Sprott Physical Gold Trust (the Trust) is a closed-end mutual fund trust. The Trust invests and holds substantially all of its assets in physical gold bullion. The investment objective of the Trust is to seek to provide a secure, convenient and exchange-traded investment alternative for investors interested in holding physical gold bullion without the inconvenience that is typical of a direct investment in physical gold bullion. The Trust invests and intends to continue to invest mainly 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 is prohibited from investing in units or shares of other investment funds or collective investment schemes other than money market mutual funds and then only to the extent that its interest does not exceed over 10% of the total net assets of the Trust. Sprott Asset Management LP acts as the manager of the Trust.