6-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16

OF THE SECURITIES EXCHANGE ACT OF 1934

For the month of April 2016

Commission File Number: 001-34928

SPROTT PHYSICAL SILVER TRUST

(Translation of registrant’s name into English)

Suite 2700, South Tower,

Royal Bank Plaza,

200 Bay Street,

Toronto, Ontario,

Canada M5J 2J1

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ☐          Form 40-F ☒

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1) ☐

Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7) ☐

Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 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 6-K submission or other Commission filing on EDGAR.

INFORMATION CONTAINED IN THIS FORM 6-K REPORT

Attached hereto as Exhibit 99.1 is a copy of the Material Change Report filed by Sprott Physical Silver Trust (the “Trust”) with the Canadian Securities Administrators on the SEDAR system on April 22, 2016.

SIGNATURES

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.

SPROTT PHYSICAL SILVER TRUST

(Registrant)

By Sprott Asset Management GP Inc.,

as general partner of

the manager of the Registrant

	By:	/s/ Kirstin H. McTaggart
		Kirstin H. McTaggart
		Corporate Secretary
Dated: April 22, 2016

EX-99.1

Exhibit 99.1

FORM 51-102

F3 MATERIAL CHANGE REPORT

ITEM 1Name and Address of Company

Sprott Physical Silver Trust (the “Trust”)Royal Bank Plaza, South Tower200 Bay Street, Suite 2700 Toronto, Ontario  M5J 2J1

ITEM 2Date of Material Change

April 13, 2016

ITEM 3News Release

A news release disclosing the material change was issued on April 13, 2016 through the facilities of Marketwired.

ITEM 4Summary of Material Change

On April 13, 2016, the Trust announced that it had completed a follow-on offering of 12,300,000 units of the Trust (the “Initial Units”) at US$6.09 per Initial Unit for gross proceeds of US$74,907,000 (the “Offering”).  In addition, the underwriters for the Offering elected to purchase an additional $1,845,000 Units of the Trust in full exercise of their over-allotment option (the “Overallotment Units” and together with the Initial Units, the “Units”).  The Overallotment Units were issued on April 18, 2016.  Including the Overallotment Units, the gross proceeds from the Offering were approximately US$86,143,050, consisting of 14,145,000 Units offered at US$6.09 per Unit.

The Units are listed on the NYSE Arca and the Toronto Stock Exchange under the symbols “PSLV” and “PHS.U”, respectively.

ITEM 5Full Description of Material Change

See the news release issued on April 13, 2016, a copy of which is attached as Schedule “A” to this material change report.

ITEM 6Reliance on subsection 7.1(2) of National Instrument 51-102

Not applicable.

ITEM 7Omitted Information

Not applicable.

ITEM 8Executive Officer

For additional information with respect to the material change referred to herein, the following person may be contacted:

Kirstin H. McTaggartChief Compliance Officer and SecretarySprott Asset Management LP (416) 943-4369

ITEM 9Date of Report

This material change report is dated as of the 22^nd day of April, 2016.

Schedule “A”
(please see attached)

 

Sprott Physical Silver Trust

Announces Completion of its Follow-on Offering of Trust Units

And Exercise of Underwriters’ Overallotment Option

Toronto, Ontario, Canada — April 13, 2016 — Sprott Physical Silver Trust (the “Trust”) (NYSE: PSLV / TSX: PHS.U), a trust created to invest and hold substantially all of its assets in physical silver bullion and managed by Sprott Asset Management LP (the “Manager”), today announced that it has completed its follow-on offering of 12,300,000 units of the Trust (the “Initial Units”) at US$6.09 per Unit for gross proceeds of US$74,907,000 (the “Offering”).  In addition, the underwriters for the Offering have elected to purchase an additional 1,845,000 Units of the Trust in full exercise of their over-allotment option (the “Overallotment Units” and together with the Initial Units, the “Units”).  The Overallotment Units are to be delivered on April 18, 2016.  Including the Overallotment Units, the gross proceeds for the Offering are approximately US$86,143,050, consisting of 14,145,000 Units offered at US$6.09 per Unit.

The Trust will use the net proceeds of the Offering to acquire physical silver bullion in accordance with the Trust’s objective and subject to the Trust’s investment and operating restrictions described in the prospectus related to the Offering. As of April 13, 2016, the Trust has contracted to purchase a total of approximately 4.470 million troy ounces of physical silver bullion. Once the Trust has taken delivery of all the silver bullion, it will publish the serial numbers of all bars held by the Trust on its website.  The net proceeds of the Offering per Unit were greater than 100% of the most recently calculated net asset value per Unit of the Trust prior to, or upon determination of, pricing of the Offering, as required under the trust agreement governing the Trust.

The Units are listed on the NYSE Arca and the Toronto Stock Exchange under the symbols “PSLV” and “PHS.U”, respectively. The Offering was made simultaneously in the United States and Canada by underwriters led by Morgan Stanley and RBC Capital Markets in the United States and RBC Capital Markets and Morgan Stanley in Canada.

This news release does not constitute an offer to sell or a solicitation of an offer to buy the Units, nor shall there be any sale of the Units in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

Investor contact information:

Sprott Physical Silver Trust

(416) 203-2310 or Toll Free: 1 (877) 403-2310

Email: bullion@sprott.com