Sprott Physical Gold Trust (the Trust) is a closed-end trust. The Trust invests in unencumbered and fully allocated London Good Delivery (LGD) gold bars. The Trust was created to invest and hold substantially all of its assets in physical gold bullion. The Trust invests in long-term holdings of unencumbered, fully allocated physical gold bullion and does not speculate with regard to short-term changes in gold prices. The Trust will not purchase, sell or hold derivatives. The Trust does not invest in gold certificates or other instruments that represent or may be exchanged for gold. Approximately 98.9% of the Trust�s net assets are directly invested in physical LGD gold bars. Sprott Asset Management LP is the investment manager to the Trust. RBC Dexia Investor Services Trust acts as the trustee of the Trust.