Sprott Physical Gold and Silver Trust
US ˙ ARCA ˙ CA85208R1010

SecurityCEF / Sprott Physical Gold and Silver Trust
InstitutionMorgan Stanley
Latest Disclosed Ownership4,054,540 shares
Latest Disclosed Value $ 193,482,690
Morgan Stanley reports 27.95% decrease in ownership of CEF / Sprott Physical Gold and Silver Trust

On May 15, 2026 - Morgan Stanley filed a 13F-HR form disclosing ownership of 4,054,540 shares of Sprott Physical Gold and Silver Trust (US:CEF) valued at $193,482,649 USD as of March 31, 2026. The entity filed a previous 13F-HR/A on May 27, 2026 disclosing 5,627,038 shares of Sprott Physical Gold and Silver Trust. This represents a change in shares of -27.95% during the quarter. The current value of the position is $187,846,838 USD.

Institutional Ownership: 13F and NPORT Filings

The Security and Class in the table below are shown exactly as filed by the investor. We do our best to track continuity of investments through acquisitions, and this will be reflected in the table as changes in names. In addition to descriptive data, performance of the investment is shown over time. To calculate quarterly performance, we first calculate cost basis of the shares purchased during the quarter, then use that to calculate gross profit. Quarterly return is Gross Profit / Starting Portfolio value.

Note that cost basis is calculated and stored in thousands, so small quarterly changes in shares frequently result in a cost basis of zero.

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Disclosed Equity Positions (from 13F/NPORT Filings)
File
Date		 Effective
Date		Form Security Class ID Avg Price
Paid (Est)		 Reported
Shares		 ΔShares ΔShares
(%)		 Reported
Value
(x1000)		 ΔValue
(%)		 Alloc
(%)		 ΔAlloc ΔAlloc (%) Cost Basis
(x1000)		 Unrealized
Gain/Loss
(x1000)
2026-05-15 2026-03-31 13F SPROTT ASSET MANAGEMENT PHYSICAL GOLD AN 85208R101 4,054,540 -1,572,498 -27.95 193,483 -24.92 0.0117
2026-05-27 2025-12-31 13F/A-1 SPROTT ASSET MANAGEMENT PHYSICAL GOLD AN 85208R101 5,627,038 499,996 9.75 257,718 37.00 0.0154
2026-02-13 2025-12-31 13F SPROTT ASSET MANAGEMENT PHYSICAL GOLD AN 85208R101 5,627,038 499,996 257,718 0.0154
2026-05-27 2025-09-30 13F/A-1 SPROTT ASSET MANAGEMENT PHYSICAL GOLD AN 85208R101 5,127,042 1,120,453 27.97 188,111 55.98 0.0114
2025-11-14 2025-09-30 13F SPROTT ASSET MANAGEMENT PHYSICAL GOLD AN 85208R101 5,127,042 1,120,453 188,111 0.0114
2025-08-15 2025-06-30 13F SPROTT PHYSICAL GOLD & SILVE TR UNIT 85208R101 4,006,589 872,093 27.82 120,598 35.43 0.0079
2025-05-15 2025-03-31 13F SPROTT PHYSICAL GOLD & SILVE TR UNIT 85208R101 3,134,496 189,032 6.42 89,051 27.24 0.0064
2025-05-15 2024-12-31 13F/A-1 SPROTT PHYSICAL GOLD & SILVE TR UNIT 85208R101 2,945,464 91,738 3.21 69,984 0.14 0.0049
2025-02-14 2024-12-31 13F SPROTT PHYSICAL GOLD & SILVE TR UNIT 85208R101 2,945,464 91,738 69,984 0.0049
2025-05-14 2024-09-30 13F/A-2 SPROTT PHYSICAL GOLD & SILVE TR UNIT 85208R101 2,853,726 -687,526 -19.41 69,888 -10.50 0.0051
2025-02-14 2024-09-30 13F/A-1 SPROTT PHYSICAL GOLD & SILVE TR UNIT 85208R101 2,853,726 -687,526 69,888 0.0051
2024-11-14 2024-09-30 13F SPROTT PHYSICAL GOLD & SILVE TR UNIT 85208R101 2,853,726 -687,526 69,888 0.0006
2025-05-14 2024-06-30 13F/A-2 SPROTT PHYSICAL GOLD & SILVE TR UNIT 85208R101 3,541,252 79,822 2.31 78,085 10.91 0.0060
2024-10-17 2024-06-30 13F/A-1 SPROTT PHYSICAL GOLD & SILVE TR UNIT 85208R101 3,541,252 79,822 78,085 0.0060
2024-08-14 2024-06-30 13F SPROTT PHYSICAL GOLD & SILVE TR UNIT 85208R101 3,541,252 79,822 78,085 0.0060
2024-10-17 2024-03-31 13F/A-2 SPROTT PHYSICAL GOLD & SILVE TR UNIT 85208R101 3,461,430 673,049 24.14 70,405 31.85 0.0056
2024-08-16 2024-03-31 13F/A-1 SPROTT PHYSICAL GOLD & SILVE TR UNIT 85208R101 3,461,430 673,049 70,405 0.0007
2024-05-15 2024-03-31 13F SPROTT PHYSICAL GOLD & SILVE TR UNIT 85208R101 3,461,430 673,049 70,405 0.0056
2024-08-16 2023-12-31 13F/A-1 SPROTT PHYSICAL GOLD & SILVE TR UNIT 85208R101 2,788,381 235,599 9.23 53,398 20.77 0.0047
2024-02-13 2023-12-31 13F SPROTT PHYSICAL GOLD & SILVE TR UNIT 85208R101 2,788,381 235,599 53,398 0.0047
2023-11-15 2023-09-30 13F SPROTT PHYSICAL GOLD & SILVE TR UNIT 85208R101 2,552,782 32,687 1.30 44,214 -2.64 0.0045
2023-08-14 2023-06-30 13F SPROTT PHYSICAL GOLD & SILVE TR UNIT 85208R101 2,520,095 121,079 5.05 45,412 0.10 0.0045
2023-05-15 2023-03-31 13F SPROTT PHYSICAL GOLD & SILVE TR UNIT 85208R101 2,399,016 -98,496 -3.94 45,365 1.31 0.0049
2023-02-14 2022-12-31 13F SPROTT PHYSICAL GOLD & SILVE TR UNIT 85208R101 2,497,512 388,071 18.40 44,780 36.34 0.0051
2022-11-14 2022-09-30 13F SPROTT PHYSICAL GOLD & SILVE TR UNIT 85208R101 2,109,441 -184,926 -8.06 32,844 -14.89 0.0045
2022-10-27 2022-06-30 13F/A-1 SPROTT PHYSICAL GOLD & SILVE TR UNIT 85208R101 2,294,367 290,845 14.52 38,591 -0.61 0.0050
2022-08-15 2022-06-30 13F SPROTT PHYSICAL GOLD & SILVE TR UNIT 85208R101 2,294,367 290,845 38,591 0.0010
2022-10-27 2022-03-31 13F/A-1 SPROTT PHYSICAL GOLD & SILVE TR UNIT 85208R101 2,003,522 -1,015,516 -33.64 38,829 -27.50 0.0052
2022-05-13 2022-03-31 13F SPROTT PHYSICAL GOLD & SILVE TR UNIT 85208R101 2,003,522 -1,015,516 38,829 0.0052
2022-02-14 2021-12-31 13F SPROTT PHYSICAL GOLD & SILVE TR UNIT 85208R101 3,019,038 1,376,521 83.81 53,558 90.35 0.0066
2021-11-15 2021-09-30 13F SPROTT PHYSICAL GOLD & SILVE TR UNIT 85208R101 1,642,517 -17,103 -1.03 28,136 -9.24 0.0038
2021-08-23 2021-06-30 13F/A-1 SPROTT PHYSICAL GOLD & SILVE TR UNIT 85208R101 1,659,620 71,740 4.52 31,002 12.40 0.0041
2021-08-16 2021-06-30 13F SPROTT PHYSICAL GOLD & SILVE TR UNIT 85208R101 1,659,620 71,740 31,002 0.0009
2021-05-17 2021-03-31 13F SPROTT PHYSICAL GOLD & SILVE TR UNIT 85208R101 1,587,880 160,639 11.26 27,582 -0.13 0.0041
2021-02-16 2020-12-31 13F SPROTT PHYSICAL GOLD & SILVE TR UNIT 85208R101 1,427,241 129,744 10.00 27,617 16.06 0.0043
2020-11-13 2020-09-30 13F SPROTT PHYSICAL GOLD & SILVE TR UNIT 85208R101 1,297,497 71,152 5.80 23,796 14.82 0.0046
2020-08-14 2020-06-30 13F SPROTT PHYSICAL GOLD & SILVE TR UNIT 85208R101 1,226,345 69,375 6.00 20,725 22.52 0.0046
2020-05-26 2020-03-31 13F/A-1 SPROTT PHYSICAL GOLD & SILVE TR UNIT 85208R101 1,156,970 41,916 3.76 16,915 3.47 0.0046
2020-05-15 2020-03-31 13F SPROTT PHYSICAL GOLD & SILVE TR UNIT 85208R101 1,156,970 41,916 16,915 1,299.4246
2020-02-14 2019-12-31 13F SPROTT PHYSICAL GOLD & SILVE TR UNIT 85208R101 1,115,054 39,253 3.65 16,347 7.24 0.0038
2019-11-14 2019-09-30 13F SPROTT PHYSICAL GOLD & SILVE TR UNIT 85208R101 1,075,801 -190,564 -15.05 15,244 -9.02 0.0040
2019-08-14 2019-06-30 13F SPROTT PHYSICAL GOLD & SILVE TR UNIT 85208R101 1,266,365 -13,415 -1.05 16,755 5.58 0.0045
2019-05-15 2019-03-31 13F SPROTT PHYSICAL GOLD & SILVE TR UNIT 85208R101 1,279,780 53,945 4.40 15,870 3.24 0.0045
2019-02-14 2018-12-31 13F SPROTT PHYSICAL GOLD & SILVE TR UNIT 85208R101 1,225,835 -1,348,936 -52.39 15,372 -48.88 0.0046
2019-04-23 2018-09-30 13F/A-2 SPROTT PHYSICAL GOLD & SILVE TR UNIT 85208R101 2,574,771 73,797 2.95 30,073 -4.03 0.0075
2018-11-20 2018-09-30 13F/A-1 SPROTT PHYSICAL GOLD & SILVE TR UNIT 85208R101 2,574,771 0 30,073 0.0075
2018-11-14 2018-09-30 13F SPROTT PHYSICAL GOLD & SILVE TR UNIT 85208R101 2,574,771 30,073
2019-04-23 2018-06-30 13F/A-1 SPROTT PHYSICAL GOLD & SILVE TR UNIT 85208R101 2,500,974 -210,669 -7.77 31,337 -12.58 0.0085
2018-08-14 2018-06-30 13F SPROTT PHYSICAL GOLD & SILVE TR UNIT 85208R101 2,500,974 31,337
2019-04-23 2018-03-31 13F/A-1 SPROTT PHYSICAL GOLD & SILVE TR UNIT 85208R101 2,711,643 2,711,643 35,848 0.0099
2018-05-14 2018-03-31 13F SPROTT PHYSICAL GOLD & SILVE TR UNIT 85208R101 2,711,643 35,848 0.0099
Legend
Shares
The total number of shares held by the institution at the end of the reporting period (the effective date). This is provided in the filing.
Value
The total value of the shares as of the effective date. This is provided in the filing.
Avg. Share Price
The weighted average share price of the shares held by the institution. We use FIFO accounting to determine this price
Class
This is the security class as indicated by the filer. There are a variety of values for this field. Common values include "EC" = equity common, "EP" - equity preferred
Allocation (%)
The percent of the institution's portfolio that this position represents. This is provided in NPORT filings. For 13F filings, we calculate it.
Change in Allocation
The change in allocation from the prior reporting period. This is calculated as current allocation - prior allocation.
Change in Allocation (%)
The percent change in allocation from the prior reporting period. This is calculated as (current allocation - prior allocation) / prior allocation.
Cost Basis
The total cost of the shares held. This is calculated as reported shares * avg. share price
Unrealized Gain/Loss
This is the market value of the position as of the effective date minus the cost basis.