Item 8. Financial Statements and Supplementary Data
Item 8. Financial Statements and Supplementary Data.
 
The following tables show the Trust’s quarterly financial information for 2020 and 2019.
 
 
 
 
Three Months Ended (Unaudited)
 
 
 
March 31,
2020
 
 
June 30,
2020
 
 
September 30,
2020
 
 
December 31,
2020
 
Expenses
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Sponsor’s fee
 
$
 7,676,949
 
 
$
 8,953,394
 
 
$
 16,902,576
 
 
$
 17,110,489
 
Total Expenses
 
 
7,676,949
 
 
 
8,953,394
 
 
 
16,902,576
 
 
 
 17,110,489
 
Net investment loss
 
 
 (7,676,949
)
 
 
 (8,953,394
)
 
 
 (16,902,576
)
 
 
(17,110,489
)
Net Realized and Unrealized Gain (Loss)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net realized gain (loss) from:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Silver bullion sold to pay expenses
 
 
74,640
 
 
 
(583,239
)
 
 
4,011,930
 
 
 
3,910,736
 
Silver bullion distributed for the redemption of Shares
 
 
(9,645,349
)
 
 
(10,559,630
)
 
 
646,100,731
 
 
 
296,018,037
 
Net realized gain (loss)
 
 
(9,570,709
)
 
 
(11,142,869
)
 
 
650,112,661
 
 
 
299,928,773
 
Net change in unrealized appreciation/ depreciation on investment in silver bullion
 
 
(1,423,211,664
)
 
 
1,686,694,147
 
 
 
2,589,764,531
 
 
 
1,222,607,320
 
Net realized and unrealized gain (loss)
 
 
(1,432,782,373
)
 
 
1,675,551,278
 
 
 
3,239,877,192
 
 
 
1,522,536,093
 
Net increase (decrease) in net assets resulting from operations
 
$
 (1,440,459,322
)
 
$
 1,666,597,884
 
 
$
 3,222,974,616
 
 
$
 1,505,425,604
 
Net increase (decrease) in net assets per Share
 
$
 (3.69
)
 
$
 3.51
 
 
$
 5.42
 
 
$
 2.51
 
 
 
 
Three Months Ended (Unaudited)
 
 
 
March 31,
2019
 
 
June 30,
2019
 
 
September 30,
2019
 
 
December 31,
2019
 
Expenses
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Sponsor’s fee
 
$
 5,951,914
 
 
$
 5,821,811
 
 
$
 7,818,311
 
 
$
 8,173,511
 
Total Expenses
 
 
5,951,914
 
 
 
5,821,811
 
 
 
7,818,311
 
 
 
 8,173,511
 
Net investment loss
 
 
 (5,951,914
)
 
 
 (5,821,811
)
 
 
 (7,818,311
)
 
 
(8,173,511
)
Net Realized and Unrealized Gain (Loss)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net realized gain (loss) from:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Silver bullion sold to pay expenses
 
 
(785,783
)
 
 
(1,096,088
)
 
 
(311,270
)
 
 
4,695
 
Silver bullion distributed for the redemption of Shares
 
 
(42,268,535
)
 
 
(16,366,108
)
 
 
9,844,202
 
 
 
(4,123,994
)
Net realized gain (loss)
 
 
(43,054,318
)
 
 
(17,462,196
)
 
 
9,532,932
 
 
 
(4,119,299
)
Net change in unrealized appreciation/ depreciation on investment in silver bullion
 
 
(69,197,383
)
 
 
57,866,685
 
 
 
710,091,263
 
 
 
286,041,313
 
Net realized and unrealized gain (loss)
 
 
(112,251,701
)
 
 
40,404,489
 
 
 
719,624,195
 
 
 
281,922,014
 
Net increase (decrease) in net assets resulting from operations
 
$
 (118,203,615
)
 
$
 34,582,678
 
 
$
 711,805,884
 
 
$
 273,748,503
 
Net increase (decrease) in net assets per Share
 
$
 (0.36
)
 
$
 0.10
 
 
$
 1.82
 
 
$
 0.68
 
 
See Index to Financial Statements on page F-1 for a list of the financial statements being filed herein.
 
 
Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure.
 
There have been no changes in accountants and no disagreements with accountants during the year ended December 31, 2020.
 
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Table of Contents
 
Text extracted from the filing as submitted to EDGAR. Formatting, tables and exhibits are simplified for reading; the original document is authoritative for anything you rely on.