&#x201c;U.S. GAAP&#x201d;). 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.</font></p><br/><table style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 100%; TEXT-INDENT: 0px" cellspacing="0" cellpadding="0">

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     <td style="MARGIN-BOTTOM: 0px; WIDTH: 3%; MARGIN-TOP: 0px"> <p id="PARA650" style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><i>B.</i></p></td>
     <td style="MARGIN-BOTTOM: 0px; WIDTH: 97%; MARGIN-TOP: 0px"> <p id="PARA651" style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><i>Investment Company Status</i></p></td>
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  </table><br/><p id="PARA614-0" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">In June 2013, the FASB issued Accounting Standards Update 2013-08, </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><i>Investment Companies &#x2013; Amendments to the Scope, Measurement, and Disclosure Requirements </i></font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">(&#x201c;ASU 2013-08&#x201d;). ASU 2013-08 is an update to Topic 946 that provides guidance to assess whether an entity is an investment company, and gives additional measurement and disclosure requirements for an investment company. ASU 2013-08 is effective for interim and annual periods beginning after December 15, 2013 and is required to be applied prospectively. Assessment of the Trust&#x2019;s status as an investment company under ASU 2013-08 determined that the Trust meets all of the fundamental characteristics of an investment company solely&nbsp;for accounting purposes and not for any other purpose. As a result, effective January 1, 2014, the Trust qualified as an investment company solely for accounting purposes pursuant to the accounting and reporting guidance under Topic 946, but is not registered, and is not required to be registered, as an investment company under the Investment Company Act.</font></p><br/><p id="PARA616-0" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">As a result of the prospective application at ASU 2013-08, certain disclosures required by Topic 946 are only presented for periods beginning January&nbsp;1,&nbsp;2014. Financial statements and disclosures for periods prior to January 1, 2014 will continue to be presented in their previously reported form, however certain captions have been changed. The Trust will solely utilize investment company financial statement presentations and captions in conjunction with the December 31, 2016 10-K filing since the Trust will have been applying investment company accounting for all relevant periods presented.&nbsp;The primary changes to the financial statements resulting from the adoption of ASU 2013-08 and application of Topic 946 include:</font></p><br/><table id="MTAB619" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 100%; TEXT-INDENT: 0px" cellspacing="0" cellpadding="0" border="0">

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     <td style="MARGIN-BOTTOM: 0px; WIDTH: 2%; VERTICAL-ALIGN: top; MARGIN-TOP: 0px"> <p id="PARA620-0" style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&#x25cf;</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"></font></p></td>
     <td style="WIDTH: 98%; VERTICAL-ALIGN: top"> <p id="PARA621" style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"></font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">reporting of silver bullion at fair value on the Balance Sheet, which was previously reported at the lower of cost or market&#x37e; </font></p></td>
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     <td style="MARGIN-BOTTOM: 0px; WIDTH: 2%; VERTICAL-ALIGN: top; MARGIN-TOP: 0px"> <p id="PARA624-0" style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&#x25cf;</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"></font></p></td>
     <td style="WIDTH: 98%; VERTICAL-ALIGN: top"> <p id="PARA625" style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"></font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">recognition of the change in unrealized appreciation or depreciation on investment in silver bullion is reported on the Income Statement, which was previously reported as an &#x201c;Adjustment of redeemable capital Shares to redemption value&#x201d; on the Statement of Changes in Shareholders&#x2019; Equity (Deficit)&#x37e; </font></p></td>
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     <td style="MARGIN-BOTTOM: 0px; WIDTH: 2%; VERTICAL-ALIGN: top; MARGIN-TOP: 0px"> <p id="PARA628" style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&#x25cf;</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"></font></p></td>
     <td style="WIDTH: 98%; VERTICAL-ALIGN: top"> <p id="PARA629" style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"></font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Shares of the Trust are classified as &#x201c;Shareholders&#x2019; equity,&#x201d; representing the net asset value on the Balance Sheet, which was previously classified as &#x201c;Redeemable capital Shares.&#x201d; An adjustment was recorded at January 1, 2014 to reclassify the balance of redeemable capital Shares at December&nbsp;31,&nbsp;2013 into shareholders&#x2019; equity as follows (all balances in 000&#x2019;s):</font></p></td>
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  </table><br/><table id="TBL641" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 95%; MARGIN-LEFT: 2.5%; MARGIN-RIGHT: 2.5%; TEXT-INDENT: 0px" cellspacing="0" cellpadding="0" border="0">

    <tr id="TBL641.finRow.1">
     <td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 43%; VERTICAL-ALIGN: bottom"><b>&nbsp;</b></td>
     <td id="TBL641.finRow.1.lead.D2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom"><b>&nbsp;</b></td>
     <td id="TBL641.finRow.1.amt.D2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt" colspan="2"> <p id="PARA630" style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><b>Balance at<br />December 31, 2013</b></font></p></td>
     <td id="TBL641.finRow.1.trail.D2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px"><b>&nbsp;</b></td>
     <td id="TBL641.finRow.1.lead.D3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom"><b>&nbsp;</b></td>
     <td id="TBL641.finRow.1.amt.D3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt" colspan="2"> <p id="PARA631" style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><b>ASU 2013-08</b></font></p> <p style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><strong>Transition Adjustment</strong></p></td>
     <td id="TBL641.finRow.1.trail.D3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px"><b>&nbsp;</b></td>
     <td id="TBL641.finRow.1.lead.D4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom"><b>&nbsp;</b></td>
     <td id="TBL641.finRow.1.amt.D4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt" colspan="2"> <p id="PARA632" style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><b>Balance at<br />January 1, 2014</b></font></p></td>
     <td id="TBL641.finRow.1.trail.D4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px"><b>&nbsp;</b></td>
    </tr>
    <tr id="TBL641.finRow.2" style="BACKGROUND-COLOR: #cceeff">
     <td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 43%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff"> <p id="PARA633" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Redeemable capital Shares</font></p></td>
     <td id="TBL641.finRow.2.lead.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL641.finRow.2.symb.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">$</td>
     <td id="TBL641.finRow.2.amt.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">6,240,747</td>
     <td id="TBL641.finRow.2.trail.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap">&nbsp;</td>
     <td id="TBL641.finRow.2.lead.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL641.finRow.2.symb.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">$</td>
     <td id="TBL641.finRow.2.amt.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">(6,240,747</td>
     <td id="TBL641.finRow.2.trail.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap">)</td>
     <td id="TBL641.finRow.2.lead.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL641.finRow.2.symb.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">$</td>
     <td id="TBL641.finRow.2.amt.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">&#x2014;</td>
     <td id="TBL641.finRow.2.trail.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap">&nbsp;</td>
    </tr>
    <tr id="TBL641.finRow.3" style="BACKGROUND-COLOR: #ffffff">
     <td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 43%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff"> <p id="PARA637" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Shareholders&#x2019; equity</font></p></td>
     <td id="TBL641.finRow.3.lead.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL641.finRow.3.symb.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">$</td>
     <td id="TBL641.finRow.3.amt.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">&#x2014;</td>
     <td id="TBL641.finRow.3.trail.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="nowrap">&nbsp;</td>
     <td id="TBL641.finRow.3.lead.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL641.finRow.3.symb.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">$</td>
     <td id="TBL641.finRow.3.amt.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">6,240,747</td>
     <td id="TBL641.finRow.3.trail.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="nowrap">&nbsp;</td>
     <td id="TBL641.finRow.3.lead.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL641.finRow.3.symb.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">$</td>
     <td id="TBL641.finRow.3.amt.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">6,240,747</td>
     <td id="TBL641.finRow.3.trail.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="nowrap">&nbsp;</td>
    </tr>

  </table><br/><table id="MTAB645" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 100%; TEXT-INDENT: 0px" cellspacing="0" cellpadding="0" border="0">

    <tr>
     <td style="WIDTH: 2%; VERTICAL-ALIGN: top"> <p id="PARA646" style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&#x25cf;</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"></font></p></td>
     <td style="WIDTH: 98%; VERTICAL-ALIGN: top"> <p id="PARA647" style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"></font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">the addition of a Schedule of Investments and a Financial Highlights note to the financial statements.</font></p></td>
    </tr>

  </table><br/><p id="PARA649" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">ASU 2013-08 prescribes that an entity that qualifies as an investment company as a result of an assessment of its status shall account for the effect of the change in status prospectively from the date of the change in status and shall recognize any impact as a cumulative effect adjustment to the net asset value at the beginning of the period. No cumulative effect adjustment to net asset value was required to be recorded as a result of adopting ASU 2013-08 because the fair value of silver bullion held by the Trust equaled the cost of silver bullion held by the Trust at December 31, 2013 and therefore there was no accumulated shareholders&#x2019; equity (deficit).</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"></font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"></font></p><br/><table id="MTAB1955" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 100%; TEXT-INDENT: 0px" cellspacing="0" cellpadding="0" border="0">

    <tr>
     <td style="WIDTH: 3%; VERTICAL-ALIGN: top"> <p id="PARA1956" style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><i>C.</i><i></i></font></p></td>
     <td style="WIDTH: 97%; VERTICAL-ALIGN: top"> <p id="PARA1957" style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><i></i><i>Silver Bullion</i></font></p></td>
    </tr>

  </table><br/><p id="PARA1959" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">JPMorgan Chase Bank N.A., London branch (the &#x201c;Custodian&#x201d;), is responsible for the safekeeping of silver bullion owned by the Trust.</font></p><br/><p id="PARA694" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Beginning January 1, 2014, the silver bullion held by the Trust is valued at fair value. Prior to January 1, 2014, the silver bullion held by the Trust was valued at the lower of cost or market, using the average cost method. In applying the lower of cost or market valuation, if the fair value of the silver bullion held was lower than its average cost during the interim periods, an adjustment (&#x201c;market value reserve&#x201d;) to cost was recorded by the Trust to reflect fair value. If the fair value of the silver bullion held increased subsequent to the market value reserve being recorded, a &#x201c;market value recovery&#x201d; was recorded during an interim period in the same fiscal year that the market value reserve had been recorded by the Trust. The market value recovery recorded at an interim period could not exceed the previously recognized market value reserve. At the end of the Trust&#x2019;s fiscal year, management made a determination as to whether the reserve was recovered or whether the cost basis of silver bullion was written down. The market value reserve, market value recovery and inventory write down each were reported as a component of &#x201c;Adjustment to silver bullion inventory.&#x201d;</font></p><br/><p id="PARA1961" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Fair value of the silver bullion is based on the price per ounce of silver determined by the CME Group at approximately 12:00 p.m. (London time) and announced by Thomson Reuters shortly thereafter on each day that the London silver market is open for business (&#x201c;LBMA Silver Price&#x201d;). Prior to August&nbsp;15,&nbsp;2014, fair value of the silver bullion was based on the price for an ounce of silver set each working day by three market making members of the London Bullion Market Association (&#x201c;London Fix&#x201d;). </font></p><br/><p id="PARA1963" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Gain or loss on sales of silver bullion is calculated on a trade date basis using the average cost method.</font></p><br/><p id="PARA1965" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The following table summarizes activity in silver bullion for the years ended December&nbsp;31,&nbsp;2015, 2014 and 2013 (all balances in 000&#x2019;s):</font></p><br/><table id="TBL2049" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 100%; text-indent: 0px;" border="0" cellspacing="0" cellpadding="0">

    <tr id="TBL2049.finRow.1">
     <td style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 52%; vertical-align: bottom; text-align: left; margin-left: 0pt;"><p id="PARA1967" style="text-align: left; margin: 0pt; line-height: 1.25;"><font style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif;"><strong>December&nbsp;31,&nbsp;2015 </strong></font></p></td>
     <td id="TBL2049.finRow.1.lead.D2" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; vertical-align: bottom;"><strong>&nbsp;</strong></td>
     <td id="TBL2049.finRow.1.amt.D2" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; vertical-align: bottom; border-bottom: #000000 1px solid; text-align: center; margin-left: 0pt;" colspan="2"><p id="PARA1968" style="text-align: center; margin: 0pt; line-height: 1.25;"><font style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif;"><strong>Ounces</strong></font></p></td>
     <td id="TBL2049.finRow.1.trail.D2" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; vertical-align: bottom; border-bottom: medium none; padding-bottom: 1px;"><strong>&nbsp;</strong></td>
     <td id="TBL2049.finRow.1.lead.D3" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; vertical-align: bottom;"><strong>&nbsp;</strong></td>
     <td id="TBL2049.finRow.1.amt.D3" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; vertical-align: bottom; border-bottom: #000000 1px solid; text-align: center; margin-left: 0pt;" colspan="2"><p id="PARA1969" style="text-align: center; margin: 0pt; line-height: 1.25;"><font style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif;"><strong>Average<br />Cost</strong></font></p></td>
     <td id="TBL2049.finRow.1.trail.D3" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; vertical-align: bottom; border-bottom: medium none; padding-bottom: 1px;"><strong>&nbsp;</strong></td>
     <td id="TBL2049.finRow.1.lead.D4" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; vertical-align: bottom;"><strong>&nbsp;</strong></td>
     <td id="TBL2049.finRow.1.amt.D4" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; vertical-align: bottom; border-bottom: #000000 1px solid; text-align: center; margin-left: 0pt;" colspan="2"><p id="PARA1970" style="text-align: center; margin: 0pt; line-height: 1.25;"><font style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif;"><strong>Fair<br />Value</strong></font></p></td>
     <td id="TBL2049.finRow.1.trail.D4" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; vertical-align: bottom; border-bottom: medium none; padding-bottom: 1px;"><strong>&nbsp;</strong></td>
     <td id="TBL2049.finRow.1.lead.D5" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; vertical-align: bottom;"><strong>&nbsp;</strong></td>
     <td id="TBL2049.finRow.1.amt.D5" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; vertical-align: bottom; border-bottom: #000000 1px solid; text-align: center; margin-left: 0pt;" colspan="2"><p id="PARA1971" style="text-align: center; margin: 0pt; line-height: 1.25;"><font style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif;"><strong>Realized<br />Gain (Loss)</strong></font></p></td>
     <td id="TBL2049.finRow.1.trail.D5" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; vertical-align: bottom; border-bottom: medium none; padding-bottom: 1px;"><strong>&nbsp;</strong></td>
    </tr>
    <tr id="TBL2049.finRow.2" style="background-color: #cceeff;">
     <td style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; vertical-align: bottom; text-align: left; margin-left: 0pt; background-color: #cceeff;"><p id="PARA1972" style="text-align: left; margin: 0pt; line-height: 1.25;"><font style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif;">Beginning balance</font></p></td>
     <td id="TBL2049.finRow.2.lead.2" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #cceeff;">&nbsp;</td>
     <td id="TBL2049.finRow.2.symb.2" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #cceeff;">&nbsp;</td>
     <td id="TBL2049.finRow.2.amt.2" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 9%; vertical-align: bottom; text-align: right; margin-left: 0pt; background-color: #cceeff;">329,564.2</td>
     <td id="TBL2049.finRow.2.trail.2" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; margin-left: 0pt; background-color: #cceeff;" nowrap="nowrap">&nbsp;</td>
     <td id="TBL2049.finRow.2.lead.3" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #cceeff;">&nbsp;</td>
     <td id="TBL2049.finRow.2.symb.3" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; margin-left: 0pt; background-color: #cceeff;">$</td>
     <td id="TBL2049.finRow.2.amt.3" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 9%; vertical-align: bottom; text-align: right; margin-left: 0pt; background-color: #cceeff;">6,386,750</td>
     <td id="TBL2049.finRow.2.trail.3" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; margin-left: 0pt; background-color: #cceeff;" nowrap="nowrap">&nbsp;</td>
     <td id="TBL2049.finRow.2.lead.4" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #cceeff;">&nbsp;</td>
     <td id="TBL2049.finRow.2.symb.4" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; margin-left: 0pt; background-color: #cceeff;">$</td>
     <td id="TBL2049.finRow.2.amt.4" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 9%; vertical-align: bottom; text-align: right; margin-left: 0pt; background-color: #cceeff;">5,263,140</td>
     <td id="TBL2049.finRow.2.trail.4" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; margin-left: 0pt; background-color: #cceeff;" nowrap="nowrap">&nbsp;</td>
     <td id="TBL2049.finRow.2.lead.5" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #cceeff;">&nbsp;</td>
     <td id="TBL2049.finRow.2.symb.5" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; margin-left: 0pt; background-color: #cceeff;">$</td>
     <td id="TBL2049.finRow.2.amt.5" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 9%; vertical-align: bottom; text-align: right; margin-left: 0pt; background-color: #cceeff;">&#x2014;</td>
     <td id="TBL2049.finRow.2.trail.5" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; margin-left: 0pt; background-color: #cceeff;" nowrap="nowrap">&nbsp;</td>
    </tr>
    <tr id="TBL2049.finRow.3" style="background-color: #ffffff;">
     <td style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; vertical-align: bottom; text-align: left; margin-left: 0pt; background-color: #ffffff;"><p id="PARA1983" style="text-align: left; margin: 0pt; line-height: 1.25;"><font style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif;">Silver bullion contributed</font></p></td>
     <td id="TBL2049.finRow.3.lead.2" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #ffffff;">&nbsp;</td>
     <td id="TBL2049.finRow.3.symb.2" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #ffffff;">&nbsp;</td>
     <td id="TBL2049.finRow.3.amt.2" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 9%; vertical-align: bottom; text-align: right; margin-left: 0pt; background-color: #ffffff;">54,595.7</td>
     <td id="TBL2049.finRow.3.trail.2" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; margin-left: 0pt; background-color: #ffffff;" nowrap="nowrap">&nbsp;</td>
     <td id="TBL2049.finRow.3.lead.3" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #ffffff;">&nbsp;</td>
     <td id="TBL2049.finRow.3.symb.3" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #ffffff;">&nbsp;</td>
     <td id="TBL2049.finRow.3.amt.3" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 9%; vertical-align: bottom; text-align: right; margin-left: 0pt; background-color: #ffffff;">859,468</td>
     <td id="TBL2049.finRow.3.trail.3" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; margin-left: 0pt; background-color: #ffffff;" nowrap="nowrap">&nbsp;</td>
     <td id="TBL2049.finRow.3.lead.4" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #ffffff;">&nbsp;</td>
     <td id="TBL2049.finRow.3.symb.4" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #ffffff;">&nbsp;</td>
     <td id="TBL2049.finRow.3.amt.4" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 9%; vertical-align: bottom; text-align: right; margin-left: 0pt; background-color: #ffffff;">859,468</td>
     <td id="TBL2049.finRow.3.trail.4" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; margin-left: 0pt; background-color: #ffffff;" nowrap="nowrap">&nbsp;</td>
     <td id="TBL2049.finRow.3.lead.5" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #ffffff;">&nbsp;</td>
     <td id="TBL2049.finRow.3.symb.5" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #ffffff;">&nbsp;</td>
     <td id="TBL2049.finRow.3.amt.5" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 9%; vertical-align: bottom; text-align: right; margin-left: 0pt; background-color: #ffffff;">&#x2014;</td>
     <td id="TBL2049.finRow.3.trail.5" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; margin-left: 0pt; background-color: #ffffff;" nowrap="nowrap">&nbsp;</td>
    </tr>
    <tr id="TBL2049.finRow.4" style="background-color: #cceeff;">
     <td style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; vertical-align: bottom; text-align: left; margin-left: 0pt; background-color: #cceeff;"><p id="PARA1994" style="text-align: left; margin: 0pt; line-height: 1.25;"><font style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif;">Silver bullion distributed</font></p></td>
     <td id="TBL2049.finRow.4.lead.2" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #cceeff;">&nbsp;</td>
     <td id="TBL2049.finRow.4.symb.2" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #cceeff;">&nbsp;</td>
     <td id="TBL2049.finRow.4.amt.2" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 9%; vertical-align: bottom; text-align: right; margin-left: 0pt; background-color: #cceeff;">(64,583.5</td>
     <td id="TBL2049.finRow.4.trail.2" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; margin-left: 0pt; background-color: #cceeff;" nowrap="nowrap">)</td>
     <td id="TBL2049.finRow.4.lead.3" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #cceeff;">&nbsp;</td>
     <td id="TBL2049.finRow.4.symb.3" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #cceeff;">&nbsp;</td>
     <td id="TBL2049.finRow.4.amt.3" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 9%; vertical-align: bottom; text-align: right; margin-left: 0pt; background-color: #cceeff;">(1,235,547</td>
     <td id="TBL2049.finRow.4.trail.3" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; margin-left: 0pt; background-color: #cceeff;" nowrap="nowrap">)</td>
     <td id="TBL2049.finRow.4.lead.4" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #cceeff;">&nbsp;</td>
     <td id="TBL2049.finRow.4.symb.4" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #cceeff;">&nbsp;</td>
     <td id="TBL2049.finRow.4.amt.4" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 9%; vertical-align: bottom; text-align: right; margin-left: 0pt; background-color: #cceeff;">(1,029,094</td>
     <td id="TBL2049.finRow.4.trail.4" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; margin-left: 0pt; background-color: #cceeff;" nowrap="nowrap">)</td>
     <td id="TBL2049.finRow.4.lead.5" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #cceeff;">&nbsp;</td>
     <td id="TBL2049.finRow.4.symb.5" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #cceeff;">&nbsp;</td>
     <td id="TBL2049.finRow.4.amt.5" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 9%; vertical-align: bottom; text-align: right; margin-left: 0pt; background-color: #cceeff;">(206,453</td>
     <td id="TBL2049.finRow.4.trail.5" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; margin-left: 0pt; background-color: #cceeff;" nowrap="nowrap">)</td>
    </tr>
    <tr id="TBL2049.finRow.5" style="background-color: #ffffff;">
     <td style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; vertical-align: bottom; text-align: left; margin-left: 0pt; background-color: #ffffff;"><p id="PARA2005" style="text-align: left; margin: 0pt; line-height: 1.25;"><font style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif;">Silver bullion sold to pay expenses</font></p></td>
     <td id="TBL2049.finRow.5.lead.2" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #ffffff;">&nbsp;</td>
     <td id="TBL2049.finRow.5.symb.2" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #ffffff;">&nbsp;</td>
     <td id="TBL2049.finRow.5.amt.2" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 9%; vertical-align: bottom; text-align: right; margin-left: 0pt; background-color: #ffffff;">(1,641.5</td>
     <td id="TBL2049.finRow.5.trail.2" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; margin-left: 0pt; background-color: #ffffff;" nowrap="nowrap">)</td>
     <td id="TBL2049.finRow.5.lead.3" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #ffffff;">&nbsp;</td>
     <td id="TBL2049.finRow.5.symb.3" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #ffffff;">&nbsp;</td>
     <td id="TBL2049.finRow.5.amt.3" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 9%; vertical-align: bottom; text-align: right; margin-left: 0pt; background-color: #ffffff;">(31,419</td>
     <td id="TBL2049.finRow.5.trail.3" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; margin-left: 0pt; background-color: #ffffff;" nowrap="nowrap">)</td>
     <td id="TBL2049.finRow.5.lead.4" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #ffffff;">&nbsp;</td>
     <td id="TBL2049.finRow.5.symb.4" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #ffffff;">&nbsp;</td>
     <td id="TBL2049.finRow.5.amt.4" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 9%; vertical-align: bottom; text-align: right; margin-left: 0pt; background-color: #ffffff;">(25,716</td>
     <td id="TBL2049.finRow.5.trail.4" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; margin-left: 0pt; background-color: #ffffff;" nowrap="nowrap">)</td>
     <td id="TBL2049.finRow.5.lead.5" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #ffffff;">&nbsp;</td>
     <td id="TBL2049.finRow.5.symb.5" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #ffffff;">&nbsp;</td>
     <td id="TBL2049.finRow.5.amt.5" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 9%; vertical-align: bottom; text-align: right; margin-left: 0pt; background-color: #ffffff;">(5,703</td>
     <td id="TBL2049.finRow.5.trail.5" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; margin-left: 0pt; background-color: #ffffff;" nowrap="nowrap">)</td>
    </tr>
    <tr id="TBL2049.finRow.6" style="background-color: #cceeff;">
     <td style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; vertical-align: bottom; text-align: left; margin-left: 0pt; background-color: #cceeff;"><p id="PARA2016" style="text-align: left; margin: 0pt; line-height: 1.25;"><font style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif;">Net realized loss on silver bullion</font></p></td>
     <td id="TBL2049.finRow.6.lead.2" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #cceeff;">&nbsp;</td>
     <td id="TBL2049.finRow.6.symb.2" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #cceeff;">&nbsp;</td>
     <td id="TBL2049.finRow.6.amt.2" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 9%; vertical-align: bottom; text-align: right; margin-left: 0pt; background-color: #cceeff;">&#x2014;</td>
     <td id="TBL2049.finRow.6.trail.2" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; margin-left: 0pt; background-color: #cceeff;" nowrap="nowrap">&nbsp;</td>
     <td id="TBL2049.finRow.6.lead.3" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #cceeff;">&nbsp;</td>
     <td id="TBL2049.finRow.6.symb.3" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #cceeff;">&nbsp;</td>
     <td id="TBL2049.finRow.6.amt.3" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 9%; vertical-align: bottom; text-align: right; margin-left: 0pt; background-color: #cceeff;">&#x2014;</td>
     <td id="TBL2049.finRow.6.trail.3" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; margin-left: 0pt; background-color: #cceeff;" nowrap="nowrap">&nbsp;</td>
     <td id="TBL2049.finRow.6.lead.4" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #cceeff;">&nbsp;</td>
     <td id="TBL2049.finRow.6.symb.4" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #cceeff;">&nbsp;</td>
     <td id="TBL2049.finRow.6.amt.4" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 9%; vertical-align: bottom; text-align: right; margin-left: 0pt; background-color: #cceeff;">(212,156</td>
     <td id="TBL2049.finRow.6.trail.4" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; margin-left: 0pt; background-color: #cceeff;" nowrap="nowrap">)</td>
     <td id="TBL2049.finRow.6.lead.5" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #cceeff;">&nbsp;</td>
     <td id="TBL2049.finRow.6.symb.5" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #cceeff;">&nbsp;</td>
     <td id="TBL2049.finRow.6.amt.5" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 9%; vertical-align: bottom; text-align: right; margin-left: 0pt; background-color: #cceeff;">&#x2014;</td>
     <td id="TBL2049.finRow.6.trail.5" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; margin-left: 0pt; background-color: #cceeff;" nowrap="nowrap">&nbsp;</td>
    </tr>
    <tr id="TBL2049.finRow.7" style="background-color: #ffffff;">
     <td style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; vertical-align: bottom; text-align: left; margin-left: 0pt; background-color: #ffffff;"><p id="PARA2027" style="text-align: left; margin: 0pt; line-height: 1.25;"><font style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif;">Net change in unrealized appreciation/depreciation on investment in silver bullion</font></p></td>
     <td id="TBL2049.finRow.7.lead.2" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #ffffff;">&nbsp;</td>
     <td id="TBL2049.finRow.7.symb.2" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; border-bottom: #000000 1px solid; background-color: #ffffff;">&nbsp;</td>
     <td id="TBL2049.finRow.7.amt.2" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 9%; vertical-align: bottom; border-bottom: #000000 1px solid; text-align: right; margin-left: 0pt; background-color: #ffffff;">&#x2014;</td>
     <td id="TBL2049.finRow.7.trail.2" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; border-bottom: medium none; padding-bottom: 1px; margin-left: 0pt; background-color: #ffffff;" nowrap="nowrap">&nbsp;</td>
     <td id="TBL2049.finRow.7.lead.3" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #ffffff;">&nbsp;</td>
     <td id="TBL2049.finRow.7.symb.3" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; border-bottom: #000000 1px solid; background-color: #ffffff;">&nbsp;</td>
     <td id="TBL2049.finRow.7.amt.3" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 9%; vertical-align: bottom; border-bottom: #000000 1px solid; text-align: right; margin-left: 0pt; background-color: #ffffff;">&#x2014;</td>
     <td id="TBL2049.finRow.7.trail.3" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; border-bottom: medium none; padding-bottom: 1px; margin-left: 0pt; background-color: #ffffff;" nowrap="nowrap">&nbsp;</td>
     <td id="TBL2049.finRow.7.lead.4" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #ffffff;">&nbsp;</td>
     <td id="TBL2049.finRow.7.symb.4" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; border-bottom: #000000 1px solid; background-color: #ffffff;">&nbsp;</td>
     <td id="TBL2049.finRow.7.amt.4" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 9%; vertical-align: bottom; border-bottom: #000000 1px solid; text-align: right; margin-left: 0pt; background-color: #ffffff;">(461,781</td>
     <td id="TBL2049.finRow.7.trail.4" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; border-bottom: medium none; padding-bottom: 1px; margin-left: 0pt; background-color: #ffffff;" nowrap="nowrap">)</td>
     <td id="TBL2049.finRow.7.lead.5" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #ffffff;">&nbsp;</td>
     <td id="TBL2049.finRow.7.symb.5" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; border-bottom: #000000 1px solid; background-color: #ffffff;">&nbsp;</td>
     <td id="TBL2049.finRow.7.amt.5" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 9%; vertical-align: bottom; border-bottom: #000000 1px solid; text-align: right; margin-left: 0pt; background-color: #ffffff;">&#x2014;</td>
     <td id="TBL2049.finRow.7.trail.5" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; border-bottom: medium none; padding-bottom: 1px; margin-left: 0pt; background-color: #ffffff;" nowrap="nowrap">&nbsp;</td>
    </tr>
    <tr id="TBL2049.finRow.8" style="background-color: #cceeff;">
     <td style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; vertical-align: bottom; text-align: left; margin-left: 0pt; background-color: #cceeff;"><p id="PARA2038" style="text-align: left; margin: 0pt; line-height: 1.25;"><font style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif;">Ending balance</font></p></td>
     <td id="TBL2049.finRow.8.lead.2" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #cceeff;">&nbsp;</td>
     <td id="TBL2049.finRow.8.symb.2" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; border-bottom: #000000 3px double; background-color: #cceeff;">&nbsp;</td>
     <td id="TBL2049.finRow.8.amt.2" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 9%; vertical-align: bottom; border-bottom: #000000 3px double; text-align: right; margin-left: 0pt; background-color: #cceeff;">317,934.9</td>
     <td id="TBL2049.finRow.8.trail.2" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; border-bottom: medium none; padding-bottom: 3px; margin-left: 0pt; background-color: #cceeff;" nowrap="nowrap">&nbsp;</td>
     <td id="TBL2049.finRow.8.lead.3" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #cceeff;">&nbsp;</td>
     <td id="TBL2049.finRow.8.symb.3" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; border-bottom: #000000 3px double; margin-left: 0pt; background-color: #cceeff;">$</td>
     <td id="TBL2049.finRow.8.amt.3" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 9%; vertical-align: bottom; border-bottom: #000000 3px double; text-align: right; margin-left: 0pt; background-color: #cceeff;">5,979,252</td>
     <td id="TBL2049.finRow.8.trail.3" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; border-bottom: medium none; padding-bottom: 3px; margin-left: 0pt; background-color: #cceeff;" nowrap="nowrap">&nbsp;</td>
     <td id="TBL2049.finRow.8.lead.4" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #cceeff;">&nbsp;</td>
     <td id="TBL2049.finRow.8.symb.4" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; border-bottom: #000000 3px double; margin-left: 0pt; background-color: #cceeff;">$</td>
     <td id="TBL2049.finRow.8.amt.4" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 9%; vertical-align: bottom; border-bottom: #000000 3px double; text-align: right; margin-left: 0pt; background-color: #cceeff;">4,393,861</td>
     <td id="TBL2049.finRow.8.trail.4" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; border-bottom: medium none; padding-bottom: 3px; margin-left: 0pt; background-color: #cceeff;" nowrap="nowrap">&nbsp;</td>
     <td id="TBL2049.finRow.8.lead.5" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #cceeff;">&nbsp;</td>
     <td id="TBL2049.finRow.8.symb.5" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; border-bottom: #000000 3px double; margin-left: 0pt; background-color: #cceeff;">$</td>
     <td id="TBL2049.finRow.8.amt.5" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 9%; vertical-align: bottom; border-bottom: #000000 3px double; text-align: right; margin-left: 0pt; background-color: #cceeff;">(212,156</td>
     <td id="TBL2049.finRow.8.trail.5" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; border-bottom: medium none; padding-bottom: 3px; margin-left: 0pt; background-color: #cceeff;" nowrap="nowrap">)</td>
    </tr>

  </table><br/><table id="TBL2134" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 100%; TEXT-INDENT: 0px" cellspacing="0" cellpadding="0" border="0">

    <tr id="TBL2134.finRow.1">
     <td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 52%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt"> <p id="PARA2052" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><b>December&nbsp;31,&nbsp;2014 </b></font></p></td>
     <td id="TBL2134.finRow.1.lead.D2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom"><b>&nbsp;</b></td>
     <td id="TBL2134.finRow.1.amt.D2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt" colspan="2"> <p id="PARA2053" style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><b>Ounces</b></font></p></td>
     <td id="TBL2134.finRow.1.trail.D2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px"><b>&nbsp;</b></td>
     <td id="TBL2134.finRow.1.lead.D3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom"><b>&nbsp;</b></td>
     <td id="TBL2134.finRow.1.amt.D3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt" colspan="2"> <p id="PARA2054" style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><b>Average<br />Cost</b></font></p></td>
     <td id="TBL2134.finRow.1.trail.D3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px"><b>&nbsp;</b></td>
     <td id="TBL2134.finRow.1.lead.D4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom"><b>&nbsp;</b></td>
     <td id="TBL2134.finRow.1.amt.D4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt" colspan="2"> <p id="PARA2055" style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><b>Fair<br />Value</b></font></p></td>
     <td id="TBL2134.finRow.1.trail.D4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px"><b>&nbsp;</b></td>
     <td id="TBL2134.finRow.1.lead.D5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom"><b>&nbsp;</b></td>
     <td id="TBL2134.finRow.1.amt.D5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt" colspan="2"> <p id="PARA2056" style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><b>Realized<br />Gain (Loss)</b></font></p></td>
     <td id="TBL2134.finRow.1.trail.D5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px"><b>&nbsp;</b></td>
    </tr>
    <tr id="TBL2134.finRow.2" style="BACKGROUND-COLOR: #cceeff">
     <td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff"> <p id="PARA2057" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Beginning balance</font></p></td>
     <td id="TBL2134.finRow.2.lead.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2134.finRow.2.symb.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2134.finRow.2.amt.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">320,177.8</td>
     <td id="TBL2134.finRow.2.trail.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap">&nbsp;</td>
     <td id="TBL2134.finRow.2.lead.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2134.finRow.2.symb.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">$</td>
     <td id="TBL2134.finRow.2.amt.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">6,243,467</td>
     <td id="TBL2134.finRow.2.trail.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap">&nbsp;</td>
     <td id="TBL2134.finRow.2.lead.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2134.finRow.2.symb.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">$</td>
     <td id="TBL2134.finRow.2.amt.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">6,243,467</td>
     <td id="TBL2134.finRow.2.trail.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap">&nbsp;</td>
     <td id="TBL2134.finRow.2.lead.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2134.finRow.2.symb.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">$</td>
     <td id="TBL2134.finRow.2.amt.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">&#x2014;</td>
     <td id="TBL2134.finRow.2.trail.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap">&nbsp;</td>
    </tr>
    <tr id="TBL2134.finRow.3" style="BACKGROUND-COLOR: #ffffff">
     <td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff"> <p id="PARA2068" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Silver bullion contributed</font></p></td>
     <td id="TBL2134.finRow.3.lead.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2134.finRow.3.symb.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2134.finRow.3.amt.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">71,956.1</td>
     <td id="TBL2134.finRow.3.trail.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="nowrap">&nbsp;</td>
     <td id="TBL2134.finRow.3.lead.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2134.finRow.3.symb.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2134.finRow.3.amt.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">1,361,917</td>
     <td id="TBL2134.finRow.3.trail.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="nowrap">&nbsp;</td>
     <td id="TBL2134.finRow.3.lead.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2134.finRow.3.symb.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2134.finRow.3.amt.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">1,361,917</td>
     <td id="TBL2134.finRow.3.trail.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="nowrap">&nbsp;</td>
     <td id="TBL2134.finRow.3.lead.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2134.finRow.3.symb.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2134.finRow.3.amt.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">&#x2014;</td>
     <td id="TBL2134.finRow.3.trail.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="nowrap">&nbsp;</td>
    </tr>
    <tr id="TBL2134.finRow.4" style="BACKGROUND-COLOR: #cceeff">
     <td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff"> <p id="PARA2079" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Silver bullion distributed</font></p></td>
     <td id="TBL2134.finRow.4.lead.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2134.finRow.4.symb.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2134.finRow.4.amt.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">(60,878.0</td>
     <td id="TBL2134.finRow.4.trail.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap">)</td>
     <td id="TBL2134.finRow.4.lead.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2134.finRow.4.symb.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2134.finRow.4.amt.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">(1,185,617</td>
     <td id="TBL2134.finRow.4.trail.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap">)</td>
     <td id="TBL2134.finRow.4.lead.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2134.finRow.4.symb.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2134.finRow.4.amt.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">(1,108,223</td>
     <td id="TBL2134.finRow.4.trail.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap">)</td>
     <td id="TBL2134.finRow.4.lead.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2134.finRow.4.symb.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2134.finRow.4.amt.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">(77,394</td>
     <td id="TBL2134.finRow.4.trail.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap">)</td>
    </tr>
    <tr id="TBL2134.finRow.5" style="BACKGROUND-COLOR: #ffffff">
     <td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff"> <p id="PARA2090" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Silver bullion sold </font></p></td>
     <td id="TBL2134.finRow.5.lead.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2134.finRow.5.symb.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2134.finRow.5.amt.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">(1,691.7</td>
     <td id="TBL2134.finRow.5.trail.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="nowrap">)</td>
     <td id="TBL2134.finRow.5.lead.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2134.finRow.5.symb.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2134.finRow.5.amt.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">(33,017</td>
     <td id="TBL2134.finRow.5.trail.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="nowrap">)</td>
     <td id="TBL2134.finRow.5.lead.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2134.finRow.5.symb.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2134.finRow.5.amt.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">(31,961</td>
     <td id="TBL2134.finRow.5.trail.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="nowrap">)</td>
     <td id="TBL2134.finRow.5.lead.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2134.finRow.5.symb.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2134.finRow.5.amt.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">(1,056</td>
     <td id="TBL2134.finRow.5.trail.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="nowrap">)</td>
    </tr>
    <tr id="TBL2134.finRow.6" style="BACKGROUND-COLOR: #cceeff">
     <td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff"> <p id="PARA2101" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Net realized loss on silver bullion</font></p></td>
     <td id="TBL2134.finRow.6.lead.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2134.finRow.6.symb.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2134.finRow.6.amt.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">&#x2014;</td>
     <td id="TBL2134.finRow.6.trail.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap">&nbsp;</td>
     <td id="TBL2134.finRow.6.lead.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2134.finRow.6.symb.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2134.finRow.6.amt.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">&#x2014;</td>
     <td id="TBL2134.finRow.6.trail.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap">&nbsp;</td>
     <td id="TBL2134.finRow.6.lead.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2134.finRow.6.symb.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2134.finRow.6.amt.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">(78,450</td>
     <td id="TBL2134.finRow.6.trail.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap">)</td>
     <td id="TBL2134.finRow.6.lead.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2134.finRow.6.symb.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2134.finRow.6.amt.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">&#x2014;</td>
     <td id="TBL2134.finRow.6.trail.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap">&nbsp;</td>
    </tr>
    <tr id="TBL2134.finRow.7" style="BACKGROUND-COLOR: #ffffff">
     <td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; PADDING-LEFT: 9pt; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff; TEXT-INDENT: -9pt"> <p id="PARA2112" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Net change in unrealized appreciation/depreciation on investment in silver bullion</font></p></td>
     <td id="TBL2134.finRow.7.lead.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2134.finRow.7.symb.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2134.finRow.7.amt.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">&#x2014;</td>
     <td id="TBL2134.finRow.7.trail.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="nowrap">&nbsp;</td>
     <td id="TBL2134.finRow.7.lead.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2134.finRow.7.symb.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2134.finRow.7.amt.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">&#x2014;</td>
     <td id="TBL2134.finRow.7.trail.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="nowrap">&nbsp;</td>
     <td id="TBL2134.finRow.7.lead.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2134.finRow.7.symb.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2134.finRow.7.amt.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">(1,123,610</td>
     <td id="TBL2134.finRow.7.trail.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="nowrap">)</td>
     <td id="TBL2134.finRow.7.lead.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2134.finRow.7.symb.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2134.finRow.7.amt.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">&#x2014;</td>
     <td id="TBL2134.finRow.7.trail.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="nowrap">&nbsp;</td>
    </tr>
    <tr id="TBL2134.finRow.8" style="BACKGROUND-COLOR: #cceeff">
     <td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff"> <p id="PARA2123" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Ending balance</font></p></td>
     <td id="TBL2134.finRow.8.lead.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2134.finRow.8.symb.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2134.finRow.8.amt.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">329,564.2</td>
     <td id="TBL2134.finRow.8.trail.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap">&nbsp;</td>
     <td id="TBL2134.finRow.8.lead.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2134.finRow.8.symb.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">$</td>
     <td id="TBL2134.finRow.8.amt.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">6,386,750</td>
     <td id="TBL2134.finRow.8.trail.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap">&nbsp;</td>
     <td id="TBL2134.finRow.8.lead.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2134.finRow.8.symb.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">$</td>
     <td id="TBL2134.finRow.8.amt.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">5,263,140</td>
     <td id="TBL2134.finRow.8.trail.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap">&nbsp;</td>
     <td id="TBL2134.finRow.8.lead.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2134.finRow.8.symb.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">$</td>
     <td id="TBL2134.finRow.8.amt.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">(78,450</td>
     <td id="TBL2134.finRow.8.trail.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap">)</td>
    </tr>

  </table><br/><table id="TBL2230" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 100%; TEXT-INDENT: 0px" cellspacing="0" cellpadding="0" border="0">

    <tr id="TBL2230.finRow.1">
     <td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 52%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt"> <p id="PARA2137" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><b>December&nbsp;31,&nbsp;2013 </b></font></p></td>
     <td id="TBL2230.finRow.1.lead.D2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom"><b>&nbsp;</b></td>
     <td id="TBL2230.finRow.1.amt.D2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt" colspan="2"> <p id="PARA2138" style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><b>Ounces</b></font></p></td>
     <td id="TBL2230.finRow.1.trail.D2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px"><b>&nbsp;</b></td>
     <td id="TBL2230.finRow.1.lead.D3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom"><b>&nbsp;</b></td>
     <td id="TBL2230.finRow.1.amt.D3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt" colspan="2"> <p id="PARA2139" style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><b>Average<br />Cost</b></font></p></td>
     <td id="TBL2230.finRow.1.trail.D3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px"><b>&nbsp;</b></td>
     <td id="TBL2230.finRow.1.lead.D4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom"><b>&nbsp;</b></td>
     <td id="TBL2230.finRow.1.amt.D4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt" colspan="2"> <p id="PARA2140" style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><b>Fair<br />Value</b></font></p></td>
     <td id="TBL2230.finRow.1.trail.D4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px"><b>&nbsp;</b></td>
     <td id="TBL2230.finRow.1.lead.D5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom"><b>&nbsp;</b></td>
     <td id="TBL2230.finRow.1.amt.D5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt" colspan="2"> <p id="PARA2141" style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><b>Realized<br />Gain (Loss)</b></font></p></td>
     <td id="TBL2230.finRow.1.trail.D5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px"><b>&nbsp;</b></td>
    </tr>
    <tr id="TBL2230.finRow.2" style="BACKGROUND-COLOR: #cceeff">
     <td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff"> <p id="PARA2142" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Beginning balance</font></p></td>
     <td id="TBL2230.finRow.2.lead.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2230.finRow.2.symb.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2230.finRow.2.amt.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">324,239.1</td>
     <td id="TBL2230.finRow.2.trail.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap">&nbsp;</td>
     <td id="TBL2230.finRow.2.lead.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2230.finRow.2.symb.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">$</td>
     <td id="TBL2230.finRow.2.amt.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">8,135,003</td>
     <td id="TBL2230.finRow.2.trail.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap">&nbsp;</td>
     <td id="TBL2230.finRow.2.lead.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2230.finRow.2.symb.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">$</td>
     <td id="TBL2230.finRow.2.amt.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">9,710,962</td>
     <td id="TBL2230.finRow.2.trail.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap">&nbsp;</td>
     <td id="TBL2230.finRow.2.lead.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2230.finRow.2.symb.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">$</td>
     <td id="TBL2230.finRow.2.amt.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">&#x2014;</td>
     <td id="TBL2230.finRow.2.trail.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap">&nbsp;</td>
    </tr>
    <tr id="TBL2230.finRow.3" style="BACKGROUND-COLOR: #ffffff">
     <td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff"> <p id="PARA2153" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Silver bullion contributed</font></p></td>
     <td id="TBL2230.finRow.3.lead.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2230.finRow.3.symb.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2230.finRow.3.amt.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">82,810.6</td>
     <td id="TBL2230.finRow.3.trail.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="nowrap">&nbsp;</td>
     <td id="TBL2230.finRow.3.lead.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2230.finRow.3.symb.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2230.finRow.3.amt.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">2,096,484</td>
     <td id="TBL2230.finRow.3.trail.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="nowrap">&nbsp;</td>
     <td id="TBL2230.finRow.3.lead.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2230.finRow.3.symb.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2230.finRow.3.amt.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">2,096,484</td>
     <td id="TBL2230.finRow.3.trail.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="nowrap">&nbsp;</td>
     <td id="TBL2230.finRow.3.lead.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2230.finRow.3.symb.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2230.finRow.3.amt.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">&#x2014;</td>
     <td id="TBL2230.finRow.3.trail.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="nowrap">&nbsp;</td>
    </tr>
    <tr id="TBL2230.finRow.4" style="BACKGROUND-COLOR: #cceeff">
     <td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff"> <p id="PARA2164" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Silver bullion distributed</font></p></td>
     <td id="TBL2230.finRow.4.lead.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2230.finRow.4.symb.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2230.finRow.4.amt.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">(85,164.1</td>
     <td id="TBL2230.finRow.4.trail.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap">)</td>
     <td id="TBL2230.finRow.4.lead.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2230.finRow.4.symb.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2230.finRow.4.amt.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">(2,163,458</td>
     <td id="TBL2230.finRow.4.trail.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap">)</td>
     <td id="TBL2230.finRow.4.lead.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2230.finRow.4.symb.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2230.finRow.4.amt.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">(2,031,644</td>
     <td id="TBL2230.finRow.4.trail.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap">)</td>
     <td id="TBL2230.finRow.4.lead.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2230.finRow.4.symb.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2230.finRow.4.amt.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">(131,814</td>
     <td id="TBL2230.finRow.4.trail.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap">)</td>
    </tr>
    <tr id="TBL2230.finRow.5" style="BACKGROUND-COLOR: #ffffff">
     <td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff"> <p id="PARA2175" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Silver bullion sold </font></p></td>
     <td id="TBL2230.finRow.5.lead.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2230.finRow.5.symb.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2230.finRow.5.amt.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">(1,707.8</td>
     <td id="TBL2230.finRow.5.trail.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="nowrap">)</td>
     <td id="TBL2230.finRow.5.lead.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2230.finRow.5.symb.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2230.finRow.5.amt.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">(43,296</td>
     <td id="TBL2230.finRow.5.trail.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="nowrap">)</td>
     <td id="TBL2230.finRow.5.lead.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2230.finRow.5.symb.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2230.finRow.5.amt.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">(41,406</td>
     <td id="TBL2230.finRow.5.trail.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="nowrap">)</td>
     <td id="TBL2230.finRow.5.lead.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2230.finRow.5.symb.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2230.finRow.5.amt.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">(1,890</td>
     <td id="TBL2230.finRow.5.trail.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="nowrap">)</td>
    </tr>
    <tr id="TBL2230.finRow.6" style="BACKGROUND-COLOR: #cceeff">
     <td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff"> <p id="PARA2186" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Adjustment to silver bullion inventory<font style="FONT-SIZE: 60%; VERTICAL-ALIGN: text-top">(a)</font></font></p></td>
     <td id="TBL2230.finRow.6.lead.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2230.finRow.6.symb.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2230.finRow.6.amt.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">&#x2014;</td>
     <td id="TBL2230.finRow.6.trail.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap">&nbsp;</td>
     <td id="TBL2230.finRow.6.lead.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2230.finRow.6.symb.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2230.finRow.6.amt.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">(1,781,266</td>
     <td id="TBL2230.finRow.6.trail.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap">)</td>
     <td id="TBL2230.finRow.6.lead.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2230.finRow.6.symb.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2230.finRow.6.amt.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">&#x2014;</td>
     <td id="TBL2230.finRow.6.trail.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap">&nbsp;</td>
     <td id="TBL2230.finRow.6.lead.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2230.finRow.6.symb.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2230.finRow.6.amt.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">&#x2014;</td>
     <td id="TBL2230.finRow.6.trail.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap">&nbsp;</td>
    </tr>
    <tr id="TBL2230.finRow.7" style="BACKGROUND-COLOR: #ffffff">
     <td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff"> <p id="PARA2197" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Adjustment for realized loss on silver bullion</font></p></td>
     <td id="TBL2230.finRow.7.lead.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2230.finRow.7.symb.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2230.finRow.7.amt.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">&#x2014;</td>
     <td id="TBL2230.finRow.7.trail.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="nowrap">&nbsp;</td>
     <td id="TBL2230.finRow.7.lead.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2230.finRow.7.symb.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2230.finRow.7.amt.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">&#x2014;</td>
     <td id="TBL2230.finRow.7.trail.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="nowrap">&nbsp;</td>
     <td id="TBL2230.finRow.7.lead.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2230.finRow.7.symb.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2230.finRow.7.amt.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">(133,704</td>
     <td id="TBL2230.finRow.7.trail.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="nowrap">)</td>
     <td id="TBL2230.finRow.7.lead.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2230.finRow.7.symb.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2230.finRow.7.amt.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">&#x2014;</td>
     <td id="TBL2230.finRow.7.trail.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="nowrap">&nbsp;</td>
    </tr>
    <tr id="TBL2230.finRow.8" style="BACKGROUND-COLOR: #cceeff">
     <td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff"> <p id="PARA2208" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Adjustment for unrealized loss on silver bullion</font></p></td>
     <td id="TBL2230.finRow.8.lead.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2230.finRow.8.symb.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2230.finRow.8.amt.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">&#x2014;</td>
     <td id="TBL2230.finRow.8.trail.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap">&nbsp;</td>
     <td id="TBL2230.finRow.8.lead.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2230.finRow.8.symb.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2230.finRow.8.amt.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">&#x2014;</td>
     <td id="TBL2230.finRow.8.trail.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap">&nbsp;</td>
     <td id="TBL2230.finRow.8.lead.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2230.finRow.8.symb.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2230.finRow.8.amt.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">(3,357,225</td>
     <td id="TBL2230.finRow.8.trail.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap">)</td>
     <td id="TBL2230.finRow.8.lead.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2230.finRow.8.symb.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2230.finRow.8.amt.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">&#x2014;</td>
     <td id="TBL2230.finRow.8.trail.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap">&nbsp;</td>
    </tr>
    <tr id="TBL2230.finRow.9" style="BACKGROUND-COLOR: #ffffff">
     <td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff"> <p id="PARA2219" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Ending balance</font></p></td>
     <td id="TBL2230.finRow.9.lead.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2230.finRow.9.symb.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2230.finRow.9.amt.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">320,177.8</td>
     <td id="TBL2230.finRow.9.trail.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="nowrap">&nbsp;</td>
     <td id="TBL2230.finRow.9.lead.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2230.finRow.9.symb.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">$</td>
     <td id="TBL2230.finRow.9.amt.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">6,243,467</td>
     <td id="TBL2230.finRow.9.trail.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="nowrap">&nbsp;</td>
     <td id="TBL2230.finRow.9.lead.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2230.finRow.9.symb.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">$</td>
     <td id="TBL2230.finRow.9.amt.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">6,243,467</td>
     <td id="TBL2230.finRow.9.trail.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="nowrap">&nbsp;</td>
     <td id="TBL2230.finRow.9.lead.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2230.finRow.9.symb.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">$</td>
     <td id="TBL2230.finRow.9.amt.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">(133,704</td>
     <td id="TBL2230.finRow.9.trail.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="nowrap">)</td>
    </tr>

  </table><br/><p id="PARA605-0" style="MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><font style="FONT-SIZE: 60%; VERTICAL-ALIGN: text-top">(a)</font>&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial, Helvetica, sans-serif">At December&nbsp;31,&nbsp;2013, the market value of the silver bullion was below the average cost of the Trust&#x2019;s silver bullion inventory held. As a result, the Trust recorded a permanent write down against the average cost of the silver bullion inventory of $1,781,266.</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"> </font></p><br/><table id="MTAB2236" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 100%; TEXT-INDENT: 0px" cellspacing="0" cellpadding="0" border="0">

    <tr>
     <td style="WIDTH: 3%; VERTICAL-ALIGN: top"> <p id="PARA2237" style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><i>D.</i></font></p></td>
     <td style="WIDTH: 97%; VERTICAL-ALIGN: top"> <p id="PARA2238" style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><i>Calculation of Net Asset Value</i></font></p></td>
    </tr>

  </table><br/><p id="PARA2240" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">On each business day, as soon as practicable after 4:00 p.m. (New York time), the net asset value of the Trust is obtained by subtracting all accrued fees, expenses and other liabilities of the Trust from the fair value of the silver held by the Trust and other assets of the Trust. The Trustee 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.</font></p><br/><table id="MTAB2243" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 100%; TEXT-INDENT: 0px" cellspacing="0" cellpadding="0" border="0">

    <tr>
     <td style="WIDTH: 3%; VERTICAL-ALIGN: top"> <p id="PARA2244" style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><i>E. </i></font></p></td>
     <td style="WIDTH: 97%; VERTICAL-ALIGN: top"> <p id="PARA2245" style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><i>Offering of the Shares</i></font></p></td>
    </tr>

  </table><br/><p id="PARA2247" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">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 that are eligible to settle securities transactions through the book-entry facilities of the Depository Trust Company and that have entered into a contractual arrangement with the Trust and the Sponsor governing, among other matters, the creation and redemption of Shares (such broker-dealers, the &#x201c;Authorized Participants&#x201d;). 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&#x37e; <i>provided</i>, that redemptions of Shares may be suspended during any period while regular trading on NYSE Arca, Inc. (&#x201c;NYSE Arca&#x201d;) 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><br/><p id="PARA655" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The per Share amount of silver exchanged for a purchase or redemption represents the per Share amount of silver held by the Trust, after giving effect to its liabilities. The Trustee calculates the silver amount in respect of any liabilities of the Trust daily using the LBMA Silver Price</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">. </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"></font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Prior to August 15, 2014, the Trustee used the London Fix to calculate the silver amount in respect of any liabilities.</font></p><br/><p id="PARA2251" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">When silver bullion is exchanged in settlement of a redemption, it is considered a sale of silver bullion for accounting purposes.</font></p><br/><p id="PARA656" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">As noted in Note 2B above, beginning January 1, 2014, Shares of the Trust are classified as shareholders&#x2019; equity. The Trust reflects Shares issued and Shares redeemed within shareholders&#x2019; equity on trade date.</font></p><br/><p id="PARA658" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Share activity was as follows (all balances in 000&#x2019;s):</font></p><br/><table id="TBL682" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 100%; TEXT-INDENT: 0px" cellspacing="0" cellpadding="0" border="0">

    <tr id="TBL682.finRow.1">
     <td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom"><b>&nbsp;</b></td>
     <td id="TBL682.finRow.1.lead.D5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom"><b>&nbsp;</b></td>
     <td id="TBL682.finRow.1.amt.D5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt" colspan="14"> <p id="PARA660" style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><b>Year</b><b>s</b><b> Ended</b><b> </b><b>December 31</b><b>,</b></font></p></td>
     <td id="TBL682.finRow.1.trail.D5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px"><b>&nbsp;</b></td>
    </tr>
    <tr id="TBL682.finRow.2">
     <td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom"><b>&nbsp;</b></td>
     <td id="TBL682.finRow.2.lead.D3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom"><b>&nbsp;</b></td>
     <td id="TBL682.finRow.2.amt.D3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt" colspan="6"> <p id="PARA661" style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><b>2015</b></font></p></td>
     <td id="TBL682.finRow.2.trail.D3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px"><b>&nbsp;</b></td>
     <td id="TBL682.finRow.2.lead.D5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom"><b>&nbsp;</b></td>
     <td id="TBL682.finRow.2.amt.D5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt" colspan="6"> <p id="PARA662" style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><b>2014</b></font></p></td>
     <td id="TBL682.finRow.2.trail.D5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px"><b>&nbsp;</b></td>
    </tr>
    <tr id="TBL682.finRow.3">
     <td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom"><b>&nbsp;</b></td>
     <td id="TBL682.finRow.3.lead.D2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom"><b>&nbsp;</b></td>
     <td id="TBL682.finRow.3.amt.D2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt" colspan="2"> <p id="PARA663" style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><b>Shares</b></font></p></td>
     <td id="TBL682.finRow.3.trail.D2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px"><b>&nbsp;</b></td>
     <td id="TBL682.finRow.3.lead.D3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom"><b>&nbsp;</b></td>
     <td id="TBL682.finRow.3.amt.D3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt" colspan="2"> <p id="PARA664" style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><b>Amount</b></font></p></td>
     <td id="TBL682.finRow.3.trail.D3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px"><b>&nbsp;</b></td>
     <td id="TBL682.finRow.3.lead.D4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom"><b>&nbsp;</b></td>
     <td id="TBL682.finRow.3.amt.D4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt" colspan="2"> <p id="PARA665" style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><b>Shares</b></font></p></td>
     <td id="TBL682.finRow.3.trail.D4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px"><b>&nbsp;</b></td>
     <td id="TBL682.finRow.3.lead.D5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom"><b>&nbsp;</b></td>
     <td id="TBL682.finRow.3.amt.D5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt" colspan="2"> <p id="PARA666" style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><b>Amount</b></font></p></td>
     <td id="TBL682.finRow.3.trail.D5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px"><b>&nbsp;</b></td>
    </tr>
    <tr id="TBL682.finRow.4" style="BACKGROUND-COLOR: #cceeff">
     <td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 52%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff"> <p id="PARA667" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Shares issued</font></p></td>
     <td id="TBL682.finRow.4.lead.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL682.finRow.4.symb.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL682.finRow.4.amt.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">57,150</td>
     <td id="TBL682.finRow.4.trail.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap">&nbsp;</td>
     <td id="TBL682.finRow.4.lead.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL682.finRow.4.symb.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">$</td>
     <td id="TBL682.finRow.4.amt.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">859,468</td>
     <td id="TBL682.finRow.4.trail.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap">&nbsp;</td>
     <td id="TBL682.finRow.4.lead.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL682.finRow.4.symb.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL682.finRow.4.amt.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">74,950</td>
     <td id="TBL682.finRow.4.trail.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap">&nbsp;</td>
     <td id="TBL682.finRow.4.lead.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL682.finRow.4.symb.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">$</td>
     <td id="TBL682.finRow.4.amt.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">1,361,917</td>
     <td id="TBL682.finRow.4.trail.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap">&nbsp;</td>
    </tr>
    <tr id="TBL682.finRow.5" style="BACKGROUND-COLOR: #ffffff">
     <td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff"> <p id="PARA672" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Shares redeemed</font></p></td>
     <td id="TBL682.finRow.5.lead.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL682.finRow.5.symb.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL682.finRow.5.amt.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">(67,600</td>
     <td id="TBL682.finRow.5.trail.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="nowrap">)</td>
     <td id="TBL682.finRow.5.lead.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL682.finRow.5.symb.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL682.finRow.5.amt.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">(1,029,094</td>
     <td id="TBL682.finRow.5.trail.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="nowrap">)</td>
     <td id="TBL682.finRow.5.lead.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL682.finRow.5.symb.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL682.finRow.5.amt.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">(63,450</td>
     <td id="TBL682.finRow.5.trail.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="nowrap">)</td>
     <td id="TBL682.finRow.5.lead.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL682.finRow.5.symb.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL682.finRow.5.amt.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">(1,108,223</td>
     <td id="TBL682.finRow.5.trail.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="nowrap">)</td>
    </tr>
    <tr id="TBL682.finRow.6" style="BACKGROUND-COLOR: #cceeff">
     <td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff"> <p id="PARA677" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Net decrease</font></p></td>
     <td id="TBL682.finRow.6.lead.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL682.finRow.6.symb.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL682.finRow.6.amt.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">(10,450</td>
     <td id="TBL682.finRow.6.trail.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap">)</td>
     <td id="TBL682.finRow.6.lead.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL682.finRow.6.symb.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">$</td>
     <td id="TBL682.finRow.6.amt.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">(169,626</td>
     <td id="TBL682.finRow.6.trail.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap">)</td>
     <td id="TBL682.finRow.6.lead.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL682.finRow.6.symb.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL682.finRow.6.amt.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">11,500</td>
     <td id="TBL682.finRow.6.trail.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap">&nbsp;</td>
     <td id="TBL682.finRow.6.lead.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL682.finRow.6.symb.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">$</td>
     <td id="TBL682.finRow.6.amt.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">253,694</td>
     <td id="TBL682.finRow.6.trail.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap">&nbsp;</td>
    </tr>

  </table><br/><p id="PARA2253" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Prior to January 1, 2014, Shares of the Trust were classified as &#x201c;redeemable&#x201d; for balance sheet purposes. Due to the expected continuing sales and redemption of capital stock and the three-day period for Share settlement, the Trust reflected redeemable capital Shares sold as a receivable, rather than as contra equity. Shares redeemed were reflected as a contra asset on the trade date. Outstanding Trust Shares were reflected at redemption value, which was the net asset value per Share at the period end date. Adjustments to redemption value were reflected in shareholders&#x2019; equity (deficit).</font></p><br/><p id="PARA2255" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Activity in redeemable capital Shares for the year ended December&nbsp;31,&nbsp;2013 was as follows (all balances in 000&#x2019;s):</font></p><br/><table id="TBL2278" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 80%; MARGIN-RIGHT: 20%; TEXT-INDENT: 0px" cellspacing="0" cellpadding="0" border="0">

    <tr id="TBL2278.finRow.1">
     <td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom"><b>&nbsp;</b></td>
     <td id="TBL2278.finRow.1.lead.D3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom"><b>&nbsp;</b></td>
     <td id="TBL2278.finRow.1.amt.D3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt" colspan="6"> <p id="PARA2257" style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><b>Year ended December 31, </b></font></p></td>
     <td id="TBL2278.finRow.1.trail.D3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px"><b>&nbsp;</b></td>
    </tr>
    <tr id="TBL2278.finRow.2">
     <td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom"><b>&nbsp;</b></td>
     <td id="TBL2278.finRow.2.lead.D3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom"><b>&nbsp;</b></td>
     <td id="TBL2278.finRow.2.amt.D3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt" colspan="6"> <p id="PARA2258" style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><b>2013</b></font></p></td>
     <td id="TBL2278.finRow.2.trail.D3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px"><b>&nbsp;</b></td>
    </tr>
    <tr id="TBL2278.finRow.3">
     <td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom"><b>&nbsp;</b></td>
     <td id="TBL2278.finRow.3.lead.D2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom"><b>&nbsp;</b></td>
     <td id="TBL2278.finRow.3.amt.D2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt" colspan="2"> <p id="PARA2259" style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><b>Shares</b></font></p></td>
     <td id="TBL2278.finRow.3.trail.D2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px"><b>&nbsp;</b></td>
     <td id="TBL2278.finRow.3.lead.D3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom"><b>&nbsp;</b></td>
     <td id="TBL2278.finRow.3.amt.D3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt" colspan="2"> <p id="PARA2260" style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><b>Amount</b></font></p></td>
     <td id="TBL2278.finRow.3.trail.D3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px"><b>&nbsp;</b></td>
    </tr>
    <tr id="TBL2278.finRow.4" style="BACKGROUND-COLOR: #cceeff">
     <td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 62%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff"> <p id="PARA2261" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Beginning balance</font></p></td>
     <td id="TBL2278.finRow.4.lead.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2278.finRow.4.symb.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2278.finRow.4.amt.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">335,000</td>
     <td id="TBL2278.finRow.4.trail.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap">&nbsp;</td>
     <td id="TBL2278.finRow.4.lead.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2278.finRow.4.symb.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">$</td>
     <td id="TBL2278.finRow.4.amt.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">9,706,654</td>
     <td id="TBL2278.finRow.4.trail.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap">&nbsp;</td>
    </tr>
    <tr id="TBL2278.finRow.5" style="BACKGROUND-COLOR: #ffffff">
     <td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff"> <p id="PARA2265" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Shares issued</font></p></td>
     <td id="TBL2278.finRow.5.lead.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2278.finRow.5.symb.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2278.finRow.5.amt.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">85,750</td>
     <td id="TBL2278.finRow.5.trail.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="nowrap">&nbsp;</td>
     <td id="TBL2278.finRow.5.lead.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2278.finRow.5.symb.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2278.finRow.5.amt.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">2,096,484</td>
     <td id="TBL2278.finRow.5.trail.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="nowrap">&nbsp;</td>
    </tr>
    <tr id="TBL2278.finRow.6" style="BACKGROUND-COLOR: #cceeff">
     <td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff"> <p id="PARA2268" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Shares redeemed</font></p></td>
     <td id="TBL2278.finRow.6.lead.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2278.finRow.6.symb.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2278.finRow.6.amt.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">(88,250</td>
     <td id="TBL2278.finRow.6.trail.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap">)</td>
     <td id="TBL2278.finRow.6.lead.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2278.finRow.6.symb.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2278.finRow.6.amt.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">(2,031,644</td>
     <td id="TBL2278.finRow.6.trail.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap">)</td>
    </tr>
    <tr id="TBL2278.finRow.7" style="BACKGROUND-COLOR: #ffffff">
     <td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff"> <p id="PARA2271" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Redemption value adjustment</font></p></td>
     <td id="TBL2278.finRow.7.lead.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2278.finRow.7.symb.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2278.finRow.7.amt.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">&#x2014;</td>
     <td id="TBL2278.finRow.7.trail.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="nowrap">&nbsp;</td>
     <td id="TBL2278.finRow.7.lead.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2278.finRow.7.symb.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2278.finRow.7.amt.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">(3,530,747</td>
     <td id="TBL2278.finRow.7.trail.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="nowrap">)</td>
    </tr>
    <tr id="TBL2278.finRow.8" style="BACKGROUND-COLOR: #cceeff">
     <td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff"> <p id="PARA2274" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Ending balance</font></p></td>
     <td id="TBL2278.finRow.8.lead.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2278.finRow.8.symb.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2278.finRow.8.amt.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">332,500</td>
     <td id="TBL2278.finRow.8.trail.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap">&nbsp;</td>
     <td id="TBL2278.finRow.8.lead.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2278.finRow.8.symb.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">$</td>
     <td id="TBL2278.finRow.8.amt.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">6,240,747</td>
     <td id="TBL2278.finRow.8.trail.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap">&nbsp;</td>
    </tr>

  </table><br/><table id="MTAB2282" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 100%; TEXT-INDENT: 0px" cellspacing="0" cellpadding="0" border="0">

    <tr>
     <td style="WIDTH: 3%; VERTICAL-ALIGN: top"> <p id="PARA2283" style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><i>F.</i><i></i></font></p></td>
     <td style="WIDTH: 97%; VERTICAL-ALIGN: top"> <p id="PARA2284" style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><i></i><i>Federal Income Taxes</i></font></p></td>
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  </table><br/><p id="PARA2286" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The Trust is treated as a &#x201c;grantor trust&#x201d; for federal income tax purposes and, therefore, no provision for federal income taxes is required. Any interest, expenses, gains and losses are &#x201c;passed through&#x201d; to the holders of Shares of the Trust.</font></p><br/><p id="PARA2288" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The Sponsor has reviewed the tax positions as of December&nbsp;31,&nbsp;2015 and has determined that no provision for income tax is required in the Trust&#x2019;s financial statements.</font></p><br/><span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for all significant accounting policies of the reporting entity.</p></div>
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<span style="display: none;">v3.3.1.900</span><table class="report" border="0" cellspacing="2" id="idp6604197296">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 3 - Trust Expenses<br></strong></div></th>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for expenses incurred by the trust.</p></div>
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<span style="display: none;">v3.3.1.900</span><table class="report" border="0" cellspacing="2" id="idp6601669344">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 4 - Related Parties<br></strong></div></th>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for related party transactions. 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.</p></div>
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<span style="display: none;">v3.3.1.900</span><table class="report" border="0" cellspacing="2" id="idp6897630592">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 5 - Indemnification<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<span style="display: none;">v3.3.1.900</span><table class="report" border="0" cellspacing="2" id="idp6584075200">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 6 - Commitments and Contingent Liabilities<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2015</div></th></tr>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommitmentsAndContingenciesDisclosureAbstract', window );"><strong>Commitments and Contingencies Disclosure [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommitmentsAndContingenciesDisclosureTextBlock', window );">Commitments and Contingencies Disclosure [Text Block]</a></td>
<td class="text"><p id="PARA2304" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><b>6 - Commitments and Contingent Liabilities</b></font></p><br/><p id="PARA2306" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">In the normal course of business, the Trust may enter into contracts with service providers that contain general indemnification clauses. The Trust&#x2019;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><br/><span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for commitments and contingencies.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 825<br> -SubTopic 20<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6449706&amp;loc=d3e16207-108621<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 460<br> -SubTopic 10<br> -Section 50<br> -Paragraph 8<br> -URI http://asc.fasb.org/extlink&amp;oid=51674963&amp;loc=d3e12565-110249<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 450<br> -SubTopic 20<br> -Section 50<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=25496072&amp;loc=d3e14435-108349<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.25)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 440<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=6394976&amp;loc=d3e25287-109308<br></p></div>
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<span style="display: none;">v3.3.1.900</span><table class="report" border="0" cellspacing="2" id="idp6605786288">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 7 - Concentration Risk<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2015</div></th></tr>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RisksAndUncertaintiesAbstract', window );"><strong>Risks and Uncertainties [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConcentrationRiskDisclosureTextBlock', window );">Concentration Risk Disclosure [Text Block]</a></td>
<td class="text"><p id="PARA2308" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><b>7 - Concentration Risk</b></font></p><br/><p id="PARA2310" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Substantially all of the Trust&#x2019;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 of speculators, investors and other market participants towards silver.</font></p><br/><span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for any concentrations existing at the date of the financial statements that make an entity vulnerable to a reasonably possible, near-term, severe impact. This disclosure informs 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.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 275<br> -SubTopic 10<br> -Section 50<br> -Paragraph 16<br> -URI http://asc.fasb.org/extlink&amp;oid=51801978&amp;loc=d3e6327-108592<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 825<br> -SubTopic 10<br> -Section 50<br> -Paragraph 20<br> -URI http://asc.fasb.org/extlink&amp;oid=49121117&amp;loc=d3e13531-108611<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 275<br> -SubTopic 10<br> -Section 50<br> -Paragraph 20<br> -URI http://asc.fasb.org/extlink&amp;oid=51801978&amp;loc=d3e6404-108592<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 275<br> -SubTopic 10<br> -Section 50<br> -Paragraph 21<br> -URI http://asc.fasb.org/extlink&amp;oid=51801978&amp;loc=d3e6442-108592<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 275<br> -SubTopic 10<br> -Section 50<br> -Paragraph 18<br> -URI http://asc.fasb.org/extlink&amp;oid=51801978&amp;loc=d3e6351-108592<br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 825<br> -SubTopic 10<br> -Section 50<br> -Paragraph 21<br> -URI http://asc.fasb.org/extlink&amp;oid=49121117&amp;loc=d3e13537-108611<br></p></div>
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<span style="display: none;">v3.3.1.900</span><table class="report" border="0" cellspacing="2" id="idp6605528544">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 8 - Financial Highlights<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2015</div></th></tr>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_slv_FinancialHighlightsAbstract', window );"><strong>Financial Highlights [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_slv_FinancialHighlightsTextBlock', window );">Financial Highlights [Text Block]</a></td>
<td class="text"><p id="PARA2312" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><b>8 </b><b>- Financial Highlights</b></font></p><br/><p id="PARA2314" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Effective January 1, 2014, the Trust qualified as an investment company solely&nbsp;for accounting purposes and not for any other purpose. Disclosure of financial highlights is required for investment companies. Please refer to Note 2B.</font></p><br/><p style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The following financial highlights relate to investment performance and operations for a Share outstanding for the years ended December&nbsp;31,&nbsp;2015 and 2014.</font></p><br/><table id="TBL2365S1" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 100%; TEXT-INDENT: 0px" cellspacing="0" cellpadding="0" border="0">

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     <td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 70%; VERTICAL-ALIGN: bottom"><b>&nbsp;</b></td>
     <td id="TBL2365S1.finRow.1.lead.D4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom"><b>&nbsp;</b></td>
     <td id="TBL2365S1.finRow.1.amt.D4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt" colspan="6"> <p id="PARA2316" style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><b>Year Ended<br />December 31,</b></font></p></td>
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     <td id="TBL2365S1.finRow.2.amt.D3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt" colspan="2"> <p id="PARA2317" style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><b>2015</b></font></p></td>
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     <td id="TBL2365S1.finRow.2.amt.D4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt" colspan="2"> <p id="PARA2318" style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><b>2014</b></font></p></td>
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     <td id="TBL2365S1.finRow.4.trail.B4" style="BACKGROUND-COLOR: #ffffff">&nbsp;</td>
    </tr>
    <tr id="TBL2365S1.finRow.5" style="BACKGROUND-COLOR: #cceeff">
     <td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 70%; VERTICAL-ALIGN: bottom; PADDING-LEFT: 18pt; BACKGROUND-COLOR: #cceeff"> <p id="PARA2325" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Net investment loss<font style="FONT-SIZE: 60%; VERTICAL-ALIGN: text-top">(a)</font></font></p></td>
     <td id="TBL2365S1.finRow.5.lead.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2365S1.finRow.5.symb.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2365S1.finRow.5.amt.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">(0.07</td>
     <td id="TBL2365S1.finRow.5.trail.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap">)</td>
     <td id="TBL2365S1.finRow.5.lead.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2365S1.finRow.5.symb.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2365S1.finRow.5.amt.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">(0.09</td>
     <td id="TBL2365S1.finRow.5.trail.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap">)</td>
    </tr>
    <tr id="TBL2365S1.finRow.6" style="BACKGROUND-COLOR: #ffffff">
     <td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 70%; VERTICAL-ALIGN: bottom; PADDING-LEFT: 18pt; BACKGROUND-COLOR: #ffffff"> <p id="PARA2328" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Net realized and unrealized loss<font style="FONT-SIZE: 60%; VERTICAL-ALIGN: text-top">(b)</font></font></p></td>
     <td id="TBL2365S1.finRow.6.lead.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2365S1.finRow.6.symb.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2365S1.finRow.6.amt.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">(2.05</td>
     <td id="TBL2365S1.finRow.6.trail.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="nowrap">)</td>
     <td id="TBL2365S1.finRow.6.lead.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2365S1.finRow.6.symb.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2365S1.finRow.6.amt.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">(3.39</td>
     <td id="TBL2365S1.finRow.6.trail.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="nowrap">)</td>
    </tr>
    <tr id="TBL2365S1.finRow.7" style="BACKGROUND-COLOR: #cceeff">
     <td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 70%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff"> <p id="PARA2331" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Net decrease in net assets from operations</font></p></td>
     <td id="TBL2365S1.finRow.7.lead.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2365S1.finRow.7.symb.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2365S1.finRow.7.amt.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">(2.12</td>
     <td id="TBL2365S1.finRow.7.trail.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap">)</td>
     <td id="TBL2365S1.finRow.7.lead.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2365S1.finRow.7.symb.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2365S1.finRow.7.amt.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">(3.48</td>
     <td id="TBL2365S1.finRow.7.trail.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap">)</td>
    </tr>
    <tr id="TBL2365S1.finRow.8" style="BACKGROUND-COLOR: #ffffff">
     <td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 70%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff"> <p id="PARA2334" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Net asset value per Share, end of period</font></p></td>
     <td id="TBL2365S1.finRow.8.lead.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2365S1.finRow.8.symb.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">$</td>
     <td id="TBL2365S1.finRow.8.amt.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">13.17</td>
     <td id="TBL2365S1.finRow.8.trail.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="nowrap">&nbsp;</td>
     <td id="TBL2365S1.finRow.8.lead.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2365S1.finRow.8.symb.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">$</td>
     <td id="TBL2365S1.finRow.8.amt.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">15.29</td>
     <td id="TBL2365S1.finRow.8.trail.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="nowrap">&nbsp;</td>
    </tr>
    <tr id="TBL2365S1.finRow.9" style="BACKGROUND-COLOR: #cceeff">
     <td style="WIDTH: 70%; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2365S1.finRow.9.lead.B3" style="BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2365S1.finRow.9.symb.B3" style="BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2365S1.finRow.9.amt.B3" style="BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2365S1.finRow.9.trail.B3" style="BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2365S1.finRow.9.lead.B4" style="BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2365S1.finRow.9.symb.B4" style="BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2365S1.finRow.9.amt.B4" style="BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2365S1.finRow.9.trail.B4" style="BACKGROUND-COLOR: #cceeff">&nbsp;</td>
    </tr>
    <tr id="TBL2365S1.finRow.10" style="BACKGROUND-COLOR: #ffffff">
     <td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 70%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff"> <p id="PARA2340" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Total return, at net asset value<font style="FONT-SIZE: 60%; VERTICAL-ALIGN: text-top">(c)</font></font></p></td>
     <td id="TBL2365S1.finRow.10.lead.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2365S1.finRow.10.symb.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2365S1.finRow.10.amt.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">(13.87</td>
     <td id="TBL2365S1.finRow.10.trail.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 2%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="nowrap"> <p id="PARA2342" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25">)<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">%</font></p></td>
     <td id="TBL2365S1.finRow.10.lead.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2365S1.finRow.10.symb.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2365S1.finRow.10.amt.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">(18.54</td>
     <td id="TBL2365S1.finRow.10.trail.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 2%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="nowrap"> <p id="PARA2344" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25">)<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">%</font></p></td>
    </tr>
    <tr id="TBL2365S1.finRow.11" style="BACKGROUND-COLOR: #cceeff">
     <td style="WIDTH: 70%; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2365S1.finRow.11.lead.B3" style="BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2365S1.finRow.11.symb.B3" style="BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2365S1.finRow.11.amt.B3" style="BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2365S1.finRow.11.trail.B3" style="BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2365S1.finRow.11.lead.B4" style="BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2365S1.finRow.11.symb.B4" style="BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2365S1.finRow.11.amt.B4" style="BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2365S1.finRow.11.trail.B4" style="BACKGROUND-COLOR: #cceeff">&nbsp;</td>
    </tr>
    <tr id="TBL2365S1.finRow.12" style="BACKGROUND-COLOR: #ffffff">
     <td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 70%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff"> <p id="PARA2346" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Ratio to average net assets:</font></p></td>
     <td id="TBL2365S1.finRow.12.lead.B3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2365S1.finRow.12.symb.B3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2365S1.finRow.12.amt.B3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2365S1.finRow.12.trail.B3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2365S1.finRow.12.lead.B4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2365S1.finRow.12.symb.B4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2365S1.finRow.12.amt.B4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2365S1.finRow.12.trail.B4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
    </tr>
    <tr id="TBL2365S1.finRow.13" style="BACKGROUND-COLOR: #cceeff">
     <td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 70%; VERTICAL-ALIGN: bottom; PADDING-LEFT: 18pt; BACKGROUND-COLOR: #cceeff"> <p id="PARA2347" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Net investment loss</font></p></td>
     <td id="TBL2365S1.finRow.13.lead.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2365S1.finRow.13.symb.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2365S1.finRow.13.amt.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">(0.50</td>
     <td id="TBL2365S1.finRow.13.trail.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 2%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap"> <p id="PARA2349" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25">)<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">%</font></p></td>
     <td id="TBL2365S1.finRow.13.lead.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2365S1.finRow.13.symb.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2365S1.finRow.13.amt.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">(0.50</td>
     <td id="TBL2365S1.finRow.13.trail.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 2%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap"> <p id="PARA2351" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25">)<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">%</font></p></td>
    </tr>
    <tr id="TBL2365S1.finRow.14" style="BACKGROUND-COLOR: #ffffff">
     <td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 70%; VERTICAL-ALIGN: bottom; PADDING-LEFT: 18pt; BACKGROUND-COLOR: #ffffff"> <p id="PARA2352" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Expenses</font></p></td>
     <td id="TBL2365S1.finRow.14.lead.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2365S1.finRow.14.symb.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2365S1.finRow.14.amt.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">0.50</td>
     <td id="TBL2365S1.finRow.14.trail.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="nowrap"> <p id="PARA2354" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">%</font></p></td>
     <td id="TBL2365S1.finRow.14.lead.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2365S1.finRow.14.symb.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2365S1.finRow.14.amt.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">0.50</td>
     <td id="TBL2365S1.finRow.14.trail.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="nowrap"> <p id="PARA2356" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">%</font></p></td>
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  </table><br/><p id="PARA235-0" style="MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><font style="FONT-SIZE: 60%; VERTICAL-ALIGN: text-top">(a)</font>&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Based on average Shares outstanding during the period.</font> </p><br/><p id="PARA236-0" style="MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><font style="FONT-SIZE: 60%; VERTICAL-ALIGN: text-top">(b)</font>&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The amounts reported for a Share outstanding may not accord with the change in aggregate gains and losses on investment for the period due to the timing of Trust Share transactions in relation to the fluctuating fair values of the Trust&#x2019;s underlying investment.</font> </p><br/><p id="PARA237-0" style="MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><font style="FONT-SIZE: 60%; VERTICAL-ALIGN: text-top">(c)</font>&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Based on the change in net asset value of a Share during the period.</font> </p><br/><span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Presentation of financial highlights related to investment performance and operations.</p></div>
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<span style="display: none;">v3.3.1.900</span><table class="report" border="0" cellspacing="2" id="idp6897661648">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 9 - Investment Valuation<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2015</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueDisclosuresAbstract', window );"><strong>Fair Value Disclosures [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueDisclosuresTextBlock', window );">Fair Value Disclosures [Text Block]</a></td>
<td class="text"><p id="PARA2369" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><b>9 - Investment Valuation</b></font></p><br/><p id="PARA2371" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">U.S. GAAP defines fair value as the price the Trust would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Trust&#x2019;s policy is to value its investment at fair value.</font></p><br/><p id="PARA2373" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Various inputs are used in determining the fair value of assets and liabilities. Inputs may be based on independent market data (&#x201c;observable inputs&#x201d;) or they may be internally developed (&#x201c;unobservable inputs&#x201d;). These inputs are categorized into a disclosure hierarchy consisting of three broad levels for financial reporting purposes. The level of a value determined for an asset or liability within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement in its entirety. The three levels of the fair value hierarchy are as follows:</font></p><br/><table id="TBL316" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 100%; TEXT-INDENT: 0px" cellspacing="0" cellpadding="0" border="0">

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     <td style="WIDTH: 27pt"> <p id="PARA324-0" style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</font></p></td>
     <td style="WIDTH: 45pt; VERTICAL-ALIGN: top"> <p id="PARA322-0">Level 1 &#x2013;</p></td>
     <td style="VERTICAL-ALIGN: top"> <p id="PARA323-0"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Unadjusted quoted prices in active markets for identical assets or liabilities;</font></p></td>
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  </table><br/><table style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 100%; TEXT-INDENT: 0px" cellspacing="0" cellpadding="0" border="0">

    <tr>
     <td style="WIDTH: 27pt"> <p id="PARA325-0" style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</font></p></td>
     <td style="WIDTH: 45pt; VERTICAL-ALIGN: top"> <p id="PARA320">Level 2 &#x2013;</p></td>
     <td style="VERTICAL-ALIGN: top"> <p id="PARA321-0"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability, and inputs that are derived principally from or corroborated by observable market data by correlation or other means; and</font>&nbsp;</p></td>
    </tr>

  </table><br/><table style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 100%; TEXT-INDENT: 0px" cellspacing="0" cellpadding="0" border="0">

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     <td style="WIDTH: 27pt"> <p id="PARA326" style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</font></p></td>
     <td style="WIDTH: 45pt; VERTICAL-ALIGN: top"> <p id="PARA318-0">Level 3 &#x2013;</p></td>
     <td style="VERTICAL-ALIGN: top"> <p id="PARA319-0"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Unobservable inputs that are unobservable for the asset or liability, including the Trust&#x2019;s assumptions used in determining the fair value of investments.</font></p></td>
    </tr>

  </table><br/><p id="PARA2381" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">At December&nbsp;31,&nbsp;2015 and December&nbsp;31,&nbsp;2014, the value of the silver bullion held by the Trust is categorized as Level 1.</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"></font></p><br/><span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 820<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=36462937&amp;loc=d3e19207-110258<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 825<br> -SubTopic 10<br> -Section 50<br> -Paragraph 30<br> -URI http://asc.fasb.org/extlink&amp;oid=6957238&amp;loc=d3e14172-108612<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 825<br> -SubTopic 10<br> -Section 50<br> -Paragraph 28<br> -URI http://asc.fasb.org/extlink&amp;oid=6957238&amp;loc=d3e14064-108612<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 825<br> -SubTopic 10<br> -Section 50<br> -Paragraph 21<br> -URI http://asc.fasb.org/extlink&amp;oid=49121117&amp;loc=d3e13537-108611<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 825<br> -SubTopic 10<br> -Section 50<br> -Paragraph 16<br> -URI http://asc.fasb.org/extlink&amp;oid=49121117&amp;loc=d3e13504-108611<br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 825<br> -SubTopic 10<br> -Section 50<br> -Paragraph 10<br> -URI http://asc.fasb.org/extlink&amp;oid=49121117&amp;loc=d3e13433-108611<br></p></div>
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<span style="display: none;">v3.3.1.900</span><table class="report" border="0" cellspacing="2" id="idp6601389728">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Accounting Policies, by Policy (Policies)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2015</div></th></tr>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccountingPoliciesAbstract', window );"><strong>Accounting Policies [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_BasisOfAccountingPolicyPolicyTextBlock', window );">Basis of Accounting, Policy [Policy Text Block]</a></td>
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     <td style="WIDTH: 97%; VERTICAL-ALIGN: top"> <p id="PARA1948" style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><i>Basis of Accounting</i></font></p></td>
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  </table><br/><p id="PARA1950" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The following significant accounting policies are consistently followed by the Trust in the preparation of its financial statements in conformity with accounting principles generally accepted in the United States of America (&#x201c;U.S. GAAP&#x201d;). 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.</font></p><span></span>
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     <td style="MARGIN-BOTTOM: 0px; WIDTH: 97%; MARGIN-TOP: 0px"> <p id="PARA651" style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><i>Investment Company Status</i></p></td>
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  </table><br/><p id="PARA614-0" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">In June 2013, the FASB issued Accounting Standards Update 2013-08, </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><i>Investment Companies &#x2013; Amendments to the Scope, Measurement, and Disclosure Requirements </i></font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">(&#x201c;ASU 2013-08&#x201d;). ASU 2013-08 is an update to Topic 946 that provides guidance to assess whether an entity is an investment company, and gives additional measurement and disclosure requirements for an investment company. ASU 2013-08 is effective for interim and annual periods beginning after December 15, 2013 and is required to be applied prospectively. Assessment of the Trust&#x2019;s status as an investment company under ASU 2013-08 determined that the Trust meets all of the fundamental characteristics of an investment company solely&nbsp;for accounting purposes and not for any other purpose. As a result, effective January 1, 2014, the Trust qualified as an investment company solely for accounting purposes pursuant to the accounting and reporting guidance under Topic 946, but is not registered, and is not required to be registered, as an investment company under the Investment Company Act.</font></p><br/><p id="PARA616-0" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">As a result of the prospective application at ASU 2013-08, certain disclosures required by Topic 946 are only presented for periods beginning January&nbsp;1,&nbsp;2014. Financial statements and disclosures for periods prior to January 1, 2014 will continue to be presented in their previously reported form, however certain captions have been changed. The Trust will solely utilize investment company financial statement presentations and captions in conjunction with the December 31, 2016 10-K filing since the Trust will have been applying investment company accounting for all relevant periods presented.&nbsp;The primary changes to the financial statements resulting from the adoption of ASU 2013-08 and application of Topic 946 include:</font></p><br/><table id="MTAB619" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 100%; TEXT-INDENT: 0px" cellspacing="0" cellpadding="0" border="0">

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     <td style="MARGIN-BOTTOM: 0px; WIDTH: 2%; VERTICAL-ALIGN: top; MARGIN-TOP: 0px"> <p id="PARA620-0" style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&#x25cf;</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"></font></p></td>
     <td style="WIDTH: 98%; VERTICAL-ALIGN: top"> <p id="PARA621" style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"></font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">reporting of silver bullion at fair value on the Balance Sheet, which was previously reported at the lower of cost or market&#x37e; </font></p></td>
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  </table><br/><table id="MTAB623" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 100%; TEXT-INDENT: 0px" cellspacing="0" cellpadding="0" border="0">

    <tr>
     <td style="MARGIN-BOTTOM: 0px; WIDTH: 2%; VERTICAL-ALIGN: top; MARGIN-TOP: 0px"> <p id="PARA624-0" style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&#x25cf;</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"></font></p></td>
     <td style="WIDTH: 98%; VERTICAL-ALIGN: top"> <p id="PARA625" style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"></font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">recognition of the change in unrealized appreciation or depreciation on investment in silver bullion is reported on the Income Statement, which was previously reported as an &#x201c;Adjustment of redeemable capital Shares to redemption value&#x201d; on the Statement of Changes in Shareholders&#x2019; Equity (Deficit)&#x37e; </font></p></td>
    </tr>

  </table><br/><table id="MTAB627" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 100%; TEXT-INDENT: 0px" cellspacing="0" cellpadding="0" border="0">

    <tr>
     <td style="MARGIN-BOTTOM: 0px; WIDTH: 2%; VERTICAL-ALIGN: top; MARGIN-TOP: 0px"> <p id="PARA628" style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&#x25cf;</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"></font></p></td>
     <td style="WIDTH: 98%; VERTICAL-ALIGN: top"> <p id="PARA629" style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"></font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Shares of the Trust are classified as &#x201c;Shareholders&#x2019; equity,&#x201d; representing the net asset value on the Balance Sheet, which was previously classified as &#x201c;Redeemable capital Shares.&#x201d; An adjustment was recorded at January 1, 2014 to reclassify the balance of redeemable capital Shares at December&nbsp;31,&nbsp;2013 into shareholders&#x2019; equity as follows (all balances in 000&#x2019;s):</font></p></td>
    </tr>

  </table><br/><table id="TBL641" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 95%; MARGIN-LEFT: 2.5%; MARGIN-RIGHT: 2.5%; TEXT-INDENT: 0px" cellspacing="0" cellpadding="0" border="0">

    <tr id="TBL641.finRow.1">
     <td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 43%; VERTICAL-ALIGN: bottom"><b>&nbsp;</b></td>
     <td id="TBL641.finRow.1.lead.D2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom"><b>&nbsp;</b></td>
     <td id="TBL641.finRow.1.amt.D2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt" colspan="2"> <p id="PARA630" style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><b>Balance at<br />December 31, 2013</b></font></p></td>
     <td id="TBL641.finRow.1.trail.D2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px"><b>&nbsp;</b></td>
     <td id="TBL641.finRow.1.lead.D3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom"><b>&nbsp;</b></td>
     <td id="TBL641.finRow.1.amt.D3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt" colspan="2"> <p id="PARA631" style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><b>ASU 2013-08</b></font></p> <p style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><strong>Transition Adjustment</strong></p></td>
     <td id="TBL641.finRow.1.trail.D3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px"><b>&nbsp;</b></td>
     <td id="TBL641.finRow.1.lead.D4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom"><b>&nbsp;</b></td>
     <td id="TBL641.finRow.1.amt.D4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt" colspan="2"> <p id="PARA632" style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><b>Balance at<br />January 1, 2014</b></font></p></td>
     <td id="TBL641.finRow.1.trail.D4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px"><b>&nbsp;</b></td>
    </tr>
    <tr id="TBL641.finRow.2" style="BACKGROUND-COLOR: #cceeff">
     <td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 43%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff"> <p id="PARA633" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Redeemable capital Shares</font></p></td>
     <td id="TBL641.finRow.2.lead.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL641.finRow.2.symb.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">$</td>
     <td id="TBL641.finRow.2.amt.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">6,240,747</td>
     <td id="TBL641.finRow.2.trail.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap">&nbsp;</td>
     <td id="TBL641.finRow.2.lead.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL641.finRow.2.symb.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">$</td>
     <td id="TBL641.finRow.2.amt.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">(6,240,747</td>
     <td id="TBL641.finRow.2.trail.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap">)</td>
     <td id="TBL641.finRow.2.lead.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL641.finRow.2.symb.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">$</td>
     <td id="TBL641.finRow.2.amt.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">&#x2014;</td>
     <td id="TBL641.finRow.2.trail.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap">&nbsp;</td>
    </tr>
    <tr id="TBL641.finRow.3" style="BACKGROUND-COLOR: #ffffff">
     <td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 43%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff"> <p id="PARA637" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Shareholders&#x2019; equity</font></p></td>
     <td id="TBL641.finRow.3.lead.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL641.finRow.3.symb.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">$</td>
     <td id="TBL641.finRow.3.amt.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">&#x2014;</td>
     <td id="TBL641.finRow.3.trail.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="nowrap">&nbsp;</td>
     <td id="TBL641.finRow.3.lead.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL641.finRow.3.symb.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">$</td>
     <td id="TBL641.finRow.3.amt.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">6,240,747</td>
     <td id="TBL641.finRow.3.trail.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="nowrap">&nbsp;</td>
     <td id="TBL641.finRow.3.lead.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL641.finRow.3.symb.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">$</td>
     <td id="TBL641.finRow.3.amt.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">6,240,747</td>
     <td id="TBL641.finRow.3.trail.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="nowrap">&nbsp;</td>
    </tr>

  </table><br/><table id="MTAB645" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 100%; TEXT-INDENT: 0px" cellspacing="0" cellpadding="0" border="0">

    <tr>
     <td style="WIDTH: 2%; VERTICAL-ALIGN: top"> <p id="PARA646" style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&#x25cf;</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"></font></p></td>
     <td style="WIDTH: 98%; VERTICAL-ALIGN: top"> <p id="PARA647" style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"></font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">the addition of a Schedule of Investments and a Financial Highlights note to the financial statements.</font></p></td>
    </tr>

  </table><br/><p id="PARA649" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">ASU 2013-08 prescribes that an entity that qualifies as an investment company as a result of an assessment of its status shall account for the effect of the change in status prospectively from the date of the change in status and shall recognize any impact as a cumulative effect adjustment to the net asset value at the beginning of the period. No cumulative effect adjustment to net asset value was required to be recorded as a result of adopting ASU 2013-08 because the fair value of silver bullion held by the Trust equaled the cost of silver bullion held by the Trust at December 31, 2013 and therefore there was no accumulated shareholders&#x2019; equity (deficit).</font></p><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InvestmentPolicyTextBlock', window );">Investment, Policy [Policy Text Block]</a></td>
<td class="text"><table id="MTAB1955" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 100%; TEXT-INDENT: 0px" cellspacing="0" cellpadding="0" border="0"><tr><td style="WIDTH: 3%; VERTICAL-ALIGN: top"><p id="PARA1956" style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><i>C.</i><i></i></font></p></td>
     <td style="WIDTH: 97%; VERTICAL-ALIGN: top"> <p id="PARA1957" style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><i></i><i>Silver Bullion</i></font></p></td>
    </tr>

  </table><br/><p id="PARA1959" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">JPMorgan Chase Bank N.A., London branch (the &#x201c;Custodian&#x201d;), is responsible for the safekeeping of silver bullion owned by the Trust.</font></p><br/><p id="PARA694" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Beginning January 1, 2014, the silver bullion held by the Trust is valued at fair value. Prior to January 1, 2014, the silver bullion held by the Trust was valued at the lower of cost or market, using the average cost method. In applying the lower of cost or market valuation, if the fair value of the silver bullion held was lower than its average cost during the interim periods, an adjustment (&#x201c;market value reserve&#x201d;) to cost was recorded by the Trust to reflect fair value. If the fair value of the silver bullion held increased subsequent to the market value reserve being recorded, a &#x201c;market value recovery&#x201d; was recorded during an interim period in the same fiscal year that the market value reserve had been recorded by the Trust. The market value recovery recorded at an interim period could not exceed the previously recognized market value reserve. At the end of the Trust&#x2019;s fiscal year, management made a determination as to whether the reserve was recovered or whether the cost basis of silver bullion was written down. The market value reserve, market value recovery and inventory write down each were reported as a component of &#x201c;Adjustment to silver bullion inventory.&#x201d;</font></p><br/><p id="PARA1961" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Fair value of the silver bullion is based on the price per ounce of silver determined by the CME Group at approximately 12:00 p.m. (London time) and announced by Thomson Reuters shortly thereafter on each day that the London silver market is open for business (&#x201c;LBMA Silver Price&#x201d;). Prior to August&nbsp;15,&nbsp;2014, fair value of the silver bullion was based on the price for an ounce of silver set each working day by three market making members of the London Bullion Market Association (&#x201c;London Fix&#x201d;). </font></p><br/><p id="PARA1963" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Gain or loss on sales of silver bullion is calculated on a trade date basis using the average cost method.</font></p><br/><p id="PARA1965" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The following table summarizes activity in silver bullion for the years ended December&nbsp;31,&nbsp;2015, 2014 and 2013 (all balances in 000&#x2019;s):</font></p><br/><table id="TBL2049" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 100%; text-indent: 0px;" border="0" cellspacing="0" cellpadding="0">

    <tr id="TBL2049.finRow.1">
     <td style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 52%; vertical-align: bottom; text-align: left; margin-left: 0pt;"><p id="PARA1967" style="text-align: left; margin: 0pt; line-height: 1.25;"><font style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif;"><strong>December&nbsp;31,&nbsp;2015 </strong></font></p></td>
     <td id="TBL2049.finRow.1.lead.D2" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; vertical-align: bottom;"><strong>&nbsp;</strong></td>
     <td id="TBL2049.finRow.1.amt.D2" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; vertical-align: bottom; border-bottom: #000000 1px solid; text-align: center; margin-left: 0pt;" colspan="2"><p id="PARA1968" style="text-align: center; margin: 0pt; line-height: 1.25;"><font style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif;"><strong>Ounces</strong></font></p></td>
     <td id="TBL2049.finRow.1.trail.D2" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; vertical-align: bottom; border-bottom: medium none; padding-bottom: 1px;"><strong>&nbsp;</strong></td>
     <td id="TBL2049.finRow.1.lead.D3" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; vertical-align: bottom;"><strong>&nbsp;</strong></td>
     <td id="TBL2049.finRow.1.amt.D3" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; vertical-align: bottom; border-bottom: #000000 1px solid; text-align: center; margin-left: 0pt;" colspan="2"><p id="PARA1969" style="text-align: center; margin: 0pt; line-height: 1.25;"><font style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif;"><strong>Average<br />Cost</strong></font></p></td>
     <td id="TBL2049.finRow.1.trail.D3" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; vertical-align: bottom; border-bottom: medium none; padding-bottom: 1px;"><strong>&nbsp;</strong></td>
     <td id="TBL2049.finRow.1.lead.D4" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; vertical-align: bottom;"><strong>&nbsp;</strong></td>
     <td id="TBL2049.finRow.1.amt.D4" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; vertical-align: bottom; border-bottom: #000000 1px solid; text-align: center; margin-left: 0pt;" colspan="2"><p id="PARA1970" style="text-align: center; margin: 0pt; line-height: 1.25;"><font style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif;"><strong>Fair<br />Value</strong></font></p></td>
     <td id="TBL2049.finRow.1.trail.D4" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; vertical-align: bottom; border-bottom: medium none; padding-bottom: 1px;"><strong>&nbsp;</strong></td>
     <td id="TBL2049.finRow.1.lead.D5" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; vertical-align: bottom;"><strong>&nbsp;</strong></td>
     <td id="TBL2049.finRow.1.amt.D5" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; vertical-align: bottom; border-bottom: #000000 1px solid; text-align: center; margin-left: 0pt;" colspan="2"><p id="PARA1971" style="text-align: center; margin: 0pt; line-height: 1.25;"><font style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif;"><strong>Realized<br />Gain (Loss)</strong></font></p></td>
     <td id="TBL2049.finRow.1.trail.D5" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; vertical-align: bottom; border-bottom: medium none; padding-bottom: 1px;"><strong>&nbsp;</strong></td>
    </tr>
    <tr id="TBL2049.finRow.2" style="background-color: #cceeff;">
     <td style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; vertical-align: bottom; text-align: left; margin-left: 0pt; background-color: #cceeff;"><p id="PARA1972" style="text-align: left; margin: 0pt; line-height: 1.25;"><font style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif;">Beginning balance</font></p></td>
     <td id="TBL2049.finRow.2.lead.2" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #cceeff;">&nbsp;</td>
     <td id="TBL2049.finRow.2.symb.2" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #cceeff;">&nbsp;</td>
     <td id="TBL2049.finRow.2.amt.2" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 9%; vertical-align: bottom; text-align: right; margin-left: 0pt; background-color: #cceeff;">329,564.2</td>
     <td id="TBL2049.finRow.2.trail.2" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; margin-left: 0pt; background-color: #cceeff;" nowrap="nowrap">&nbsp;</td>
     <td id="TBL2049.finRow.2.lead.3" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #cceeff;">&nbsp;</td>
     <td id="TBL2049.finRow.2.symb.3" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; margin-left: 0pt; background-color: #cceeff;">$</td>
     <td id="TBL2049.finRow.2.amt.3" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 9%; vertical-align: bottom; text-align: right; margin-left: 0pt; background-color: #cceeff;">6,386,750</td>
     <td id="TBL2049.finRow.2.trail.3" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; margin-left: 0pt; background-color: #cceeff;" nowrap="nowrap">&nbsp;</td>
     <td id="TBL2049.finRow.2.lead.4" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #cceeff;">&nbsp;</td>
     <td id="TBL2049.finRow.2.symb.4" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; margin-left: 0pt; background-color: #cceeff;">$</td>
     <td id="TBL2049.finRow.2.amt.4" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 9%; vertical-align: bottom; text-align: right; margin-left: 0pt; background-color: #cceeff;">5,263,140</td>
     <td id="TBL2049.finRow.2.trail.4" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; margin-left: 0pt; background-color: #cceeff;" nowrap="nowrap">&nbsp;</td>
     <td id="TBL2049.finRow.2.lead.5" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #cceeff;">&nbsp;</td>
     <td id="TBL2049.finRow.2.symb.5" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; margin-left: 0pt; background-color: #cceeff;">$</td>
     <td id="TBL2049.finRow.2.amt.5" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 9%; vertical-align: bottom; text-align: right; margin-left: 0pt; background-color: #cceeff;">&#x2014;</td>
     <td id="TBL2049.finRow.2.trail.5" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; margin-left: 0pt; background-color: #cceeff;" nowrap="nowrap">&nbsp;</td>
    </tr>
    <tr id="TBL2049.finRow.3" style="background-color: #ffffff;">
     <td style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; vertical-align: bottom; text-align: left; margin-left: 0pt; background-color: #ffffff;"><p id="PARA1983" style="text-align: left; margin: 0pt; line-height: 1.25;"><font style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif;">Silver bullion contributed</font></p></td>
     <td id="TBL2049.finRow.3.lead.2" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #ffffff;">&nbsp;</td>
     <td id="TBL2049.finRow.3.symb.2" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #ffffff;">&nbsp;</td>
     <td id="TBL2049.finRow.3.amt.2" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 9%; vertical-align: bottom; text-align: right; margin-left: 0pt; background-color: #ffffff;">54,595.7</td>
     <td id="TBL2049.finRow.3.trail.2" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; margin-left: 0pt; background-color: #ffffff;" nowrap="nowrap">&nbsp;</td>
     <td id="TBL2049.finRow.3.lead.3" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #ffffff;">&nbsp;</td>
     <td id="TBL2049.finRow.3.symb.3" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #ffffff;">&nbsp;</td>
     <td id="TBL2049.finRow.3.amt.3" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 9%; vertical-align: bottom; text-align: right; margin-left: 0pt; background-color: #ffffff;">859,468</td>
     <td id="TBL2049.finRow.3.trail.3" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; margin-left: 0pt; background-color: #ffffff;" nowrap="nowrap">&nbsp;</td>
     <td id="TBL2049.finRow.3.lead.4" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #ffffff;">&nbsp;</td>
     <td id="TBL2049.finRow.3.symb.4" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #ffffff;">&nbsp;</td>
     <td id="TBL2049.finRow.3.amt.4" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 9%; vertical-align: bottom; text-align: right; margin-left: 0pt; background-color: #ffffff;">859,468</td>
     <td id="TBL2049.finRow.3.trail.4" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; margin-left: 0pt; background-color: #ffffff;" nowrap="nowrap">&nbsp;</td>
     <td id="TBL2049.finRow.3.lead.5" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #ffffff;">&nbsp;</td>
     <td id="TBL2049.finRow.3.symb.5" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #ffffff;">&nbsp;</td>
     <td id="TBL2049.finRow.3.amt.5" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 9%; vertical-align: bottom; text-align: right; margin-left: 0pt; background-color: #ffffff;">&#x2014;</td>
     <td id="TBL2049.finRow.3.trail.5" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; margin-left: 0pt; background-color: #ffffff;" nowrap="nowrap">&nbsp;</td>
    </tr>
    <tr id="TBL2049.finRow.4" style="background-color: #cceeff;">
     <td style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; vertical-align: bottom; text-align: left; margin-left: 0pt; background-color: #cceeff;"><p id="PARA1994" style="text-align: left; margin: 0pt; line-height: 1.25;"><font style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif;">Silver bullion distributed</font></p></td>
     <td id="TBL2049.finRow.4.lead.2" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #cceeff;">&nbsp;</td>
     <td id="TBL2049.finRow.4.symb.2" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #cceeff;">&nbsp;</td>
     <td id="TBL2049.finRow.4.amt.2" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 9%; vertical-align: bottom; text-align: right; margin-left: 0pt; background-color: #cceeff;">(64,583.5</td>
     <td id="TBL2049.finRow.4.trail.2" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; margin-left: 0pt; background-color: #cceeff;" nowrap="nowrap">)</td>
     <td id="TBL2049.finRow.4.lead.3" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #cceeff;">&nbsp;</td>
     <td id="TBL2049.finRow.4.symb.3" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #cceeff;">&nbsp;</td>
     <td id="TBL2049.finRow.4.amt.3" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 9%; vertical-align: bottom; text-align: right; margin-left: 0pt; background-color: #cceeff;">(1,235,547</td>
     <td id="TBL2049.finRow.4.trail.3" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; margin-left: 0pt; background-color: #cceeff;" nowrap="nowrap">)</td>
     <td id="TBL2049.finRow.4.lead.4" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #cceeff;">&nbsp;</td>
     <td id="TBL2049.finRow.4.symb.4" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #cceeff;">&nbsp;</td>
     <td id="TBL2049.finRow.4.amt.4" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 9%; vertical-align: bottom; text-align: right; margin-left: 0pt; background-color: #cceeff;">(1,029,094</td>
     <td id="TBL2049.finRow.4.trail.4" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; margin-left: 0pt; background-color: #cceeff;" nowrap="nowrap">)</td>
     <td id="TBL2049.finRow.4.lead.5" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #cceeff;">&nbsp;</td>
     <td id="TBL2049.finRow.4.symb.5" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #cceeff;">&nbsp;</td>
     <td id="TBL2049.finRow.4.amt.5" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 9%; vertical-align: bottom; text-align: right; margin-left: 0pt; background-color: #cceeff;">(206,453</td>
     <td id="TBL2049.finRow.4.trail.5" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; margin-left: 0pt; background-color: #cceeff;" nowrap="nowrap">)</td>
    </tr>
    <tr id="TBL2049.finRow.5" style="background-color: #ffffff;">
     <td style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; vertical-align: bottom; text-align: left; margin-left: 0pt; background-color: #ffffff;"><p id="PARA2005" style="text-align: left; margin: 0pt; line-height: 1.25;"><font style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif;">Silver bullion sold to pay expenses</font></p></td>
     <td id="TBL2049.finRow.5.lead.2" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #ffffff;">&nbsp;</td>
     <td id="TBL2049.finRow.5.symb.2" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #ffffff;">&nbsp;</td>
     <td id="TBL2049.finRow.5.amt.2" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 9%; vertical-align: bottom; text-align: right; margin-left: 0pt; background-color: #ffffff;">(1,641.5</td>
     <td id="TBL2049.finRow.5.trail.2" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; margin-left: 0pt; background-color: #ffffff;" nowrap="nowrap">)</td>
     <td id="TBL2049.finRow.5.lead.3" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #ffffff;">&nbsp;</td>
     <td id="TBL2049.finRow.5.symb.3" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #ffffff;">&nbsp;</td>
     <td id="TBL2049.finRow.5.amt.3" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 9%; vertical-align: bottom; text-align: right; margin-left: 0pt; background-color: #ffffff;">(31,419</td>
     <td id="TBL2049.finRow.5.trail.3" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; margin-left: 0pt; background-color: #ffffff;" nowrap="nowrap">)</td>
     <td id="TBL2049.finRow.5.lead.4" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #ffffff;">&nbsp;</td>
     <td id="TBL2049.finRow.5.symb.4" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #ffffff;">&nbsp;</td>
     <td id="TBL2049.finRow.5.amt.4" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 9%; vertical-align: bottom; text-align: right; margin-left: 0pt; background-color: #ffffff;">(25,716</td>
     <td id="TBL2049.finRow.5.trail.4" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; margin-left: 0pt; background-color: #ffffff;" nowrap="nowrap">)</td>
     <td id="TBL2049.finRow.5.lead.5" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #ffffff;">&nbsp;</td>
     <td id="TBL2049.finRow.5.symb.5" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #ffffff;">&nbsp;</td>
     <td id="TBL2049.finRow.5.amt.5" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 9%; vertical-align: bottom; text-align: right; margin-left: 0pt; background-color: #ffffff;">(5,703</td>
     <td id="TBL2049.finRow.5.trail.5" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; margin-left: 0pt; background-color: #ffffff;" nowrap="nowrap">)</td>
    </tr>
    <tr id="TBL2049.finRow.6" style="background-color: #cceeff;">
     <td style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; vertical-align: bottom; text-align: left; margin-left: 0pt; background-color: #cceeff;"><p id="PARA2016" style="text-align: left; margin: 0pt; line-height: 1.25;"><font style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif;">Net realized loss on silver bullion</font></p></td>
     <td id="TBL2049.finRow.6.lead.2" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #cceeff;">&nbsp;</td>
     <td id="TBL2049.finRow.6.symb.2" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #cceeff;">&nbsp;</td>
     <td id="TBL2049.finRow.6.amt.2" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 9%; vertical-align: bottom; text-align: right; margin-left: 0pt; background-color: #cceeff;">&#x2014;</td>
     <td id="TBL2049.finRow.6.trail.2" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; margin-left: 0pt; background-color: #cceeff;" nowrap="nowrap">&nbsp;</td>
     <td id="TBL2049.finRow.6.lead.3" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #cceeff;">&nbsp;</td>
     <td id="TBL2049.finRow.6.symb.3" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #cceeff;">&nbsp;</td>
     <td id="TBL2049.finRow.6.amt.3" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 9%; vertical-align: bottom; text-align: right; margin-left: 0pt; background-color: #cceeff;">&#x2014;</td>
     <td id="TBL2049.finRow.6.trail.3" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; margin-left: 0pt; background-color: #cceeff;" nowrap="nowrap">&nbsp;</td>
     <td id="TBL2049.finRow.6.lead.4" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #cceeff;">&nbsp;</td>
     <td id="TBL2049.finRow.6.symb.4" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #cceeff;">&nbsp;</td>
     <td id="TBL2049.finRow.6.amt.4" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 9%; vertical-align: bottom; text-align: right; margin-left: 0pt; background-color: #cceeff;">(212,156</td>
     <td id="TBL2049.finRow.6.trail.4" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; margin-left: 0pt; background-color: #cceeff;" nowrap="nowrap">)</td>
     <td id="TBL2049.finRow.6.lead.5" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #cceeff;">&nbsp;</td>
     <td id="TBL2049.finRow.6.symb.5" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #cceeff;">&nbsp;</td>
     <td id="TBL2049.finRow.6.amt.5" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 9%; vertical-align: bottom; text-align: right; margin-left: 0pt; background-color: #cceeff;">&#x2014;</td>
     <td id="TBL2049.finRow.6.trail.5" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; margin-left: 0pt; background-color: #cceeff;" nowrap="nowrap">&nbsp;</td>
    </tr>
    <tr id="TBL2049.finRow.7" style="background-color: #ffffff;">
     <td style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; vertical-align: bottom; text-align: left; margin-left: 0pt; background-color: #ffffff;"><p id="PARA2027" style="text-align: left; margin: 0pt; line-height: 1.25;"><font style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif;">Net change in unrealized appreciation/depreciation on investment in silver bullion</font></p></td>
     <td id="TBL2049.finRow.7.lead.2" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #ffffff;">&nbsp;</td>
     <td id="TBL2049.finRow.7.symb.2" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; border-bottom: #000000 1px solid; background-color: #ffffff;">&nbsp;</td>
     <td id="TBL2049.finRow.7.amt.2" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 9%; vertical-align: bottom; border-bottom: #000000 1px solid; text-align: right; margin-left: 0pt; background-color: #ffffff;">&#x2014;</td>
     <td id="TBL2049.finRow.7.trail.2" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; border-bottom: medium none; padding-bottom: 1px; margin-left: 0pt; background-color: #ffffff;" nowrap="nowrap">&nbsp;</td>
     <td id="TBL2049.finRow.7.lead.3" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #ffffff;">&nbsp;</td>
     <td id="TBL2049.finRow.7.symb.3" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; border-bottom: #000000 1px solid; background-color: #ffffff;">&nbsp;</td>
     <td id="TBL2049.finRow.7.amt.3" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 9%; vertical-align: bottom; border-bottom: #000000 1px solid; text-align: right; margin-left: 0pt; background-color: #ffffff;">&#x2014;</td>
     <td id="TBL2049.finRow.7.trail.3" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; border-bottom: medium none; padding-bottom: 1px; margin-left: 0pt; background-color: #ffffff;" nowrap="nowrap">&nbsp;</td>
     <td id="TBL2049.finRow.7.lead.4" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #ffffff;">&nbsp;</td>
     <td id="TBL2049.finRow.7.symb.4" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; border-bottom: #000000 1px solid; background-color: #ffffff;">&nbsp;</td>
     <td id="TBL2049.finRow.7.amt.4" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 9%; vertical-align: bottom; border-bottom: #000000 1px solid; text-align: right; margin-left: 0pt; background-color: #ffffff;">(461,781</td>
     <td id="TBL2049.finRow.7.trail.4" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; border-bottom: medium none; padding-bottom: 1px; margin-left: 0pt; background-color: #ffffff;" nowrap="nowrap">)</td>
     <td id="TBL2049.finRow.7.lead.5" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #ffffff;">&nbsp;</td>
     <td id="TBL2049.finRow.7.symb.5" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; border-bottom: #000000 1px solid; background-color: #ffffff;">&nbsp;</td>
     <td id="TBL2049.finRow.7.amt.5" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 9%; vertical-align: bottom; border-bottom: #000000 1px solid; text-align: right; margin-left: 0pt; background-color: #ffffff;">&#x2014;</td>
     <td id="TBL2049.finRow.7.trail.5" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; border-bottom: medium none; padding-bottom: 1px; margin-left: 0pt; background-color: #ffffff;" nowrap="nowrap">&nbsp;</td>
    </tr>
    <tr id="TBL2049.finRow.8" style="background-color: #cceeff;">
     <td style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; vertical-align: bottom; text-align: left; margin-left: 0pt; background-color: #cceeff;"><p id="PARA2038" style="text-align: left; margin: 0pt; line-height: 1.25;"><font style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif;">Ending balance</font></p></td>
     <td id="TBL2049.finRow.8.lead.2" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #cceeff;">&nbsp;</td>
     <td id="TBL2049.finRow.8.symb.2" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; border-bottom: #000000 3px double; background-color: #cceeff;">&nbsp;</td>
     <td id="TBL2049.finRow.8.amt.2" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 9%; vertical-align: bottom; border-bottom: #000000 3px double; text-align: right; margin-left: 0pt; background-color: #cceeff;">317,934.9</td>
     <td id="TBL2049.finRow.8.trail.2" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; border-bottom: medium none; padding-bottom: 3px; margin-left: 0pt; background-color: #cceeff;" nowrap="nowrap">&nbsp;</td>
     <td id="TBL2049.finRow.8.lead.3" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #cceeff;">&nbsp;</td>
     <td id="TBL2049.finRow.8.symb.3" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; border-bottom: #000000 3px double; margin-left: 0pt; background-color: #cceeff;">$</td>
     <td id="TBL2049.finRow.8.amt.3" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 9%; vertical-align: bottom; border-bottom: #000000 3px double; text-align: right; margin-left: 0pt; background-color: #cceeff;">5,979,252</td>
     <td id="TBL2049.finRow.8.trail.3" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; border-bottom: medium none; padding-bottom: 3px; margin-left: 0pt; background-color: #cceeff;" nowrap="nowrap">&nbsp;</td>
     <td id="TBL2049.finRow.8.lead.4" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #cceeff;">&nbsp;</td>
     <td id="TBL2049.finRow.8.symb.4" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; border-bottom: #000000 3px double; margin-left: 0pt; background-color: #cceeff;">$</td>
     <td id="TBL2049.finRow.8.amt.4" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 9%; vertical-align: bottom; border-bottom: #000000 3px double; text-align: right; margin-left: 0pt; background-color: #cceeff;">4,393,861</td>
     <td id="TBL2049.finRow.8.trail.4" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; border-bottom: medium none; padding-bottom: 3px; margin-left: 0pt; background-color: #cceeff;" nowrap="nowrap">&nbsp;</td>
     <td id="TBL2049.finRow.8.lead.5" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #cceeff;">&nbsp;</td>
     <td id="TBL2049.finRow.8.symb.5" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; border-bottom: #000000 3px double; margin-left: 0pt; background-color: #cceeff;">$</td>
     <td id="TBL2049.finRow.8.amt.5" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 9%; vertical-align: bottom; border-bottom: #000000 3px double; text-align: right; margin-left: 0pt; background-color: #cceeff;">(212,156</td>
     <td id="TBL2049.finRow.8.trail.5" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; border-bottom: medium none; padding-bottom: 3px; margin-left: 0pt; background-color: #cceeff;" nowrap="nowrap">)</td>
    </tr>

  </table><br/><table id="TBL2134" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 100%; TEXT-INDENT: 0px" cellspacing="0" cellpadding="0" border="0">

    <tr id="TBL2134.finRow.1">
     <td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 52%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt"> <p id="PARA2052" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><b>December&nbsp;31,&nbsp;2014 </b></font></p></td>
     <td id="TBL2134.finRow.1.lead.D2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom"><b>&nbsp;</b></td>
     <td id="TBL2134.finRow.1.amt.D2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt" colspan="2"> <p id="PARA2053" style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><b>Ounces</b></font></p></td>
     <td id="TBL2134.finRow.1.trail.D2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px"><b>&nbsp;</b></td>
     <td id="TBL2134.finRow.1.lead.D3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom"><b>&nbsp;</b></td>
     <td id="TBL2134.finRow.1.amt.D3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt" colspan="2"> <p id="PARA2054" style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><b>Average<br />Cost</b></font></p></td>
     <td id="TBL2134.finRow.1.trail.D3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px"><b>&nbsp;</b></td>
     <td id="TBL2134.finRow.1.lead.D4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom"><b>&nbsp;</b></td>
     <td id="TBL2134.finRow.1.amt.D4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt" colspan="2"> <p id="PARA2055" style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><b>Fair<br />Value</b></font></p></td>
     <td id="TBL2134.finRow.1.trail.D4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px"><b>&nbsp;</b></td>
     <td id="TBL2134.finRow.1.lead.D5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom"><b>&nbsp;</b></td>
     <td id="TBL2134.finRow.1.amt.D5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt" colspan="2"> <p id="PARA2056" style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><b>Realized<br />Gain (Loss)</b></font></p></td>
     <td id="TBL2134.finRow.1.trail.D5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px"><b>&nbsp;</b></td>
    </tr>
    <tr id="TBL2134.finRow.2" style="BACKGROUND-COLOR: #cceeff">
     <td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff"> <p id="PARA2057" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Beginning balance</font></p></td>
     <td id="TBL2134.finRow.2.lead.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2134.finRow.2.symb.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2134.finRow.2.amt.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">320,177.8</td>
     <td id="TBL2134.finRow.2.trail.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap">&nbsp;</td>
     <td id="TBL2134.finRow.2.lead.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2134.finRow.2.symb.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">$</td>
     <td id="TBL2134.finRow.2.amt.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">6,243,467</td>
     <td id="TBL2134.finRow.2.trail.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap">&nbsp;</td>
     <td id="TBL2134.finRow.2.lead.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2134.finRow.2.symb.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">$</td>
     <td id="TBL2134.finRow.2.amt.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">6,243,467</td>
     <td id="TBL2134.finRow.2.trail.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap">&nbsp;</td>
     <td id="TBL2134.finRow.2.lead.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2134.finRow.2.symb.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">$</td>
     <td id="TBL2134.finRow.2.amt.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">&#x2014;</td>
     <td id="TBL2134.finRow.2.trail.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap">&nbsp;</td>
    </tr>
    <tr id="TBL2134.finRow.3" style="BACKGROUND-COLOR: #ffffff">
     <td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff"> <p id="PARA2068" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Silver bullion contributed</font></p></td>
     <td id="TBL2134.finRow.3.lead.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2134.finRow.3.symb.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2134.finRow.3.amt.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">71,956.1</td>
     <td id="TBL2134.finRow.3.trail.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="nowrap">&nbsp;</td>
     <td id="TBL2134.finRow.3.lead.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2134.finRow.3.symb.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2134.finRow.3.amt.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">1,361,917</td>
     <td id="TBL2134.finRow.3.trail.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="nowrap">&nbsp;</td>
     <td id="TBL2134.finRow.3.lead.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2134.finRow.3.symb.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2134.finRow.3.amt.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">1,361,917</td>
     <td id="TBL2134.finRow.3.trail.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="nowrap">&nbsp;</td>
     <td id="TBL2134.finRow.3.lead.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2134.finRow.3.symb.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2134.finRow.3.amt.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">&#x2014;</td>
     <td id="TBL2134.finRow.3.trail.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="nowrap">&nbsp;</td>
    </tr>
    <tr id="TBL2134.finRow.4" style="BACKGROUND-COLOR: #cceeff">
     <td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff"> <p id="PARA2079" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Silver bullion distributed</font></p></td>
     <td id="TBL2134.finRow.4.lead.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2134.finRow.4.symb.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2134.finRow.4.amt.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">(60,878.0</td>
     <td id="TBL2134.finRow.4.trail.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap">)</td>
     <td id="TBL2134.finRow.4.lead.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2134.finRow.4.symb.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2134.finRow.4.amt.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">(1,185,617</td>
     <td id="TBL2134.finRow.4.trail.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap">)</td>
     <td id="TBL2134.finRow.4.lead.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2134.finRow.4.symb.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2134.finRow.4.amt.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">(1,108,223</td>
     <td id="TBL2134.finRow.4.trail.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap">)</td>
     <td id="TBL2134.finRow.4.lead.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2134.finRow.4.symb.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2134.finRow.4.amt.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">(77,394</td>
     <td id="TBL2134.finRow.4.trail.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap">)</td>
    </tr>
    <tr id="TBL2134.finRow.5" style="BACKGROUND-COLOR: #ffffff">
     <td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff"> <p id="PARA2090" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Silver bullion sold </font></p></td>
     <td id="TBL2134.finRow.5.lead.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2134.finRow.5.symb.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2134.finRow.5.amt.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">(1,691.7</td>
     <td id="TBL2134.finRow.5.trail.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="nowrap">)</td>
     <td id="TBL2134.finRow.5.lead.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2134.finRow.5.symb.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2134.finRow.5.amt.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">(33,017</td>
     <td id="TBL2134.finRow.5.trail.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="nowrap">)</td>
     <td id="TBL2134.finRow.5.lead.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2134.finRow.5.symb.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2134.finRow.5.amt.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">(31,961</td>
     <td id="TBL2134.finRow.5.trail.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="nowrap">)</td>
     <td id="TBL2134.finRow.5.lead.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2134.finRow.5.symb.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2134.finRow.5.amt.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">(1,056</td>
     <td id="TBL2134.finRow.5.trail.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="nowrap">)</td>
    </tr>
    <tr id="TBL2134.finRow.6" style="BACKGROUND-COLOR: #cceeff">
     <td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff"> <p id="PARA2101" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Net realized loss on silver bullion</font></p></td>
     <td id="TBL2134.finRow.6.lead.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2134.finRow.6.symb.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2134.finRow.6.amt.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">&#x2014;</td>
     <td id="TBL2134.finRow.6.trail.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap">&nbsp;</td>
     <td id="TBL2134.finRow.6.lead.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2134.finRow.6.symb.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2134.finRow.6.amt.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">&#x2014;</td>
     <td id="TBL2134.finRow.6.trail.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap">&nbsp;</td>
     <td id="TBL2134.finRow.6.lead.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2134.finRow.6.symb.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2134.finRow.6.amt.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">(78,450</td>
     <td id="TBL2134.finRow.6.trail.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap">)</td>
     <td id="TBL2134.finRow.6.lead.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2134.finRow.6.symb.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2134.finRow.6.amt.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">&#x2014;</td>
     <td id="TBL2134.finRow.6.trail.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap">&nbsp;</td>
    </tr>
    <tr id="TBL2134.finRow.7" style="BACKGROUND-COLOR: #ffffff">
     <td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; PADDING-LEFT: 9pt; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff; TEXT-INDENT: -9pt"> <p id="PARA2112" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Net change in unrealized appreciation/depreciation on investment in silver bullion</font></p></td>
     <td id="TBL2134.finRow.7.lead.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2134.finRow.7.symb.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2134.finRow.7.amt.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">&#x2014;</td>
     <td id="TBL2134.finRow.7.trail.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="nowrap">&nbsp;</td>
     <td id="TBL2134.finRow.7.lead.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2134.finRow.7.symb.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2134.finRow.7.amt.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">&#x2014;</td>
     <td id="TBL2134.finRow.7.trail.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="nowrap">&nbsp;</td>
     <td id="TBL2134.finRow.7.lead.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2134.finRow.7.symb.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2134.finRow.7.amt.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">(1,123,610</td>
     <td id="TBL2134.finRow.7.trail.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="nowrap">)</td>
     <td id="TBL2134.finRow.7.lead.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2134.finRow.7.symb.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2134.finRow.7.amt.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">&#x2014;</td>
     <td id="TBL2134.finRow.7.trail.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="nowrap">&nbsp;</td>
    </tr>
    <tr id="TBL2134.finRow.8" style="BACKGROUND-COLOR: #cceeff">
     <td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff"> <p id="PARA2123" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Ending balance</font></p></td>
     <td id="TBL2134.finRow.8.lead.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2134.finRow.8.symb.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2134.finRow.8.amt.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">329,564.2</td>
     <td id="TBL2134.finRow.8.trail.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap">&nbsp;</td>
     <td id="TBL2134.finRow.8.lead.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2134.finRow.8.symb.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">$</td>
     <td id="TBL2134.finRow.8.amt.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">6,386,750</td>
     <td id="TBL2134.finRow.8.trail.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap">&nbsp;</td>
     <td id="TBL2134.finRow.8.lead.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2134.finRow.8.symb.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">$</td>
     <td id="TBL2134.finRow.8.amt.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">5,263,140</td>
     <td id="TBL2134.finRow.8.trail.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap">&nbsp;</td>
     <td id="TBL2134.finRow.8.lead.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2134.finRow.8.symb.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">$</td>
     <td id="TBL2134.finRow.8.amt.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">(78,450</td>
     <td id="TBL2134.finRow.8.trail.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap">)</td>
    </tr>

  </table><br/><table id="TBL2230" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 100%; TEXT-INDENT: 0px" cellspacing="0" cellpadding="0" border="0">

    <tr id="TBL2230.finRow.1">
     <td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 52%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt"> <p id="PARA2137" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><b>December&nbsp;31,&nbsp;2013 </b></font></p></td>
     <td id="TBL2230.finRow.1.lead.D2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom"><b>&nbsp;</b></td>
     <td id="TBL2230.finRow.1.amt.D2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt" colspan="2"> <p id="PARA2138" style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><b>Ounces</b></font></p></td>
     <td id="TBL2230.finRow.1.trail.D2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px"><b>&nbsp;</b></td>
     <td id="TBL2230.finRow.1.lead.D3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom"><b>&nbsp;</b></td>
     <td id="TBL2230.finRow.1.amt.D3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt" colspan="2"> <p id="PARA2139" style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><b>Average<br />Cost</b></font></p></td>
     <td id="TBL2230.finRow.1.trail.D3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px"><b>&nbsp;</b></td>
     <td id="TBL2230.finRow.1.lead.D4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom"><b>&nbsp;</b></td>
     <td id="TBL2230.finRow.1.amt.D4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt" colspan="2"> <p id="PARA2140" style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><b>Fair<br />Value</b></font></p></td>
     <td id="TBL2230.finRow.1.trail.D4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px"><b>&nbsp;</b></td>
     <td id="TBL2230.finRow.1.lead.D5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom"><b>&nbsp;</b></td>
     <td id="TBL2230.finRow.1.amt.D5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt" colspan="2"> <p id="PARA2141" style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><b>Realized<br />Gain (Loss)</b></font></p></td>
     <td id="TBL2230.finRow.1.trail.D5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px"><b>&nbsp;</b></td>
    </tr>
    <tr id="TBL2230.finRow.2" style="BACKGROUND-COLOR: #cceeff">
     <td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff"> <p id="PARA2142" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Beginning balance</font></p></td>
     <td id="TBL2230.finRow.2.lead.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2230.finRow.2.symb.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2230.finRow.2.amt.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">324,239.1</td>
     <td id="TBL2230.finRow.2.trail.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap">&nbsp;</td>
     <td id="TBL2230.finRow.2.lead.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2230.finRow.2.symb.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">$</td>
     <td id="TBL2230.finRow.2.amt.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">8,135,003</td>
     <td id="TBL2230.finRow.2.trail.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap">&nbsp;</td>
     <td id="TBL2230.finRow.2.lead.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2230.finRow.2.symb.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">$</td>
     <td id="TBL2230.finRow.2.amt.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">9,710,962</td>
     <td id="TBL2230.finRow.2.trail.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap">&nbsp;</td>
     <td id="TBL2230.finRow.2.lead.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2230.finRow.2.symb.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">$</td>
     <td id="TBL2230.finRow.2.amt.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">&#x2014;</td>
     <td id="TBL2230.finRow.2.trail.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap">&nbsp;</td>
    </tr>
    <tr id="TBL2230.finRow.3" style="BACKGROUND-COLOR: #ffffff">
     <td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff"> <p id="PARA2153" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Silver bullion contributed</font></p></td>
     <td id="TBL2230.finRow.3.lead.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2230.finRow.3.symb.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2230.finRow.3.amt.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">82,810.6</td>
     <td id="TBL2230.finRow.3.trail.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="nowrap">&nbsp;</td>
     <td id="TBL2230.finRow.3.lead.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2230.finRow.3.symb.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2230.finRow.3.amt.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">2,096,484</td>
     <td id="TBL2230.finRow.3.trail.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="nowrap">&nbsp;</td>
     <td id="TBL2230.finRow.3.lead.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2230.finRow.3.symb.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2230.finRow.3.amt.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">2,096,484</td>
     <td id="TBL2230.finRow.3.trail.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="nowrap">&nbsp;</td>
     <td id="TBL2230.finRow.3.lead.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2230.finRow.3.symb.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2230.finRow.3.amt.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">&#x2014;</td>
     <td id="TBL2230.finRow.3.trail.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="nowrap">&nbsp;</td>
    </tr>
    <tr id="TBL2230.finRow.4" style="BACKGROUND-COLOR: #cceeff">
     <td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff"> <p id="PARA2164" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Silver bullion distributed</font></p></td>
     <td id="TBL2230.finRow.4.lead.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2230.finRow.4.symb.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2230.finRow.4.amt.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">(85,164.1</td>
     <td id="TBL2230.finRow.4.trail.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap">)</td>
     <td id="TBL2230.finRow.4.lead.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2230.finRow.4.symb.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2230.finRow.4.amt.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">(2,163,458</td>
     <td id="TBL2230.finRow.4.trail.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap">)</td>
     <td id="TBL2230.finRow.4.lead.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2230.finRow.4.symb.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2230.finRow.4.amt.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">(2,031,644</td>
     <td id="TBL2230.finRow.4.trail.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap">)</td>
     <td id="TBL2230.finRow.4.lead.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2230.finRow.4.symb.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2230.finRow.4.amt.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">(131,814</td>
     <td id="TBL2230.finRow.4.trail.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap">)</td>
    </tr>
    <tr id="TBL2230.finRow.5" style="BACKGROUND-COLOR: #ffffff">
     <td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff"> <p id="PARA2175" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Silver bullion sold </font></p></td>
     <td id="TBL2230.finRow.5.lead.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2230.finRow.5.symb.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2230.finRow.5.amt.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">(1,707.8</td>
     <td id="TBL2230.finRow.5.trail.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="nowrap">)</td>
     <td id="TBL2230.finRow.5.lead.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2230.finRow.5.symb.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2230.finRow.5.amt.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">(43,296</td>
     <td id="TBL2230.finRow.5.trail.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="nowrap">)</td>
     <td id="TBL2230.finRow.5.lead.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2230.finRow.5.symb.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2230.finRow.5.amt.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">(41,406</td>
     <td id="TBL2230.finRow.5.trail.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="nowrap">)</td>
     <td id="TBL2230.finRow.5.lead.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2230.finRow.5.symb.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2230.finRow.5.amt.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">(1,890</td>
     <td id="TBL2230.finRow.5.trail.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="nowrap">)</td>
    </tr>
    <tr id="TBL2230.finRow.6" style="BACKGROUND-COLOR: #cceeff">
     <td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff"> <p id="PARA2186" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Adjustment to silver bullion inventory<font style="FONT-SIZE: 60%; VERTICAL-ALIGN: text-top">(a)</font></font></p></td>
     <td id="TBL2230.finRow.6.lead.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2230.finRow.6.symb.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2230.finRow.6.amt.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">&#x2014;</td>
     <td id="TBL2230.finRow.6.trail.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap">&nbsp;</td>
     <td id="TBL2230.finRow.6.lead.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2230.finRow.6.symb.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2230.finRow.6.amt.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">(1,781,266</td>
     <td id="TBL2230.finRow.6.trail.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap">)</td>
     <td id="TBL2230.finRow.6.lead.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2230.finRow.6.symb.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2230.finRow.6.amt.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">&#x2014;</td>
     <td id="TBL2230.finRow.6.trail.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap">&nbsp;</td>
     <td id="TBL2230.finRow.6.lead.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2230.finRow.6.symb.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2230.finRow.6.amt.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">&#x2014;</td>
     <td id="TBL2230.finRow.6.trail.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap">&nbsp;</td>
    </tr>
    <tr id="TBL2230.finRow.7" style="BACKGROUND-COLOR: #ffffff">
     <td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff"> <p id="PARA2197" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Adjustment for realized loss on silver bullion</font></p></td>
     <td id="TBL2230.finRow.7.lead.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2230.finRow.7.symb.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2230.finRow.7.amt.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">&#x2014;</td>
     <td id="TBL2230.finRow.7.trail.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="nowrap">&nbsp;</td>
     <td id="TBL2230.finRow.7.lead.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2230.finRow.7.symb.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2230.finRow.7.amt.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">&#x2014;</td>
     <td id="TBL2230.finRow.7.trail.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="nowrap">&nbsp;</td>
     <td id="TBL2230.finRow.7.lead.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2230.finRow.7.symb.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2230.finRow.7.amt.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">(133,704</td>
     <td id="TBL2230.finRow.7.trail.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="nowrap">)</td>
     <td id="TBL2230.finRow.7.lead.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2230.finRow.7.symb.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2230.finRow.7.amt.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">&#x2014;</td>
     <td id="TBL2230.finRow.7.trail.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="nowrap">&nbsp;</td>
    </tr>
    <tr id="TBL2230.finRow.8" style="BACKGROUND-COLOR: #cceeff">
     <td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff"> <p id="PARA2208" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Adjustment for unrealized loss on silver bullion</font></p></td>
     <td id="TBL2230.finRow.8.lead.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2230.finRow.8.symb.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2230.finRow.8.amt.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">&#x2014;</td>
     <td id="TBL2230.finRow.8.trail.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap">&nbsp;</td>
     <td id="TBL2230.finRow.8.lead.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2230.finRow.8.symb.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2230.finRow.8.amt.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">&#x2014;</td>
     <td id="TBL2230.finRow.8.trail.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap">&nbsp;</td>
     <td id="TBL2230.finRow.8.lead.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2230.finRow.8.symb.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2230.finRow.8.amt.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">(3,357,225</td>
     <td id="TBL2230.finRow.8.trail.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap">)</td>
     <td id="TBL2230.finRow.8.lead.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2230.finRow.8.symb.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2230.finRow.8.amt.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">&#x2014;</td>
     <td id="TBL2230.finRow.8.trail.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap">&nbsp;</td>
    </tr>
    <tr id="TBL2230.finRow.9" style="BACKGROUND-COLOR: #ffffff">
     <td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff"> <p id="PARA2219" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Ending balance</font></p></td>
     <td id="TBL2230.finRow.9.lead.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2230.finRow.9.symb.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2230.finRow.9.amt.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">320,177.8</td>
     <td id="TBL2230.finRow.9.trail.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="nowrap">&nbsp;</td>
     <td id="TBL2230.finRow.9.lead.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2230.finRow.9.symb.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">$</td>
     <td id="TBL2230.finRow.9.amt.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">6,243,467</td>
     <td id="TBL2230.finRow.9.trail.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="nowrap">&nbsp;</td>
     <td id="TBL2230.finRow.9.lead.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2230.finRow.9.symb.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">$</td>
     <td id="TBL2230.finRow.9.amt.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">6,243,467</td>
     <td id="TBL2230.finRow.9.trail.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="nowrap">&nbsp;</td>
     <td id="TBL2230.finRow.9.lead.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2230.finRow.9.symb.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">$</td>
     <td id="TBL2230.finRow.9.amt.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">(133,704</td>
     <td id="TBL2230.finRow.9.trail.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="nowrap">)</td>
    </tr>

  </table><br/><p id="PARA605-0" style="MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><font style="FONT-SIZE: 60%; VERTICAL-ALIGN: text-top">(a)</font>&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial, Helvetica, sans-serif">At December&nbsp;31,&nbsp;2013, the market value of the silver bullion was below the average cost of the Trust&#x2019;s silver bullion inventory held. As a result, the Trust recorded a permanent write down against the average cost of the silver bullion inventory of $1,781,266.</font></p><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_slv_CalculationOfNetAssetValuePolicyTextBlock', window );">Calculation of Net Asset Value [Policy Text Block]</a></td>
<td class="text"><table id="MTAB2236" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 100%; TEXT-INDENT: 0px" cellspacing="0" cellpadding="0" border="0"><tr><td style="WIDTH: 3%; VERTICAL-ALIGN: top"><p id="PARA2237" style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><i>D.</i></font></p></td>
     <td style="WIDTH: 97%; VERTICAL-ALIGN: top"> <p id="PARA2238" style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><i>Calculation of Net Asset Value</i></font></p></td>
    </tr>

  </table><br/><p id="PARA2240" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">On each business day, as soon as practicable after 4:00 p.m. (New York time), the net asset value of the Trust is obtained by subtracting all accrued fees, expenses and other liabilities of the Trust from the fair value of the silver held by the Trust and other assets of the Trust. The Trustee 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.</font></p><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_slv_OfferingOfTheSharesPolicyTextBlock', window );">Offering of the Shares [Policy Text Block]</a></td>
<td class="text"><table id="MTAB2243" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 100%; TEXT-INDENT: 0px" cellspacing="0" cellpadding="0" border="0"><tr><td style="WIDTH: 3%; VERTICAL-ALIGN: top"><p id="PARA2244" style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><i>E. </i></font></p></td>
     <td style="WIDTH: 97%; VERTICAL-ALIGN: top"> <p id="PARA2245" style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><i>Offering of the Shares</i></font></p></td>
    </tr>

  </table><br/><p id="PARA2247" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">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 that are eligible to settle securities transactions through the book-entry facilities of the Depository Trust Company and that have entered into a contractual arrangement with the Trust and the Sponsor governing, among other matters, the creation and redemption of Shares (such broker-dealers, the &#x201c;Authorized Participants&#x201d;). 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&#x37e; <i>provided</i>, that redemptions of Shares may be suspended during any period while regular trading on NYSE Arca, Inc. (&#x201c;NYSE Arca&#x201d;) 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><br/><p id="PARA655" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The per Share amount of silver exchanged for a purchase or redemption represents the per Share amount of silver held by the Trust, after giving effect to its liabilities. The Trustee calculates the silver amount in respect of any liabilities of the Trust daily using the LBMA Silver Price</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">. </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"></font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Prior to August 15, 2014, the Trustee used the London Fix to calculate the silver amount in respect of any liabilities.</font></p><br/><p id="PARA2251" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">When silver bullion is exchanged in settlement of a redemption, it is considered a sale of silver bullion for accounting purposes.</font></p><br/><p id="PARA656" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">As noted in Note 2B above, beginning January 1, 2014, Shares of the Trust are classified as shareholders&#x2019; equity. The Trust reflects Shares issued and Shares redeemed within shareholders&#x2019; equity on trade date.</font></p><br/><p id="PARA658" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Share activity was as follows (all balances in 000&#x2019;s):</font></p><br/><table id="TBL682" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 100%; TEXT-INDENT: 0px" cellspacing="0" cellpadding="0" border="0">

    <tr id="TBL682.finRow.1">
     <td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom"><b>&nbsp;</b></td>
     <td id="TBL682.finRow.1.lead.D5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom"><b>&nbsp;</b></td>
     <td id="TBL682.finRow.1.amt.D5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt" colspan="14"> <p id="PARA660" style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><b>Year</b><b>s</b><b> Ended</b><b> </b><b>December 31</b><b>,</b></font></p></td>
     <td id="TBL682.finRow.1.trail.D5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px"><b>&nbsp;</b></td>
    </tr>
    <tr id="TBL682.finRow.2">
     <td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom"><b>&nbsp;</b></td>
     <td id="TBL682.finRow.2.lead.D3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom"><b>&nbsp;</b></td>
     <td id="TBL682.finRow.2.amt.D3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt" colspan="6"> <p id="PARA661" style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><b>2015</b></font></p></td>
     <td id="TBL682.finRow.2.trail.D3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px"><b>&nbsp;</b></td>
     <td id="TBL682.finRow.2.lead.D5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom"><b>&nbsp;</b></td>
     <td id="TBL682.finRow.2.amt.D5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt" colspan="6"> <p id="PARA662" style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><b>2014</b></font></p></td>
     <td id="TBL682.finRow.2.trail.D5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px"><b>&nbsp;</b></td>
    </tr>
    <tr id="TBL682.finRow.3">
     <td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom"><b>&nbsp;</b></td>
     <td id="TBL682.finRow.3.lead.D2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom"><b>&nbsp;</b></td>
     <td id="TBL682.finRow.3.amt.D2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt" colspan="2"> <p id="PARA663" style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><b>Shares</b></font></p></td>
     <td id="TBL682.finRow.3.trail.D2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px"><b>&nbsp;</b></td>
     <td id="TBL682.finRow.3.lead.D3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom"><b>&nbsp;</b></td>
     <td id="TBL682.finRow.3.amt.D3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt" colspan="2"> <p id="PARA664" style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><b>Amount</b></font></p></td>
     <td id="TBL682.finRow.3.trail.D3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px"><b>&nbsp;</b></td>
     <td id="TBL682.finRow.3.lead.D4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom"><b>&nbsp;</b></td>
     <td id="TBL682.finRow.3.amt.D4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt" colspan="2"> <p id="PARA665" style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><b>Shares</b></font></p></td>
     <td id="TBL682.finRow.3.trail.D4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px"><b>&nbsp;</b></td>
     <td id="TBL682.finRow.3.lead.D5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom"><b>&nbsp;</b></td>
     <td id="TBL682.finRow.3.amt.D5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt" colspan="2"> <p id="PARA666" style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><b>Amount</b></font></p></td>
     <td id="TBL682.finRow.3.trail.D5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px"><b>&nbsp;</b></td>
    </tr>
    <tr id="TBL682.finRow.4" style="BACKGROUND-COLOR: #cceeff">
     <td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 52%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff"> <p id="PARA667" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Shares issued</font></p></td>
     <td id="TBL682.finRow.4.lead.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL682.finRow.4.symb.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL682.finRow.4.amt.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">57,150</td>
     <td id="TBL682.finRow.4.trail.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap">&nbsp;</td>
     <td id="TBL682.finRow.4.lead.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL682.finRow.4.symb.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">$</td>
     <td id="TBL682.finRow.4.amt.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">859,468</td>
     <td id="TBL682.finRow.4.trail.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap">&nbsp;</td>
     <td id="TBL682.finRow.4.lead.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL682.finRow.4.symb.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL682.finRow.4.amt.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">74,950</td>
     <td id="TBL682.finRow.4.trail.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap">&nbsp;</td>
     <td id="TBL682.finRow.4.lead.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL682.finRow.4.symb.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">$</td>
     <td id="TBL682.finRow.4.amt.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">1,361,917</td>
     <td id="TBL682.finRow.4.trail.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap">&nbsp;</td>
    </tr>
    <tr id="TBL682.finRow.5" style="BACKGROUND-COLOR: #ffffff">
     <td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff"> <p id="PARA672" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Shares redeemed</font></p></td>
     <td id="TBL682.finRow.5.lead.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL682.finRow.5.symb.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL682.finRow.5.amt.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">(67,600</td>
     <td id="TBL682.finRow.5.trail.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="nowrap">)</td>
     <td id="TBL682.finRow.5.lead.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL682.finRow.5.symb.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL682.finRow.5.amt.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">(1,029,094</td>
     <td id="TBL682.finRow.5.trail.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="nowrap">)</td>
     <td id="TBL682.finRow.5.lead.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL682.finRow.5.symb.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL682.finRow.5.amt.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">(63,450</td>
     <td id="TBL682.finRow.5.trail.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="nowrap">)</td>
     <td id="TBL682.finRow.5.lead.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL682.finRow.5.symb.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL682.finRow.5.amt.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">(1,108,223</td>
     <td id="TBL682.finRow.5.trail.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="nowrap">)</td>
    </tr>
    <tr id="TBL682.finRow.6" style="BACKGROUND-COLOR: #cceeff">
     <td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff"> <p id="PARA677" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Net decrease</font></p></td>
     <td id="TBL682.finRow.6.lead.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL682.finRow.6.symb.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL682.finRow.6.amt.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">(10,450</td>
     <td id="TBL682.finRow.6.trail.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap">)</td>
     <td id="TBL682.finRow.6.lead.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL682.finRow.6.symb.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">$</td>
     <td id="TBL682.finRow.6.amt.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">(169,626</td>
     <td id="TBL682.finRow.6.trail.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap">)</td>
     <td id="TBL682.finRow.6.lead.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL682.finRow.6.symb.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL682.finRow.6.amt.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">11,500</td>
     <td id="TBL682.finRow.6.trail.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap">&nbsp;</td>
     <td id="TBL682.finRow.6.lead.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL682.finRow.6.symb.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">$</td>
     <td id="TBL682.finRow.6.amt.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">253,694</td>
     <td id="TBL682.finRow.6.trail.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap">&nbsp;</td>
    </tr>

  </table><br/><p id="PARA2253" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Prior to January 1, 2014, Shares of the Trust were classified as &#x201c;redeemable&#x201d; for balance sheet purposes. Due to the expected continuing sales and redemption of capital stock and the three-day period for Share settlement, the Trust reflected redeemable capital Shares sold as a receivable, rather than as contra equity. Shares redeemed were reflected as a contra asset on the trade date. Outstanding Trust Shares were reflected at redemption value, which was the net asset value per Share at the period end date. Adjustments to redemption value were reflected in shareholders&#x2019; equity (deficit).</font></p><br/><p id="PARA2255" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Activity in redeemable capital Shares for the year ended December&nbsp;31,&nbsp;2013 was as follows (all balances in 000&#x2019;s):</font></p><br/><table id="TBL2278" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 80%; MARGIN-RIGHT: 20%; TEXT-INDENT: 0px" cellspacing="0" cellpadding="0" border="0">

    <tr id="TBL2278.finRow.1">
     <td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom"><b>&nbsp;</b></td>
     <td id="TBL2278.finRow.1.lead.D3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom"><b>&nbsp;</b></td>
     <td id="TBL2278.finRow.1.amt.D3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt" colspan="6"> <p id="PARA2257" style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><b>Year ended December 31, </b></font></p></td>
     <td id="TBL2278.finRow.1.trail.D3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px"><b>&nbsp;</b></td>
    </tr>
    <tr id="TBL2278.finRow.2">
     <td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom"><b>&nbsp;</b></td>
     <td id="TBL2278.finRow.2.lead.D3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom"><b>&nbsp;</b></td>
     <td id="TBL2278.finRow.2.amt.D3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt" colspan="6"> <p id="PARA2258" style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><b>2013</b></font></p></td>
     <td id="TBL2278.finRow.2.trail.D3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px"><b>&nbsp;</b></td>
    </tr>
    <tr id="TBL2278.finRow.3">
     <td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom"><b>&nbsp;</b></td>
     <td id="TBL2278.finRow.3.lead.D2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom"><b>&nbsp;</b></td>
     <td id="TBL2278.finRow.3.amt.D2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt" colspan="2"> <p id="PARA2259" style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><b>Shares</b></font></p></td>
     <td id="TBL2278.finRow.3.trail.D2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px"><b>&nbsp;</b></td>
     <td id="TBL2278.finRow.3.lead.D3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom"><b>&nbsp;</b></td>
     <td id="TBL2278.finRow.3.amt.D3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt" colspan="2"> <p id="PARA2260" style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><b>Amount</b></font></p></td>
     <td id="TBL2278.finRow.3.trail.D3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px"><b>&nbsp;</b></td>
    </tr>
    <tr id="TBL2278.finRow.4" style="BACKGROUND-COLOR: #cceeff">
     <td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 62%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff"> <p id="PARA2261" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Beginning balance</font></p></td>
     <td id="TBL2278.finRow.4.lead.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2278.finRow.4.symb.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2278.finRow.4.amt.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">335,000</td>
     <td id="TBL2278.finRow.4.trail.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap">&nbsp;</td>
     <td id="TBL2278.finRow.4.lead.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2278.finRow.4.symb.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">$</td>
     <td id="TBL2278.finRow.4.amt.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">9,706,654</td>
     <td id="TBL2278.finRow.4.trail.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap">&nbsp;</td>
    </tr>
    <tr id="TBL2278.finRow.5" style="BACKGROUND-COLOR: #ffffff">
     <td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff"> <p id="PARA2265" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Shares issued</font></p></td>
     <td id="TBL2278.finRow.5.lead.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2278.finRow.5.symb.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2278.finRow.5.amt.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">85,750</td>
     <td id="TBL2278.finRow.5.trail.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="nowrap">&nbsp;</td>
     <td id="TBL2278.finRow.5.lead.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2278.finRow.5.symb.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2278.finRow.5.amt.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">2,096,484</td>
     <td id="TBL2278.finRow.5.trail.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="nowrap">&nbsp;</td>
    </tr>
    <tr id="TBL2278.finRow.6" style="BACKGROUND-COLOR: #cceeff">
     <td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff"> <p id="PARA2268" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Shares redeemed</font></p></td>
     <td id="TBL2278.finRow.6.lead.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2278.finRow.6.symb.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2278.finRow.6.amt.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">(88,250</td>
     <td id="TBL2278.finRow.6.trail.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap">)</td>
     <td id="TBL2278.finRow.6.lead.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2278.finRow.6.symb.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2278.finRow.6.amt.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">(2,031,644</td>
     <td id="TBL2278.finRow.6.trail.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap">)</td>
    </tr>
    <tr id="TBL2278.finRow.7" style="BACKGROUND-COLOR: #ffffff">
     <td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff"> <p id="PARA2271" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Redemption value adjustment</font></p></td>
     <td id="TBL2278.finRow.7.lead.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2278.finRow.7.symb.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2278.finRow.7.amt.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">&#x2014;</td>
     <td id="TBL2278.finRow.7.trail.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="nowrap">&nbsp;</td>
     <td id="TBL2278.finRow.7.lead.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2278.finRow.7.symb.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2278.finRow.7.amt.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">(3,530,747</td>
     <td id="TBL2278.finRow.7.trail.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="nowrap">)</td>
    </tr>
    <tr id="TBL2278.finRow.8" style="BACKGROUND-COLOR: #cceeff">
     <td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff"> <p id="PARA2274" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Ending balance</font></p></td>
     <td id="TBL2278.finRow.8.lead.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2278.finRow.8.symb.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2278.finRow.8.amt.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">332,500</td>
     <td id="TBL2278.finRow.8.trail.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap">&nbsp;</td>
     <td id="TBL2278.finRow.8.lead.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2278.finRow.8.symb.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">$</td>
     <td id="TBL2278.finRow.8.amt.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">6,240,747</td>
     <td id="TBL2278.finRow.8.trail.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap">&nbsp;</td>
    </tr>

  </table><span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeTaxPolicyTextBlock', window );">Income Tax, Policy [Policy Text Block]</a></td>
<td class="text"><table id="MTAB2282" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 100%; TEXT-INDENT: 0px" cellspacing="0" cellpadding="0" border="0"><tr><td style="WIDTH: 3%; VERTICAL-ALIGN: top"><p id="PARA2283" style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><i>F.</i><i></i></font></p></td>
     <td style="WIDTH: 97%; VERTICAL-ALIGN: top"> <p id="PARA2284" style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><i></i><i>Federal Income Taxes</i></font></p></td>
    </tr>

  </table><br/><p id="PARA2286" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The Trust is treated as a &#x201c;grantor trust&#x201d; for federal income tax purposes and, therefore, no provision for federal income taxes is required. Any interest, expenses, gains and losses are &#x201c;passed through&#x201d; to the holders of Shares of the Trust.</font></p><br/><p id="PARA2288" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The Sponsor has reviewed the tax positions as of December&nbsp;31,&nbsp;2015 and has determined that no provision for income tax is required in the Trust&#x2019;s financial statements.</font></p><span></span>
</td>
</tr>
</table>
<div style="display: none;">
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The method used by the entity to calculate the net asset value.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for creation and redemption of shares.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for basis of accounting, or basis of presentation, used to prepare the financial statements (for example, US Generally Accepted Accounting Principles, Other Comprehensive Basis of Accounting, IFRS).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for income taxes, which may include its accounting policies for recognizing and measuring deferred tax assets and liabilities and related valuation allowances, recognizing investment tax credits, operating loss carryforwards, tax credit carryforwards, and other carryforwards, methodologies for determining its effective income tax rate and the characterization of interest and penalties in the financial statements.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=51655414&amp;loc=d3e18780-107790<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 19<br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32840-109319<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 30<br> -Section 05<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6423966&amp;loc=d3e40913-109327<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 954<br> -SubTopic 740<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6491622&amp;loc=d3e9504-115650<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 17<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32809-109319<br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 45<br> -Paragraph 25<br> -URI http://asc.fasb.org/extlink&amp;oid=37586315&amp;loc=d3e32247-109318<br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -URI http://asc.fasb.org/extlink&amp;oid=37586315&amp;loc=d3e32280-109318<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for investments in financial assets, including marketable securities (debt and equity securities with readily determinable fair values), investments accounted for under the equity method and cost method, securities borrowed and loaned, and repurchase and resale agreements. For marketable securities, the disclosure may include the entity's accounting treatment for transfers between investment categories and how the fair values for such securities are determined. Also, for all investments, an entity may describe its policy for assessing, recognizing and measuring impairment of the investment.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 320<br> -SubTopic 10<br> -Section 50<br> -Paragraph 6<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=27724398&amp;loc=d3e27290-111563<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 323<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (a)(2)<br> -URI http://asc.fasb.org/extlink&amp;oid=6382943&amp;loc=d3e33918-111571<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.2,12)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 325<br> -SubTopic 20<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=6872867&amp;loc=d3e40691-111596<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=51655414&amp;loc=d3e18780-107790<br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 825<br> -SubTopic 10<br> -Section 50<br> -Paragraph 10<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=49121117&amp;loc=d3e13433-108611<br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Staff Accounting Bulletin (SAB)<br> -Number Topic 5<br> -Section M<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<td><strong> Name:</strong></td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy pertaining to new accounting pronouncements that may impact the entity's financial reporting. Includes, but is not limited to, quantification of the expected or actual impact.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<span style="display: none;">v3.3.1.900</span><table class="report" border="0" cellspacing="2" id="idp6897765344">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Schedules of Investments (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2015</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ScheduleOfInvestmentsAbstract', window );"><strong>Schedule of Investments [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_invest_InvestmentTableTextBlock', window );">Investment [Table Text Block]</a></td>
<td class="text"><table id="TBL1932S1S1" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 100%; TEXT-INDENT: 0px" cellspacing="0" cellpadding="0" border="0">

    <tr id="TBL1932S1.finRow.1">
     <td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 83%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt" colspan="12"> <p id="PARA1885" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><u><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><b>(All balances in 000&#x2019;s, except percentage data)</b></font></u></p></td>
     <td id="TBL1932S1.finRow.1.trail.D4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0px">&nbsp;</td>
    </tr>
    <tr id="TBL1932S1.finRow.2">
     <td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 83%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt" colspan="12"> <p id="PARA1886" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><u><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><b>December&nbsp;31,&nbsp;2015</b></font></u></p></td>
     <td id="TBL1932S1.finRow.2.trail.D4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0px">&nbsp;</td>
    </tr>
    <tr id="TBL1932S1.finRow.3">
     <td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 43%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt"> <p id="PARA1887" style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><b>Description</b></font></p></td>
     <td id="TBL1932S1.finRow.3.lead.D2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom">&nbsp;</td>
     <td id="TBL1932S1.finRow.3.amt.D2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt" colspan="2"> <p id="PARA1889" style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><b>Ounces</b></font></p></td>
     <td id="TBL1932S1.finRow.3.trail.D2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px">&nbsp;</td>
     <td id="TBL1932S1.finRow.3.lead.D3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom">&nbsp;</td>
     <td id="TBL1932S1.finRow.3.amt.D3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt" colspan="2"> <p id="PARA1891" style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><b>Cost</b></font></p></td>
     <td id="TBL1932S1.finRow.3.trail.D3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px">&nbsp;</td>
     <td id="TBL1932S1.finRow.3.lead.D4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom">&nbsp;</td>
     <td id="TBL1932S1.finRow.3.amt.D4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt" colspan="2"> <p id="PARA1893" style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><b>Fair Value</b></font></p></td>
     <td id="TBL1932S1.finRow.3.trail.D4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px">&nbsp;</td>
    </tr>
    <tr id="TBL1932S1.finRow.4" style="BACKGROUND-COLOR: #cceeff">
     <td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 43%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff"> <p id="PARA1894" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Silver bullion</font></p></td>
     <td id="TBL1932S1.finRow.4.lead.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL1932S1.finRow.4.symb.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL1932S1.finRow.4.amt.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">317,934.9</td>
     <td id="TBL1932S1.finRow.4.trail.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap">&nbsp;</td>
     <td id="TBL1932S1.finRow.4.lead.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL1932S1.finRow.4.symb.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">$</td>
     <td id="TBL1932S1.finRow.4.amt.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">5,979,252</td>
     <td id="TBL1932S1.finRow.4.trail.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap">&nbsp;</td>
     <td id="TBL1932S1.finRow.4.lead.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL1932S1.finRow.4.symb.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">$</td>
     <td id="TBL1932S1.finRow.4.amt.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">4,393,861</td>
     <td id="TBL1932S1.finRow.4.trail.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap">&nbsp;</td>
    </tr>
    <tr id="TBL1932S1.finRow.5" style="BACKGROUND-COLOR: #ffffff">
     <td style="WIDTH: 43%; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL1932S1.finRow.5.lead.B2" style="WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL1932S1.finRow.5.symb.B2" style="WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL1932S1.finRow.5.amt.B2" style="WIDTH: 16%; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL1932S1.finRow.5.trail.B2" style="WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL1932S1.finRow.5.lead.B3" style="WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL1932S1.finRow.5.symb.B3" style="WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL1932S1.finRow.5.amt.B3" style="WIDTH: 16%; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL1932S1.finRow.5.trail.B3" style="WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL1932S1.finRow.5.lead.B4" style="WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL1932S1.finRow.5.symb.B4" style="WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL1932S1.finRow.5.amt.B4" style="WIDTH: 16%; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL1932S1.finRow.5.trail.B4" style="WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
    </tr>
    <tr id="TBL1932S1.finRow.6" style="BACKGROUND-COLOR: #cceeff">
     <td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 43%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff"> <p id="PARA1901" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Total Investment &#x2013; 100.04%</font></p></td>
     <td id="TBL1932S1.finRow.6.lead.B2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL1932S1.finRow.6.symb.B2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL1932S1.finRow.6.amt.B2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL1932S1.finRow.6.trail.B2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL1932S1.finRow.6.lead.B3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL1932S1.finRow.6.symb.B3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL1932S1.finRow.6.amt.B3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL1932S1.finRow.6.trail.B3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL1932S1.finRow.6.lead.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL1932S1.finRow.6.symb.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL1932S1.finRow.6.amt.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">4,393,861</td>
     <td id="TBL1932S1.finRow.6.trail.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap">&nbsp;</td>
    </tr>
    <tr id="TBL1932S1.finRow.7" style="BACKGROUND-COLOR: #ffffff">
     <td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 43%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff"> <p id="PARA1903" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Less Liabilities &#x2013; (0.04)%</font></p></td>
     <td id="TBL1932S1.finRow.7.lead.B2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL1932S1.finRow.7.symb.B2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL1932S1.finRow.7.amt.B2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL1932S1.finRow.7.trail.B2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL1932S1.finRow.7.lead.B3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL1932S1.finRow.7.symb.B3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL1932S1.finRow.7.amt.B3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL1932S1.finRow.7.trail.B3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL1932S1.finRow.7.lead.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL1932S1.finRow.7.symb.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL1932S1.finRow.7.amt.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">(1,917</td>
     <td id="TBL1932S1.finRow.7.trail.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="nowrap">)</td>
    </tr>
    <tr id="TBL1932S1.finRow.8" style="BACKGROUND-COLOR: #cceeff">
     <td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 43%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff"> <p id="PARA1905" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Net Assets &#x2013; 100.00%</font></p></td>
     <td id="TBL1932S1.finRow.8.lead.B2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL1932S1.finRow.8.symb.B2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL1932S1.finRow.8.amt.B2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL1932S1.finRow.8.trail.B2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0px; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL1932S1.finRow.8.lead.B3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL1932S1.finRow.8.symb.B3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL1932S1.finRow.8.amt.B3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL1932S1.finRow.8.trail.B3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0px; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL1932S1.finRow.8.lead.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL1932S1.finRow.8.symb.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">$</td>
     <td id="TBL1932S1.finRow.8.amt.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">4,391,944</td>
     <td id="TBL1932S1.finRow.8.trail.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap">&nbsp;</td>
    </tr>

  </table><table id="TBL1932S1" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 100%; TEXT-INDENT: 0px" cellspacing="0" cellpadding="0" border="0">

    <tr id="TBL1932S1.finRow.10" style="BACKGROUND-COLOR: #ffffff">
     <td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 83%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" colspan="12"> <p id="PARA1909" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><u><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><b>December&nbsp;31,&nbsp;2014</b></font></u></p></td>
     <td id="TBL1932S1.finRow.10.trail.D4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0px; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
    </tr>
    <tr id="TBL1932S1.finRow.11" style="BACKGROUND-COLOR: #ffffff">
     <td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 43%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff"> <p id="PARA1910" style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><b>Description</b></font></p></td>
     <td id="TBL1932S1.finRow.11.lead.D2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL1932S1.finRow.11.amt.D2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" colspan="2"> <p id="PARA1912" style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><b>Ounces</b></font></p></td>
     <td id="TBL1932S1.finRow.11.trail.D2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL1932S1.finRow.11.lead.D3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL1932S1.finRow.11.amt.D3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" colspan="2"> <p id="PARA1914" style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><b>Cost</b></font></p></td>
     <td id="TBL1932S1.finRow.11.trail.D3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL1932S1.finRow.11.lead.D4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL1932S1.finRow.11.amt.D4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" colspan="2"> <p id="PARA1916" style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><b>Fair Value</b></font></p></td>
     <td id="TBL1932S1.finRow.11.trail.D4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
    </tr>
    <tr id="TBL1932S1.finRow.12" style="BACKGROUND-COLOR: #cceeff">
     <td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 43%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff"> <p id="PARA1917" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Silver bullion</font></p></td>
     <td id="TBL1932S1.finRow.12.lead.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL1932S1.finRow.12.symb.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL1932S1.finRow.12.amt.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">329,564.2</td>
     <td id="TBL1932S1.finRow.12.trail.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap">&nbsp;</td>
     <td id="TBL1932S1.finRow.12.lead.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL1932S1.finRow.12.symb.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">$</td>
     <td id="TBL1932S1.finRow.12.amt.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">6,386,750</td>
     <td id="TBL1932S1.finRow.12.trail.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap">&nbsp;</td>
     <td id="TBL1932S1.finRow.12.lead.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL1932S1.finRow.12.symb.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">$</td>
     <td id="TBL1932S1.finRow.12.amt.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">5,263,140</td>
     <td id="TBL1932S1.finRow.12.trail.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap">&nbsp;</td>
    </tr>
    <tr id="TBL1932S1.finRow.13" style="BACKGROUND-COLOR: #ffffff">
     <td style="WIDTH: 43%; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL1932S1.finRow.13.lead.B2" style="WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL1932S1.finRow.13.symb.B2" style="WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL1932S1.finRow.13.amt.B2" style="WIDTH: 16%; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL1932S1.finRow.13.trail.B2" style="WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL1932S1.finRow.13.lead.B3" style="WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL1932S1.finRow.13.symb.B3" style="WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL1932S1.finRow.13.amt.B3" style="WIDTH: 16%; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL1932S1.finRow.13.trail.B3" style="WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL1932S1.finRow.13.lead.B4" style="WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL1932S1.finRow.13.symb.B4" style="WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL1932S1.finRow.13.amt.B4" style="WIDTH: 16%; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL1932S1.finRow.13.trail.B4" style="WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
    </tr>
    <tr id="TBL1932S1.finRow.14" style="BACKGROUND-COLOR: #cceeff">
     <td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 43%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff"> <p id="PARA1924" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Total Investment &#x2013; 100.04%</font></p></td>
     <td id="TBL1932S1.finRow.14.lead.B2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL1932S1.finRow.14.symb.B2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL1932S1.finRow.14.amt.B2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL1932S1.finRow.14.trail.B2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL1932S1.finRow.14.lead.B3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL1932S1.finRow.14.symb.B3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL1932S1.finRow.14.amt.B3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL1932S1.finRow.14.trail.B3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL1932S1.finRow.14.lead.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL1932S1.finRow.14.symb.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL1932S1.finRow.14.amt.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">5,263,140</td>
     <td id="TBL1932S1.finRow.14.trail.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap">&nbsp;</td>
    </tr>
    <tr id="TBL1932S1.finRow.15" style="BACKGROUND-COLOR: #ffffff">
     <td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 43%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff"> <p id="PARA1926" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Less Liabilities &#x2013; (0.04)%</font></p></td>
     <td id="TBL1932S1.finRow.15.lead.B2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL1932S1.finRow.15.symb.B2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL1932S1.finRow.15.amt.B2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL1932S1.finRow.15.trail.B2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL1932S1.finRow.15.lead.B3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL1932S1.finRow.15.symb.B3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL1932S1.finRow.15.amt.B3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL1932S1.finRow.15.trail.B3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL1932S1.finRow.15.lead.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL1932S1.finRow.15.symb.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL1932S1.finRow.15.amt.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">(2,338</td>
     <td id="TBL1932S1.finRow.15.trail.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="nowrap">)</td>
    </tr>
    <tr id="TBL1932S1.finRow.16" style="BACKGROUND-COLOR: #cceeff">
     <td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 43%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff"> <p id="PARA1928" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Net Assets &#x2013; 100.00%</font></p></td>
     <td id="TBL1932S1.finRow.16.lead.B2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL1932S1.finRow.16.symb.B2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL1932S1.finRow.16.amt.B2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL1932S1.finRow.16.trail.B2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0px; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL1932S1.finRow.16.lead.B3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL1932S1.finRow.16.symb.B3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL1932S1.finRow.16.amt.B3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL1932S1.finRow.16.trail.B3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0px; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL1932S1.finRow.16.lead.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL1932S1.finRow.16.symb.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">$</td>
     <td id="TBL1932S1.finRow.16.amt.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">5,260,802</td>
     <td id="TBL1932S1.finRow.16.trail.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap">&nbsp;</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>A table of investments, shown as a text block.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Article 6<br> -Section 10<br> -Paragraph (c)<br> -Subparagraph (1)<br></p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ScheduleOfInvestmentsAbstract</td>
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<span style="display: none;">v3.3.1.900</span><table class="report" border="0" cellspacing="2" id="idp6602609904">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 2 - Significant Accounting Policies (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2015</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccountingPoliciesAbstract', window );"><strong>Accounting Policies [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ScheduleOfStockholdersEquityTableTextBlock', window );">Schedule of Stockholders Equity [Table Text Block]</a></td>
<td class="text"><table id="TBL641" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 95%; MARGIN-LEFT: 2.5%; MARGIN-RIGHT: 2.5%; TEXT-INDENT: 0px" cellspacing="0" cellpadding="0" border="0">

    <tr id="TBL641.finRow.1">
     <td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 43%; VERTICAL-ALIGN: bottom"><b>&nbsp;</b></td>
     <td id="TBL641.finRow.1.lead.D2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom"><b>&nbsp;</b></td>
     <td id="TBL641.finRow.1.amt.D2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt" colspan="2"> <p id="PARA630" style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><b>Balance at<br />December 31, 2013</b></font></p></td>
     <td id="TBL641.finRow.1.trail.D2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px"><b>&nbsp;</b></td>
     <td id="TBL641.finRow.1.lead.D3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom"><b>&nbsp;</b></td>
     <td id="TBL641.finRow.1.amt.D3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt" colspan="2"> <p id="PARA631" style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><b>ASU 2013-08</b></font></p> <p style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><strong>Transition Adjustment</strong></p></td>
     <td id="TBL641.finRow.1.trail.D3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px"><b>&nbsp;</b></td>
     <td id="TBL641.finRow.1.lead.D4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom"><b>&nbsp;</b></td>
     <td id="TBL641.finRow.1.amt.D4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt" colspan="2"> <p id="PARA632" style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><b>Balance at<br />January 1, 2014</b></font></p></td>
     <td id="TBL641.finRow.1.trail.D4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px"><b>&nbsp;</b></td>
    </tr>
    <tr id="TBL641.finRow.2" style="BACKGROUND-COLOR: #cceeff">
     <td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 43%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff"> <p id="PARA633" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Redeemable capital Shares</font></p></td>
     <td id="TBL641.finRow.2.lead.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL641.finRow.2.symb.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">$</td>
     <td id="TBL641.finRow.2.amt.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">6,240,747</td>
     <td id="TBL641.finRow.2.trail.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap">&nbsp;</td>
     <td id="TBL641.finRow.2.lead.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL641.finRow.2.symb.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">$</td>
     <td id="TBL641.finRow.2.amt.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">(6,240,747</td>
     <td id="TBL641.finRow.2.trail.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap">)</td>
     <td id="TBL641.finRow.2.lead.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL641.finRow.2.symb.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">$</td>
     <td id="TBL641.finRow.2.amt.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">&#x2014;</td>
     <td id="TBL641.finRow.2.trail.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap">&nbsp;</td>
    </tr>
    <tr id="TBL641.finRow.3" style="BACKGROUND-COLOR: #ffffff">
     <td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 43%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff"> <p id="PARA637" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Shareholders&#x2019; equity</font></p></td>
     <td id="TBL641.finRow.3.lead.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL641.finRow.3.symb.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">$</td>
     <td id="TBL641.finRow.3.amt.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">&#x2014;</td>
     <td id="TBL641.finRow.3.trail.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="nowrap">&nbsp;</td>
     <td id="TBL641.finRow.3.lead.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL641.finRow.3.symb.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">$</td>
     <td id="TBL641.finRow.3.amt.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">6,240,747</td>
     <td id="TBL641.finRow.3.trail.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="nowrap">&nbsp;</td>
     <td id="TBL641.finRow.3.lead.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL641.finRow.3.symb.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">$</td>
     <td id="TBL641.finRow.3.amt.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">6,240,747</td>
     <td id="TBL641.finRow.3.trail.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="nowrap">&nbsp;</td>
    </tr>

  </table><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_slv_ActivityInSilverBullionTableTextBlock', window );">Activity in Silver Bullion [Table Text Block]</a></td>
<td class="text"><table id="TBL2049" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 100%; text-indent: 0px;" border="0" cellspacing="0" cellpadding="0">

    <tr id="TBL2049.finRow.1">
     <td style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 52%; vertical-align: bottom; text-align: left; margin-left: 0pt;"><p id="PARA1967" style="text-align: left; margin: 0pt; line-height: 1.25;"><font style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif;"><strong>December&nbsp;31,&nbsp;2015 </strong></font></p></td>
     <td id="TBL2049.finRow.1.lead.D2" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; vertical-align: bottom;"><strong>&nbsp;</strong></td>
     <td id="TBL2049.finRow.1.amt.D2" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; vertical-align: bottom; border-bottom: #000000 1px solid; text-align: center; margin-left: 0pt;" colspan="2"><p id="PARA1968" style="text-align: center; margin: 0pt; line-height: 1.25;"><font style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif;"><strong>Ounces</strong></font></p></td>
     <td id="TBL2049.finRow.1.trail.D2" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; vertical-align: bottom; border-bottom: medium none; padding-bottom: 1px;"><strong>&nbsp;</strong></td>
     <td id="TBL2049.finRow.1.lead.D3" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; vertical-align: bottom;"><strong>&nbsp;</strong></td>
     <td id="TBL2049.finRow.1.amt.D3" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; vertical-align: bottom; border-bottom: #000000 1px solid; text-align: center; margin-left: 0pt;" colspan="2"><p id="PARA1969" style="text-align: center; margin: 0pt; line-height: 1.25;"><font style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif;"><strong>Average<br />Cost</strong></font></p></td>
     <td id="TBL2049.finRow.1.trail.D3" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; vertical-align: bottom; border-bottom: medium none; padding-bottom: 1px;"><strong>&nbsp;</strong></td>
     <td id="TBL2049.finRow.1.lead.D4" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; vertical-align: bottom;"><strong>&nbsp;</strong></td>
     <td id="TBL2049.finRow.1.amt.D4" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; vertical-align: bottom; border-bottom: #000000 1px solid; text-align: center; margin-left: 0pt;" colspan="2"><p id="PARA1970" style="text-align: center; margin: 0pt; line-height: 1.25;"><font style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif;"><strong>Fair<br />Value</strong></font></p></td>
     <td id="TBL2049.finRow.1.trail.D4" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; vertical-align: bottom; border-bottom: medium none; padding-bottom: 1px;"><strong>&nbsp;</strong></td>
     <td id="TBL2049.finRow.1.lead.D5" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; vertical-align: bottom;"><strong>&nbsp;</strong></td>
     <td id="TBL2049.finRow.1.amt.D5" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; vertical-align: bottom; border-bottom: #000000 1px solid; text-align: center; margin-left: 0pt;" colspan="2"><p id="PARA1971" style="text-align: center; margin: 0pt; line-height: 1.25;"><font style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif;"><strong>Realized<br />Gain (Loss)</strong></font></p></td>
     <td id="TBL2049.finRow.1.trail.D5" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; vertical-align: bottom; border-bottom: medium none; padding-bottom: 1px;"><strong>&nbsp;</strong></td>
    </tr>
    <tr id="TBL2049.finRow.2" style="background-color: #cceeff;">
     <td style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; vertical-align: bottom; text-align: left; margin-left: 0pt; background-color: #cceeff;"><p id="PARA1972" style="text-align: left; margin: 0pt; line-height: 1.25;"><font style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif;">Beginning balance</font></p></td>
     <td id="TBL2049.finRow.2.lead.2" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #cceeff;">&nbsp;</td>
     <td id="TBL2049.finRow.2.symb.2" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #cceeff;">&nbsp;</td>
     <td id="TBL2049.finRow.2.amt.2" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 9%; vertical-align: bottom; text-align: right; margin-left: 0pt; background-color: #cceeff;">329,564.2</td>
     <td id="TBL2049.finRow.2.trail.2" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; margin-left: 0pt; background-color: #cceeff;" nowrap="nowrap">&nbsp;</td>
     <td id="TBL2049.finRow.2.lead.3" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #cceeff;">&nbsp;</td>
     <td id="TBL2049.finRow.2.symb.3" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; margin-left: 0pt; background-color: #cceeff;">$</td>
     <td id="TBL2049.finRow.2.amt.3" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 9%; vertical-align: bottom; text-align: right; margin-left: 0pt; background-color: #cceeff;">6,386,750</td>
     <td id="TBL2049.finRow.2.trail.3" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; margin-left: 0pt; background-color: #cceeff;" nowrap="nowrap">&nbsp;</td>
     <td id="TBL2049.finRow.2.lead.4" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #cceeff;">&nbsp;</td>
     <td id="TBL2049.finRow.2.symb.4" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; margin-left: 0pt; background-color: #cceeff;">$</td>
     <td id="TBL2049.finRow.2.amt.4" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 9%; vertical-align: bottom; text-align: right; margin-left: 0pt; background-color: #cceeff;">5,263,140</td>
     <td id="TBL2049.finRow.2.trail.4" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; margin-left: 0pt; background-color: #cceeff;" nowrap="nowrap">&nbsp;</td>
     <td id="TBL2049.finRow.2.lead.5" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #cceeff;">&nbsp;</td>
     <td id="TBL2049.finRow.2.symb.5" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; margin-left: 0pt; background-color: #cceeff;">$</td>
     <td id="TBL2049.finRow.2.amt.5" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 9%; vertical-align: bottom; text-align: right; margin-left: 0pt; background-color: #cceeff;">&#x2014;</td>
     <td id="TBL2049.finRow.2.trail.5" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; margin-left: 0pt; background-color: #cceeff;" nowrap="nowrap">&nbsp;</td>
    </tr>
    <tr id="TBL2049.finRow.3" style="background-color: #ffffff;">
     <td style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; vertical-align: bottom; text-align: left; margin-left: 0pt; background-color: #ffffff;"><p id="PARA1983" style="text-align: left; margin: 0pt; line-height: 1.25;"><font style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif;">Silver bullion contributed</font></p></td>
     <td id="TBL2049.finRow.3.lead.2" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #ffffff;">&nbsp;</td>
     <td id="TBL2049.finRow.3.symb.2" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #ffffff;">&nbsp;</td>
     <td id="TBL2049.finRow.3.amt.2" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 9%; vertical-align: bottom; text-align: right; margin-left: 0pt; background-color: #ffffff;">54,595.7</td>
     <td id="TBL2049.finRow.3.trail.2" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; margin-left: 0pt; background-color: #ffffff;" nowrap="nowrap">&nbsp;</td>
     <td id="TBL2049.finRow.3.lead.3" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #ffffff;">&nbsp;</td>
     <td id="TBL2049.finRow.3.symb.3" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #ffffff;">&nbsp;</td>
     <td id="TBL2049.finRow.3.amt.3" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 9%; vertical-align: bottom; text-align: right; margin-left: 0pt; background-color: #ffffff;">859,468</td>
     <td id="TBL2049.finRow.3.trail.3" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; margin-left: 0pt; background-color: #ffffff;" nowrap="nowrap">&nbsp;</td>
     <td id="TBL2049.finRow.3.lead.4" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #ffffff;">&nbsp;</td>
     <td id="TBL2049.finRow.3.symb.4" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #ffffff;">&nbsp;</td>
     <td id="TBL2049.finRow.3.amt.4" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 9%; vertical-align: bottom; text-align: right; margin-left: 0pt; background-color: #ffffff;">859,468</td>
     <td id="TBL2049.finRow.3.trail.4" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; margin-left: 0pt; background-color: #ffffff;" nowrap="nowrap">&nbsp;</td>
     <td id="TBL2049.finRow.3.lead.5" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #ffffff;">&nbsp;</td>
     <td id="TBL2049.finRow.3.symb.5" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #ffffff;">&nbsp;</td>
     <td id="TBL2049.finRow.3.amt.5" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 9%; vertical-align: bottom; text-align: right; margin-left: 0pt; background-color: #ffffff;">&#x2014;</td>
     <td id="TBL2049.finRow.3.trail.5" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; margin-left: 0pt; background-color: #ffffff;" nowrap="nowrap">&nbsp;</td>
    </tr>
    <tr id="TBL2049.finRow.4" style="background-color: #cceeff;">
     <td style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; vertical-align: bottom; text-align: left; margin-left: 0pt; background-color: #cceeff;"><p id="PARA1994" style="text-align: left; margin: 0pt; line-height: 1.25;"><font style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif;">Silver bullion distributed</font></p></td>
     <td id="TBL2049.finRow.4.lead.2" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #cceeff;">&nbsp;</td>
     <td id="TBL2049.finRow.4.symb.2" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #cceeff;">&nbsp;</td>
     <td id="TBL2049.finRow.4.amt.2" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 9%; vertical-align: bottom; text-align: right; margin-left: 0pt; background-color: #cceeff;">(64,583.5</td>
     <td id="TBL2049.finRow.4.trail.2" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; margin-left: 0pt; background-color: #cceeff;" nowrap="nowrap">)</td>
     <td id="TBL2049.finRow.4.lead.3" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #cceeff;">&nbsp;</td>
     <td id="TBL2049.finRow.4.symb.3" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #cceeff;">&nbsp;</td>
     <td id="TBL2049.finRow.4.amt.3" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 9%; vertical-align: bottom; text-align: right; margin-left: 0pt; background-color: #cceeff;">(1,235,547</td>
     <td id="TBL2049.finRow.4.trail.3" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; margin-left: 0pt; background-color: #cceeff;" nowrap="nowrap">)</td>
     <td id="TBL2049.finRow.4.lead.4" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #cceeff;">&nbsp;</td>
     <td id="TBL2049.finRow.4.symb.4" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #cceeff;">&nbsp;</td>
     <td id="TBL2049.finRow.4.amt.4" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 9%; vertical-align: bottom; text-align: right; margin-left: 0pt; background-color: #cceeff;">(1,029,094</td>
     <td id="TBL2049.finRow.4.trail.4" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; margin-left: 0pt; background-color: #cceeff;" nowrap="nowrap">)</td>
     <td id="TBL2049.finRow.4.lead.5" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #cceeff;">&nbsp;</td>
     <td id="TBL2049.finRow.4.symb.5" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #cceeff;">&nbsp;</td>
     <td id="TBL2049.finRow.4.amt.5" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 9%; vertical-align: bottom; text-align: right; margin-left: 0pt; background-color: #cceeff;">(206,453</td>
     <td id="TBL2049.finRow.4.trail.5" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; margin-left: 0pt; background-color: #cceeff;" nowrap="nowrap">)</td>
    </tr>
    <tr id="TBL2049.finRow.5" style="background-color: #ffffff;">
     <td style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; vertical-align: bottom; text-align: left; margin-left: 0pt; background-color: #ffffff;"><p id="PARA2005" style="text-align: left; margin: 0pt; line-height: 1.25;"><font style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif;">Silver bullion sold to pay expenses</font></p></td>
     <td id="TBL2049.finRow.5.lead.2" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #ffffff;">&nbsp;</td>
     <td id="TBL2049.finRow.5.symb.2" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #ffffff;">&nbsp;</td>
     <td id="TBL2049.finRow.5.amt.2" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 9%; vertical-align: bottom; text-align: right; margin-left: 0pt; background-color: #ffffff;">(1,641.5</td>
     <td id="TBL2049.finRow.5.trail.2" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; margin-left: 0pt; background-color: #ffffff;" nowrap="nowrap">)</td>
     <td id="TBL2049.finRow.5.lead.3" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #ffffff;">&nbsp;</td>
     <td id="TBL2049.finRow.5.symb.3" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #ffffff;">&nbsp;</td>
     <td id="TBL2049.finRow.5.amt.3" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 9%; vertical-align: bottom; text-align: right; margin-left: 0pt; background-color: #ffffff;">(31,419</td>
     <td id="TBL2049.finRow.5.trail.3" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; margin-left: 0pt; background-color: #ffffff;" nowrap="nowrap">)</td>
     <td id="TBL2049.finRow.5.lead.4" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #ffffff;">&nbsp;</td>
     <td id="TBL2049.finRow.5.symb.4" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #ffffff;">&nbsp;</td>
     <td id="TBL2049.finRow.5.amt.4" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 9%; vertical-align: bottom; text-align: right; margin-left: 0pt; background-color: #ffffff;">(25,716</td>
     <td id="TBL2049.finRow.5.trail.4" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; margin-left: 0pt; background-color: #ffffff;" nowrap="nowrap">)</td>
     <td id="TBL2049.finRow.5.lead.5" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #ffffff;">&nbsp;</td>
     <td id="TBL2049.finRow.5.symb.5" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #ffffff;">&nbsp;</td>
     <td id="TBL2049.finRow.5.amt.5" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 9%; vertical-align: bottom; text-align: right; margin-left: 0pt; background-color: #ffffff;">(5,703</td>
     <td id="TBL2049.finRow.5.trail.5" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; margin-left: 0pt; background-color: #ffffff;" nowrap="nowrap">)</td>
    </tr>
    <tr id="TBL2049.finRow.6" style="background-color: #cceeff;">
     <td style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; vertical-align: bottom; text-align: left; margin-left: 0pt; background-color: #cceeff;"><p id="PARA2016" style="text-align: left; margin: 0pt; line-height: 1.25;"><font style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif;">Net realized loss on silver bullion</font></p></td>
     <td id="TBL2049.finRow.6.lead.2" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #cceeff;">&nbsp;</td>
     <td id="TBL2049.finRow.6.symb.2" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #cceeff;">&nbsp;</td>
     <td id="TBL2049.finRow.6.amt.2" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 9%; vertical-align: bottom; text-align: right; margin-left: 0pt; background-color: #cceeff;">&#x2014;</td>
     <td id="TBL2049.finRow.6.trail.2" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; margin-left: 0pt; background-color: #cceeff;" nowrap="nowrap">&nbsp;</td>
     <td id="TBL2049.finRow.6.lead.3" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #cceeff;">&nbsp;</td>
     <td id="TBL2049.finRow.6.symb.3" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #cceeff;">&nbsp;</td>
     <td id="TBL2049.finRow.6.amt.3" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 9%; vertical-align: bottom; text-align: right; margin-left: 0pt; background-color: #cceeff;">&#x2014;</td>
     <td id="TBL2049.finRow.6.trail.3" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; margin-left: 0pt; background-color: #cceeff;" nowrap="nowrap">&nbsp;</td>
     <td id="TBL2049.finRow.6.lead.4" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #cceeff;">&nbsp;</td>
     <td id="TBL2049.finRow.6.symb.4" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #cceeff;">&nbsp;</td>
     <td id="TBL2049.finRow.6.amt.4" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 9%; vertical-align: bottom; text-align: right; margin-left: 0pt; background-color: #cceeff;">(212,156</td>
     <td id="TBL2049.finRow.6.trail.4" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; margin-left: 0pt; background-color: #cceeff;" nowrap="nowrap">)</td>
     <td id="TBL2049.finRow.6.lead.5" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #cceeff;">&nbsp;</td>
     <td id="TBL2049.finRow.6.symb.5" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #cceeff;">&nbsp;</td>
     <td id="TBL2049.finRow.6.amt.5" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 9%; vertical-align: bottom; text-align: right; margin-left: 0pt; background-color: #cceeff;">&#x2014;</td>
     <td id="TBL2049.finRow.6.trail.5" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; margin-left: 0pt; background-color: #cceeff;" nowrap="nowrap">&nbsp;</td>
    </tr>
    <tr id="TBL2049.finRow.7" style="background-color: #ffffff;">
     <td style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; vertical-align: bottom; text-align: left; margin-left: 0pt; background-color: #ffffff;"><p id="PARA2027" style="text-align: left; margin: 0pt; line-height: 1.25;"><font style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif;">Net change in unrealized appreciation/depreciation on investment in silver bullion</font></p></td>
     <td id="TBL2049.finRow.7.lead.2" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #ffffff;">&nbsp;</td>
     <td id="TBL2049.finRow.7.symb.2" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; border-bottom: #000000 1px solid; background-color: #ffffff;">&nbsp;</td>
     <td id="TBL2049.finRow.7.amt.2" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 9%; vertical-align: bottom; border-bottom: #000000 1px solid; text-align: right; margin-left: 0pt; background-color: #ffffff;">&#x2014;</td>
     <td id="TBL2049.finRow.7.trail.2" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; border-bottom: medium none; padding-bottom: 1px; margin-left: 0pt; background-color: #ffffff;" nowrap="nowrap">&nbsp;</td>
     <td id="TBL2049.finRow.7.lead.3" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #ffffff;">&nbsp;</td>
     <td id="TBL2049.finRow.7.symb.3" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; border-bottom: #000000 1px solid; background-color: #ffffff;">&nbsp;</td>
     <td id="TBL2049.finRow.7.amt.3" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 9%; vertical-align: bottom; border-bottom: #000000 1px solid; text-align: right; margin-left: 0pt; background-color: #ffffff;">&#x2014;</td>
     <td id="TBL2049.finRow.7.trail.3" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; border-bottom: medium none; padding-bottom: 1px; margin-left: 0pt; background-color: #ffffff;" nowrap="nowrap">&nbsp;</td>
     <td id="TBL2049.finRow.7.lead.4" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #ffffff;">&nbsp;</td>
     <td id="TBL2049.finRow.7.symb.4" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; border-bottom: #000000 1px solid; background-color: #ffffff;">&nbsp;</td>
     <td id="TBL2049.finRow.7.amt.4" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 9%; vertical-align: bottom; border-bottom: #000000 1px solid; text-align: right; margin-left: 0pt; background-color: #ffffff;">(461,781</td>
     <td id="TBL2049.finRow.7.trail.4" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; border-bottom: medium none; padding-bottom: 1px; margin-left: 0pt; background-color: #ffffff;" nowrap="nowrap">)</td>
     <td id="TBL2049.finRow.7.lead.5" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #ffffff;">&nbsp;</td>
     <td id="TBL2049.finRow.7.symb.5" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; border-bottom: #000000 1px solid; background-color: #ffffff;">&nbsp;</td>
     <td id="TBL2049.finRow.7.amt.5" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 9%; vertical-align: bottom; border-bottom: #000000 1px solid; text-align: right; margin-left: 0pt; background-color: #ffffff;">&#x2014;</td>
     <td id="TBL2049.finRow.7.trail.5" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; border-bottom: medium none; padding-bottom: 1px; margin-left: 0pt; background-color: #ffffff;" nowrap="nowrap">&nbsp;</td>
    </tr>
    <tr id="TBL2049.finRow.8" style="background-color: #cceeff;">
     <td style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; vertical-align: bottom; text-align: left; margin-left: 0pt; background-color: #cceeff;"><p id="PARA2038" style="text-align: left; margin: 0pt; line-height: 1.25;"><font style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif;">Ending balance</font></p></td>
     <td id="TBL2049.finRow.8.lead.2" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #cceeff;">&nbsp;</td>
     <td id="TBL2049.finRow.8.symb.2" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; border-bottom: #000000 3px double; background-color: #cceeff;">&nbsp;</td>
     <td id="TBL2049.finRow.8.amt.2" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 9%; vertical-align: bottom; border-bottom: #000000 3px double; text-align: right; margin-left: 0pt; background-color: #cceeff;">317,934.9</td>
     <td id="TBL2049.finRow.8.trail.2" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; border-bottom: medium none; padding-bottom: 3px; margin-left: 0pt; background-color: #cceeff;" nowrap="nowrap">&nbsp;</td>
     <td id="TBL2049.finRow.8.lead.3" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #cceeff;">&nbsp;</td>
     <td id="TBL2049.finRow.8.symb.3" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; border-bottom: #000000 3px double; margin-left: 0pt; background-color: #cceeff;">$</td>
     <td id="TBL2049.finRow.8.amt.3" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 9%; vertical-align: bottom; border-bottom: #000000 3px double; text-align: right; margin-left: 0pt; background-color: #cceeff;">5,979,252</td>
     <td id="TBL2049.finRow.8.trail.3" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; border-bottom: medium none; padding-bottom: 3px; margin-left: 0pt; background-color: #cceeff;" nowrap="nowrap">&nbsp;</td>
     <td id="TBL2049.finRow.8.lead.4" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #cceeff;">&nbsp;</td>
     <td id="TBL2049.finRow.8.symb.4" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; border-bottom: #000000 3px double; margin-left: 0pt; background-color: #cceeff;">$</td>
     <td id="TBL2049.finRow.8.amt.4" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 9%; vertical-align: bottom; border-bottom: #000000 3px double; text-align: right; margin-left: 0pt; background-color: #cceeff;">4,393,861</td>
     <td id="TBL2049.finRow.8.trail.4" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; border-bottom: medium none; padding-bottom: 3px; margin-left: 0pt; background-color: #cceeff;" nowrap="nowrap">&nbsp;</td>
     <td id="TBL2049.finRow.8.lead.5" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; background-color: #cceeff;">&nbsp;</td>
     <td id="TBL2049.finRow.8.symb.5" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; border-bottom: #000000 3px double; margin-left: 0pt; background-color: #cceeff;">$</td>
     <td id="TBL2049.finRow.8.amt.5" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 9%; vertical-align: bottom; border-bottom: #000000 3px double; text-align: right; margin-left: 0pt; background-color: #cceeff;">(212,156</td>
     <td id="TBL2049.finRow.8.trail.5" style="font-size: 10pt; font-family: Arial, Helvetica, sans-serif; width: 1%; vertical-align: bottom; border-bottom: medium none; padding-bottom: 3px; margin-left: 0pt; background-color: #cceeff;" nowrap="nowrap">)</td>
    </tr>

  </table><table id="TBL2134" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 100%; TEXT-INDENT: 0px" cellspacing="0" cellpadding="0" border="0">

    <tr id="TBL2134.finRow.1">
     <td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 52%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt"> <p id="PARA2052" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><b>December&nbsp;31,&nbsp;2014 </b></font></p></td>
     <td id="TBL2134.finRow.1.lead.D2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom"><b>&nbsp;</b></td>
     <td id="TBL2134.finRow.1.amt.D2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt" colspan="2"> <p id="PARA2053" style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><b>Ounces</b></font></p></td>
     <td id="TBL2134.finRow.1.trail.D2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px"><b>&nbsp;</b></td>
     <td id="TBL2134.finRow.1.lead.D3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom"><b>&nbsp;</b></td>
     <td id="TBL2134.finRow.1.amt.D3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt" colspan="2"> <p id="PARA2054" style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><b>Average<br />Cost</b></font></p></td>
     <td id="TBL2134.finRow.1.trail.D3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px"><b>&nbsp;</b></td>
     <td id="TBL2134.finRow.1.lead.D4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom"><b>&nbsp;</b></td>
     <td id="TBL2134.finRow.1.amt.D4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt" colspan="2"> <p id="PARA2055" style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><b>Fair<br />Value</b></font></p></td>
     <td id="TBL2134.finRow.1.trail.D4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px"><b>&nbsp;</b></td>
     <td id="TBL2134.finRow.1.lead.D5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom"><b>&nbsp;</b></td>
     <td id="TBL2134.finRow.1.amt.D5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt" colspan="2"> <p id="PARA2056" style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><b>Realized<br />Gain (Loss)</b></font></p></td>
     <td id="TBL2134.finRow.1.trail.D5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px"><b>&nbsp;</b></td>
    </tr>
    <tr id="TBL2134.finRow.2" style="BACKGROUND-COLOR: #cceeff">
     <td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff"> <p id="PARA2057" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Beginning balance</font></p></td>
     <td id="TBL2134.finRow.2.lead.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2134.finRow.2.symb.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2134.finRow.2.amt.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">320,177.8</td>
     <td id="TBL2134.finRow.2.trail.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap">&nbsp;</td>
     <td id="TBL2134.finRow.2.lead.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2134.finRow.2.symb.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">$</td>
     <td id="TBL2134.finRow.2.amt.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">6,243,467</td>
     <td id="TBL2134.finRow.2.trail.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap">&nbsp;</td>
     <td id="TBL2134.finRow.2.lead.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2134.finRow.2.symb.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">$</td>
     <td id="TBL2134.finRow.2.amt.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">6,243,467</td>
     <td id="TBL2134.finRow.2.trail.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap">&nbsp;</td>
     <td id="TBL2134.finRow.2.lead.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2134.finRow.2.symb.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">$</td>
     <td id="TBL2134.finRow.2.amt.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">&#x2014;</td>
     <td id="TBL2134.finRow.2.trail.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap">&nbsp;</td>
    </tr>
    <tr id="TBL2134.finRow.3" style="BACKGROUND-COLOR: #ffffff">
     <td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff"> <p id="PARA2068" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Silver bullion contributed</font></p></td>
     <td id="TBL2134.finRow.3.lead.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2134.finRow.3.symb.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2134.finRow.3.amt.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">71,956.1</td>
     <td id="TBL2134.finRow.3.trail.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="nowrap">&nbsp;</td>
     <td id="TBL2134.finRow.3.lead.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2134.finRow.3.symb.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2134.finRow.3.amt.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">1,361,917</td>
     <td id="TBL2134.finRow.3.trail.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="nowrap">&nbsp;</td>
     <td id="TBL2134.finRow.3.lead.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2134.finRow.3.symb.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2134.finRow.3.amt.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">1,361,917</td>
     <td id="TBL2134.finRow.3.trail.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="nowrap">&nbsp;</td>
     <td id="TBL2134.finRow.3.lead.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2134.finRow.3.symb.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2134.finRow.3.amt.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">&#x2014;</td>
     <td id="TBL2134.finRow.3.trail.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="nowrap">&nbsp;</td>
    </tr>
    <tr id="TBL2134.finRow.4" style="BACKGROUND-COLOR: #cceeff">
     <td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff"> <p id="PARA2079" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Silver bullion distributed</font></p></td>
     <td id="TBL2134.finRow.4.lead.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2134.finRow.4.symb.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2134.finRow.4.amt.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">(60,878.0</td>
     <td id="TBL2134.finRow.4.trail.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap">)</td>
     <td id="TBL2134.finRow.4.lead.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2134.finRow.4.symb.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2134.finRow.4.amt.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">(1,185,617</td>
     <td id="TBL2134.finRow.4.trail.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap">)</td>
     <td id="TBL2134.finRow.4.lead.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2134.finRow.4.symb.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2134.finRow.4.amt.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">(1,108,223</td>
     <td id="TBL2134.finRow.4.trail.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap">)</td>
     <td id="TBL2134.finRow.4.lead.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2134.finRow.4.symb.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2134.finRow.4.amt.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">(77,394</td>
     <td id="TBL2134.finRow.4.trail.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap">)</td>
    </tr>
    <tr id="TBL2134.finRow.5" style="BACKGROUND-COLOR: #ffffff">
     <td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff"> <p id="PARA2090" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Silver bullion sold </font></p></td>
     <td id="TBL2134.finRow.5.lead.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2134.finRow.5.symb.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2134.finRow.5.amt.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">(1,691.7</td>
     <td id="TBL2134.finRow.5.trail.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="nowrap">)</td>
     <td id="TBL2134.finRow.5.lead.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2134.finRow.5.symb.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2134.finRow.5.amt.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">(33,017</td>
     <td id="TBL2134.finRow.5.trail.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="nowrap">)</td>
     <td id="TBL2134.finRow.5.lead.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2134.finRow.5.symb.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2134.finRow.5.amt.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">(31,961</td>
     <td id="TBL2134.finRow.5.trail.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="nowrap">)</td>
     <td id="TBL2134.finRow.5.lead.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2134.finRow.5.symb.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2134.finRow.5.amt.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">(1,056</td>
     <td id="TBL2134.finRow.5.trail.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="nowrap">)</td>
    </tr>
    <tr id="TBL2134.finRow.6" style="BACKGROUND-COLOR: #cceeff">
     <td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff"> <p id="PARA2101" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Net realized loss on silver bullion</font></p></td>
     <td id="TBL2134.finRow.6.lead.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2134.finRow.6.symb.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2134.finRow.6.amt.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">&#x2014;</td>
     <td id="TBL2134.finRow.6.trail.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap">&nbsp;</td>
     <td id="TBL2134.finRow.6.lead.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2134.finRow.6.symb.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2134.finRow.6.amt.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">&#x2014;</td>
     <td id="TBL2134.finRow.6.trail.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap">&nbsp;</td>
     <td id="TBL2134.finRow.6.lead.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2134.finRow.6.symb.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2134.finRow.6.amt.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">(78,450</td>
     <td id="TBL2134.finRow.6.trail.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap">)</td>
     <td id="TBL2134.finRow.6.lead.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2134.finRow.6.symb.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2134.finRow.6.amt.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">&#x2014;</td>
     <td id="TBL2134.finRow.6.trail.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap">&nbsp;</td>
    </tr>
    <tr id="TBL2134.finRow.7" style="BACKGROUND-COLOR: #ffffff">
     <td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; PADDING-LEFT: 9pt; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff; TEXT-INDENT: -9pt"> <p id="PARA2112" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Net change in unrealized appreciation/depreciation on investment in silver bullion</font></p></td>
     <td id="TBL2134.finRow.7.lead.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2134.finRow.7.symb.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2134.finRow.7.amt.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">&#x2014;</td>
     <td id="TBL2134.finRow.7.trail.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="nowrap">&nbsp;</td>
     <td id="TBL2134.finRow.7.lead.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2134.finRow.7.symb.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2134.finRow.7.amt.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">&#x2014;</td>
     <td id="TBL2134.finRow.7.trail.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="nowrap">&nbsp;</td>
     <td id="TBL2134.finRow.7.lead.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2134.finRow.7.symb.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2134.finRow.7.amt.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">(1,123,610</td>
     <td id="TBL2134.finRow.7.trail.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="nowrap">)</td>
     <td id="TBL2134.finRow.7.lead.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2134.finRow.7.symb.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2134.finRow.7.amt.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">&#x2014;</td>
     <td id="TBL2134.finRow.7.trail.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="nowrap">&nbsp;</td>
    </tr>
    <tr id="TBL2134.finRow.8" style="BACKGROUND-COLOR: #cceeff">
     <td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff"> <p id="PARA2123" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Ending balance</font></p></td>
     <td id="TBL2134.finRow.8.lead.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2134.finRow.8.symb.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2134.finRow.8.amt.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">329,564.2</td>
     <td id="TBL2134.finRow.8.trail.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap">&nbsp;</td>
     <td id="TBL2134.finRow.8.lead.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2134.finRow.8.symb.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">$</td>
     <td id="TBL2134.finRow.8.amt.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">6,386,750</td>
     <td id="TBL2134.finRow.8.trail.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap">&nbsp;</td>
     <td id="TBL2134.finRow.8.lead.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2134.finRow.8.symb.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">$</td>
     <td id="TBL2134.finRow.8.amt.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">5,263,140</td>
     <td id="TBL2134.finRow.8.trail.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap">&nbsp;</td>
     <td id="TBL2134.finRow.8.lead.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2134.finRow.8.symb.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">$</td>
     <td id="TBL2134.finRow.8.amt.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">(78,450</td>
     <td id="TBL2134.finRow.8.trail.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap">)</td>
    </tr>

  </table><table id="TBL2230" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 100%; TEXT-INDENT: 0px" cellspacing="0" cellpadding="0" border="0">

    <tr id="TBL2230.finRow.1">
     <td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 52%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt"> <p id="PARA2137" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><b>December&nbsp;31,&nbsp;2013 </b></font></p></td>
     <td id="TBL2230.finRow.1.lead.D2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom"><b>&nbsp;</b></td>
     <td id="TBL2230.finRow.1.amt.D2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt" colspan="2"> <p id="PARA2138" style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><b>Ounces</b></font></p></td>
     <td id="TBL2230.finRow.1.trail.D2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px"><b>&nbsp;</b></td>
     <td id="TBL2230.finRow.1.lead.D3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom"><b>&nbsp;</b></td>
     <td id="TBL2230.finRow.1.amt.D3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt" colspan="2"> <p id="PARA2139" style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><b>Average<br />Cost</b></font></p></td>
     <td id="TBL2230.finRow.1.trail.D3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px"><b>&nbsp;</b></td>
     <td id="TBL2230.finRow.1.lead.D4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom"><b>&nbsp;</b></td>
     <td id="TBL2230.finRow.1.amt.D4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt" colspan="2"> <p id="PARA2140" style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><b>Fair<br />Value</b></font></p></td>
     <td id="TBL2230.finRow.1.trail.D4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px"><b>&nbsp;</b></td>
     <td id="TBL2230.finRow.1.lead.D5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom"><b>&nbsp;</b></td>
     <td id="TBL2230.finRow.1.amt.D5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt" colspan="2"> <p id="PARA2141" style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><b>Realized<br />Gain (Loss)</b></font></p></td>
     <td id="TBL2230.finRow.1.trail.D5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px"><b>&nbsp;</b></td>
    </tr>
    <tr id="TBL2230.finRow.2" style="BACKGROUND-COLOR: #cceeff">
     <td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff"> <p id="PARA2142" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Beginning balance</font></p></td>
     <td id="TBL2230.finRow.2.lead.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2230.finRow.2.symb.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2230.finRow.2.amt.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">324,239.1</td>
     <td id="TBL2230.finRow.2.trail.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap">&nbsp;</td>
     <td id="TBL2230.finRow.2.lead.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2230.finRow.2.symb.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">$</td>
     <td id="TBL2230.finRow.2.amt.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">8,135,003</td>
     <td id="TBL2230.finRow.2.trail.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap">&nbsp;</td>
     <td id="TBL2230.finRow.2.lead.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2230.finRow.2.symb.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">$</td>
     <td id="TBL2230.finRow.2.amt.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">9,710,962</td>
     <td id="TBL2230.finRow.2.trail.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap">&nbsp;</td>
     <td id="TBL2230.finRow.2.lead.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2230.finRow.2.symb.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">$</td>
     <td id="TBL2230.finRow.2.amt.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">&#x2014;</td>
     <td id="TBL2230.finRow.2.trail.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap">&nbsp;</td>
    </tr>
    <tr id="TBL2230.finRow.3" style="BACKGROUND-COLOR: #ffffff">
     <td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff"> <p id="PARA2153" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Silver bullion contributed</font></p></td>
     <td id="TBL2230.finRow.3.lead.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2230.finRow.3.symb.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2230.finRow.3.amt.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">82,810.6</td>
     <td id="TBL2230.finRow.3.trail.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="nowrap">&nbsp;</td>
     <td id="TBL2230.finRow.3.lead.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2230.finRow.3.symb.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2230.finRow.3.amt.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">2,096,484</td>
     <td id="TBL2230.finRow.3.trail.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="nowrap">&nbsp;</td>
     <td id="TBL2230.finRow.3.lead.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2230.finRow.3.symb.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2230.finRow.3.amt.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">2,096,484</td>
     <td id="TBL2230.finRow.3.trail.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="nowrap">&nbsp;</td>
     <td id="TBL2230.finRow.3.lead.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2230.finRow.3.symb.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2230.finRow.3.amt.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">&#x2014;</td>
     <td id="TBL2230.finRow.3.trail.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="nowrap">&nbsp;</td>
    </tr>
    <tr id="TBL2230.finRow.4" style="BACKGROUND-COLOR: #cceeff">
     <td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff"> <p id="PARA2164" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Silver bullion distributed</font></p></td>
     <td id="TBL2230.finRow.4.lead.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2230.finRow.4.symb.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2230.finRow.4.amt.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">(85,164.1</td>
     <td id="TBL2230.finRow.4.trail.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap">)</td>
     <td id="TBL2230.finRow.4.lead.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2230.finRow.4.symb.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2230.finRow.4.amt.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">(2,163,458</td>
     <td id="TBL2230.finRow.4.trail.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap">)</td>
     <td id="TBL2230.finRow.4.lead.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2230.finRow.4.symb.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2230.finRow.4.amt.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">(2,031,644</td>
     <td id="TBL2230.finRow.4.trail.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap">)</td>
     <td id="TBL2230.finRow.4.lead.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2230.finRow.4.symb.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2230.finRow.4.amt.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">(131,814</td>
     <td id="TBL2230.finRow.4.trail.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap">)</td>
    </tr>
    <tr id="TBL2230.finRow.5" style="BACKGROUND-COLOR: #ffffff">
     <td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff"> <p id="PARA2175" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Silver bullion sold </font></p></td>
     <td id="TBL2230.finRow.5.lead.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2230.finRow.5.symb.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2230.finRow.5.amt.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">(1,707.8</td>
     <td id="TBL2230.finRow.5.trail.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="nowrap">)</td>
     <td id="TBL2230.finRow.5.lead.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2230.finRow.5.symb.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2230.finRow.5.amt.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">(43,296</td>
     <td id="TBL2230.finRow.5.trail.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="nowrap">)</td>
     <td id="TBL2230.finRow.5.lead.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2230.finRow.5.symb.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2230.finRow.5.amt.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">(41,406</td>
     <td id="TBL2230.finRow.5.trail.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="nowrap">)</td>
     <td id="TBL2230.finRow.5.lead.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2230.finRow.5.symb.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2230.finRow.5.amt.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">(1,890</td>
     <td id="TBL2230.finRow.5.trail.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="nowrap">)</td>
    </tr>
    <tr id="TBL2230.finRow.6" style="BACKGROUND-COLOR: #cceeff">
     <td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff"> <p id="PARA2186" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Adjustment to silver bullion inventory<font style="FONT-SIZE: 60%; VERTICAL-ALIGN: text-top">(a)</font></font></p></td>
     <td id="TBL2230.finRow.6.lead.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2230.finRow.6.symb.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2230.finRow.6.amt.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">&#x2014;</td>
     <td id="TBL2230.finRow.6.trail.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap">&nbsp;</td>
     <td id="TBL2230.finRow.6.lead.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2230.finRow.6.symb.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2230.finRow.6.amt.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">(1,781,266</td>
     <td id="TBL2230.finRow.6.trail.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap">)</td>
     <td id="TBL2230.finRow.6.lead.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2230.finRow.6.symb.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2230.finRow.6.amt.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">&#x2014;</td>
     <td id="TBL2230.finRow.6.trail.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap">&nbsp;</td>
     <td id="TBL2230.finRow.6.lead.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2230.finRow.6.symb.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2230.finRow.6.amt.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">&#x2014;</td>
     <td id="TBL2230.finRow.6.trail.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap">&nbsp;</td>
    </tr>
    <tr id="TBL2230.finRow.7" style="BACKGROUND-COLOR: #ffffff">
     <td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff"> <p id="PARA2197" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Adjustment for realized loss on silver bullion</font></p></td>
     <td id="TBL2230.finRow.7.lead.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2230.finRow.7.symb.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2230.finRow.7.amt.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">&#x2014;</td>
     <td id="TBL2230.finRow.7.trail.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="nowrap">&nbsp;</td>
     <td id="TBL2230.finRow.7.lead.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2230.finRow.7.symb.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2230.finRow.7.amt.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">&#x2014;</td>
     <td id="TBL2230.finRow.7.trail.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="nowrap">&nbsp;</td>
     <td id="TBL2230.finRow.7.lead.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2230.finRow.7.symb.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2230.finRow.7.amt.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">(133,704</td>
     <td id="TBL2230.finRow.7.trail.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="nowrap">)</td>
     <td id="TBL2230.finRow.7.lead.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2230.finRow.7.symb.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2230.finRow.7.amt.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">&#x2014;</td>
     <td id="TBL2230.finRow.7.trail.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="nowrap">&nbsp;</td>
    </tr>
    <tr id="TBL2230.finRow.8" style="BACKGROUND-COLOR: #cceeff">
     <td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff"> <p id="PARA2208" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Adjustment for unrealized loss on silver bullion</font></p></td>
     <td id="TBL2230.finRow.8.lead.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2230.finRow.8.symb.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2230.finRow.8.amt.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">&#x2014;</td>
     <td id="TBL2230.finRow.8.trail.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap">&nbsp;</td>
     <td id="TBL2230.finRow.8.lead.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2230.finRow.8.symb.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2230.finRow.8.amt.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">&#x2014;</td>
     <td id="TBL2230.finRow.8.trail.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap">&nbsp;</td>
     <td id="TBL2230.finRow.8.lead.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2230.finRow.8.symb.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2230.finRow.8.amt.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">(3,357,225</td>
     <td id="TBL2230.finRow.8.trail.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap">)</td>
     <td id="TBL2230.finRow.8.lead.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2230.finRow.8.symb.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2230.finRow.8.amt.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">&#x2014;</td>
     <td id="TBL2230.finRow.8.trail.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap">&nbsp;</td>
    </tr>
    <tr id="TBL2230.finRow.9" style="BACKGROUND-COLOR: #ffffff">
     <td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff"> <p id="PARA2219" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Ending balance</font></p></td>
     <td id="TBL2230.finRow.9.lead.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2230.finRow.9.symb.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2230.finRow.9.amt.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">320,177.8</td>
     <td id="TBL2230.finRow.9.trail.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="nowrap">&nbsp;</td>
     <td id="TBL2230.finRow.9.lead.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2230.finRow.9.symb.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">$</td>
     <td id="TBL2230.finRow.9.amt.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">6,243,467</td>
     <td id="TBL2230.finRow.9.trail.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="nowrap">&nbsp;</td>
     <td id="TBL2230.finRow.9.lead.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2230.finRow.9.symb.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">$</td>
     <td id="TBL2230.finRow.9.amt.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">6,243,467</td>
     <td id="TBL2230.finRow.9.trail.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="nowrap">&nbsp;</td>
     <td id="TBL2230.finRow.9.lead.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2230.finRow.9.symb.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">$</td>
     <td id="TBL2230.finRow.9.amt.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">(133,704</td>
     <td id="TBL2230.finRow.9.trail.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="nowrap">)</td>
    </tr>

  </table><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ScheduleOfCapitalUnitsTextBlock', window );">Schedule of Capital Units [Table Text Block]</a></td>
<td class="text"><table id="TBL682" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 100%; TEXT-INDENT: 0px" cellspacing="0" cellpadding="0" border="0">

    <tr id="TBL682.finRow.1">
     <td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom"><b>&nbsp;</b></td>
     <td id="TBL682.finRow.1.lead.D5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom"><b>&nbsp;</b></td>
     <td id="TBL682.finRow.1.amt.D5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt" colspan="14"> <p id="PARA660" style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><b>Year</b><b>s</b><b> Ended</b><b> </b><b>December 31</b><b>,</b></font></p></td>
     <td id="TBL682.finRow.1.trail.D5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px"><b>&nbsp;</b></td>
    </tr>
    <tr id="TBL682.finRow.2">
     <td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom"><b>&nbsp;</b></td>
     <td id="TBL682.finRow.2.lead.D3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom"><b>&nbsp;</b></td>
     <td id="TBL682.finRow.2.amt.D3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt" colspan="6"> <p id="PARA661" style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><b>2015</b></font></p></td>
     <td id="TBL682.finRow.2.trail.D3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px"><b>&nbsp;</b></td>
     <td id="TBL682.finRow.2.lead.D5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom"><b>&nbsp;</b></td>
     <td id="TBL682.finRow.2.amt.D5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt" colspan="6"> <p id="PARA662" style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><b>2014</b></font></p></td>
     <td id="TBL682.finRow.2.trail.D5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px"><b>&nbsp;</b></td>
    </tr>
    <tr id="TBL682.finRow.3">
     <td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom"><b>&nbsp;</b></td>
     <td id="TBL682.finRow.3.lead.D2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom"><b>&nbsp;</b></td>
     <td id="TBL682.finRow.3.amt.D2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt" colspan="2"> <p id="PARA663" style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><b>Shares</b></font></p></td>
     <td id="TBL682.finRow.3.trail.D2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px"><b>&nbsp;</b></td>
     <td id="TBL682.finRow.3.lead.D3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom"><b>&nbsp;</b></td>
     <td id="TBL682.finRow.3.amt.D3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt" colspan="2"> <p id="PARA664" style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><b>Amount</b></font></p></td>
     <td id="TBL682.finRow.3.trail.D3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px"><b>&nbsp;</b></td>
     <td id="TBL682.finRow.3.lead.D4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom"><b>&nbsp;</b></td>
     <td id="TBL682.finRow.3.amt.D4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt" colspan="2"> <p id="PARA665" style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><b>Shares</b></font></p></td>
     <td id="TBL682.finRow.3.trail.D4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px"><b>&nbsp;</b></td>
     <td id="TBL682.finRow.3.lead.D5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom"><b>&nbsp;</b></td>
     <td id="TBL682.finRow.3.amt.D5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt" colspan="2"> <p id="PARA666" style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><b>Amount</b></font></p></td>
     <td id="TBL682.finRow.3.trail.D5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px"><b>&nbsp;</b></td>
    </tr>
    <tr id="TBL682.finRow.4" style="BACKGROUND-COLOR: #cceeff">
     <td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 52%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff"> <p id="PARA667" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Shares issued</font></p></td>
     <td id="TBL682.finRow.4.lead.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL682.finRow.4.symb.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL682.finRow.4.amt.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">57,150</td>
     <td id="TBL682.finRow.4.trail.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap">&nbsp;</td>
     <td id="TBL682.finRow.4.lead.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL682.finRow.4.symb.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">$</td>
     <td id="TBL682.finRow.4.amt.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">859,468</td>
     <td id="TBL682.finRow.4.trail.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap">&nbsp;</td>
     <td id="TBL682.finRow.4.lead.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL682.finRow.4.symb.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL682.finRow.4.amt.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">74,950</td>
     <td id="TBL682.finRow.4.trail.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap">&nbsp;</td>
     <td id="TBL682.finRow.4.lead.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL682.finRow.4.symb.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">$</td>
     <td id="TBL682.finRow.4.amt.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">1,361,917</td>
     <td id="TBL682.finRow.4.trail.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap">&nbsp;</td>
    </tr>
    <tr id="TBL682.finRow.5" style="BACKGROUND-COLOR: #ffffff">
     <td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff"> <p id="PARA672" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Shares redeemed</font></p></td>
     <td id="TBL682.finRow.5.lead.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL682.finRow.5.symb.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL682.finRow.5.amt.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">(67,600</td>
     <td id="TBL682.finRow.5.trail.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="nowrap">)</td>
     <td id="TBL682.finRow.5.lead.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL682.finRow.5.symb.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL682.finRow.5.amt.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">(1,029,094</td>
     <td id="TBL682.finRow.5.trail.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="nowrap">)</td>
     <td id="TBL682.finRow.5.lead.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL682.finRow.5.symb.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL682.finRow.5.amt.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">(63,450</td>
     <td id="TBL682.finRow.5.trail.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="nowrap">)</td>
     <td id="TBL682.finRow.5.lead.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL682.finRow.5.symb.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL682.finRow.5.amt.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">(1,108,223</td>
     <td id="TBL682.finRow.5.trail.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="nowrap">)</td>
    </tr>
    <tr id="TBL682.finRow.6" style="BACKGROUND-COLOR: #cceeff">
     <td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff"> <p id="PARA677" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Net decrease</font></p></td>
     <td id="TBL682.finRow.6.lead.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL682.finRow.6.symb.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL682.finRow.6.amt.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">(10,450</td>
     <td id="TBL682.finRow.6.trail.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap">)</td>
     <td id="TBL682.finRow.6.lead.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL682.finRow.6.symb.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">$</td>
     <td id="TBL682.finRow.6.amt.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">(169,626</td>
     <td id="TBL682.finRow.6.trail.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap">)</td>
     <td id="TBL682.finRow.6.lead.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL682.finRow.6.symb.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL682.finRow.6.amt.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">11,500</td>
     <td id="TBL682.finRow.6.trail.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap">&nbsp;</td>
     <td id="TBL682.finRow.6.lead.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL682.finRow.6.symb.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">$</td>
     <td id="TBL682.finRow.6.amt.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">253,694</td>
     <td id="TBL682.finRow.6.trail.5" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap">&nbsp;</td>
    </tr>

  </table><span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TemporaryEquityTableTextBlock', window );">Temporary Equity [Table Text Block]</a></td>
<td class="text"><table id="TBL2278" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 80%; MARGIN-RIGHT: 20%; TEXT-INDENT: 0px" cellspacing="0" cellpadding="0" border="0">

    <tr id="TBL2278.finRow.1">
     <td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom"><b>&nbsp;</b></td>
     <td id="TBL2278.finRow.1.lead.D3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom"><b>&nbsp;</b></td>
     <td id="TBL2278.finRow.1.amt.D3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt" colspan="6"> <p id="PARA2257" style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><b>Year ended December 31, </b></font></p></td>
     <td id="TBL2278.finRow.1.trail.D3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px"><b>&nbsp;</b></td>
    </tr>
    <tr id="TBL2278.finRow.2">
     <td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom"><b>&nbsp;</b></td>
     <td id="TBL2278.finRow.2.lead.D3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom"><b>&nbsp;</b></td>
     <td id="TBL2278.finRow.2.amt.D3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt" colspan="6"> <p id="PARA2258" style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><b>2013</b></font></p></td>
     <td id="TBL2278.finRow.2.trail.D3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px"><b>&nbsp;</b></td>
    </tr>
    <tr id="TBL2278.finRow.3">
     <td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom"><b>&nbsp;</b></td>
     <td id="TBL2278.finRow.3.lead.D2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom"><b>&nbsp;</b></td>
     <td id="TBL2278.finRow.3.amt.D2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt" colspan="2"> <p id="PARA2259" style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><b>Shares</b></font></p></td>
     <td id="TBL2278.finRow.3.trail.D2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px"><b>&nbsp;</b></td>
     <td id="TBL2278.finRow.3.lead.D3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom"><b>&nbsp;</b></td>
     <td id="TBL2278.finRow.3.amt.D3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt" colspan="2"> <p id="PARA2260" style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><b>Amount</b></font></p></td>
     <td id="TBL2278.finRow.3.trail.D3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px"><b>&nbsp;</b></td>
    </tr>
    <tr id="TBL2278.finRow.4" style="BACKGROUND-COLOR: #cceeff">
     <td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 62%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff"> <p id="PARA2261" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Beginning balance</font></p></td>
     <td id="TBL2278.finRow.4.lead.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2278.finRow.4.symb.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2278.finRow.4.amt.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">335,000</td>
     <td id="TBL2278.finRow.4.trail.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap">&nbsp;</td>
     <td id="TBL2278.finRow.4.lead.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2278.finRow.4.symb.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">$</td>
     <td id="TBL2278.finRow.4.amt.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">9,706,654</td>
     <td id="TBL2278.finRow.4.trail.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap">&nbsp;</td>
    </tr>
    <tr id="TBL2278.finRow.5" style="BACKGROUND-COLOR: #ffffff">
     <td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff"> <p id="PARA2265" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Shares issued</font></p></td>
     <td id="TBL2278.finRow.5.lead.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2278.finRow.5.symb.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2278.finRow.5.amt.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">85,750</td>
     <td id="TBL2278.finRow.5.trail.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="nowrap">&nbsp;</td>
     <td id="TBL2278.finRow.5.lead.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2278.finRow.5.symb.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2278.finRow.5.amt.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">2,096,484</td>
     <td id="TBL2278.finRow.5.trail.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="nowrap">&nbsp;</td>
    </tr>
    <tr id="TBL2278.finRow.6" style="BACKGROUND-COLOR: #cceeff">
     <td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff"> <p id="PARA2268" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Shares redeemed</font></p></td>
     <td id="TBL2278.finRow.6.lead.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2278.finRow.6.symb.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2278.finRow.6.amt.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">(88,250</td>
     <td id="TBL2278.finRow.6.trail.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap">)</td>
     <td id="TBL2278.finRow.6.lead.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2278.finRow.6.symb.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2278.finRow.6.amt.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">(2,031,644</td>
     <td id="TBL2278.finRow.6.trail.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap">)</td>
    </tr>
    <tr id="TBL2278.finRow.7" style="BACKGROUND-COLOR: #ffffff">
     <td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff"> <p id="PARA2271" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Redemption value adjustment</font></p></td>
     <td id="TBL2278.finRow.7.lead.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2278.finRow.7.symb.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2278.finRow.7.amt.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">&#x2014;</td>
     <td id="TBL2278.finRow.7.trail.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="nowrap">&nbsp;</td>
     <td id="TBL2278.finRow.7.lead.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2278.finRow.7.symb.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2278.finRow.7.amt.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">(3,530,747</td>
     <td id="TBL2278.finRow.7.trail.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="nowrap">)</td>
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     <td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff"> <p id="PARA2274" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Ending balance</font></p></td>
     <td id="TBL2278.finRow.8.lead.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2278.finRow.8.symb.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2278.finRow.8.amt.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">332,500</td>
     <td id="TBL2278.finRow.8.trail.2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap">&nbsp;</td>
     <td id="TBL2278.finRow.8.lead.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2278.finRow.8.symb.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">$</td>
     <td id="TBL2278.finRow.8.amt.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">6,240,747</td>
     <td id="TBL2278.finRow.8.trail.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap">&nbsp;</td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of the ounces, average cost, fair value and realized gain (loss) related to activity in silver bullion.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of an entity's capital units or capital shares, including the value of capital units or capital shares, units authorized, units outstanding and other information necessary to a fair presentation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 946<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.6-04.16)<br> -URI http://asc.fasb.org/extlink&amp;oid=6488278&amp;loc=d3e603758-122996<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of changes in the separate accounts comprising stockholders' equity (in addition to retained earnings) and of the changes in the number of shares of equity securities during at least the most recent annual fiscal period and any subsequent interim period presented is required to make the financial statements sufficiently informative if both financial position and results of operations are presented.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of temporary equity. Temporary equity is a security with redemption features that are outside the control of the issuer, is not classified as an asset or liability in conformity with GAAP, and is not mandatorily redeemable. Includes any type of security that is redeemable at a fixed or determinable price or on a fixed or determinable date or dates, is redeemable at the option of the holder, or has conditions for redemption which are not solely within the control of the issuer. If convertible, the issuer does not control the actions or events necessary to issue the maximum number of shares that could be required to be delivered under the conversion option if the holder exercises the option to convert the stock to another class of equity. If the security is a warrant or a rights issue, the warrant or rights issue is considered to be temporary equity if the issuer cannot demonstrate that it would be able to deliver upon the exercise of the option by the holder in all cases. Includes stock with put option held by ESOP and stock redeemable by holder only in the event of a change in control of the issuer.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 480<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=27011957&amp;loc=d3e177068-122764<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (27)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
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<span style="display: none;">v3.3.1.900</span><table class="report" border="0" cellspacing="2" id="idp6604499696">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 8 - Financial Highlights (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2015</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_slv_FinancialHighlightsAbstract', window );"><strong>Financial Highlights [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_slv_FinancialHighlightsTableTextBlock', window );">Financial Highlights [Table Text Block]</a></td>
<td class="text"><table id="TBL2365S1" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 100%; TEXT-INDENT: 0px" cellspacing="0" cellpadding="0" border="0">

    <tr id="TBL2365S1.finRow.1">
     <td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 70%; VERTICAL-ALIGN: bottom"><b>&nbsp;</b></td>
     <td id="TBL2365S1.finRow.1.lead.D4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom"><b>&nbsp;</b></td>
     <td id="TBL2365S1.finRow.1.amt.D4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt" colspan="6"> <p id="PARA2316" style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><b>Year Ended<br />December 31,</b></font></p></td>
     <td id="TBL2365S1.finRow.1.trail.D4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px"><b>&nbsp;</b></td>
    </tr>
    <tr id="TBL2365S1.finRow.2">
     <td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 70%; VERTICAL-ALIGN: bottom"><b>&nbsp;</b></td>
     <td id="TBL2365S1.finRow.2.lead.D3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom"><b>&nbsp;</b></td>
     <td id="TBL2365S1.finRow.2.amt.D3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt" colspan="2"> <p id="PARA2317" style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><b>2015</b></font></p></td>
     <td id="TBL2365S1.finRow.2.trail.D3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px"><b>&nbsp;</b></td>
     <td id="TBL2365S1.finRow.2.lead.D4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom"><b>&nbsp;</b></td>
     <td id="TBL2365S1.finRow.2.amt.D4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt" colspan="2"> <p id="PARA2318" style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><b>2014</b></font></p></td>
     <td id="TBL2365S1.finRow.2.trail.D4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px"><b>&nbsp;</b></td>
    </tr>
    <tr id="TBL2365S1.finRow.3" style="BACKGROUND-COLOR: #cceeff">
     <td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 70%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff"> <p id="PARA2319" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Net asset value per Share, beginning of period</font></p></td>
     <td id="TBL2365S1.finRow.3.lead.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2365S1.finRow.3.symb.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">$</td>
     <td id="TBL2365S1.finRow.3.amt.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">15.29</td>
     <td id="TBL2365S1.finRow.3.trail.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap">&nbsp;</td>
     <td id="TBL2365S1.finRow.3.lead.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2365S1.finRow.3.symb.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">$</td>
     <td id="TBL2365S1.finRow.3.amt.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">18.77</td>
     <td id="TBL2365S1.finRow.3.trail.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap">&nbsp;</td>
    </tr>
    <tr id="TBL2365S1.finRow.4" style="BACKGROUND-COLOR: #ffffff">
     <td style="WIDTH: 70%; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2365S1.finRow.4.lead.B3" style="BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2365S1.finRow.4.symb.B3" style="BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2365S1.finRow.4.amt.B3" style="BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2365S1.finRow.4.trail.B3" style="BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2365S1.finRow.4.lead.B4" style="BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2365S1.finRow.4.symb.B4" style="BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2365S1.finRow.4.amt.B4" style="BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2365S1.finRow.4.trail.B4" style="BACKGROUND-COLOR: #ffffff">&nbsp;</td>
    </tr>
    <tr id="TBL2365S1.finRow.5" style="BACKGROUND-COLOR: #cceeff">
     <td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 70%; VERTICAL-ALIGN: bottom; PADDING-LEFT: 18pt; BACKGROUND-COLOR: #cceeff"> <p id="PARA2325" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Net investment loss<font style="FONT-SIZE: 60%; VERTICAL-ALIGN: text-top">(a)</font></font></p></td>
     <td id="TBL2365S1.finRow.5.lead.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2365S1.finRow.5.symb.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2365S1.finRow.5.amt.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">(0.07</td>
     <td id="TBL2365S1.finRow.5.trail.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap">)</td>
     <td id="TBL2365S1.finRow.5.lead.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2365S1.finRow.5.symb.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2365S1.finRow.5.amt.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">(0.09</td>
     <td id="TBL2365S1.finRow.5.trail.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap">)</td>
    </tr>
    <tr id="TBL2365S1.finRow.6" style="BACKGROUND-COLOR: #ffffff">
     <td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 70%; VERTICAL-ALIGN: bottom; PADDING-LEFT: 18pt; BACKGROUND-COLOR: #ffffff"> <p id="PARA2328" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Net realized and unrealized loss<font style="FONT-SIZE: 60%; VERTICAL-ALIGN: text-top">(b)</font></font></p></td>
     <td id="TBL2365S1.finRow.6.lead.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2365S1.finRow.6.symb.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2365S1.finRow.6.amt.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">(2.05</td>
     <td id="TBL2365S1.finRow.6.trail.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="nowrap">)</td>
     <td id="TBL2365S1.finRow.6.lead.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2365S1.finRow.6.symb.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2365S1.finRow.6.amt.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">(3.39</td>
     <td id="TBL2365S1.finRow.6.trail.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="nowrap">)</td>
    </tr>
    <tr id="TBL2365S1.finRow.7" style="BACKGROUND-COLOR: #cceeff">
     <td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 70%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff"> <p id="PARA2331" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Net decrease in net assets from operations</font></p></td>
     <td id="TBL2365S1.finRow.7.lead.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2365S1.finRow.7.symb.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2365S1.finRow.7.amt.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">(2.12</td>
     <td id="TBL2365S1.finRow.7.trail.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap">)</td>
     <td id="TBL2365S1.finRow.7.lead.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2365S1.finRow.7.symb.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2365S1.finRow.7.amt.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">(3.48</td>
     <td id="TBL2365S1.finRow.7.trail.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap">)</td>
    </tr>
    <tr id="TBL2365S1.finRow.8" style="BACKGROUND-COLOR: #ffffff">
     <td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 70%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff"> <p id="PARA2334" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Net asset value per Share, end of period</font></p></td>
     <td id="TBL2365S1.finRow.8.lead.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2365S1.finRow.8.symb.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">$</td>
     <td id="TBL2365S1.finRow.8.amt.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">13.17</td>
     <td id="TBL2365S1.finRow.8.trail.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="nowrap">&nbsp;</td>
     <td id="TBL2365S1.finRow.8.lead.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2365S1.finRow.8.symb.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">$</td>
     <td id="TBL2365S1.finRow.8.amt.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">15.29</td>
     <td id="TBL2365S1.finRow.8.trail.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="nowrap">&nbsp;</td>
    </tr>
    <tr id="TBL2365S1.finRow.9" style="BACKGROUND-COLOR: #cceeff">
     <td style="WIDTH: 70%; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2365S1.finRow.9.lead.B3" style="BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2365S1.finRow.9.symb.B3" style="BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2365S1.finRow.9.amt.B3" style="BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2365S1.finRow.9.trail.B3" style="BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2365S1.finRow.9.lead.B4" style="BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2365S1.finRow.9.symb.B4" style="BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2365S1.finRow.9.amt.B4" style="BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2365S1.finRow.9.trail.B4" style="BACKGROUND-COLOR: #cceeff">&nbsp;</td>
    </tr>
    <tr id="TBL2365S1.finRow.10" style="BACKGROUND-COLOR: #ffffff">
     <td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 70%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff"> <p id="PARA2340" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Total return, at net asset value<font style="FONT-SIZE: 60%; VERTICAL-ALIGN: text-top">(c)</font></font></p></td>
     <td id="TBL2365S1.finRow.10.lead.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2365S1.finRow.10.symb.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2365S1.finRow.10.amt.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">(13.87</td>
     <td id="TBL2365S1.finRow.10.trail.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 2%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="nowrap"> <p id="PARA2342" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25">)<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">%</font></p></td>
     <td id="TBL2365S1.finRow.10.lead.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2365S1.finRow.10.symb.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2365S1.finRow.10.amt.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">(18.54</td>
     <td id="TBL2365S1.finRow.10.trail.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 2%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="nowrap"> <p id="PARA2344" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25">)<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">%</font></p></td>
    </tr>
    <tr id="TBL2365S1.finRow.11" style="BACKGROUND-COLOR: #cceeff">
     <td style="WIDTH: 70%; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2365S1.finRow.11.lead.B3" style="BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2365S1.finRow.11.symb.B3" style="BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2365S1.finRow.11.amt.B3" style="BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2365S1.finRow.11.trail.B3" style="BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2365S1.finRow.11.lead.B4" style="BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2365S1.finRow.11.symb.B4" style="BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2365S1.finRow.11.amt.B4" style="BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2365S1.finRow.11.trail.B4" style="BACKGROUND-COLOR: #cceeff">&nbsp;</td>
    </tr>
    <tr id="TBL2365S1.finRow.12" style="BACKGROUND-COLOR: #ffffff">
     <td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 70%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff"> <p id="PARA2346" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Ratio to average net assets:</font></p></td>
     <td id="TBL2365S1.finRow.12.lead.B3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2365S1.finRow.12.symb.B3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2365S1.finRow.12.amt.B3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2365S1.finRow.12.trail.B3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2365S1.finRow.12.lead.B4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2365S1.finRow.12.symb.B4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2365S1.finRow.12.amt.B4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2365S1.finRow.12.trail.B4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
    </tr>
    <tr id="TBL2365S1.finRow.13" style="BACKGROUND-COLOR: #cceeff">
     <td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 70%; VERTICAL-ALIGN: bottom; PADDING-LEFT: 18pt; BACKGROUND-COLOR: #cceeff"> <p id="PARA2347" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Net investment loss</font></p></td>
     <td id="TBL2365S1.finRow.13.lead.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2365S1.finRow.13.symb.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2365S1.finRow.13.amt.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">(0.50</td>
     <td id="TBL2365S1.finRow.13.trail.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 2%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap"> <p id="PARA2349" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25">)<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">%</font></p></td>
     <td id="TBL2365S1.finRow.13.lead.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2365S1.finRow.13.symb.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td>
     <td id="TBL2365S1.finRow.13.amt.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">(0.50</td>
     <td id="TBL2365S1.finRow.13.trail.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 2%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap"> <p id="PARA2351" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25">)<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">%</font></p></td>
    </tr>
    <tr id="TBL2365S1.finRow.14" style="BACKGROUND-COLOR: #ffffff">
     <td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 70%; VERTICAL-ALIGN: bottom; PADDING-LEFT: 18pt; BACKGROUND-COLOR: #ffffff"> <p id="PARA2352" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Expenses</font></p></td>
     <td id="TBL2365S1.finRow.14.lead.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2365S1.finRow.14.symb.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2365S1.finRow.14.amt.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">0.50</td>
     <td id="TBL2365S1.finRow.14.trail.3" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="nowrap"> <p id="PARA2354" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">%</font></p></td>
     <td id="TBL2365S1.finRow.14.lead.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2365S1.finRow.14.symb.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td>
     <td id="TBL2365S1.finRow.14.amt.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">0.50</td>
     <td id="TBL2365S1.finRow.14.trail.4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="nowrap"> <p id="PARA2356" style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">%</font></p></td>
    </tr>

  </table><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_slv_FinancialHighlightsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">slv_FinancialHighlightsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>slv_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_slv_FinancialHighlightsTableTextBlock">
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Financial highlights table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>34
<FILENAME>R21.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.3.1.900</span><table class="report" border="0" cellspacing="2" id="idp6730792720">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Schedules of Investments (Details) - Investments<br> $ in Thousands</strong></div></th>
<th class="th">
<div>Dec. 31, 2015 </div>
<div>USD ($) </div>
<div>oz</div>
</th>
<th class="th">
<div>Dec. 31, 2014 </div>
<div>USD ($) </div>
<div>oz</div>
</th>
<th class="th">
<div>Dec. 31, 2013 </div>
<div>USD ($) </div>
<div>oz</div>
</th>
<th class="th">
<div>Dec. 31, 2012 </div>
<div>USD ($) </div>
<div>oz</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InvestmentsAbstract', window );"><strong>Investments [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_slv_SilverBullionBalance', window );">Silver bullion (in Ounces) | oz</a></td>
<td class="nump">317,934,900<span></span>
</td>
<td class="nump">329,564,200<span></span>
</td>
<td class="nump">320,177,800<span></span>
</td>
<td class="nump">324,239,100<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InvestmentOwnedAtCost', window );">Silver bullion</a></td>
<td class="nump">$ 5,979,252<span></span>
</td>
<td class="nump">$ 6,386,750<span></span>
</td>
<td class="nump">$ 6,243,467<span></span>
</td>
<td class="nump">$ 8,135,003<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InvestmentOwnedAtFairValue', window );">Silver bullion</a></td>
<td class="nump">4,393,861<span></span>
</td>
<td class="nump">5,263,140<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesFairValueDisclosure', window );">Less Liabilities</a></td>
<td class="num">(1,917)<span></span>
</td>
<td class="num">(2,338)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueNetAssetLiability', window );">Net Assets</a></td>
<td class="nump">$ 4,391,944<span></span>
</td>
<td class="nump">$ 5,260,802<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Ounces of silver bullion held by the trust.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Fair value of asset after deduction of liability.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Cost of the investment.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Value of the investment at close of period. For schedules of investments that are categorized, the value would be aggregated by category. For investment in and advances to affiliates, if operations of any controlled companies are different in character from those of the company, group such affiliates within divisions and by type of activities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 946<br> -SubTopic 320<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.12-12.Column C.3,4)<br> -URI http://asc.fasb.org/extlink&amp;oid=50485924&amp;loc=d3e611133-123010<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 946<br> -SubTopic 320<br> -Section S99<br> -Paragraph 4<br> -Subparagraph (SX 210.12-12C.Column C.7)<br> -URI http://asc.fasb.org/extlink&amp;oid=50485924&amp;loc=d3e611225-123010<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 946<br> -SubTopic 320<br> -Section S99<br> -Paragraph 6<br> -Subparagraph (SX 210.12-14.Column E.2,3)<br> -URI http://asc.fasb.org/extlink&amp;oid=50485924&amp;loc=d3e611322-123010<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 946<br> -SubTopic 320<br> -Section S99<br> -Paragraph 5<br> -Subparagraph (SX 210.12-13.Column C.6)<br> -URI http://asc.fasb.org/extlink&amp;oid=50485924&amp;loc=d3e611282-123010<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Fair value of financial and nonfinancial obligations.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 820<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=36462937&amp;loc=d3e19207-110258<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<TYPE>XML
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<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
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<span style="display: none;">v3.3.1.900</span><table class="report" border="0" cellspacing="2" id="idp6896168880">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Schedules of Investments (Details) - Investments (Parentheticals)<br></strong></div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
<th class="th"><div>Dec. 31, 2014</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InvestmentsAbstract', window );"><strong>Investments [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InvestmentOwnedPercentOfNetAssets', window );">Total Investment, Percentage of Net Asset Value</a></td>
<td class="nump">100.04%<span></span>
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<td class="nump">100.04%<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NonInvestmentAssetsLessNonInvestmentLiabilitiesPercentOfNetAssets', window );">Less Liabilities, Percentage of Net Asset Value</a></td>
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<td class="num">(0.04%)<span></span>
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<td class="nump">100.00%<span></span>
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<td class="nump">100.00%<span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The percentage of net assets of net assets.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Percent of net assets at close of period. For schedules of investments that are categorized, each category has a percent of net assets for the aggregated value of the Investments in the category.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 946<br> -SubTopic 320<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.12-12.3)<br> -URI http://asc.fasb.org/extlink&amp;oid=50485924&amp;loc=d3e611133-123010<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 946<br> -SubTopic 320<br> -Section S99<br> -Paragraph 4<br> -Subparagraph (SX 210.12-12C.Column D.2)<br> -URI http://asc.fasb.org/extlink&amp;oid=50485924&amp;loc=d3e611225-123010<br></p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<td><strong> Balance Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NonInvestmentAssetsLessNonInvestmentLiabilitiesPercentOfNetAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The percent of net assets of non investment assets and liabilities. This represents the percentage difference between the investments, including long and short positions, and net assets.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NonInvestmentAssetsLessNonInvestmentLiabilitiesPercentOfNetAssets</td>
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<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<TEXT>
<html>
<head>
<title></title>
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<span style="display: none;">v3.3.1.900</span><table class="report" border="0" cellspacing="2" id="idp6899432320">
<tr>
<th class="tl" colspan="2" rowspan="2"><div style="width: 200px;"><strong>Note 2 - Significant Accounting Policies (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2013</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccountingPoliciesAbstract', window );"><strong>Accounting Policies [Abstract]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InventoryWriteDown', window );">Inventory Write-down</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">$ 1,781,266<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_slv_SharesPrescribedAggregation', window );">Shares Prescribed Aggregation</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">50,000<span></span>
</td>
</tr>
<tr><td colspan="3"></td></tr>
<tr><td colspan="3"><table class="outerFootnotes" width="100%"><tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">At December 31, 2013, the market value of the silver bullion was below the average cost of the Trust's silver bullion inventory held. As a result, theTrust recorded a permanent write down against the average cost of the silver bullion inventory of $1,781,266.</td>
</tr></table></td></tr>
</table>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Prescribed aggregation at which shares are issued and redeemed.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">slv_SharesPrescribedAggregation</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccountingPoliciesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AccountingPoliciesAbstract</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InventoryWriteDown">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Charge to cost of goods sold that represents the reduction of the carrying amount of inventory, generally attributable to obsolescence or market conditions.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 330<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=28360613&amp;loc=d3e4542-108314<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.2)<br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_InventoryWriteDown</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>debit</td>
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<td>duration</td>
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<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
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<span style="display: none;">v3.3.1.900</span><table class="report" border="0" cellspacing="2" id="idp6897381952">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Note 2 - Significant Accounting Policies (Details) - Adjustment to Reclassify the Balance of Redeemable Capital Shares - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
<th class="th"><sup>[1]</sup></th>
<th class="th"><div>Dec. 31, 2014</div></th>
<th class="th"><sup>[1]</sup></th>
<th class="th" colspan="2"><div>Dec. 31, 2013</div></th>
<th class="th" colspan="2"><div>Dec. 31, 2012</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_slv_Note2SignificantAccountingPoliciesDetailsAdjustmenttoReclassifytheBalanceofRedeemableCapitalSharesLineItems', window );"><strong>Note 2 - Significant Accounting Policies (Details) - Adjustment to Reclassify the Balance of Redeemable Capital Shares [Line Items]</strong></a></td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TemporaryEquityCarryingAmountIncludingPortionAttributableToNoncontrollingInterests', window );">Redeemable capital Shares</a></td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">$ 6,240,747<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">$ 9,706,654<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_slv_ReclassificationOfRedeemableCapitalSharesToShareholdersEquity', window );">Redeemable capital Shares</a></td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(6,240,747)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquity', window );">Shareholders&#8217; equity</a></td>
<td colspan="2" class="nump">$ 4,391,944<span></span>
</td>
<td class="nump">$ 5,260,802<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">$ (1,575,959)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_slv_ReclassificationOfRedeemableCapitalSharesToShareholdersEquity', window );">Shareholders&#8217; equity</a></td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">6,240,747<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementScenarioAxis=us-gaap_ScenarioPreviouslyReportedMember', window );">Scenario, Previously Reported [Member]</a></td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_slv_Note2SignificantAccountingPoliciesDetailsAdjustmenttoReclassifytheBalanceofRedeemableCapitalSharesLineItems', window );"><strong>Note 2 - Significant Accounting Policies (Details) - Adjustment to Reclassify the Balance of Redeemable Capital Shares [Line Items]</strong></a></td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TemporaryEquityCarryingAmountIncludingPortionAttributableToNoncontrollingInterests', window );">Redeemable capital Shares</a></td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">6,240,747<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementScenarioAxis=slv_ScenarioAfterApplicationOfASU201308Member', window );">Scenario After Application of ASU 2013-08 [Member]</a></td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_slv_Note2SignificantAccountingPoliciesDetailsAdjustmenttoReclassifytheBalanceofRedeemableCapitalSharesLineItems', window );"><strong>Note 2 - Significant Accounting Policies (Details) - Adjustment to Reclassify the Balance of Redeemable Capital Shares [Line Items]</strong></a></td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquity', window );">Shareholders&#8217; equity</a></td>
<td colspan="2" class="nump">$ 4,391,944<span></span>
</td>
<td class="nump">$ 5,260,802<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="nump">$ 6,240,747<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr><td colspan="9"></td></tr>
<tr><td colspan="9"><table class="outerFootnotes" width="100%">
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">Represents net asset value. Please refer to Note 2D.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[2]</td>
<td style="vertical-align: top;" valign="top">The Trust reclassified redeemable capital shares as of December 31, 2013 into shareholders' equity as part of it's transition to investment companyaccounting effective January 1, 2014. Please refer to Note 2B.</td>
</tr>
</table></td></tr>
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<div style="display: none;">
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">slv_Note2SignificantAccountingPoliciesDetailsAdjustmenttoReclassifytheBalanceofRedeemableCapitalSharesLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
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<td><strong> Balance Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_slv_ReclassificationOfRedeemableCapitalSharesToShareholdersEquity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The reclassification of redeemable capital shares to shareholders' equity as a result of adoption of ASU 2013-08.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">slv_ReclassificationOfRedeemableCapitalSharesToShareholdersEquity</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
<td>credit</td>
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<td><strong> Period Type:</strong></td>
<td>instant</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 310<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SAB TOPIC 4.E)<br> -URI http://asc.fasb.org/extlink&amp;oid=27010918&amp;loc=d3e74512-122707<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.29-31)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Staff Accounting Bulletin (SAB)<br> -Number Topic 4<br> -Section E<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StockholdersEquity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td>credit</td>
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</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_TemporaryEquityCarryingAmountIncludingPortionAttributableToNoncontrollingInterests">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Carrying amount, attributable to parent and noncontrolling interests, of an entity's issued and outstanding stock which is not included within permanent equity. Temporary equity is a security with redemption features that are outside the control of the issuer, is not classified as an asset or liability in conformity with GAAP, and is not mandatorily redeemable. Includes any type of security that is redeemable at a fixed or determinable price or on a fixed or determinable date or dates, is redeemable at the option of the holder, or has conditions for redemption which are not solely within the control of the issuer. Includes stock with a put option held by an ESOP and stock redeemable by a holder only in the event of a change in control of the issuer.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.27(b))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_TemporaryEquityCarryingAmountIncludingPortionAttributableToNoncontrollingInterests</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>credit</td>
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<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
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<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementScenarioAxis=us-gaap_ScenarioPreviouslyReportedMember</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementScenarioAxis=slv_ScenarioAfterApplicationOfASU201308Member</td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>38
<FILENAME>R25.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.3.1.900</span><table class="report" border="0" cellspacing="2" id="idp6899360576">
<tr>
<th class="tl" colspan="2" rowspan="2"><div style="width: 200px;"><strong>Note 2 - Significant Accounting Policies (Details) - Activity in Silver Bullion<br> $ in Thousands</strong></div></th>
<th class="th" colspan="5">12 Months Ended</th>
</tr>
<tr>
<th class="th" colspan="2">
<div>Dec. 31, 2015 </div>
<div>USD ($) </div>
<div>oz</div>
</th>
<th class="th" colspan="2">
<div>Dec. 31, 2014 </div>
<div>USD ($) </div>
<div>oz</div>
</th>
<th class="th">
<div>Dec. 31, 2013 </div>
<div>USD ($) </div>
<div>oz</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_slv_ActivityInSilverBullionAbstract', window );"><strong>Activity in Silver Bullion [Abstract]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_slv_SilverBullionBalance', window );">Beginning balance (in Ounces) | oz</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">329,564,200<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">320,177,800<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">324,239,100<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InvestmentOwnedAtCost', window );">Beginning balance, average cost</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 6,386,750<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">$ 6,243,467<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">$ 8,135,003<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InvestmentInPhysicalCommoditiesFairValueDisclosure', window );">Beginning balance, fair value</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 5,263,140<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">$ 6,243,467<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">$ 9,710,962<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_slv_SilverContributed', window );">Silver bullion contributed (in Ounces) | oz</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">54,595,700<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">71,956,100<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">82,810,600<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_slv_SilverContributedAverageCost', window );">Silver bullion contributed, average cost</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 859,468<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">$ 1,361,917<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">$ 2,096,484<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_slv_SilverContributedFairValue', window );">Silver bullion contributed, fair value</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 859,468<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">$ 1,361,917<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">$ 2,096,484<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_slv_SilverDistributed', window );">Silver bullion distributed (in Ounces) | oz</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(64,583,500)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(60,878,000)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(85,164,100)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_slv_SilverDistributedAverageCost', window );">Silver bullion distributed</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">$ (1,235,547)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">$ (1,185,617)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">$ (2,163,458)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_slv_SilverDistributedFairValue', window );">Silver bullion distributed</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">$ (1,029,094)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">$ (1,108,223)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(2,031,644)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_slv_GainLossOnSilverDistributedForRedemptionOfShares', window );">Silver bullion distributed</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">$ (131,814)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_slv_SilverSold', window );">Silver bullion sold (in Ounces) | oz</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(1,641,500)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(1,691,700)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(1,707,800)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_slv_SilverSoldAverageCost', window );">Silver bullion sold</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">$ (31,419)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">$ (33,017)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">$ (43,296)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_slv_SilverSoldFairValue', window );">Silver bullion sold</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">$ (25,716)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">$ (31,961)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(41,406)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_slv_GainLossOnSaleOfTrustAssetsToPayExpensesRecognizedInOperatingIncomeLoss', window );">Silver bullion sold</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(1,890)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InventoryWriteDown', window );">Adjustment to silver bullion inventory(a)</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(1,781,266)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_slv_GainLossOnSalesAndDistributionsOfSilver', window );">Adjustment for realized loss on silver bullion</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(133,704)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_slv_AdjustmentForUnrealizedGainLossOnSilverBullionFairValue', window );">Adjustment for unrealized loss on silver bullion</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">$ (3,357,225)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_slv_SilverBullionBalance', window );">Ending balance (in Ounces) | oz</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">317,934,900<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">329,564,200<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">320,177,800<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InvestmentOwnedAtCost', window );">Ending balance</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 5,979,252<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">$ 6,386,750<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">$ 6,243,467<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InvestmentInPhysicalCommoditiesFairValueDisclosure', window );">Ending balance</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">4,393,861<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">5,263,140<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">6,243,467<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_slv_GainLossOnSalesAndDistributionsOfSilver', window );">Ending balance</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(133,704)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_slv_SilverDistributedAverageCost', window );">Silver bullion distributed, average cost</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(1,235,547)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(1,185,617)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(2,163,458)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_slv_SilverDistributedFairValue', window );">Silver bullion distributed, fair value</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(1,029,094)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(1,108,223)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(2,031,644)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_slv_NetRealizedGainLossFromSilverDistributedForTheRedemptionOfShares', window );">Silver bullion distributed, realized gain (loss)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">$ (206,453)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[3]</sup></td>
<td class="num">$ (77,394)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[3]</sup></td>
<td class="num">$ (131,814)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_slv_SilverSold', window );">Silver bullion sold to pay expenses (in Ounces) | oz</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(1,641,500)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(1,691,700)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(1,707,800)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_slv_SilverSoldAverageCost', window );">Silver bullion sold to pay expenses, average cost</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">$ (31,419)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">$ (33,017)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">$ (43,296)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_slv_SilverSoldFairValue', window );">Silver bullion sold to pay expenses, fair value</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(25,716)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(31,961)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(41,406)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GainLossOnSaleOfTrustAssetsToPayExpenses', window );">Silver bullion sold to pay expenses, realized gain (loss)</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[3]</sup></td>
<td class="num">(5,703)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(1,056)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RealizedInvestmentGainsLosses', window );">Net realized gain (loss)</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[3]</sup></td>
<td class="num">(212,156)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(78,450)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_UnrealizedGainLossOnInvestments', window );">Net change in unrealized appreciation/depreciation</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[3]</sup></td>
<td class="num">(461,781)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(1,123,610)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InvestmentOwnedAtCost', window );">Ending balance, average cost</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">5,979,252<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">6,386,750<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">6,243,467<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InvestmentInPhysicalCommoditiesFairValueDisclosure', window );">Ending balance, fair value</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">4,393,861<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">5,263,140<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">$ 6,243,467<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RealizedInvestmentGainsLosses', window );">Ending balance, realized gain (loss)</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[3]</sup></td>
<td class="num">$ (212,156)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">$ (78,450)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr><td colspan="7"></td></tr>
<tr><td colspan="7"><table class="outerFootnotes" width="100%">
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">Cost of investment in silver bullion: $5,979,252 and $6,386,750, respectively.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[2]</td>
<td style="vertical-align: top;" valign="top">At December 31, 2013, the market value of the silver bullion was below the average cost of the Trust's silver bullion inventory held. As a result, theTrust recorded a permanent write down against the average cost of the silver bullion inventory of $1,781,266.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[3]</td>
<td style="vertical-align: top;" valign="top">Effective January 1, 2014, the Trust qualified as an investment company for accounting purposes. Please refer to Note 2B.</td>
</tr>
</table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_slv_ActivityInSilverBullionAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">slv_ActivityInSilverBullionAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>slv_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_slv_AdjustmentForUnrealizedGainLossOnSilverBullionFairValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>An adjustment for the net excess or deficiency of the fair value of silver bullion over or under its average cost, respectively, which excess value or deficiency has not been recognized in earnings of the trust.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">slv_AdjustmentForUnrealizedGainLossOnSilverBullionFairValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>slv_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_slv_GainLossOnSaleOfTrustAssetsToPayExpensesRecognizedInOperatingIncomeLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of gain (loss) on the sale of trust assets to pay expenses recognized in operating income (loss).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">slv_GainLossOnSaleOfTrustAssetsToPayExpensesRecognizedInOperatingIncomeLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>slv_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_slv_GainLossOnSalesAndDistributionsOfSilver">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Total realized gain or loss on the sales and distributions of silver.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">slv_GainLossOnSalesAndDistributionsOfSilver</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>slv_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_slv_GainLossOnSilverDistributedForRedemptionOfShares">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Realized gain or loss on silver distributed for the redemption of redeemable capital shares recognized in operating income (loss).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">slv_GainLossOnSilverDistributedForRedemptionOfShares</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>slv_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_slv_NetRealizedGainLossFromSilverDistributedForTheRedemptionOfShares">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The net realized gain (loss) from silver distributed for the redemption of shares during the period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">slv_NetRealizedGainLossFromSilverDistributedForTheRedemptionOfShares</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>slv_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_slv_SilverBullionBalance">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Ounces of silver bullion held by the trust.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">slv_SilverBullionBalance</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>slv_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:massItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_slv_SilverContributed">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Ounces of silver bullion contributed for the creation of shares.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">slv_SilverContributed</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>slv_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:massItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_slv_SilverContributedAverageCost">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Average cost of silver bullion contributed for the creation of shares.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">slv_SilverContributedAverageCost</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>slv_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_slv_SilverContributedFairValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Fair value of silver bullion contributed for the creation of shares.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">slv_SilverContributedFairValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>slv_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_slv_SilverDistributed">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Ounces of silver bullion distributed for the redemption of shares.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">slv_SilverDistributed</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>slv_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:massItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_slv_SilverDistributedAverageCost">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Average cost of silver bullion distributed for the redemption of shares.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">slv_SilverDistributedAverageCost</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>slv_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_slv_SilverDistributedFairValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Fair value of silver bullion distributed for the redemption of shares.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">slv_SilverDistributedFairValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>slv_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_slv_SilverSold">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Ounces of silver bullion sold to pay the trust's expenses.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">slv_SilverSold</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>slv_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:massItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_slv_SilverSoldAverageCost">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Average cost of silver bullion sold to pay the trust's expenses.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">slv_SilverSoldAverageCost</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>slv_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_slv_SilverSoldFairValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Fair value of silver bullion sold to pay the trust's expenses.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">slv_SilverSoldFairValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>slv_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_GainLossOnSaleOfTrustAssetsToPayExpenses">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Gain (loss) related to the sale of trust assets (includes, but is not limited to, gold and silver) to pay trust expenses.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_GainLossOnSaleOfTrustAssetsToPayExpenses</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InventoryWriteDown">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Charge to cost of goods sold that represents the reduction of the carrying amount of inventory, generally attributable to obsolescence or market conditions.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 330<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=28360613&amp;loc=d3e4542-108314<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.2)<br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_InventoryWriteDown</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InvestmentInPhysicalCommoditiesFairValueDisclosure">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Fair value of investment held in physical commodities, for example, but not limited to, gold, silver, platinum, crude oil, coal, sugar, rice, wheat.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 820<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=36462937&amp;loc=d3e19190-110258<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_InvestmentInPhysicalCommoditiesFairValueDisclosure</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InvestmentOwnedAtCost">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Cost of the investment.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_InvestmentOwnedAtCost</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RealizedInvestmentGainsLosses">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The net realized gains or losses on investments during the period, not including gains or losses on securities separately or otherwise categorized as trading, available-for-sale, or held-to-maturity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 225<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-04.3(a))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 325<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6485959&amp;loc=d3e22529-158502<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RealizedInvestmentGainsLosses</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_UnrealizedGainLossOnInvestments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The net change in the difference between the fair value and the carrying value, or in the comparative fair values, of investments, not including unrealized gains or losses on securities separately or otherwise categorized as trading, available-for-sale, or held-to-maturity, held at each balance sheet date and included in earnings for the period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3602-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_UnrealizedGainLossOnInvestments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
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<head>
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<span style="display: none;">v3.3.1.900</span><table class="report" border="0" cellspacing="2" id="idp6899614016">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 2 - Significant Accounting Policies (Details) - Share Activity - USD ($)<br> shares in Thousands, $ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2015</div></th>
<th class="th"><div>Dec. 31, 2014</div></th>
<th class="th"><div>Dec. 31, 2013</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_slv_ShareActivityAbstract', window );"><strong>Share Activity [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodSharesNewIssues', window );">Shares issued</a></td>
<td class="nump">57,150<span></span>
</td>
<td class="nump">74,950<span></span>
</td>
<td class="nump">85,750<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TemporaryEquityStockIssuedDuringPeriodValueNewIssues', window );">Shares issued</a></td>
<td class="nump">$ 859,468<span></span>
</td>
<td class="nump">$ 1,361,917<span></span>
</td>
<td class="nump">$ 2,096,484<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_slv_SharesOfStockClassifedAsTemporaryEquitySurrenderedDuringReportingPeriod', window );">Shares redeemed</a></td>
<td class="num">(67,600)<span></span>
</td>
<td class="num">(63,450)<span></span>
</td>
<td class="num">(88,250)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_slv_ValueOfStockClassifiedAsTemporaryEquitySurrenderedDuringReportingPeriod', window );">Shares redeemed</a></td>
<td class="num">$ (1,029,094)<span></span>
</td>
<td class="num">$ (1,108,223)<span></span>
</td>
<td class="num">$ (2,031,644)<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodSharesPeriodIncreaseDecrease', window );">Net decrease</a></td>
<td class="num">(10,450)<span></span>
</td>
<td class="nump">11,500<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TemporaryEquityIssuePeriodIncreaseOrDecrease', window );">Net decrease</a></td>
<td class="num">$ (169,626)<span></span>
</td>
<td class="nump">$ 253,694<span></span>
</td>
<td class="nump">$ 3,530,747<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_slv_ShareActivityAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">slv_ShareActivityAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>slv_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_slv_SharesOfStockClassifedAsTemporaryEquitySurrenderedDuringReportingPeriod">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of stock classified as temporary equity surrendered during the reporting period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">slv_SharesOfStockClassifedAsTemporaryEquitySurrenderedDuringReportingPeriod</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>slv_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_slv_ValueOfStockClassifiedAsTemporaryEquitySurrenderedDuringReportingPeriod">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the value of stock classified as temporary equity surrendered during the reporting period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">slv_ValueOfStockClassifiedAsTemporaryEquitySurrenderedDuringReportingPeriod</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>slv_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockIssuedDuringPeriodSharesNewIssues">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of new stock issued during the period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -URI http://asc.fasb.org/extlink&amp;oid=27012166&amp;loc=d3e187085-122770<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 02<br> -Paragraph 29, 30<br> -Article 5<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StockIssuedDuringPeriodSharesNewIssues</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockIssuedDuringPeriodSharesPeriodIncreaseDecrease">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) during the period in the number of shares issued.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StockIssuedDuringPeriodSharesPeriodIncreaseDecrease</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_TemporaryEquityIssuePeriodIncreaseOrDecrease">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Change in the value of each type or class of stock classified as temporary equity during the period. The redemption requirement does not constitute an unconditional obligation that will be settled in a variable number of shares constituting a monetary value predominantly indexed to (a) a fixed monetary amount known at inception, (b) an amount inversely correlated with the residual value of the entity, or (c) an amount determined by reference to something other than the fair value of issuer's stock. Does not include mandatorily redeemable stock. The exception is if redemption is required upon liquidation or termination of the reporting entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (27)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 480<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=27011957&amp;loc=d3e177068-122764<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_TemporaryEquityIssuePeriodIncreaseOrDecrease</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_TemporaryEquityStockIssuedDuringPeriodValueNewIssues">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Value of new stock classified as temporary equity issued during the period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_TemporaryEquityStockIssuedDuringPeriodValueNewIssues</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<DESCRIPTION>IDEA: XBRL DOCUMENT
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<head>
<title></title>
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<span style="display: none;">v3.3.1.900</span><table class="report" border="0" cellspacing="2" id="idp6899637136">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 2 - Significant Accounting Policies (Details) - Activity in Redeemable Capital Shares - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="5">12 Months Ended</th>
</tr>
<tr>
<th class="th" colspan="2"><div>Dec. 31, 2015</div></th>
<th class="th" colspan="2"><div>Dec. 31, 2014</div></th>
<th class="th"><div>Dec. 31, 2013</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_slv_ActivityInRedeemableCapitalSharesAbstract', window );"><strong>Activity in Redeemable Capital Shares [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TemporaryEquitySharesOutstanding', window );">Beginning balance (in Shares)</a></td>
<td class="nump">344,000,000<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">332,500,000<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">335,000,000<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TemporaryEquityCarryingAmountIncludingPortionAttributableToNoncontrollingInterests', window );">Beginning balance</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">$ 6,240,747<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">$ 9,706,654<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodSharesNewIssues', window );">Shares issued (in Shares)</a></td>
<td class="nump">57,150,000<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">74,950,000<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">85,750,000<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TemporaryEquityStockIssuedDuringPeriodValueNewIssues', window );">Shares issued</a></td>
<td class="nump">$ 859,468<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">$ 1,361,917<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">$ 2,096,484<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_slv_SharesOfStockClassifedAsTemporaryEquitySurrenderedDuringReportingPeriod', window );">Shares redeemed (in Shares)</a></td>
<td class="num">(67,600,000)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(63,450,000)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(88,250,000)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_slv_ValueOfStockClassifiedAsTemporaryEquitySurrenderedDuringReportingPeriod', window );">Shares redeemed</a></td>
<td class="num">$ (1,029,094)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">$ (1,108,223)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">$ (2,031,644)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_slv_RedemptionValueAdjustmentAmount', window );">Redemption value adjustment</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">$ (3,530,747)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TemporaryEquitySharesOutstanding', window );">Ending balance (in Shares)</a></td>
<td class="nump">333,550,000<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">344,000,000<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">332,500,000<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TemporaryEquityCarryingAmountIncludingPortionAttributableToNoncontrollingInterests', window );">Ending balance</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">$ 6,240,747<span></span>
</td>
</tr>
<tr><td colspan="6"></td></tr>
<tr><td colspan="6"><table class="outerFootnotes" width="100%"><tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">No par value, unlimited amount authorized.</td>
</tr></table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_slv_ActivityInRedeemableCapitalSharesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">slv_ActivityInRedeemableCapitalSharesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>slv_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_slv_RedemptionValueAdjustmentAmount">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Change in the value of each type or class of stock classified as temporary equity during the period.  This change impacts the value of redeemable capital shares.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">slv_RedemptionValueAdjustmentAmount</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>slv_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_slv_SharesOfStockClassifedAsTemporaryEquitySurrenderedDuringReportingPeriod">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of stock classified as temporary equity surrendered during the reporting period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">slv_SharesOfStockClassifedAsTemporaryEquitySurrenderedDuringReportingPeriod</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>slv_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_slv_ValueOfStockClassifiedAsTemporaryEquitySurrenderedDuringReportingPeriod">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the value of stock classified as temporary equity surrendered during the reporting period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">slv_ValueOfStockClassifiedAsTemporaryEquitySurrenderedDuringReportingPeriod</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>slv_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockIssuedDuringPeriodSharesNewIssues">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of new stock issued during the period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -URI http://asc.fasb.org/extlink&amp;oid=27012166&amp;loc=d3e187085-122770<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 02<br> -Paragraph 29, 30<br> -Article 5<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StockIssuedDuringPeriodSharesNewIssues</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_TemporaryEquityCarryingAmountIncludingPortionAttributableToNoncontrollingInterests">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Carrying amount, attributable to parent and noncontrolling interests, of an entity's issued and outstanding stock which is not included within permanent equity. Temporary equity is a security with redemption features that are outside the control of the issuer, is not classified as an asset or liability in conformity with GAAP, and is not mandatorily redeemable. Includes any type of security that is redeemable at a fixed or determinable price or on a fixed or determinable date or dates, is redeemable at the option of the holder, or has conditions for redemption which are not solely within the control of the issuer. Includes stock with a put option held by an ESOP and stock redeemable by a holder only in the event of a change in control of the issuer.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.27(b))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_TemporaryEquityCarryingAmountIncludingPortionAttributableToNoncontrollingInterests</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_TemporaryEquitySharesOutstanding">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of securities classified as temporary equity that have been issued and are held by the entity's shareholders. Securities outstanding equals securities issued minus securities held in treasury. Temporary equity is a security with redemption features that are outside the control of the issuer, is not classified as an asset or liability in conformity with GAAP, and is not mandatorily redeemable. Includes any type of security that is redeemable at a fixed or determinable price or on a fixed or determinable date or dates, is redeemable at the option of the holder, or has conditions for redemption which are not solely within the control of the issuer. If convertible, the issuer does not control the actions or events necessary to issue the maximum number of shares that could be required to be delivered under the conversion option if the holder exercises the option to convert the stock to another class of equity. If the security is a warrant or a rights issue, the warrant or rights issue is considered to be temporary equity if the issuer cannot demonstrate that it would be able to deliver upon the exercise of the option by the holder in all cases. Includes stock with put option held by ESOP and stock redeemable by holder only in the event of a change in control of the issuer.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.27(b))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 02<br> -Paragraph 28<br> -Subparagraph b<br> -Article 5<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_TemporaryEquitySharesOutstanding</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_TemporaryEquityStockIssuedDuringPeriodValueNewIssues">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Value of new stock classified as temporary equity issued during the period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_TemporaryEquityStockIssuedDuringPeriodValueNewIssues</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>41
<FILENAME>R28.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.3.1.900</span><table class="report" border="0" cellspacing="2" id="idp6897787664">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 3 - Trust Expenses (Details)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th">
<div>Dec. 31, 2015 </div>
<div>USD ($)</div>
</th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_slv_Note3TrustExpensesDetailsLineItems', window );"><strong>Note 3 - Trust Expenses (Details) [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_slv_SponsorsFeeAnnualizedAccrualRateBasedOnDailyNetAssetValue', window );">Sponsors Fee Annualized Accrual Rate Based On Daily Net Asset Value</a></td>
<td class="nump">0.50%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RangeAxis=us-gaap_MaximumMember', window );">Maximum [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_slv_Note3TrustExpensesDetailsLineItems', window );"><strong>Note 3 - Trust Expenses (Details) [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_slv_LegalFeesPerYear', window );">Legal Fees Per Year</a></td>
<td class="nump">$ 100,000<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_slv_LegalFeesPerYear">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Maximum per annum in legal fees and expenses the sponsor has agreed to assume.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">slv_LegalFeesPerYear</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>slv_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_slv_Note3TrustExpensesDetailsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">slv_Note3TrustExpensesDetailsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>slv_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_slv_SponsorsFeeAnnualizedAccrualRateBasedOnDailyNetAssetValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Annualized sponsor's fee rate accrued daily based on the net asset value of the trust.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">slv_SponsorsFeeAnnualizedAccrualRateBasedOnDailyNetAssetValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>slv_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RangeAxis=us-gaap_MaximumMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RangeAxis=us-gaap_MaximumMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>42
<FILENAME>R29.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.3.1.900</span><table class="report" border="0" cellspacing="2" id="idp6899619280">
<tr>
<th class="tl" colspan="2" rowspan="2"><div style="width: 200px;"><strong>Note 8 - Financial Highlights (Details) - Financial Highlights - $ / shares<br></strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th" colspan="2"><div>Dec. 31, 2015</div></th>
<th class="th"><div>Dec. 31, 2014</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_slv_FinancialHighlightsAbstract', window );"><strong>Financial Highlights [Abstract]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TemporaryEquityRedemptionPricePerShare', window );">Net asset value per Share, beginning of period</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 15.29<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">$ 18.77<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_slv_NetIncreaseDecreaseInNetAssetsFromOperationsPerShare', window );">Net decrease in net assets from operations</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(2.12)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(3.48)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TemporaryEquityRedemptionPricePerShare', window );">Net asset value per Share, end of period</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">$ 13.17<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">$ 15.29<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_slv_TotalReturn', window );">Total return, at net asset value(c)</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="num">(13.87%)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(18.54%)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_slv_RatioToAverageNetAssetsAbstract', window );"><strong>Ratio to average net assets:</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_slv_NetInvestmentGainLossToAverageNetAssetsRatio', window );">Net investment loss</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(0.50%)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(0.50%)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_slv_ExpensesToAverageNetAssetsRatio', window );">Expenses</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">0.50%<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0.50%<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_slv_NetInvestmentIncomeLossPerShare', window );">Net investment loss(a)</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[3]</sup></td>
<td class="num">$ (0.07)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">$ (0.09)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_slv_NetRealizedAndUnrealizedGainLossPerShare', window );">Net realized and unrealized loss(b)</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[4]</sup></td>
<td class="num">$ (2.05)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">$ (3.39)<span></span>
</td>
</tr>
<tr><td colspan="5"></td></tr>
<tr><td colspan="5"><table class="outerFootnotes" width="100%">
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">Effective January 1, 2014, the Trust qualified as an investment company solely for accounting purposes and not for any other purpose. Disclosure of net asset value per Share is required for investment companies. Please refer to Note 2B.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[2]</td>
<td style="vertical-align: top;" valign="top">Based on the change in net asset value of a Share during the period.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[3]</td>
<td style="vertical-align: top;" valign="top">Based on average Shares outstanding during the period.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[4]</td>
<td style="vertical-align: top;" valign="top">The amounts reported for a Share outstanding may not accord with the change in aggregate gains and losses on investment for the period due to the timing of Trust Share transactions in relation to the fluctuating fair values of the Trust's underlying investment.</td>
</tr>
</table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_slv_ExpensesToAverageNetAssetsRatio">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Ratio of expenses to average net assets.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Net increase (decrease) in net assets from operations per Share during the period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">slv_NetIncreaseDecreaseInNetAssetsFromOperationsPerShare</td>
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<td>slv_</td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
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</tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_slv_NetInvestmentGainLossToAverageNetAssetsRatio">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Ratio of net investment gain (loss) to average net assets.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">slv_NetInvestmentGainLossToAverageNetAssetsRatio</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>slv_</td>
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<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_slv_NetInvestmentIncomeLossPerShare">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Net investment income (loss) per share during the period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">slv_NetInvestmentIncomeLossPerShare</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td>na</td>
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<td><strong> Period Type:</strong></td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Net realized and unrealized gain (loss) per share during the period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">slv_NetRealizedAndUnrealizedGainLossPerShare</td>
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<td>na</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">slv_RatioToAverageNetAssetsAbstract</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_slv_TotalReturn">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Total return at net asset value for the period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">slv_TotalReturn</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_TemporaryEquityRedemptionPricePerShare">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount to be paid per share that is classified as temporary equity by entity upon redemption. Temporary equity is a security with redemption features that are outside the control of the issuer, is not classified as an asset or liability in conformity with GAAP, and is not mandatorily redeemable. Includes any type of security that is redeemable at a fixed or determinable price or on a fixed or determinable date or dates, is redeemable at the option of the holder, or has conditions for redemption which are not solely within the control of the issuer. If convertible, the issuer does not control the actions or events necessary to issue the maximum number of shares that could be required to be delivered under the conversion option if the holder exercises the option to convert the stock to another class of equity. If the security is a warrant or a rights issue, the warrant or rights issue is considered to be temporary equity if the issuer cannot demonstrate that it would be able to deliver upon the exercise of the option by the holder in all cases. Includes stock with put option held by ESOP and stock redeemable by holder only in the event of a change in control of the issuer.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 480<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=27011957&amp;loc=d3e177068-122764<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (27)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_TemporaryEquityRedemptionPricePerShare</td>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
