<SEC-DOCUMENT>0001047469-14-007000.txt : 20140814
<SEC-HEADER>0001047469-14-007000.hdr.sgml : 20140814
<ACCEPTANCE-DATETIME>20140814145907
ACCESSION NUMBER:		0001047469-14-007000
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		6
CONFORMED PERIOD OF REPORT:	20140630
FILED AS OF DATE:		20140814
DATE AS OF CHANGE:		20140814

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Sprott Physical Gold Trust
		CENTRAL INDEX KEY:			0001477049
		STANDARD INDUSTRIAL CLASSIFICATION:	 [6221]
		IRS NUMBER:				000000000

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-34638
		FILM NUMBER:		141041989

	BUSINESS ADDRESS:	
		STREET 1:		STE. 2700, SOUTH TOWER, ROYAL BANK PLAZA
		STREET 2:		200 BAY STREET
		CITY:			TORONTO
		STATE:			A6
		ZIP:			M5J 2J1
		BUSINESS PHONE:		416-362-7172

	MAIL ADDRESS:	
		STREET 1:		STE. 2700, SOUTH TOWER, ROYAL BANK PLAZA
		STREET 2:		200 BAY STREET
		CITY:			TORONTO
		STATE:			A6
		ZIP:			M5J 2J1
</SEC-HEADER>
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<TYPE>6-K
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<FILENAME>a2220931z6-k.htm
<DESCRIPTION>FORM 6-K
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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=5><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>  </B></FONT><FONT SIZE=2><B>Washington, D.C. 20549  </B></FONT></P>

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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=5><B>FORM 6-K  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=3><B>Report of Foreign Private Issuer<BR>
Pursuant to Rule&nbsp;13a-16 or 15d-16 of<BR>
the Securities Exchange Act of 1934  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B>For the month of August 2014  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Commission File Number: 001-34638  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><I>

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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=5><B>SPROTT PHYSICAL GOLD TRUST<BR>  </B></FONT><FONT SIZE=2>(Translation of registrant's name into English) </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B>Suite&nbsp;2700, South Tower,<BR>
Royal Bank Plaza,<BR>
200 Bay Street,<BR>
Toronto, Ontario,<BR>
Canada M5J&nbsp;2J1<BR>  </B></FONT><FONT SIZE=2>(Address of principal executive office) </FONT></P>

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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>Indicate
by check mark whether the registrant files or will file annual reports<BR>
under cover of Form&nbsp;20-F or Form&nbsp;40-F. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Form&nbsp;20-F&nbsp;<FONT FACE="WINGDINGS">&#111;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;Form&nbsp;40-F&nbsp;<FONT FACE="WINGDINGS">&#253;</FONT>  </B></FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indicate by check mark if the registrant is submitting the Form&nbsp;6-K in paper as permitted by Regulation&nbsp;S-T
Rule&nbsp;101(b)(1):&nbsp;<FONT FACE="WINGDINGS">&#111;</FONT> </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Note: Regulation&nbsp;S-T Rule&nbsp;101(b)(1) only permits the submission in paper of a Form&nbsp;6-K if submitted solely to provide an attached annual
report to security holders. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indicate
by check mark if the registrant is submitting the Form&nbsp;6-K in paper as permitted by Regulation&nbsp;S-T
Rule&nbsp;101(b)7:&nbsp;<FONT FACE="WINGDINGS">&#111;</FONT> </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Note: Regulation&nbsp;S-T Rule&nbsp;101(b)(7) only permits the submission in paper of a Form&nbsp;6-K if submitted to furnish a report or other document
that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant's
"home country"), or under the rules of the home country exchange on which the registrant's securities are traded, as long as the report or other document is not a press release, is not required to be
and has not been distributed to the registrant's security holders, and, if discussing a material event, has already been the subject of a Form&nbsp;6-K submission or other Commission filing on
EDGAR. </FONT></P>
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<P style="font-family:times;"><FONT SIZE=2><B> INFORMATION CONTAINED IN THIS FORM 6-K REPORT  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Attached to this Report on Form&nbsp;6-K as Exhibit&nbsp;99.1 is the Management Report of Fund Performance and Unaudited Interim
Financial Statements as of June&nbsp;30, 2014 of Sprott Physical Gold Trust (the "Trust"). Exhibit&nbsp;99.1 hereto is hereby incorporated by reference into the Trust's registration statement on
Form&nbsp;F-10 (File No.&nbsp;333-195434), filed with the Commission on April&nbsp;22, 2014. </FONT></P>

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<BR></FONT><FONT SIZE=2><B>  SIGNATURES    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its
behalf by the undersigned, thereunto duly authorized. </FONT></P>
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<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>SPROTT PHYSICAL GOLD TRUST<BR>
(registrant)<BR>
By Sprott Asset Management&nbsp;GP&nbsp;Inc.,<BR>
as general partner of<BR>
the manager of the Registrant</FONT></TD>
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<TD VALIGN="BOTTOM" style="font-family:times;"><BR><FONT SIZE=2> Dated: August&nbsp;14, 2014</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><BR><FONT SIZE=2>&nbsp;</FONT></TD>
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<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>/s/&nbsp;KIRSTIN H. MCTAGGART<BR>


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</FONT> <FONT SIZE=2> By: Kirstin H. McTaggart<BR>
Corporate Secretary<BR></FONT>
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<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_jc12503_1">SIGNATURES</A></FONT><BR>
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<P style="font-family:;"><FONT SIZE=6>Sprott<BR>
Physical&nbsp;Gold<BR>
Trust </FONT></P>

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<P style="font-family:;"><FONT SIZE=2><I>Unaudited interim financial statements</I></FONT></P>

<P style="font-family:;"><FONT SIZE=3>JUNE&nbsp;30,</FONT><BR><FONT SIZE=6>2014 </FONT></P>

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<TD WIDTH="94%" style="font-family:;"><BR><FONT SIZE=3> Management Report on Fund Performance</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=3><BR>&nbsp;</FONT></TD>
<TD WIDTH="3%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=3><BR>
2</FONT></TD>
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<TD WIDTH="94%" style="font-family:;"><BR><FONT SIZE=3> Interim Financial Statements</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=3><BR>&nbsp;</FONT></TD>
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<P ALIGN="CENTER" style="font-family:;"><FONT SIZE=2><B>1 </B></FONT></P>

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<TD WIDTH="49%" VALIGN="BOTTOM" style="font-family:;"><FONT SIZE=5>Sprott Physical Gold Trust</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" style="font-family:;"><FONT SIZE=5>&nbsp;</FONT></TD>
<TD WIDTH="49%" ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:;"><FONT SIZE=2>June&nbsp;30, 2014<BR></FONT>
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<P style="font-family:;"><FONT SIZE=4>Management Report of Fund Performance* </FONT></P>

<P style="font-family:;"><FONT SIZE=3>Investment Objective and Strategies </FONT></P>

<P style="font-family:;"><FONT SIZE=2>Sprott
Physical Gold Trust (the&nbsp;"Trust") is a closed-end mutual fund trust organized under the laws of the Province of Ontario, Canada, created to invest and hold substantially all of its
assets in physical gold bullion. The Trust seeks 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 intends to achieve its objective by investing primarily in long-term holdings of unencumbered, fully allocated,
physical gold bullion and does not speculate with regard to short-term changes in gold&nbsp;prices. </FONT></P>

<P style="font-family:;"><FONT SIZE=2>The
units of the Trust are listed on the New&nbsp;York Stock Exchange ("NYSE") Arca and the Toronto Stock Exchange ("TSX") under the symbols "PHYS" and "PHY.U", respectively. </FONT></P>

<P style="font-family:;"><FONT SIZE=3>Risks </FONT></P>

<P style="font-family:;"><FONT SIZE=2>The
risks of investing in the Trust are detailed in the Trust's annual information form dated March&nbsp;31, 2014. There have been no material changes to the Trust since inception that have affected
the overall level of risk. The principal risks associated with investing in the Trust are the price of gold, the net asset value and/or the market price of the units, the purchase, transport,
insurance and storage of physical gold bullion, liabilities of the Trust, and redemptions of&nbsp;units. </FONT></P>

<P style="font-family:;"><FONT SIZE=3>Results of Operations </FONT></P>

<P style="font-family:;"><FONT SIZE=2>For
the period from April&nbsp;1, 2014 to June&nbsp;30, 2014, total unrealized gains on physical gold bullion amounted to $59.9&nbsp;million compared to unrealized losses of
$585.7&nbsp;million during the same period in 2013. For the period from January&nbsp;1, 2014 to June&nbsp;30, 2014, total unrealized gains on physical gold bullion amounted to
$204.0&nbsp;million compared to unrealized losses of $712.7&nbsp;million during the same period in&nbsp;2013. </FONT></P>

<P style="font-family:;"><FONT SIZE=2>During
the period from January&nbsp;1, 2014 to June&nbsp;30, 2014, the Trust did not issue any units. During the period, 10&nbsp;units were redeemed for cash at a total cost of $96, and
21,068,636&nbsp;units were redeemed for gold&nbsp;bullion. </FONT></P>

<P style="font-family:;"><FONT SIZE=2>The
value of the net assets of the Trust as of June&nbsp;30, 2014 was $1,846.8&nbsp;million or $11.04 per unit, compared to $1,895.1&nbsp;million or $10.06 per unit as at December&nbsp;31,
2013. The Trust held 1,383,521&nbsp;ounces of physical gold bullion as of June&nbsp;30, 2014, a decrease from 1,559,126&nbsp;at December&nbsp;31, 2013. As at June&nbsp;30, 2014, the spot
price of gold was $1,327.32 an ounce compared to a price of $1,205.65 an ounce as at December&nbsp;31, 2013. The Trust returned 9.73% compared to the return on spot gold of 10.09% for the period
from January&nbsp;1, 2014 to June&nbsp;30,&nbsp;2014. </FONT></P>

<P style="font-family:;"><FONT SIZE=2>The
Trust's net asset value per unit on June&nbsp;30, 2014 was $11.04. The units closed at $11.01 on the NYSE Arca and $10.99 on the TSX on June&nbsp;30, 2014 compared to closing prices of $9.96
on the NYSE Arca and $9.98 on the TSX on December&nbsp;31, 2013. The units are denominated in U.S.&nbsp;dollars on both exchanges. During the period from January&nbsp;1, 2014 to June&nbsp;30,
2014, the Trust's units traded on the NYSE Arca at an average discount to net asset value of approximately&nbsp;0.3%. </FONT></P>

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<DT style='font-family:;margin-bottom:-9pt;'><FONT SIZE=1>*</FONT></DT><DD style="font-family:;"><FONT SIZE=1>In
this report, net asset value ("NAV") refers to the value of the Trust as calculated for transaction purposes, whereas net assets is used for financial statement purposes. All
references to currencies in this report are in United&nbsp;States Dollars, unless stated otherwise. </FONT></DD></DL>

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<P style="font-family:;"><FONT SIZE=2>The interim management report of fund performance is an analysis and explanation that is designed to complement and supplement an investment fund's financial
statements. This report contains financial highlights but does not contain the complete interim financial statements of the investment fund. A copy of the interim financial statements has been
included separately within the Report to Unitholders. You can also get a copy of the interim financial statements at your request, and at no cost, by calling 1-866-299-9906, by visiting our website at
www.sprottphysicalgoldtrust.com or SEDAR at www.sedar.com or by writing to us at: Sprott Asset Management&nbsp;LP, Royal Bank Plaza, South Tower, 200&nbsp;Bay Street, Suite&nbsp;2700,
P.O.&nbsp;Box&nbsp;27, Toronto, Ontario M5J&nbsp;2J1. </FONT></P>
 <p style="font-family:;margin-bottom:-11pt;"></p>
</DIV>

<P ALIGN="CENTER" style="font-family:;"><FONT SIZE=2><B>2 </B></FONT></P>

<HR NOSHADE>
<P style='font-family:;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=3,EFW="2220931",CP="SPROTT PHYSICAL GOLD TRUST",DN="2",CHK=955483,FOLIO='2',FILE='DISK116:[14ZCA1.14ZCA12501]CA12501A.;6',USER='RRICKEN',CD='12-AUG-2014;11:16' -->
<A NAME="page_ca12501_1_3"> </A>

<P style="font-family:;"><FONT SIZE=2>OPERATING
EXPENSES </FONT></P>

<P style="font-family:;"><FONT SIZE=2>The Trust pays its own operating expenses, which include, but are not limited to, audit, legal, trustee fees, unitholder reporting expenses, general and administrative fees,
filing and listing fees payable to applicable securities regulatory authorities and stock exchanges, storage fees for the physical gold bullion, costs incurred in connection with the Trust's
continuous disclosure public filing requirements and investor relations and any expenses associated with the Independent Review Committee of the Trust. Operating expenses for the period from
April&nbsp;1, 2014 to June&nbsp;30, 2014 amounted to $767,688 (not&nbsp;including applicable Canadian taxes) compared to $311,607 for the same period in 2013. Operating expenses for the period
from January&nbsp;1, 2014 to June&nbsp;30, 2014 amounted to $1,242,974 (not&nbsp;including applicable Canadian taxes) compared to $641,208 for the same period in 2013. The increase in expenses
during the period was primarily due to higher administrative expenses related to the allocation of expenses across the funds administered by the Manager, as well as higher unitholder reporting costs,
storage expenses and regulatory filing fees. Operating expenses for the period from April&nbsp;1, 2014 to June&nbsp;30, 2014 amounted to 0.17% of the average net assets during the period on an
annualized basis, compared to 0.05% for the same period in 2013. Operating expenses for the period from January&nbsp;1, 2014 to June&nbsp;30, 2014 amounted to 0.14% of the average net assets
during the period on an annualized basis, compared to 0.05% for the same period in&nbsp;2013. The Manager anticipates expenses will decline in the second half of the&nbsp;year. </FONT></P>

<P style="font-family:;"><FONT SIZE=3>Related Party Transactions </FONT></P>

<P style="font-family:;"><FONT SIZE=2>MANAGEMENT
FEES </FONT></P>

<P style="font-family:;"><FONT SIZE=2>The Trust pays the Manager, Sprott Asset Management&nbsp;LP, a monthly management fee equal to <SUP>1</SUP>/<SMALL>12</SMALL> of 0.35% of the value of the net assets of the Trust
(determined in accordance with the trust agreement), plus any applicable Canadian taxes. The management fee is calculated and accrued daily and payable monthly in arrears on the last day of each
month. For the period from April&nbsp;1, 2014 to June&nbsp;30, 2014, the Trust incurred management fees of $1,568,090 (not&nbsp;including applicable Canadian taxes) compared to $2,056,372 for
the same period in 2013. For the period from January&nbsp;1, 2014 to June&nbsp;30, 2014, the Trust incurred management fees of $3,162,206 (not&nbsp;including applicable Canadian taxes) compared
to $4,278,762 for the same period in&nbsp;2013. </FONT></P>

<P ALIGN="CENTER" style="font-family:;"><FONT SIZE=2><B>3 </B></FONT></P>

<HR NOSHADE>
<P style='font-family:;page-break-before:always'></p>
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<P style="font-family:;"><FONT SIZE=2><A
NAME="page_da12501_1_4"> </A>


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 </FONT></P>

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<TABLE WIDTH="86%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="49%" VALIGN="BOTTOM" style="font-family:;"><FONT SIZE=5>Sprott Physical Gold Trust</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" style="font-family:;"><FONT SIZE=5>&nbsp;</FONT></TD>
<TD WIDTH="49%" ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:;"><FONT SIZE=2>June&nbsp;30, 2014</FONT></TD>
</TR>
</TABLE>
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<HR NOSHADE>

<P style="font-family:;"><FONT SIZE=4>Financial Highlights </FONT></P>

<P style="font-family:;"><FONT SIZE=2>The following tables show selected key financial information about the Trust and are intended to help you understand the Trust's financial performance for the
three and six-month periods ended June&nbsp;30, 2014 and for the years&nbsp;shown. </FONT></P>

<P style="font-family:;"><FONT SIZE=2>Net
assets per unit<SUP>1</SUP> </FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="27%" VALIGN="BOTTOM" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:;"><FONT SIZE=2>For the<BR>
three&nbsp;months<BR>
ended June&nbsp;30,<BR>
2014<BR>
$</FONT></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:;"><FONT SIZE=2>For the<BR>
six&nbsp;months<BR>
ended June&nbsp;30,<BR>
2014<BR>
$</FONT></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:;"><FONT SIZE=2>December&nbsp;31,<BR>
2013<BR>
$</FONT></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:;"><FONT SIZE=2>December&nbsp;31,<BR>
2012<BR>
$</FONT></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:;"><FONT SIZE=2>December&nbsp;31,<BR>
2011<BR>
$</FONT></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:;"><FONT SIZE=2>December&nbsp;31,<BR>
2010<BR>
$</FONT></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=15 style="font-family:;"><HR NOSHADE></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="27%" style="font-family:;"><FONT SIZE=2> Net assets per unit, beginning of period</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>10.70</B></FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>10.06</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>14.00</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>13.17</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>12.07</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>10.00</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=15 style="font-family:;"><HR NOSHADE></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="27%" style="font-family:;"><FONT SIZE=2><B>Increase (decrease) from operations<SUP>2</SUP>:</B></FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="27%" style="font-family:;"><FONT SIZE=2> Total revenue</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>&#150;</B></FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>&#150;</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>&#150;</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>&#150;</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>&#150;</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>&#150;</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="27%" style="font-family:;"><FONT SIZE=2> Total expenses</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>(0.02</B></FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2><B>)</B></FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>(0.03</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>(0.05</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>(0.06</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>(0.06</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>(0.05</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="27%" style="font-family:;"><FONT SIZE=2> Realized gains (losses) for the period</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>&#150;</B></FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>(0.19</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>(0.02</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>&#150;</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>&#150;</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>&#150;</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="27%" style="font-family:;"><FONT SIZE=2> Unrealized gains (losses) for the period</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>0.36</B></FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>1.21</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>(3.86</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>0.64</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>1.07</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>3.06</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=15 style="font-family:;"><HR NOSHADE></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="27%" style="font-family:;"><FONT SIZE=2><B>Total increase (decrease) from operations</B></FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>0.34</B></FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>0.99</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>(3.93</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>0.58</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>1.01</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>3.01</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=15 style="font-family:;"><HR NOSHADE></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="27%" style="font-family:;"><FONT SIZE=2><B>Net assets per unit, end of period</B></FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>11.04</B></FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>11.04</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>10.06</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>14.00</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>13.17</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>12.07</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=15 style="font-family:;"><HR NOSHADE SIZE=4></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<DL compact>
<DT style='font-family:;margin-bottom:-9pt;'><FONT SIZE=1>1</FONT></DT><DD style="font-family:;"><FONT SIZE=1>This
information is derived from the Trust's interim financial statements. </FONT></DD><DT style='font-family:;margin-bottom:-9pt;'><FONT SIZE=1>2</FONT></DT><DD style="font-family:;"><FONT SIZE=1>Net
assets per unit is calculated based on the actual number of units outstanding at the relevant time. The increase/decrease from operations is based on the weighted
average number of units outstanding over the period shown. This table is not intended to be a reconciliation of the beginning to ending net assets per&nbsp;unit. </FONT></DD></DL>

<P style="font-family:;"><FONT SIZE=2>Ratios and Supplemental Data </FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="28%" VALIGN="BOTTOM" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:;"><FONT SIZE=2>June&nbsp;30,<BR>
2014</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:;"><FONT SIZE=2>December&nbsp;31,<BR>
2013</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:;"><FONT SIZE=2>December&nbsp;31,<BR>
2012</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:;"><FONT SIZE=2>December&nbsp;31,<BR>
2011</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:;"><FONT SIZE=2>December&nbsp;31,<BR>
2010</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=12 style="font-family:;"><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="28%" style="font-family:;"><FONT SIZE=2> Total net asset value (000's)<SUP>1</SUP></FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>$1,846,851</B></FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>$1,895,056</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>$2,734,847</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>$1,921,684</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>$1,171,745</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="28%" style="font-family:;"><FONT SIZE=2> Number of Units outstanding<SUP>1</SUP></FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>167,284,629</B></FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>188,353,275</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>195,368,753</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>145,921,197</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>97,049,573</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="28%" style="font-family:;"><FONT SIZE=2> Management expense ratio<SUP>2</SUP></FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>0.52%</B></FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>0.45%</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>0.42%</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>0.47%</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>0.46%</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="28%" style="font-family:;"><FONT SIZE=2> Trading expense ratio<SUP>3</SUP></FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>Nil</B></FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>Nil</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>Nil</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>Nil</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>Nil</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="28%" style="font-family:;"><FONT SIZE=2> Portfolio turnover rate<SUP>4</SUP></FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>Nil</B></FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>Nil</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>Nil</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>Nil</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>Nil</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="28%" style="font-family:;"><FONT SIZE=2> Net asset value per Unit</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>$11.04</B></FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>$10.06</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>$14.00</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>$13.17</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>$12.07</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="28%" style="font-family:;"><FONT SIZE=2> Closing market price&nbsp;&#150;&nbsp;NYSE Arca</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>$11.01</B></FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>$9.96</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>$14.21</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>$13.81</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>$12.35</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="28%" style="font-family:;"><FONT SIZE=2> Closing market price&nbsp;&#150;&nbsp;TSX</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>$10.99</B></FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>$9.98</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>$14.24</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>$13.84</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>$12.32</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=12 style="font-family:;"><HR NOSHADE SIZE=4></TD>
</TR>
</TABLE>
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<DL compact>
<DT style='font-family:;margin-bottom:-9pt;'><FONT SIZE=1>1</FONT></DT><DD style="font-family:;"><FONT SIZE=1>This
information is provided as at the date shown, as applicable. </FONT></DD><DT style='font-family:;margin-bottom:-9pt;'><FONT SIZE=1>2</FONT></DT><DD style="font-family:;"><FONT SIZE=1>Management
expense ratio ("MER") is based on total expenses (including applicable Canadian taxes and excluding commissions and other portfolio transaction costs) for the
stated period and is expressed as annualized percentages of daily average net asset value during the period from January&nbsp;1, 2014 to June&nbsp;30,&nbsp;2014. </FONT></DD><DT style='font-family:;margin-bottom:-9pt;'><FONT SIZE=1>3</FONT></DT><DD style="font-family:;"><FONT SIZE=1>The
trading expense ratio represents total commissions and other portfolio transaction costs expressed as an annualized percentage of daily average net asset value during
the period shown. Since there are no direct trading costs associated with physical bullion trades, the trading expense ratio is&nbsp;nil. </FONT></DD><DT style='font-family:;margin-bottom:-9pt;'><FONT SIZE=1>4</FONT></DT><DD style="font-family:;"><FONT SIZE=1>The
Trust's portfolio turnover rate indicates how actively the Trust's portfolio adviser trades its portfolio investments. A portfolio turnover rate of 100% is equivalent
to the Trust buying and selling all of the securities in its portfolio once in the course of the year. The higher the Trust's portfolio turnover rate in a year, the greater the chance of an investor
receiving taxable capital gains in the year. There is not necessarily a relationship between a high turnover rate and the performance of the&nbsp;Trust. </FONT></DD></DL>
<P ALIGN="CENTER" style="font-family:;"><FONT SIZE=2><B>4 </B></FONT></P>

<HR NOSHADE>
<P style='font-family:;page-break-before:always'></p>
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<P style="font-family:;"><FONT SIZE=2><A
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 </FONT></P>

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<TABLE WIDTH="86%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="49%" VALIGN="BOTTOM" style="font-family:;"><FONT SIZE=5>Sprott Physical Gold Trust</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" style="font-family:;"><FONT SIZE=5>&nbsp;</FONT></TD>
<TD WIDTH="49%" ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:;"><FONT SIZE=2>June&nbsp;30, 2014</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<HR NOSHADE>

<P style="font-family:;"><FONT SIZE=4>Past Performance </FONT></P>

<P style="font-family:;"><FONT SIZE=2>The
indicated rates of return are the historical total returns including changes in unit values and assume reinvestment of all distributions in additional units of the Trust. These returns do not take
into account sales, redemption, distribution or optional charges or income taxes payable by any unitholder that may reduce returns. Please note that past performance is not indicative of future
performance. All rates of returns are calculated based on the Net Asset Value of the units of the Trust. </FONT></P>

<P style="font-family:;"><FONT SIZE=4>Year-by-Year Returns </FONT></P>

<P style="font-family:;"><FONT SIZE=2>The
bar chart below indicates the performance of the Trust units for the six-month period ended June&nbsp;30, 2014 and for the previous years shown. The chart shows, in percentage terms, how much an
investment made on the first day of each period would have grown or decreased by the last day of each&nbsp;period. </FONT></P>

<P ALIGN="CENTER" style="font-family:;"><FONT SIZE=2><B>
<IMG SRC="g225679.jpg" ALT="GRAPHIC" WIDTH="603" HEIGHT="357">
  </B></FONT></P>

<P style="font-family:;"><FONT SIZE=4>Summary of Investment Portfolio </FONT></P>

<P style="font-family:;"><FONT SIZE=1><I>As of June&nbsp;30, 2014  </I></FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="26%" VALIGN="BOTTOM" style="font-family:;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" style="font-family:;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:;"><FONT SIZE=2>Ounces</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:;"><FONT SIZE=2>Fair Value<BR>
per ounce<BR>
$</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:;"><FONT SIZE=2>Average<BR>
Cost<BR>
$</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:;"><FONT SIZE=2>Fair<BR>
Value<BR>
$</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:;"><FONT SIZE=2>% of<BR>
Net Asset<BR>
Value<BR>
%</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=12 style="font-family:;"><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="26%" style="font-family:;"><FONT SIZE=2> Physical gold bullion</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>1,383,521</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>1,327.32</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>1,949,329,395</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>1,836,375,284</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>99.4</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="26%" style="font-family:;"><FONT SIZE=2> Cash and Cash Equivalents</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>11,021,838</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>0.6</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="26%" style="font-family:;"><FONT SIZE=2> Other Net Liabilities</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>(546,404</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>0.0</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=12 style="font-family:;"><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="26%" style="font-family:;"><FONT SIZE=2> Total Net Asset Value</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>1,846,850,718</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>100.0</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=12 style="font-family:;"><HR NOSHADE SIZE=4></TD>
</TR>
</TABLE>
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<P style="font-family:;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
summary of investment portfolio may change due to the ongoing portfolio transactions of the&nbsp;Trust. </FONT></P>

<P ALIGN="CENTER" style="font-family:;"><FONT SIZE=2><B>5 </B></FONT></P>

<HR NOSHADE>
<P style='font-family:;page-break-before:always'></p>
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NAME="page_fa12501_1_6"> </A>


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 </FONT> <FONT SIZE=5><B>Sprott Physical Gold Trust  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:;"><FONT SIZE=4><B>Unaudited interim financial statements  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:;"><FONT SIZE=4><B> June&nbsp;30, 2014  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:;"><FONT SIZE=2><B>6 </B></FONT></P>

<HR NOSHADE>
<P style='font-family:;page-break-before:always'></p>
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<P style="font-family:;"><FONT SIZE=2><A
NAME="page_fi12501_1_7"> </A>


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 </FONT> <FONT SIZE=5>Sprott Physical Gold Trust </FONT></P>

<HR NOSHADE>

<P style="font-family:;"><FONT SIZE=4>Unaudited interim statements of comprehensive income (loss) </FONT></P>

<P style="font-family:;"><FONT SIZE=1><I>(in U.S. dollars)  </I></FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="88%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="35%" VALIGN="BOTTOM" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:;"><FONT SIZE=2><B>For the<BR>
three months<BR>
ended<BR>
June&nbsp;30,&nbsp;2014</B></FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:;"><FONT SIZE=2>For the<BR>
three months<BR>
ended<BR>
June&nbsp;30,&nbsp;2013</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:;"><FONT SIZE=2><B>For the<BR>
six months<BR>
ended<BR>
June&nbsp;30,&nbsp;2014</B></FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:;"><FONT SIZE=2>For the<BR>
six months<BR>
ended<BR>
June&nbsp;30,&nbsp;2013</FONT></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=11 style="font-family:;"><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="35%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="35%" style="font-family:;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="14%" style="font-family:;"><FONT SIZE=2><B><BR>
&nbsp;</B></FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD WIDTH="15%" style="font-family:;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="14%" style="font-family:;"><FONT SIZE=2><B><BR>
&nbsp;</B></FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD WIDTH="15%" style="font-family:;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="35%" style="font-family:;"><FONT SIZE=2><B>Income</B></FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="35%" style="font-family:;"><FONT SIZE=2> Unrealized gains (losses) on gold bullion</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>59,920,301</B></FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>(585,695,819</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>204,035,722</B></FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>(712,665,658</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="35%" style="font-family:;"><FONT SIZE=2> Sales Tax refund</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>56,102</B></FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>490,783</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>56,102</B></FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>490,783</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=11 style="font-family:;"><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="35%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>59,976,403</B></FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>(585,205,036</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>204,091,824</B></FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>(712,174,875</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=11 style="font-family:;"><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="35%" style="font-family:;"><FONT SIZE=2><B>Expenses</B></FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="35%" style="font-family:;"><FONT SIZE=2> Management fees </FONT><FONT SIZE=2><I>(note&nbsp;11)</I></FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>1,568,090</B></FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>2,056,372</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>3,162,206</B></FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>4,278,762</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="35%" style="font-family:;"><FONT SIZE=2> Bullion storage fees</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>244,888</B></FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>161,658</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>469,147</B></FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>386,237</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="35%" style="font-family:;"><FONT SIZE=2> Listing and regulatory filing fees</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>227,250</B></FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>50,197</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>271,313</B></FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>90,385</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="35%" style="font-family:;"><FONT SIZE=2> Sales tax</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>179,375</B></FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>(74,250</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>303,087</B></FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>84,644</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="35%" style="font-family:;"><FONT SIZE=2> Administrative fees</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>112,731</B></FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>18,658</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>192,507</B></FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>32,695</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="35%" style="font-family:;"><FONT SIZE=2> Unitholder reporting costs</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>107,378</B></FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>30,805</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>147,672</B></FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>32,694</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="35%" style="font-family:;"><FONT SIZE=2> Audit fees</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>46,068</B></FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>18,360</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>76,573</B></FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>39,373</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="35%" style="font-family:;"><FONT SIZE=2> Legal fees</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>29,467</B></FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>2,899</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>47,934</B></FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>9,466</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="35%" style="font-family:;"><FONT SIZE=2> Independent Review Committee fees</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>15,965</B></FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>10,282</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>30,800</B></FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>28,669</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="35%" style="font-family:;"><FONT SIZE=2> Trustee fees</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>1,267</B></FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>910</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>2,500</B></FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>2,223</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="35%" style="font-family:;"><FONT SIZE=2> Custodial fees</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>677</B></FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>&#150;</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>1,336</B></FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>&#150;</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="35%" style="font-family:;"><FONT SIZE=2> Net foreign exchange (gains) losses</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>(18,003</B></FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2><B>)</B></FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>17,838</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>3,192</B></FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>19,466</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=11 style="font-family:;"><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="35%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>2,515,153</B></FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>2,293,729</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>4,708,267</B></FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>5,004,614</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=11 style="font-family:;"><HR NOSHADE></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="35%" style="font-family:;"><FONT SIZE=2><B>Net realized gains (losses) on redemptions/sales of bullion</B></FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>&#150;</B></FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>&#150;</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>(32,137,361</B></FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2><B>)</B></FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>&#150;</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=11 style="font-family:;"><HR NOSHADE></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="35%" style="font-family:;"><FONT SIZE=2><B>Net income (loss) and comprehensive income (loss) for the period</B></FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>57,461,250</B></FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>(587,498,765</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>167,246,196</B></FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>(717,179,489</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=11 style="font-family:;"><HR NOSHADE></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="35%" style="font-family:;"><BR><FONT SIZE=2><B>Increase (decrease) in total equity per Unit </B></FONT><FONT SIZE=2><I>(note&nbsp;9)</I></FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B><BR>
0.34</B></FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><BR>
(3.01</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2><BR>)</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B><BR>
0.99</B></FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><BR>
(3.67</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2><BR>)</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=11 style="font-family:;"><HR NOSHADE SIZE=4></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->


<P style="font-family:;"><FONT SIZE=1><I>The accompanying notes are an integral part of these financial statements.  </I></FONT></P>

<P style="font-family:;"><FONT SIZE=2>On behalf of the Manager, Sprott Asset Management&nbsp;LP,<BR>
by its General Partner, Sprott Asset Management&nbsp;GP&nbsp;Inc.: </FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="49%" style="font-family:;"><FONT SIZE=2><B>
<IMG SRC="g263884.jpg" ALT="GRAPHIC" WIDTH="127" HEIGHT="48">
 </B></FONT></TD>
<TD WIDTH="3%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="49%" style="font-family:;"><FONT SIZE=2><B>
<IMG SRC="g926639.jpg" ALT="GRAPHIC" WIDTH="123" HEIGHT="51">
 </B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="49%" style="font-family:;"><FONT SIZE=2>John Wilson</FONT></TD>
<TD WIDTH="3%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="49%" style="font-family:;"><FONT SIZE=2>Steven Rostowsky</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="49%" style="font-family:;"><FONT SIZE=2>DIRECTOR</FONT></TD>
<TD WIDTH="3%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="49%" style="font-family:;"><FONT SIZE=2>DIRECTOR</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<P ALIGN="CENTER" style="font-family:;"><FONT SIZE=2><B>7 </B></FONT></P>

<HR NOSHADE>
<P style='font-family:;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=8,EFW="2220931",CP="SPROTT PHYSICAL GOLD TRUST",DN="2",CHK=130886,FOLIO='7',FILE='DISK116:[14ZCA1.14ZCA12501]FI12501A.;9',USER='JDAY',CD='12-AUG-2014;13:30' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:;"><FONT SIZE=2><A
NAME="page_fk12501_1_8"> </A>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:;" -->


 </FONT> <FONT SIZE=5>Sprott Physical Gold Trust </FONT></P>

<HR NOSHADE>

<P style="font-family:;"><FONT SIZE=4>Unaudited interim statements of financial position </FONT></P>

<P style="font-family:;"><FONT SIZE=1><I>(in U.S. dollars)  </I></FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="55%" VALIGN="BOTTOM" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:;"><FONT SIZE=2><B>As at<BR>
June&nbsp;30, 2014</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:;"><FONT SIZE=2>As at<BR>
December&nbsp;31, 2013</FONT></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=7 style="font-family:;"><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="55%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="9%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="55%" style="font-family:;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="16%" style="font-family:;"><FONT SIZE=2><B><BR>
&nbsp;</B></FONT></TD>
<TD WIDTH="9%" style="font-family:;"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD WIDTH="16%" style="font-family:;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="55%" style="font-family:;"><FONT SIZE=2><B>Assets</B></FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="16%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="16%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="55%" style="font-family:;"><FONT SIZE=2> Cash </FONT><FONT SIZE=2><I>(note&nbsp;6)</I></FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>11,021,838</B></FONT></TD>
<TD WIDTH="9%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>14,688,442</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="55%" style="font-family:;"><FONT SIZE=2> Gold bullion</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>1,836,375,284</B></FONT></TD>
<TD WIDTH="9%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>1,879,760,519</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="55%" style="font-family:;"><FONT SIZE=2> Prepaid assets</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>343,800</B></FONT></TD>
<TD WIDTH="9%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>556,364</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="55%" style="font-family:;"><FONT SIZE=2> Account receivable</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>&#150;</B></FONT></TD>
<TD WIDTH="9%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>50,215</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=7 style="font-family:;"><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="55%" style="font-family:;"><FONT SIZE=2><B>Total assets</B></FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>1,847,740,922</B></FONT></TD>
<TD WIDTH="9%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>1,895,055,540</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=7 style="font-family:;"><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="55%" style="font-family:;"><BR><FONT SIZE=2><B>Liabilities</B></FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="16%" style="font-family:;"><FONT SIZE=2><B><BR>
&nbsp;</B></FONT></TD>
<TD WIDTH="9%" style="font-family:;"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD WIDTH="16%" style="font-family:;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="55%" style="font-family:;"><FONT SIZE=2> Accounts payable</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>890,204</B></FONT></TD>
<TD WIDTH="9%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>&#150;</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=7 style="font-family:;"><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="55%" style="font-family:;"><FONT SIZE=2><B>Total liabilities</B></FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>890,204</B></FONT></TD>
<TD WIDTH="9%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>&#150;</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=7 style="font-family:;"><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="55%" style="font-family:;"><BR><FONT SIZE=2><B>Equity</B></FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="16%" style="font-family:;"><FONT SIZE=2><B><BR>
&nbsp;</B></FONT></TD>
<TD WIDTH="9%" style="font-family:;"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD WIDTH="16%" style="font-family:;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="55%" style="font-family:;"><FONT SIZE=2> Unitholders' capital</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>2,146,036,701</B></FONT></TD>
<TD WIDTH="9%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>2,356,723,161</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="55%" style="font-family:;"><FONT SIZE=2> Unit premium and reserves</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>81,296</B></FONT></TD>
<TD WIDTH="9%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>81,291</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="55%" style="font-family:;"><FONT SIZE=2> Retained earnings (deficit)</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>(198,442,268</B></FONT></TD>
<TD WIDTH="9%" style="font-family:;"><FONT SIZE=2><B>)</B></FONT></TD>
<TD WIDTH="16%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>(360,923,901</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="55%" style="font-family:;"><FONT SIZE=2> Underwriting commissions and issue expenses</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>(100,825,011</B></FONT></TD>
<TD WIDTH="9%" style="font-family:;"><FONT SIZE=2><B>)</B></FONT></TD>
<TD WIDTH="16%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>(100,825,011</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=7 style="font-family:;"><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="55%" style="font-family:;"><FONT SIZE=2><B>Total equity </B></FONT><FONT SIZE=2><I>(note&nbsp;8)</I></FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>1,846,850,718</B></FONT></TD>
<TD WIDTH="9%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>1,895,055,540</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=7 style="font-family:;"><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="55%" style="font-family:;"><FONT SIZE=2><B>Total liabilities and equity</B></FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>1,847,740,922</B></FONT></TD>
<TD WIDTH="9%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>1,895,055,540</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=7 style="font-family:;"><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="55%" style="font-family:;"><FONT SIZE=2><B>Total equity per Unit</B></FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>11.04</B></FONT></TD>
<TD WIDTH="9%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>10.06</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=7 style="font-family:;"><HR NOSHADE SIZE=4></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->


<P style="font-family:;"><FONT SIZE=1><I>The accompanying notes are an integral part of these financial statements.</I></FONT></P>

<P ALIGN="CENTER" style="font-family:;"><FONT SIZE=2><B>8 </B></FONT></P>

<HR NOSHADE>
<P style='font-family:;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=9,EFW="2220931",CP="SPROTT PHYSICAL GOLD TRUST",DN="2",CHK=832329,FOLIO='8',FILE='DISK116:[14ZCA1.14ZCA12501]FK12501A.;5',USER='RHERRIN',CD='12-AUG-2014;12:18' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:;"><FONT SIZE=2><A
NAME="page_fl12501_1_9"> </A>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:;" -->


 </FONT> <FONT SIZE=5>Sprott Physical Gold Trust </FONT></P>

<HR NOSHADE>

<P style="font-family:;"><FONT SIZE=4>Unaudited interim statements of changes in equity </FONT></P>

<P style="font-family:;"><FONT SIZE=1><I>(in U.S. dollars)<BR>
For the six months ended June&nbsp;30, 2014 and 2013  </I></FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="22%" VALIGN="BOTTOM" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:;"><FONT SIZE=2><B>Number<BR>
of Units<BR>
Outstanding</B></FONT></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:;"><FONT SIZE=2><B>Unitholders'<BR>
Capital</B></FONT></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:;"><FONT SIZE=2><B>Retained<BR>
Earnings<BR>
(Deficit)</B></FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:;"><FONT SIZE=2><B>Underwriting<BR>
Commissions<BR>
and Issue<BR>
Expenses</B></FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:;"><FONT SIZE=2><B>Unit<BR>
Premiums<BR>
and<BR>
Reserves</B></FONT></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:;"><FONT SIZE=2><B>Total Equity</B></FONT></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=15 style="font-family:;"><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="22%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="7%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="7%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="22%" style="font-family:;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="10%" style="font-family:;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="11%" style="font-family:;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="10%" style="font-family:;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="7%" style="font-family:;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="11%" style="font-family:;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="7%" style="font-family:;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="8%" style="font-family:;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="11%" style="font-family:;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="22%" style="font-family:;"><FONT SIZE=2> Balance at January&nbsp;1, 2013</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>195,368,723</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>2,426,877,941</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>408,797,534</FONT></TD>
<TD WIDTH="7%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>(100,909,318</FONT></TD>
<TD WIDTH="7%" style="font-family:;"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>81,271</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>2,734,847,428</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="22%" style="font-family:;"><FONT SIZE=2> Proceeds from issuance of Units</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>&#150;</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>&#150;</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>&#150;</FONT></TD>
<TD WIDTH="7%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>&#150;</FONT></TD>
<TD WIDTH="7%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>&#150;</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>&#150;</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="22%" style="font-family:;"><FONT SIZE=2> Cost of redemption of Units</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>(30</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>(300</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>&#150;</FONT></TD>
<TD WIDTH="7%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>&#150;</FONT></TD>
<TD WIDTH="7%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>(76</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>(376</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="22%" style="font-family:;"><FONT SIZE=2> Net loss for the period</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>&#150;</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>&#150;</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>(717,179,489</FONT></TD>
<TD WIDTH="7%" style="font-family:;"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>&#150;</FONT></TD>
<TD WIDTH="7%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>&#150;</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>(717,179,489</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="22%" style="font-family:;"><FONT SIZE=2> Underwriting commissions and issue expenses</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>&#150;</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>&#150;</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>&#150;</FONT></TD>
<TD WIDTH="7%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>84,807</FONT></TD>
<TD WIDTH="7%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>&#150;</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>84,807</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=15 style="font-family:;"><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="22%" style="font-family:;"><FONT SIZE=2> Balance at June&nbsp;30, 2013</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>195,368,693</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>2,426,877,641</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>(308,381,955</FONT></TD>
<TD WIDTH="7%" style="font-family:;"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>(100,824,511</FONT></TD>
<TD WIDTH="7%" style="font-family:;"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>81,195</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>2,017,752,370</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=15 style="font-family:;"><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="22%" style="font-family:;"><FONT SIZE=2><B>Balance at January&nbsp;1, 2014</B></FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>188,353,275</B></FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>2,356,723,161</B></FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>(360,923,901</B></FONT></TD>
<TD WIDTH="7%" style="font-family:;"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>(100,825,011</B></FONT></TD>
<TD WIDTH="7%" style="font-family:;"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>81,291</B></FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>1,895,055,540</B></FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="22%" style="font-family:;"><FONT SIZE=2><B>Proceeds from issuance of Units </B></FONT><FONT SIZE=2><I>(note&nbsp;8)</I></FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>&#150;</B></FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>&#150;</B></FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>&#150;</B></FONT></TD>
<TD WIDTH="7%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>&#150;</B></FONT></TD>
<TD WIDTH="7%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>&#150;</B></FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>&#150;</B></FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="22%" style="font-family:;"><FONT SIZE=2><B>Cost of redemption of Units </B></FONT><FONT SIZE=2><I>(note&nbsp;8)</I></FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>(21,068,646</B></FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>(210,686,460</B></FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>(4,764,563</B></FONT></TD>
<TD WIDTH="7%" style="font-family:;"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>&#150;</B></FONT></TD>
<TD WIDTH="7%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>5</B></FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>(215,451,018</B></FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="22%" style="font-family:;"><FONT SIZE=2><B>Net income for the period</B></FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>&#150;</B></FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>&#150;</B></FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>167,246,196</B></FONT></TD>
<TD WIDTH="7%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>&#150;</B></FONT></TD>
<TD WIDTH="7%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>&#150;</B></FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>167,246,196</B></FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="22%" style="font-family:;"><FONT SIZE=2><B>Underwriting commissions and issue expenses</B></FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>&#150;</B></FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>&#150;</B></FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>&#150;</B></FONT></TD>
<TD WIDTH="7%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>&#150;</B></FONT></TD>
<TD WIDTH="7%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>&#150;</B></FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>&#150;</B></FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=15 style="font-family:;"><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="22%" style="font-family:;"><FONT SIZE=2><B>Balance at June&nbsp;30, 2014</B></FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>167,284,629</B></FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>2,146,036,701</B></FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>(198,442,268</B></FONT></TD>
<TD WIDTH="7%" style="font-family:;"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>(100,825,011</B></FONT></TD>
<TD WIDTH="7%" style="font-family:;"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>81,296</B></FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>1,846,850,718</B></FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=15 style="font-family:;"><HR NOSHADE SIZE=4></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->


<P style="font-family:;"><FONT SIZE=1><I>The accompanying notes are an integral part of these financial statements.</I></FONT></P>

<P ALIGN="CENTER" style="font-family:;"><FONT SIZE=2><B>9 </B></FONT></P>

<HR NOSHADE>
<P style='font-family:;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=10,EFW="2220931",CP="SPROTT PHYSICAL GOLD TRUST",DN="2",CHK=959524,FOLIO='9',FILE='DISK116:[14ZCA1.14ZCA12501]FL12501A.;8',USER='RRICKEN',CD='12-AUG-2014;11:42' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:;"><FONT SIZE=2><A
NAME="page_fn12501_1_10"> </A>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:;" -->


 </FONT> <FONT SIZE=5>Sprott Physical Gold Trust </FONT></P>

<HR NOSHADE>

<P style="font-family:;"><FONT SIZE=4>Unaudited interim statements of cash flows </FONT></P>

<P style="font-family:;"><FONT SIZE=1><I>(in U.S. dollars)  </I></FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="17%" ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:;"><FONT SIZE=2><B>For the six months<BR>
ended June&nbsp;30, 2014</B></FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="17%" ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:;"><FONT SIZE=2>For the six months<BR>
ended June&nbsp;30, 2013</FONT></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=8 style="font-family:;"><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=2 style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="17%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="17%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=2 style="font-family:;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="17%" style="font-family:;"><FONT SIZE=2><B><BR>
&nbsp;</B></FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD WIDTH="17%" style="font-family:;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=2 style="font-family:;"><FONT SIZE=2><B>Cash flows from operating activities</B></FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="17%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="17%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=2 style="font-family:;"><FONT SIZE=2> Net income (loss) for the period</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="17%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>167,246,196</B></FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="17%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>(717,179,489</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD COLSPAN=2 style="font-family:;"><FONT SIZE=2> Adjustment to reconcile net income (loss) for the period to net cash from operating activities</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="17%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="17%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="57%" style="font-family:;"><FONT SIZE=2> Realized losses on redemptions for gold bullion</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="17%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>32,137,361</B></FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="17%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>&#150;</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="57%" style="font-family:;"><FONT SIZE=2> Unrealized (gains) losses on gold bullion</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="17%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>(204,035,722</B></FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2><B>)</B></FONT></TD>
<TD WIDTH="17%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>712,665,658</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=2 style="font-family:;"><FONT SIZE=2><B>Net changes in operating assets and liabilities</B></FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="17%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="17%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=2 style="font-family:;"><FONT SIZE=2> Decrease in account receivable</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="17%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>50,215</B></FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="17%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>&#150;</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=2 style="font-family:;"><FONT SIZE=2> Increase in accounts payable</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="17%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>890,204</B></FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="17%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>402,780</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=2 style="font-family:;"><FONT SIZE=2> Decrease in prepaid assets</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="17%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>212,564</B></FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="17%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>&#150;</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=8 style="font-family:;"><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=2 style="font-family:;"><FONT SIZE=2><B>Net cash used in operating activities</B></FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="17%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>(3,499,182</B></FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2><B>)</B></FONT></TD>
<TD WIDTH="17%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>(4,111,051</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=8 style="font-family:;"><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=2 style="font-family:;"><FONT SIZE=2><B>Cash flows from investing activities</B></FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="17%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="17%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=2 style="font-family:;"><FONT SIZE=2> Purchase of gold bullion</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="17%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>&#150;</B></FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="17%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>&#150;</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=8 style="font-family:;"><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=2 style="font-family:;"><FONT SIZE=2><B>Net cash used in investing activities</B></FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="17%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>&#150;</B></FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="17%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>&#150;</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=8 style="font-family:;"><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=2 style="font-family:;"><FONT SIZE=2><B>Cash flows from financing activities</B></FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="17%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="17%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=2 style="font-family:;"><FONT SIZE=2> Proceeds from issuance of Units </FONT><FONT SIZE=2><I>(note&nbsp;8)</I></FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="17%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>&#150;</B></FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="17%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>&#150;</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=2 style="font-family:;"><FONT SIZE=2> Payments on redemption of Units </FONT><FONT SIZE=2><I>(note&nbsp;8)</I></FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="17%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>(167,422</B></FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2><B>)</B></FONT></TD>
<TD WIDTH="17%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>(376</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=2 style="font-family:;"><FONT SIZE=2> Underwriting commissions and issue expenses</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="17%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>&#150;</B></FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="17%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>84,807</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=8 style="font-family:;"><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=2 style="font-family:;"><FONT SIZE=2><B>Net cash provided by (used in) financing activities</B></FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="17%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>(167,422</B></FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2><B>)</B></FONT></TD>
<TD WIDTH="17%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>84,431</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=8 style="font-family:;"><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=2 style="font-family:;"><FONT SIZE=2> Net increase (decrease) in cash during the period</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="17%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>(3,666,604</B></FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2><B>)</B></FONT></TD>
<TD WIDTH="17%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>(4,026,620</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=2 style="font-family:;"><FONT SIZE=2> Cash at beginning of period</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="17%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>14,688,442</B></FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="17%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>25,598,668</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=8 style="font-family:;"><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=2 style="font-family:;"><FONT SIZE=2><B>Cash at end of period </B></FONT><FONT SIZE=2><I>(note&nbsp;6)</I></FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="17%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>11,021,838</B></FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="17%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>21,572,048</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=8 style="font-family:;"><HR NOSHADE SIZE=4></TD>
</TR>
</TABLE>
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<P style="font-family:;"><FONT SIZE=1><I>The accompanying notes are an integral part of these financial statements.</I></FONT></P>

<P ALIGN="CENTER" style="font-family:;"><FONT SIZE=2><B>10 </B></FONT></P>

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</FONT> <FONT SIZE=5>Sprott Physical Gold Trust<BR>
Notes to the Interim Financial Statements&nbsp;&nbsp;</FONT><FONT SIZE=1><I>June&nbsp;30, 2014 (unaudited)</I></FONT></P>

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<P style="font-family:;"><FONT SIZE=4>1.&nbsp;Organization of the Trust </FONT></P>

<P style="font-family:;"><FONT SIZE=2>Sprott
Physical Gold Trust (the&nbsp;"Trust") is a closed-end mutual fund trust created under the laws of the Province of Ontario, Canada, pursuant to a trust agreement dated as of August&nbsp;28,
2009, as amended and restated as of December&nbsp;7, 2009 and as further amended and restated as of February&nbsp;1, 2010 (the&nbsp;"Trust Agreement"). The Trust's initial public offering closed
on March&nbsp;3, 2010. The Trust is authorized to issue an unlimited number of redeemable, transferable trust units (the&nbsp;"Units"). All issued Units have no par value, are fully paid for, and
are listed and traded on the New&nbsp;York Stock Exchange Arca (the&nbsp;"NYSE Arca") and the Toronto Stock Exchange (the&nbsp;"TSX") under the symbols "PHYS" and "PHY.U", respectively. </FONT></P>

<P style="font-family:;"><FONT SIZE=2>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 primarily 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 has only purchased and expects only to own "Good Delivery Bars" as defined by the London
Bullion Market Association ("LBMA"), with each bar purchased being verified against the LBMA&nbsp;source. </FONT></P>

<P style="font-family:;"><FONT SIZE=2>The
Trust's registered office is located at Suite&nbsp;2700, South Tower, Royal Bank Plaza, 200&nbsp;Bay Street, Toronto, Ontario, Canada, M5J&nbsp;2J1. </FONT></P>

<P style="font-family:;"><FONT SIZE=2>Sprott
Asset Management&nbsp;LP (the&nbsp;"Manager") acts as the manager of the Trust pursuant to the Trust Agreement and a management agreement with the Trust. RBC Investor Services Trust, a
trust company organized under the laws of Canada, acts as the trustee of the Trust. RBC Investor Services Trust also acts as custodian on behalf of the Trust for the Trust's assets other than physical
gold bullion. The Royal Canadian Mint acts as custodian on behalf of the Trust for the physical gold bullion owned by the&nbsp;Trust. </FONT></P>


<P style="font-family:;"><FONT SIZE=2>The
financial statements of the Trust as at and for the three and six-month periods ended June&nbsp;30, 2014 were authorized for issue by the Manager on August&nbsp;14,&nbsp;2014. </FONT></P>

<P style="font-family:;"><FONT SIZE=4>2.&nbsp;Basis of Preparation </FONT></P>

<P style="font-family:;"><FONT SIZE=2>The
financial statements have been prepared in compliance with International Accounting Standards ("IAS") 34, </FONT><FONT SIZE=2><I>Interim Financial Reporting</I></FONT><FONT SIZE=2>. </FONT></P>

<P style="font-family:;"><FONT SIZE=2>The
financial statements have been prepared on a historical cost basis, except for physical gold bullion and financial assets and financial liabilities held at fair value through profit or loss, that
have been measured at fair&nbsp;value. </FONT></P>

<P style="font-family:;"><FONT SIZE=2>The
financial statements are presented in U.S.&nbsp;dollars and all values are rounded to the nearest dollar unless otherwise indicated. </FONT></P>

<P style="font-family:;"><FONT SIZE=3>2.1 Summary of Significant Accounting Policies </FONT></P>

<P style="font-family:;"><FONT SIZE=3>(i) Cash </FONT></P>

<P style="font-family:;"><FONT SIZE=2>Cash consists of cash on deposit with the Trust's custodian, which is not subject to restrictions. </FONT></P>


<P style="font-family:;"><FONT SIZE=3>(ii) Gold bullion </FONT></P>

<P style="font-family:;"><FONT SIZE=2>Investments in gold bullion are measured at fair value determined by reference to published price quotations, with unrealized and realized gains and losses
recorded in income based on the International Accounting Standards 40 </FONT><FONT SIZE=2><I>Investment Property</I></FONT><FONT SIZE=2> fair value model as IAS&nbsp;40 is the most relevant
standard to apply. Investment transactions in physical gold bullion are accounted for on the business day following the date the order to buy or sell is&nbsp;executed. </FONT></P>

<P ALIGN="CENTER" style="font-family:;"><FONT SIZE=2><B>11 </B></FONT></P>

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<P style="font-family:;"><FONT SIZE=3>(iii) Other financial liabilities </FONT></P>

<P style="font-family:;"><FONT SIZE=2>This category includes all financial liabilities, other than those classified at fair value through profit and loss. The Trust includes in this category
management fees payable, due to brokers and other accounts payable. </FONT></P>

<P style="font-family:;"><FONT SIZE=3>(iv) Unitholder's Capital </FONT></P>

<P style="font-family:;"><FONT SIZE=3>Classification of redeemable units </FONT></P>

<P style="font-family:;"><FONT SIZE=2>Redeemable units are classified as equity instruments when: </FONT></P>

<UL>
<DL compact>
<DT style='font-family:;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:;"><FONT SIZE=2>The
units entitle the holder to a </FONT><FONT SIZE=2><I>pro&nbsp;rata</I></FONT><FONT SIZE=2> share of the Trust's net assets in the event of the Trust's liquidation; </FONT></DD><DT style='font-family:;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:;"><FONT SIZE=2>The
redeemable units are in the class of instruments that is subordinate to all other classes of&nbsp;instruments; </FONT></DD><DT style='font-family:;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:;"><FONT SIZE=2>All
redeemable units in the class of instruments that is subordinate to all other classes of instruments have identical features; </FONT></DD><DT style='font-family:;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:;"><FONT SIZE=2>The
redeemable units do not include any contractual obligation to deliver cash or another financial asset other than the holder's rights to a </FONT> <FONT SIZE=2><I>pro&nbsp;rata</I></FONT><FONT SIZE=2> share of the Trust's net assets;&nbsp;and
</FONT></DD><DT style='font-family:;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:;"><FONT SIZE=2>The
total expected cash flows attributable to the redeemable units over the life of the instrument are based substantially on the profit or loss, the change in the
recognized net assets or the change in the fair value of the recognized and unrecognized net assets of the Trust over the life of the&nbsp;instrument. </FONT></DD></DL>
</UL>

<P style="font-family:;"><FONT SIZE=2>In
addition to the redeemable units having all the above features, the Trust must have no other financial instrument or contract that&nbsp;has: </FONT></P>

<UL>
<DL compact>
<DT style='font-family:;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:;"><FONT SIZE=2>Total
cash flows based substantially on the profit or loss, the change in the recognized net assets or the change in the fair value of the recognized and unrecognized net
assets of the Trust;&nbsp;and </FONT></DD><DT style='font-family:;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:;"><FONT SIZE=2>The
effect of substantially restricting or fixing the residual return to the redeemable unitholders. </FONT></DD></DL>
</UL>

<P style="font-family:;"><FONT SIZE=2>The
Trust continuously assesses the classification of the redeemable units. If the redeemable units cease to have all the features or meet all the conditions set out to be classified as equity, the
Trust will reclassify them as financial liabilities and measure them at fair value at the date of reclassification, with any differences from the previous carrying amount recognised in&nbsp;equity. </FONT></P>

<P style="font-family:;"><FONT SIZE=3>(v) Fees and commission expenses </FONT></P>

<P style="font-family:;"><FONT SIZE=2>Fees and commission expenses are recognized on an accrual basis. </FONT></P>

<P style="font-family:;"><FONT SIZE=3>(vi) Income taxes </FONT></P>

<P style="font-family:;"><FONT SIZE=2>In each taxation year, the Trust will be subject to income tax on taxable income earned during the year, including net realized taxable capital gains. However,
the Trust intends to distribute its taxable income to unitholders at the end of every fiscal year and therefore the Trust itself would not have any income tax&nbsp;liability. </FONT></P>

<P style="font-family:;"><FONT SIZE=3>(vii) Functional and presentation currency </FONT></P>

<P style="font-family:;"><FONT SIZE=2>The Trust's functional and presentation currency is the U.S.&nbsp;Dollar. The Trust's performance is evaluated and its liquidity is managed in
U.S.&nbsp;Dollars. Therefore, the U.S.&nbsp;Dollar is considered as the currency that most faithfully represents the economic effects of the underlying transactions, events and&nbsp;conditions. </FONT></P>

<P ALIGN="CENTER" style="font-family:;"><FONT SIZE=2><B>12 </B></FONT></P>

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<P style="font-family:;"><FONT SIZE=4>3.&nbsp;Significant Accounting Judgements, Estimates and Assumptions </FONT></P>

<P style="font-family:;"><FONT SIZE=2>The
preparation of the Trust's financial statements requires the Manager to make judgments, estimates and assumptions that affect the amounts recognized in the financial statements. However,
uncertainty about these assumptions and estimates could result in outcomes that may require a material adjustment to the carrying amount of the asset or liability affected in future&nbsp;periods. </FONT></P>


<P style="font-family:;"><FONT SIZE=3>Judgements </FONT></P>

<P style="font-family:;"><FONT SIZE=2>In the process of applying the Trust's accounting policies, management has made the following judgements, which have the most significant effect on the amounts
recognized in the financial statements: </FONT></P>

<P style="font-family:;"><FONT SIZE=3>Going Concern </FONT></P>

<P style="font-family:;"><FONT SIZE=2>The Trust's management has made an assessment of the Trust's ability to continue as a going concern and is satisfied that the Trust has the resources to
continue in business for the foreseeable future. Furthermore, management is not aware of any material uncertainties that may cast significant doubt upon the Trust's ability to continue as a going
concern. Therefore, the financial statements continue to be prepared on a going concern&nbsp;basis. </FONT></P>

<P style="font-family:;"><FONT SIZE=3>Estimation Uncertainty </FONT></P>

<P style="font-family:;"><FONT SIZE=2>For tax purposes, the Trust generally treats gains from the disposition of gold bullion as capital gains, rather than income, as the Trust intends to be a
long-term passive holder of gold bullion, and generally disposes of its holdings in gold bullion only for the purposes of meeting redemptions and to pay expenses. The Canada Revenue Agency has,
however, expressed its opinion that gains (or&nbsp;losses) of mutual fund trusts resulting from transactions in commodities should generally be treated for tax purposes as ordinary income rather
than as capital gains, although the treatment in each particular case remains a question of fact to be determined having regard to all the circumstances. </FONT></P>


<P style="font-family:;"><FONT SIZE=2>The
Trust based its assumptions and estimates on parameters available when the financial statements were prepared. However, existing circumstances and assumptions about future developments may change
due to market changes or circumstances arising beyond the control of the Trust. Such changes are reflected in the assumptions when they&nbsp;occur. </FONT></P>

<P style="font-family:;"><FONT SIZE=4>4.&nbsp;Certain Relevant Standards, Interpretations and Amendments Issued </FONT></P>

<P style="font-family:;"><FONT SIZE=2>New
standards and standards issued but not yet effective at the date of the issuance of the Trust's financial statements are listed&nbsp;below. </FONT></P>


<P style="font-family:;"><FONT SIZE=2>In
May&nbsp;2013, the IFRS Interpretations Committee ("IFRIC"), with the approval of the IASB, issued IFRIC&nbsp;21, </FONT><FONT SIZE=2><I>Levies</I></FONT><FONT SIZE=2> ("IFRIC&nbsp;21").
IFRIC&nbsp;21 provides guidance on when to recognize a liability to pay a levy imposed by the government that is accounted for in accordance with IAS&nbsp;37, </FONT><FONT SIZE=2><I>Provisions,
Contingent Liabilities and Contingent Assets</I></FONT><FONT SIZE=2>. IFRIC&nbsp;21 is effective for annual periods beginning on or after January&nbsp;1, 2014 and is to be applied retrospectively.
The adoption of IFRIC&nbsp;21 did not have a material impact on the Trust's interim financial statements. </FONT></P>

<P style="font-family:;"><FONT SIZE=2>IFRS&nbsp;9,
</FONT><FONT SIZE=2><I>Financial Instruments</I></FONT><FONT SIZE=2> ("IFRS&nbsp;9"), will replace IAS&nbsp;39, </FONT><FONT SIZE=2><I>Financial Instruments: Recognition and
Measurement</I></FONT><FONT SIZE=2> ("IAS&nbsp;39") effective January&nbsp;1, 2018. IFRS&nbsp;9 uses a single approach to determine whether a financial asset is measured at amortized cost or
fair value,
replacing the multiple rules presently in IAS&nbsp;39. The approach in IFRS&nbsp;9 is based on how an entity manages its financial instruments in the context of its business model and the
contractual cash flow characteristics of the financial assets. The new standard also requires a single impairment method to be used, replacing the multiple impairment methods in IAS&nbsp;39. </FONT></P>

<P style="font-family:;"><FONT SIZE=2>There
are no other IFRS interpretations which are not yet effective that would be expected to have a material impact on the financial statements. </FONT></P>

<P ALIGN="CENTER" style="font-family:;"><FONT SIZE=2><B>13 </B></FONT></P>

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<P style="font-family:;"><FONT SIZE=4>5.&nbsp;Segment Information </FONT></P>

<P style="font-family:;"><FONT SIZE=2>For
management purposes, the Trust is organized into one main operating segment, which invests in physical gold bullion. All of the Trust's activities are interrelated, and each activity is dependent
on the others. Accordingly, all significant operating decisions are based upon an analysis of the Trust as one segment. The financial results from this segment are equivalent to the financial
statements of the Trust as a whole. The Trust's operating income is earned entirely in Canada and is primarily generated from its investment in physical gold&nbsp;bullion. </FONT></P>

<P style="font-family:;"><FONT SIZE=4>6.&nbsp;Cash </FONT></P>

<P style="font-family:;"><FONT SIZE=2>As
at June&nbsp;30, 2014 and December&nbsp;31, 2013, cash consisted entirely of cash on&nbsp;deposit. </FONT></P>


<P style="font-family:;"><FONT SIZE=4>7.&nbsp;Fair Value Measurements </FONT></P>

<P style="font-family:;"><FONT SIZE=2>IFRS&nbsp;13, </FONT> <FONT SIZE=2><I>Fair Value Measurement</I></FONT><FONT SIZE=2>, ("IFRS&nbsp;13") establishes a single source of guidance under IFRS for all fair value measurements.
IFRS&nbsp;13 does not change when an entity is required to use fair value, but rather provides guidance on how to measure fair value under IFRS. IFRS&nbsp;13 defines fair value as an exit price.
As a result of the guidance in IFRS&nbsp;13, the Trust re-assessed its policies for measuring fair values. IFRS&nbsp;13 also requires additional disclosures. The application of IFRS&nbsp;13 has
not materially impacted the fair value measurements of the&nbsp;Trust. </FONT></P>


<P style="font-family:;"><FONT SIZE=2>As
at June&nbsp;30, 2014 and December&nbsp;31, 2013, due to the short-term nature of financial assets and financial liabilities recorded at cost, it is assumed that the carrying amount of those
instruments approximates their fair&nbsp;value. </FONT></P>

<P style="font-family:;"><FONT SIZE=2>All
assets and liabilities for which fair value is measured or disclosed in the financial statements are categorized within the fair value hierarchy, described as follows, based on the lowest level
input that is significant to the fair value measurement as a&nbsp;whole: </FONT></P>

<UL>
<DL compact>
<DT style='font-family:;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:;"><FONT SIZE=2>Level&nbsp;1&nbsp;&#150;&nbsp;Quoted
(unadjusted) market prices in active markets for identical assets or&nbsp;liabilities </FONT></DD><DT style='font-family:;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:;"><FONT SIZE=2>Level&nbsp;2&nbsp;&#150;&nbsp;Valuation
techniques for which the lowest level input that is significant to the fair value measurement is directly or
indirectly observable </FONT></DD><DT style='font-family:;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:;"><FONT SIZE=2>Level&nbsp;3&nbsp;&#150;&nbsp;Valuation
techniques for which the lowest level input that is significant to the fair value measurement
is&nbsp;unobservable </FONT></DD></DL>
</UL>

<P style="font-family:;"><FONT SIZE=2>Gold
bullion is measured at fair value on a recurring basis. The fair value measurement of gold bullion falls within Level&nbsp;1 of the hierarchy, and is based on published price quotations. </FONT></P>

<P style="font-family:;"><FONT SIZE=4>8.&nbsp;Unitholders' Capital </FONT></P>

<P style="font-family:;"><FONT SIZE=2>The
Trust is authorized to issue an unlimited number of redeemable, transferrable Trust Units in one or more classes and series of Units. The Trust's capital is represented by the issued, redeemable,
transferable Trust Units. Quantitative information about the Trust's capital is provided in the statement of changes in equity. Under the Trust Agreement, Units may be redeemed at the option of the
unitholder on a monthly basis for physical gold bullion or cash. Units redeemed for physical gold bullion will be entitled to a redemption price equal to 100% of the NAV of the redeemed Units on the
last business day of the month in which the redemption request is processed. A unitholder redeeming Units for physical gold bullion will be responsible for expenses in connection with effecting the
redemption and applicable delivery expenses, including the handling of the notice of redemption, the delivery of the physical gold bullion for Units that are being redeemed and the applicable gold
storage in- and-out fees. Units redeemed for cash will be entitled to a redemption price equal to 95% of the lesser of (i)&nbsp;the volume-weighted average trading price of the Units traded on the
NYSE Arca, or, if trading has been suspended on the NYSE Arca, on the </FONT></P>

<P ALIGN="CENTER" style="font-family:;"><FONT SIZE=2><B>14 </B></FONT></P>

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<A NAME="page_fp12501_1_15"> </A>
<BR>

<P style="font-family:;"><FONT SIZE=2>TSX
for the last five business days of the month in which the redemption request is processed and (ii)&nbsp;the NAV of the redeemed Units as of 4:00&nbsp;p.m., Eastern Standard time, on the last
business day of the month in which the redemption request is&nbsp;processed. </FONT></P>

<P style="font-family:;"><FONT SIZE=2>When
Units are redeemed and cancelled and the cost of such Units is either above or below their stated or assigned value, the unitholders' capital is reduced by an amount equal to the stated or
assigned value of the Units. The difference between the redemption price and the stated or assigned values of the Units is allocated to the Unit premiums and reserves account (equal to the 5%
reduction to the redemption price for Units redeemed for cash as described above) and the Retained earnings account based on the allocated portion attributable to the redemption. For the six-month
period ended June&nbsp;30, 2014, the Trust did not issue any Units (June&nbsp;30, 2013: no Units) and redeemed 21,068,646&nbsp;Units (June&nbsp;30, 2013: 30&nbsp;Units). </FONT></P>

<P style="font-family:;"><FONT SIZE=3>Net Asset Value </FONT></P>

<P style="font-family:;"><FONT SIZE=2>Net Asset Value ("NAV") is defined as the Trust's net assets (fair value of total assets less fair value of total liabilities, excluding all liabilities
represented by outstanding Units, if any) calculated using the value of physical gold bullion based on the end-of-day price provided by a widely recognized pricing service. </FONT></P>

<P style="font-family:;"><FONT SIZE=3>Capital management </FONT></P>

<P style="font-family:;"><FONT SIZE=2>As a result of the ability to issue, repurchase and resell Units of the Trust, the capital of the Trust as represented by the Unitholders' capital in the
statement of financial position can vary depending on the demand for redemptions and subscriptions to the Trust. The Trust is not subject to externally imposed capital requirements and has no legal
restrictions on the issue, repurchase or resale of redeemable Units beyond those included in the Trust Agreement. The Trust may not issue additional Units except (i)&nbsp;if the net proceeds per
Unit to be received by the Trust are not less than 100% of the most recently calculated NAV immediately prior to, or upon, the determination of the pricing of such issuance or (ii)&nbsp;by way of
Unit distribution in connection with an income distribution. </FONT></P>

<P style="font-family:;"><FONT SIZE=2>The
Trust's objectives for managing capital are: </FONT></P>

<UL>
<DL compact>
<DT style='font-family:;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:;"><FONT SIZE=2>To
invest and hold substantially all of its assets in physical gold bullion;&nbsp;and </FONT></DD><DT style='font-family:;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:;"><FONT SIZE=2>To
maintain sufficient liquidity to meet the expenses of the Trust, and to meet redemption requests as they&nbsp;arise. </FONT></DD></DL>
</UL>

<P style="font-family:;"><FONT SIZE=2>Refer
to "Financial risk management objectives and policies" (Note&nbsp;10) for the policies and procedures applied by the Trust in managing its&nbsp;capital. </FONT></P>


<P style="font-family:;"><FONT SIZE=4>9.&nbsp;Increase (Decrease) in Total Equity per Unit </FONT></P>

<P style="font-family:;"><FONT SIZE=2>Increase
(decrease) in total equity per unit is calculated by dividing the net income (loss) for the period attributable to the Trust's unitholders by the weighted average number of units outstanding
during the&nbsp;period. </FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="31%" VALIGN="BOTTOM" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:;"><FONT SIZE=1><I>For the<BR>
three&nbsp;months ended<BR>
June&nbsp;30, 2014</I></FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" style="font-family:;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:;"><FONT SIZE=1><I>For the<BR>
three&nbsp;months ended<BR>
June&nbsp;30, 2013</I></FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" style="font-family:;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:;"><FONT SIZE=1><I>For the<BR>
six&nbsp;months ended<BR>
June&nbsp;30, 2014</I></FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" style="font-family:;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:;"><FONT SIZE=1><I>For the<BR>
six&nbsp;months ended<BR>
June&nbsp;30, 2013</I></FONT></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" style="font-family:;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=9 style="font-family:;"><HR NOSHADE></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="31%" style="font-family:;"><FONT SIZE=2>Net income (loss) for the period attributable to the Trust's units</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>$57,461,250</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>$(587,498,765</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>$167,246,196</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>$(717,179,489</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=9 style="font-family:;"><HR NOSHADE></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="31%" style="font-family:;"><FONT SIZE=2>Weighted average number of units outstanding</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>167,284,629</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>195,368,723</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>169,345,126</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>195,368,733</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=9 style="font-family:;"><HR NOSHADE></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="31%" style="font-family:;"><FONT SIZE=2>Increase (decrease) in total equity per unit</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>$0.34</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>$(3.01</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>$0.99</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>$(3.67</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=9 style="font-family:;"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE>
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<P ALIGN="CENTER" style="font-family:;"><FONT SIZE=2><B>15 </B></FONT></P>

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<P style="font-family:;"><FONT SIZE=4>10.&nbsp;Financial Risk and Management Objectives and Policies </FONT></P>

<P style="font-family:;"><FONT SIZE=3>Introduction </FONT></P>

<P style="font-family:;"><FONT SIZE=2>The Trust's objective in managing risk is the creation and protection of unitholder value. Risk is inherent in the Trust's activities, but it is managed through
a process of ongoing identification, measurement and monitoring, subject to risk limits and other controls. The process of risk management is critical to the Trust's continuing profitability. The
Trust is exposed to market risk (which includes price risk, interest rate risk and currency risk), credit risk and liquidity risk arising from the gold bullion that it holds. Only certain risks of the
Trust are actively managed by the Manager, as the Trust is a passive investment company. The risks are managed in accordance with the Trust's offering documents. </FONT></P>

<P style="font-family:;"><FONT SIZE=3>Risk management structure </FONT></P>


<P style="font-family:;"><FONT SIZE=2>The Trust's Manager is responsible for identifying and controlling risks. </FONT></P>

<P style="font-family:;"><FONT SIZE=3>Risk mitigation </FONT></P>

<P style="font-family:;"><FONT SIZE=2>The Trust has investment guidelines that set out its overall business strategies, its tolerance for risk and its general risk management philosophy. </FONT></P>

<P style="font-family:;"><FONT SIZE=2>The
discussion below clarifies the Trust's management of various risks: </FONT></P>

<P style="font-family:;"><FONT SIZE=3>Excessive risk concentration </FONT></P>

<P style="font-family:;"><FONT SIZE=2>The Trust's risk is concentrated in the value of physical gold bullion, whose value constitutes 99.4% of total equity as at June&nbsp;30, 2014 (99.2% as at
December&nbsp;31,&nbsp;2013). </FONT></P>

<P style="font-family:;"><FONT SIZE=3>Price risk </FONT></P>

<P style="font-family:;"><FONT SIZE=2>Price risk arises from the possibility that changes in the market price of the Trust's investments, which consist almost entirely of gold bullion, will result
in changes in fair value of such investments. </FONT></P>

<P style="font-family:;"><FONT SIZE=2>If
the market value of gold increased by 1%, with all other variables held constant, this would have increased total equity and comprehensive income by approximately $18.4&nbsp;million
(December&nbsp;31, 2013: $18.8&nbsp;million); conversely, if the value of gold bullion decreased by 1%, this would have decreased total equity and comprehensive income by the same&nbsp;amount. </FONT></P>


<P style="font-family:;"><FONT SIZE=3>Interest rate risk </FONT></P>

<P style="font-family:;"><FONT SIZE=2>Interest rate risk arises from the possibility that changes in interest rates will affect the value of financial instruments. The Trust does not hedge its
exposure to interest rate risk as that risk is&nbsp;minimal. </FONT></P>

<P style="font-family:;"><FONT SIZE=3>Currency risk </FONT></P>

<P style="font-family:;"><FONT SIZE=2>Currency risk arises from the possibility that changes in the price of foreign currencies will result in changes in carrying value. The Trust's assets,
substantially all of which consist of an investment in gold bullion, are priced in U.S.&nbsp;dollars. Some of the Trust's expenses are payable in Canadian dollars. Therefore, the Trust is exposed to
currency risk, as the value of its liabilities denominated in Canadian dollars will fluctuate due to changes in exchange rates. Most of such liabilities, however, are short term in nature and are not
significant in relation to the net assets of the Trust, and, as such, exposure to foreign exchange risk is limited. The Trust does not enter into currency hedging transactions. </FONT></P>

<P style="font-family:;"><FONT SIZE=2>As
at June&nbsp;30, 2014, approximately $275,000 (December&nbsp;31, 2013: $nil) of the Trust's liabilities were denominated in Canadian dollars. </FONT></P>

<P ALIGN="CENTER" style="font-family:;"><FONT SIZE=2><B>16 </B></FONT></P>

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<P style="font-family:;"><FONT SIZE=3>Credit risk </FONT></P>

<P style="font-family:;"><FONT SIZE=2>Credit risk arises from the potential that counterparties will fail to satisfy their obligations as they come due. The Trust primarily incurs credit risk when
entering into and settling gold bullion transactions. It is the Trust's policy to only transact with reputable counterparties. The Manager closely monitors the creditworthiness of the Trust's
counterparties, such as bullion dealers, by reviewing their financial statements, when available, regulatory notices and press releases. The Trust seeks to minimize credit risk relating to unsettled
transactions in gold bullion by only engaging in transactions with bullion dealers with high creditworthiness. The risk of default is considered minimal, as payment for gold bullion, is only made
against the receipt of the bullion by the&nbsp;custodian. </FONT></P>

<P style="font-family:;"><FONT SIZE=3>Liquidity risk </FONT></P>

<P style="font-family:;"><FONT SIZE=2>Liquidity risk is defined as the risk that the Trust will encounter difficulty in meeting obligations associated with financial liabilities and redemptions.
Liquidity risk arises because of the possibility that the Trust could be required to pay its liabilities earlier than expected. The Trust is also subject to redemptions for both cash and gold bullion
on a regular basis. The Trust manages its obligation to redeem units when required to do so and its overall liquidity risk by only allowing for redemptions monthly, which require 15-day advance notice
to the Trust. The Trust's liquidity risk is minimal, since its primary investment is physical gold bullion, which trades in a highly liquid market. All of the Trust's financial liabilities, including
due to brokers, accounts payable and management fees payables have maturities of less than three&nbsp;months. </FONT></P>

<P style="font-family:;"><FONT SIZE=4>11.&nbsp;Related Party Disclosures </FONT></P>

<P style="font-family:;"><FONT SIZE=2>The
following parties are considered related parties to the Trust: </FONT></P>

<P style="font-family:;"><FONT SIZE=3>Investment Manager&nbsp;&#150;&nbsp;Sprott Asset Management&nbsp;LP </FONT></P>

<P style="font-family:;"><FONT SIZE=2>The Trust pays the Manager a monthly management fee equal to <SUP>1</SUP>/<SMALL>12</SMALL> of 0.35% of the value of net assets of the Trust (determined in accordance with
the Trust Agreement) plus any applicable Canadian taxes, calculated and accrued daily and payable monthly in arrears on the last day of each month. Total management fees for the period from
April&nbsp;1, 2014 to June&nbsp;30, 2014 amounted to $1,568,090, compared to $2,056,372 for the same period in 2013. Total management fees for the period from January&nbsp;1, 2014 to
June&nbsp;30, 2014 amounted to $3,162,206, compared to $4,278,762 for the same period in&nbsp;2013. </FONT></P>

<P style="font-family:;"><FONT SIZE=2>Also,
the Manager has agreed that if the expenses of the Trust, including the management fee, at the end of any month exceed an amount equal to <SUP>1</SUP>/<SMALL>12</SMALL> of 0.65% of the value of the net
assets of the Trust, the management fee payable to the Manager for such month will be reduced by the amount of such excess up to the gross amount of the management fee earned by the Manager from the
Trust for such month. Any such reduction in the management fee will not be carried forward or remain payable to the Manager in future months. The Manager did not waive any amounts payable for the
three and six-month periods ended June&nbsp;30, 2014 and&nbsp;2013. </FONT></P>

<P style="font-family:;"><FONT SIZE=2>In
calculating the expenses of the Trust for purposes of the expense cap, the following will be excluded: any applicable taxes payable by the Trust or to which the Trust may be subject, and any
extraordinary expenses of the&nbsp;Trust. </FONT></P>

<P style="font-family:;"><FONT SIZE=3>Ownership and Other </FONT></P>


<P style="font-family:;"><FONT SIZE=2>As at June&nbsp;30, 2014, the Trust's related parties included Eric Sprott, the Chairman and Chief Investment Officer of Sprott&nbsp;Inc., the parent
company of the Manager. Eric Sprott owned 1.21% (December&nbsp;31 2013: 1.08%) of the units of the&nbsp;Trust. </FONT></P>

<P style="font-family:;"><FONT SIZE=2>There
have been no other transactions between the Trust and its related parties during the reporting period. </FONT></P>

<P ALIGN="CENTER" style="font-family:;"><FONT SIZE=2><B>17 </B></FONT></P>

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<A NAME="page_fp12501_1_18"> </A>

<P style="font-family:;"><FONT SIZE=4>12.&nbsp;Independent Review Committee ("IRC") </FONT></P>

<P style="font-family:;"><FONT SIZE=2>In
accordance with National Instrument&nbsp;81-107, Independent Review Committee for Investment Funds ("NI&nbsp;81-107"), the Manager has established an IRC for a number of funds managed by it,
including the Trust. The mandate of the IRC is to consider and provide recommendations to the Manager on conflicts of interest to which the Manager is subject when managing certain funds, including
the Trust. The IRC is composed of three individuals, each of whom is independent of the Manager and all funds managed by the Manager, including the Trust. Each fund subject to IRC oversight pays a
share of the IRC member fees, costs and other fees in connection with operation of the IRC. The IRC reports annually to unitholders of the funds subject to its oversight on its activities, as required
by NI&nbsp;81-107. </FONT></P>

<P style="font-family:;"><FONT SIZE=4>13.&nbsp;Soft Dollar Commissions </FONT></P>

<P style="font-family:;"><FONT SIZE=2>There
were no soft dollar commissions for the three and six-month periods ended June&nbsp;30, 2014 and the three and six-month periods ended June&nbsp;30,&nbsp;2013. </FONT></P>


<P style="font-family:;"><FONT SIZE=4>14.&nbsp;Personnel </FONT></P>

<P style="font-family:;"><FONT SIZE=2>The
Trust did not employ any personnel during the period, as its affairs were administered by the personnel of the Manager and/or the Trustee, as&nbsp;applicable. </FONT></P>

<P style="font-family:;"><FONT SIZE=4>15.&nbsp;Events After the Reporting Period </FONT></P>

<P style="font-family:;"><FONT SIZE=2>There
were no material events after the reporting period. </FONT></P>

<P ALIGN="CENTER" style="font-family:;"><FONT SIZE=2><B>18 </B></FONT></P>

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</FONT></P>

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<P style="font-family:;"><FONT SIZE=4>Corporate Information </FONT></P>

<P style="font-family:;"><FONT SIZE=2><B>Head Office  </B></FONT></P>

<P style="font-family:;"><FONT SIZE=2>Sprott Physical Gold Trust<BR>
Royal Bank Plaza, South Tower<BR>
200&nbsp;Bay Street<BR>
Suite&nbsp;2700, PO Box&nbsp;27<BR>
Toronto, Ontario M5J&nbsp;2J1<BR>
Telephone: (416)&nbsp;203-2310<BR>
Toll Free: (877)&nbsp;403-2310<BR>
Email: ir@sprott.com </FONT></P>

<P style="font-family:;"><FONT SIZE=2><B>Auditors  </B></FONT></P>


<P style="font-family:;"><FONT SIZE=2>Ernst&nbsp;&amp; Young&nbsp;LLP<BR>
Ernst&nbsp;&amp; Young Tower<BR>
P.O.&nbsp;Box&nbsp;251, 222&nbsp;Bay Street<BR>
Toronto-Dominion Centre<BR>
Toronto, Ontario M5K&nbsp;1J7 </FONT></P>

<P style="font-family:;"><FONT SIZE=2><B>Legal Counsel  </B></FONT></P>

<P style="font-family:;"><FONT SIZE=2>Baker &amp; McKenzie&nbsp;LLP<BR>
Brookfield Place<BR>
Bay Wellington Tower<BR>
181 Bay Street, Suite 2100<BR>
Toronto, Ontario Canada M5J&nbsp;2T3 </FONT></P>

<P style="font-family:;"><FONT SIZE=2>Seward&nbsp;&amp;
Kissel&nbsp;LLP<BR>
901 K Street NW, 8<SUP>th</SUP>&nbsp;Floor<BR>
Washington, DC 20001 </FONT></P>

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<BR>
<P><br><A NAME="14ZCA12503_2">QuickLinks</A><br></P><!-- TOC_BEGIN -->
<UL>
<FONT SIZE=2 style="font-family:;"><A HREF="#toc_be12501_1">Exhibit 99.1</A></FONT><BR>
</UL>
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</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>g28702.jpg
<DESCRIPTION>G28702.JPG
<TEXT>
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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
