Sprott Physical Gold Trust (PHYS)

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Institutional Investors' Holdings

Filing Period:

No.	Name	Shares	Value	% Port
1.	Polar Asset Management Partners Inc.	15,809,185	$400,762,840	6.26%
2.	Royal Bank Of Canada	8,253,181	$209,219,000	0.04%
3.	Morgan Stanley	5,524,818	$140,054,142	0.01%
4.	Federation Des Caisses Desjardins Du Quebec	5,345,362	$134,618,461	0.59%
5.	Evanson Asset Management, Llc	4,843,086	$122,772,226	7.63%