NPORT-EX 2 partf.htm

Sprott Gold Equity Fund
            
Schedule of Investments as of March 31, 2021 (Unaudited)
            
             
   
Shares
    
Value
  
Common Stocks - 85.8%
            
Gold Related Securities - 73.6%
            
Australia - 4.0%
            
Bellevue Gold Ltd.(a)
    
6,023,000
    
$
3,568,318
  
Northern Star Resources Ltd.
    
2,964,500
      
21,345,967
  
West African Resources Ltd.(a)(b)
    
27,400,000
      
15,920,916
  
             
40,835,201
  
Canada - 61.1%
                
Agnico Eagle Mines Ltd.
    
303,186
      
17,527,225
  
Alamos Gold, Inc. - Class A
    
3,799,600
      
29,674,876
  
B2Gold Corp.
    
5,232,100
      
22,550,351
  
Barrick Gold Corp.
    
1,421,200
      
28,139,760
  
Baru Gold Corp.(a)(b)
    
13,290,993
      
1,322,013
  
Corvus Gold, Inc.(a)(b)(d)
    
3,226,901
      
5,776,153
  
Corvus Gold, Inc.(a)(b)(e)
    
1,739,130
      
3,099,905
  
Corvus Gold, Inc.(a)(b)(c)(d)
    
6,954,100
      
12,395,308
  
Corvus Gold, Inc.(a)(b)(c)(e)
    
9,500,000
      
16,933,238
  
Equinox Gold Corp.(a)
    
100,000
      
797,326
  
Falco Resources Ltd.(a)(b)
    
16,222,300
      
5,808,892
  
Franco-Nevada Corp.
    
87,600
      
10,978,057
  
Gold Standard Ventures Corp.(a)
    
3,000,000
      
1,790,404
  
I-80 Gold Corp.(a)(b)(f) (Originally acquired 3/2/21, Cost $10,960,815)
    
5,320,000
      
11,006,605
  
International Tower Hill Mines Ltd.(a)(b)
    
6,750,222
      
7,222,738
  
International Tower Hill Mines Ltd.(a)(b)
    
1,666,667
      
1,790,404
  
International Tower Hill Mines Ltd.(a)(b)(c)(e)
    
18,664,631
      
20,050,332
  
Jaguar Mining, Inc.(b)
    
7,116,659
      
35,959,882
  
Kinross Gold Corp.(d)
    
4,089,967
      
27,280,080
  
Kirkland Lake Gold Ltd
    
1,007,513
      
34,024,709
  
Maverix Metals, Inc.(c)
    
2,650,000
      
13,917,403
  
Maverix Metals, Inc.(d)
    
1,615,000
      
8,511,050
  
Novagold Resources, Inc.(a)
    
2,030,800
      
17,789,808
  
NuLegacy Gold Corp.(a)(b)
    
37,852,485
      
4,066,273
  
Osisko Development Corp.(a)
    
1,333,400
      
7,745,540
  
Osisko Gold Royalties Ltd.(d)
    
24,340
      
268,227
  
Osisko Gold Royalties Ltd.(c)(d)
    
3,130,127
      
34,471,996
  
Osisko Mining, Inc.(a)(b)(c)
    
15,384,239
      
35,990,819
  
Pan American Silver Corp.
    
1,088,445
      
32,686,003
  
Premier Gold Mines Ltd.(a)(b)
    
12,738,160
      
28,178,631
  
Pretium Resources, Inc.(a)
    
2,923,485
      
30,335,199
  
Rockhaven Resources Ltd.(a)
    
4,631,500
      
515,963
  
Seabridge Gold, Inc.(a)
    
400,000
      
6,468,000
  
Silvercrest Metals, Inc.(a)
    
4,056,600
      
32,860,816
  
SSR Mining, Inc.
    
747,300
      
10,685,908
  
Strategic Metals Ltd.(a)(b)(e)
    
9,886,500
      
3,343,489
  
Torex Gold Resources, Inc.(a)
    
2,433,900
      
30,736,049
  
Trifecta Gold Ltd(a)
    
2,325,199
      
185,024
  
Wesdome Gold Mines Ltd.(a)
    
2,482,700
      
16,476,262
  
Wheaton Precious Metals Corp.
    
586,175
      
22,397,747
  
             
631,758,465
  
Cayman Islands - 2.3%
                
Endeavor Mining Corp.(d)
    
1,197,500
      
24,106,864
  
                 
South Africa - 2.7%
                
Gold Fields Ltd. - ADR(d)
    
2,681,000
      
25,442,690
  
Gold Fields Ltd.
    
200,000
      
1,863,279
  
             
27,305,969
  
United States - 3.5%
                
Contango ORE, Inc.(a)
    
263,200
      
5,264,000
  
Electrum Ltd.(a)(f) (Originally acquired 12/21/07, Cost $13,065,361)
    
2,127,287
      
42,546
  
Newmont Corp.
    
511,990
      
30,857,637
  
             
36,164,183
  
Total Gold Related Securities
            
760,170,682
  
                 
Other Precious Metals Related Securities - 11.5%
                
Canada - 5.6%
                
Bear Creek Mining Corp.(a)(b)
    
6,813,200
      
11,764,657
  
MAG Silver Corp.(a)(b)(e)
    
1,432,665
      
21,569,206
  
MAG Silver Corp.(a)(b)(c)(d)
    
1,581,135
      
23,732,836
  
Nickel Creek Platinum Ltd.(a)(b)
    
14,037,494
      
1,117,012
  
             
58,183,711
  
South Africa - 3.9%
                
Sibanye Stillwater Ltd. - ADR(d)
    
2,250,000
      
40,185,000
  
                 
United Kingdom - 1.0%
                
Hochschild Mining PLC
    
3,818,200
      
10,301,249
  
                 
United States - 1.0%
                
Gatos Silver, Inc.(a)
    
906,416
      
9,036,964
  
Silver Opportunity Partners Corp.(a)(f) (Originally acquired 3/15/11, Cost $4,525,333)
    
243,690
      
1,413,404
  
             
10,450,368
  
Total Other Precious Metals Related Securities
            
119,120,328
  
                 
Other Securities - 0.7%
                
United States - 0.7%
                
Gold Bullion International LLC(a)(b)(f) (Originally acquired 5/12/10, Cost $5,000,000)
    
5,000,000
      
6,900,000
  
I-Pulse, Inc.(a)(f) (Originally acquired 10/9/07, Cost $175,524)
    
74,532
      
596,256
  
Total Other Securities
            
7,496,256
  
Total Common Stocks (Cost $844,160,839)
            
886,787,266
  
                 
Private Fund - 1.2%
                
Tocqueville Bullion Reserve LP (a)(b)(f) (Originally acquired 11/28/11, Cost $13,795,735)
    
7,619
      
12,210,100
  
Total Private Fund (Cost $13,795,735)
            
12,210,100
  
                 
Gold Bullion - 12.6%
                
Gold Bullion(a)
    
76,635
      
130,870,356
  
Total Gold Bullion (Cost $33,121,613)
            
130,870,356
  
                 
Warrants - 0.1%
                
Gold Related Securities - 0.1%
                
Canada - 0.1%
                
Baru Gold Corp.
                
Expiration: 3/8/2022, Exercise Price: CAD $0.50(a)(b)(e)(f) (Originally acquired 3/3/17, Cost $0)
    
3,321,250
      
–
  
Maverix Metals, Inc.
                
Expiration: 12/23/2021, Exercise Price: CAD $2.41(a)(f) (Originally acquired 5/9/19, Cost $0)
    
437,500
      
1,168,651
  
NuLegacy Gold Corp.
                
Expiration: 10/8/2022, Exercise Price: CAD $0.12(a)(b)(f) (Originally acquried 10/7/19, Cost $0)
    
4,648,198
      
123,908
  
Osisko Gold Royalties Ltd.
                
Expiration: 2/18/2022, Exercise Price: CAD $36.50(a)(c)
    
274,000
      
44,696
  
Osisko Mining, Inc.
                
Expiration: 12/23/2021, Exercise Price: CAD $5.25(a)(b)(f) (Originally acquired 6/17/20, Cost $0)
    
932,500
      
18,699
  
Total Gold Related Securities
            
1,355,954
  
Other Precious Metals Related Securities - 0.0%
                
Nickel Creek Platinum Ltd.
                
Expiration: 8/8/2022, Exercise Price: CAD $0.35(a)(b)(f) (Originally acquired 8/4/17, Cost $0)
    
6,189,601
      
493
  
Nickel Creek Platinum Ltd.
                
Expiration: 7/1/2024, Exercise Price: CAD $0.08(a)(b)(f) (Originally acquired 7/1/19, Cost $0)
    
1,658,293
      
49,879
  
Total Other Precious Metals Related Securities
            
50,372
  
Total Warrants (Cost $0)
            
1,406,326
  
                 
Rights - 0.0%
                
 Gold Related Securities- 0.0%
                
Osisko Gold Royalties Ltd.
                
Expiration: 5/25/2022, Exercise Price: CAD $0.67(a)(f)
    
666,700
      
256,080
  
Total Rights (Cost $0)
            
256,080
  
                 
Short -Term Investments - 1.8%
                
Money Market Fund - 0.1%
                
Invesco Treasury Portfolio
                
Institutional Class, 0.010% (g)
    
967,780
      
967,780
  
Investment Purchased with Proceeds from Securities Lending - 1.7%
                
Mount Vernon Liquid Assets, 0.11%
    
17,390,466
      
17,390,466
  
Total Short-Term Investments (Cost $18,358,246)
            
18,358,246
  
                 
Total Investments (Cost $909,436,433) - 101.5%
            
1,049,888,374
  
Liabilities in Excess of Other Assets - (1.5%)
            
(15,750,694
)
Total Net Assets - 100.0%
          
$
1,034,137,680
  

 ADR
  
American Depository Receipt
      
           
(a)
  
Non-income producing security.
      
(b)
  
Affiliated company. See Footnote 2.
      
(c)
  
Denotes an issue that is traded on a foreign exchange when a company is listed more than once.
(d)
  
This security or a partial position of this security is on loan at March 31, 2021. The total market value of securities on loan at March 31, 2021 was $189,774,896.
(e)
  
Denotes a security that is either fully or partially restricted to resale. The value of restricted securities as of March 31, 2021 was $66,786,574, which represented 6.46% of net assets.
(f)
  
Security is fair valued using procedures approved by the Board of Trustees which includes significant unobservable inputs and is deemed a Level 2 or 3 security. See Footnote 2.
The aggregate value of fair valued securities as of March 31, 2021 was $33,786,621, which represented 3.27% of net assets.
(g)
  
Variable rate security. Rate listed is the 7-day effective yield as of March 31, 2021
      

The Accompanying Footnotes are an Integral Part of these Financial Statements.
      

 
2)  Transactions with Affiliates*
                                          
                                                       
The following issuers are affiliated with the Funds; that is, the Adviser had control of 5% or more of the outstanding voting securities during the period from January 1, 2021 through March 31, 2021.  As defined in Section (2)(a)(3) of the Investment Company Act of 1940; such issues are:
                                                       
   
January 1, 2021
  
Additions
  
Reductions
  
March 31, 2021
Interest
  
Dividend
  
Realized
  
Change in Gross Unrealized
  
March 31, 2021
                                                       
Issuer Name
  
Share Balance
  
Cost
  
Share Balance
  
Cost
  
Share Balance
  
Cost
  
Share Balance
  
Income
Income
  
Income
  
Gain/(Loss)
  
Appreciation/(Depreciation)
  
Value
  
Cost
                                                       
Sprott Gold Equity Fund
                                                      
                                                       
Baru Gold Corp. (a)
  
            194,440
  
            3,148,570
          
          (194,440)
  
          (3,148,570)
  
                       -
  
            -
             -
  
                   -
  
                          -
  
                                         (5,864)
  
                           -
  
                           -
Baru Gold Corp. (a)
  
       13,096,553
  
          19,647,429
          
     (13,096,553)
  
        (19,647,429)
  
                       -
  
            -
             -
  
                   -
  
                          -
  
                                 17,949,785
  
                           -
  
                           -
Baru Gold Corp.
  
                       -
  
                           -
  
      13,290,993
  
        22,795,999
          
       13,290,993
        
                   -
  
                          -
  
                                (18,344,756)
  
            1,322,013
  
          22,795,999
Baru Gold Corp. Warrant
  
         3,321,250
  
                           -
                  
         3,321,250
  
            -
             -
  
                   -
  
                          -
  
                                            (261)
  
                           -
  
                           -
Bear Creek Mining Corp.
  
         7,413,200
  
          28,761,181
          
          (600,000)
  
          (2,733,138)
  
         6,813,200
  
            -
             -
  
                   -
  
          (1,726,010)
  
                                  (3,730,908)
  
          11,764,657
  
          26,028,043
Corvus Gold, Inc.
  
         3,226,901
  
            2,212,904
                  
         3,226,901
  
            -
             -
  
                   -
  
                          -
  
                                  (1,903,872)
  
            5,776,153
  
            2,212,904
Corvus Gold, Inc.
  
         9,500,000
  
            7,163,141
                  
         9,500,000
  
            -
             -
  
                   -
  
                          -
  
                                  (5,605,846)
  
          16,933,238
  
            7,163,141
Corvus Gold, Inc.
  
         6,954,100
  
            8,503,013
                  
         6,954,100
  
            -
             -
  
                   -
  
                          -
  
                                  (4,103,538)
  
          12,395,308
  
            8,503,013
Corvus Gold, Inc.
  
         1,739,130
  
            1,561,600
                  
         1,739,130
  
            -
             -
  
                   -
  
                          -
  
                                  (1,026,242)
  
            3,099,905
  
            1,561,600
Falco Resources Ltd.
  
       16,222,300
  
          11,973,054
                  
       16,222,300
  
            -
             -
  
                   -
  
                          -
  
                                      583,703
  
            5,808,892
  
          11,973,054
Gold Bullion International LLC
  
         5,000,000
  
            5,000,000
                  
         5,000,000
  
            -
             -
  
                   -
  
                          -
  
                                                  -
  
            6,900,000
  
            5,000,000
I-80 Gold Corp.
  
                       -
  
                           -
  
        5,320,000
  
        10,960,815
          
         5,320,000
        
                   -
  
                          -
  
                                        45,790
  
          11,006,605
  
          10,960,815
International Tower Hill Mines Ltd.
  
         6,850,222
  
          22,509,061
          
          (100,000)
  
             (125,703)
  
         6,750,222
  
            -
             -
  
                   -
  
                 (3,741)
  
                                  (2,104,866)
  
            7,222,738
  
          22,383,358
International Tower Hill Mines Ltd.
  
       18,664,631
  
          35,619,856
                  
       18,664,631
  
            -
             -
  
                   -
  
                          -
  
                                  (6,049,946)
  
          20,050,332
  
          35,619,856
International Tower Hill Mines Ltd.
  
         1,666,667
  
            8,833,502
                  
         1,666,667
  
            -
             -
  
                   -
  
                          -
  
                                     (540,233)
  
            1,790,404
  
            8,833,502
Jaguar Mining, Inc.
  
         7,647,959
  
            5,832,118
          
          (531,300)
  
          (1,317,819)
  
         7,116,659
  
            -
             -
  
       454,829
  
            2,544,108
  
                                (12,831,480)
  
          35,959,882
  
            4,514,299
MAG Silver Corp.
  
         1,581,135
  
          18,561,846
                  
         1,581,135
  
            -
             -
  
                   -
  
                          -
  
                                  (8,712,054)
  
          23,732,836
  
          18,561,846
MAG Silver Corp.
  
         1,432,665
  
          15,000,003
                  
         1,432,665
  
            -
             -
  
                   -
  
                          -
  
                                  (7,761,652)
  
          21,569,206
  
          15,000,003
Nickel Creek Platinum Ltd. (a)
  
       12,379,201
  
            2,544,342
          
     (12,379,201)
  
          (2,544,342)
  
                       -
  
            -
             -
  
                   -
  
                          -
  
                                   1,085,562
  
                           -
  
                           -
Nickel Creek Platinum Ltd. (a)
  
         1,658,293
  
                 51,762
          
       (1,658,293)
  
               (51,762)
  
                       -
  
            -
             -
  
                   -
  
                          -
  
                                     (143,653)
  
                           -
  
                           -
Nickel Creek Platinum Ltd.
  
                       -
  
                           -
  
      14,037,494
  
          2,596,104
          
       14,037,494
        
                   -
  
                          -
  
                                  (1,479,092)
  
            1,117,012
  
            2,596,104
Nickel Creek Platinum Ltd. Warrant
  
         6,189,601
  
                           -
                  
         6,189,601
  
            -
             -
  
                   -
  
                          -
  
                                       (10,691)
  
                      493
  
                           -
Nickel Creek Platinum Ltd. Warrant
  
         1,658,293
  
                           -
                  
         1,658,293
  
            -
             -
  
                   -
  
                          -
  
                                       (54,472)
  
                 49,879
  
                           -
NuLegacy Gold Corp.
  
       37,852,485
  
            6,682,142
                  
       37,852,485
  
            -
             -
  
                   -
  
                          -
  
                                       (96,935)
  
            4,066,273
  
            6,682,142
NuLegacy Gold Corp. Warrant
  
         4,648,198
  
                           -
                  
         4,648,198
  
            -
             -
  
                   -
  
                          -
  
                                         (5,361)
  
               123,908
  
                           -
Osisko Mining, Inc.
  
       15,384,239
  
          45,113,236
                  
       15,384,239
  
            -
             -
  
                   -
  
                          -
  
                                  (8,727,292)
  
          35,990,819
  
          45,113,236
Osisko Mining, Inc. Warrant
  
            932,500
  
                           -
                  
            932,500
  
            -
             -
  
                   -
  
                          -
  
                                     (105,180)
  
                 18,699
  
                           -
Premier Gold Mines Ltd.
  
       12,738,160
  
          20,409,863
                  
       12,738,160
  
            -
             -
  
                   -
  
                          -
  
                                  (1,943,030)
  
          28,178,630
  
          20,409,863
Silvercrest Metals, Inc (b)
  
         4,756,000
  
          27,338,197
          
          (700,000)
  
          (3,351,640)
  
         4,056,000
  
            -
             -
  
                   -
  
            2,905,854
  
                                (16,813,040)
  
          32,860,816
  
          23,986,557
Strategic Metals Ltd.
  
         9,886,500
  
          14,175,946
                  
         9,886,500
  
            -
             -
  
                   -
  
                          -
  
                                      275,559
  
            3,343,489
  
          14,175,946
Tocqueville Bullion Reserve LP - Class G (c)
                7,619
  
          13,795,735
                  
                7,619
  
            -
             -
  
                   -
  
                          -
  
                                  (1,429,453)
  
          12,210,100
  
          13,795,735
West African Resources Ltd
  
       27,400,000
  
            4,936,439
                  
       27,400,000
  
            -
             -
  
                   -
  
                          -
  
                                  (6,153,712)
  
          15,920,916
  
            4,936,439
       
 $     329,374,940
      
 $     36,352,918
      
 $     (32,920,403)
      
 $         -
 $          -
  
 $    454,829
  
 $         3,720,211
  
 $                             (89,743,030)
  
 $     319,213,203
  
 $     332,807,455
                           
                       -
                          

* All affiliates listed are neither majority-owned subsidiaries or other controlled companies
                                    
(a) Private security restrictions lifted during period and combined with other non restricted securities.
                              
(b) Security is no longer an affiliated company at March 31, 2021.
                                      
(c) Tocqueville Bullion Reserve ("TBR") is a Delaware Limited Partnership created for the purpose of owning physical gold. The General Partner of TBR is TERA Management LLC ("Tera"), a Delaware Limited Liability Company, which is equally owned and managed by Tocqueville Partners II LLC ("TP2"), a Delaware
Limited Liability Company, and Eidesis Real Assets LLC ("Eidesis"), a Delaware Limited Liability Company. The sole Non-Managing Member is John Hathaway, co-portfolio manager of the Sprott Gold Equity Fund, who has a 49% participating percentage.

 
1) Fair Value Measurements
            
             
     The Fund has adopted authoritative fair valuation accounting standards which establish an authoritative definition of fair value and set out a hierarchy for measuring fair value.  These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value and a discussion in changes in valuation techniques and related inputs during the year.  These inputs are summarized in the three broad levels listed below.
             
• Level 1 - Quoted prices in active markets for identical securities.
        
• Level 2 - Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
• Level 3 - Significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments).
  
             
     When using the market quotations or closing price provided by the pricing service for equity investments, including common stocks, preferred stocks, foreign issued common stocks, exchange-traded funds, closed end mutual funds and real estate investment trusts, which are traded on an exchange are valued at the last sale price reported by the exchange on which the securities are primarily traded on the day of valuation and when the market is considered active, the security will be classified as a Level 1 security.  When using the mean between the latest bid and ask price, the security will be classified as Level 2.  Gold bullion is valued at the mean of the closing bid and ask prices from the New York Mercantile Exchange and is classified as a Level 2. Gold Bullion is valued using the latest available price on the valuation day, the security is classified as Level 1.
             
     Investment in mutual funds, including money market funds, are generally priced at the ending net asset value (NAV) provided by the service agent of the funds and will be classified as Level 1 securities.
             
     Debt securities, such as corporate bonds, convertible bonds, commercial paper, money market deposit accounts and U.S. government agency issues for which market quotations are not readily available may be valued based on information supplied by independent pricing services using matrix pricing formulas and/or independent broker bid quotations and are classified as Level 2. Warrants and rights for which the underlying security is registered and equities which are subject to a required holding period, but have a comparable public issue, are valued in good faith by the adviser pursuant to procedures established under the general supervision and responsibility of the Funds' Board of Trustees.  These securities will generally be classified as Level 2 securities. If the warrant or right is exchange traded and the official closing price of the exchange is used, these instruments are classified as Level 1 securities.  Options can diverge from the prices of their underlying instruments.  These are valued at the composite last price reported by the exchange on which the options are primarily traded on the day of the valuation and are classified as Level 1.  If there is no composite last price on a given day the mean between the latest bid and ask price will be used.  These contracts are classified as Level 2.
             
     Any securities or other assets for which market quotations are not readily available are valued at fair value as determined in good faith by the Adviser pursuant to procedures established under the general supervision and responsibility of the Funds' Board of Trustees and will be classified as Level 3 securities.  In determining fair value, a Fund will seek to assign a value to the security which it believes represents the amount that the Fund could reasonably expect to receive upon its current sale.  With respect to securities that are actively traded on U.S. exchanges, the Fund expects that market quotations will generally be available and that fair value might be used only in limited circumstances, such as when trading for a security is halted during the trading day.
             
     For securities traded principally on foreign exchanges, the Fund may use fair value pricing if an event occurs after the close of trading of the principal foreign exchange on which a security is traded, but before calculation of a Fund's NAV, which a Fund believes affects the value of the security since its last market quotation.  Such events may involve situations relating to a single issuer (such as news related to the issuer announced after the close of the principal foreign exchange), or situations relating to sectors of the market or the markets in general (such as significant fluctuations in the U.S. or foreign markets or significant changes in exchange rates, natural disasters, armed conflicts, or governmental actions).
 
     In determining whether a significant event has occurred with respect to securities traded principally in foreign markets, the Fund may engage a third party fair value service provider to systematically recommend the adjustment of closing market prices of non-U.S. securities based upon changes in a designated U.S. securities market index occurring from the time of close of the relevant foreign market and the close of the NYSE.  Fair value pricing may also be used to value restricted securities held by the Fund or securities with little or no trading activity for extended periods of time.  Fair value pricing involves judgments that are inherently subjective and inexact and it is not possible to determine with certainty when, and to what extent, an event will affect a market price.  As a result, there can be no assurance that fair value pricing will reflect actual market value and it is possible that the fair value determined for a security may differ materially from the value that could be realized upon the sale of the security.
             
     The following is a summary of the inputs used to value the Funds' investments at March 31, 2021.

Investments in Securities at Value
                        
Sprott Gold Equity Fund*
  
Level 1
    
Level 2
    
Level 3
    
Total
  
Assets
                        
     Common Stocks
                        
      Gold Related
  
$
743,672,507
    
$
5,449,024
    
$
11,049,151
    
$
760,170,682
  
      Other Precious Metals Related
    
117,706,925
      
-
      
1,413,403
      
119,120,328
  
      Other
    
-
      
-
      
7,496,256
      
7,496,256
  
     Total Common Stocks
    
861,379,432
      
5,449,024
      
19,958,810
      
886,787,266
  
     Private Fund **^
    
-
      
-
      
-
      
12,210,100
  
     Gold Bullion
    
130,870,356
      
-
      
-
      
130,870,356
  
     Warrants
                                
      Gold Related
    
-
      
1,355,954
      
-
      
1,355,954
  
      Other Precious Metals Related
    
-
      
50,372
      
-
      
50,372
  
     Total Warrants
    
-
      
1,406,326
      
-
      
1,406,326
  
     Rights*
    
-
      
256,080
      
-
      
256,080
  
     Money Market Fund
    
967,780
      
-
      
-
      
967,780
  
     Securities Lending
    
17,390,466
      
-
      
-
      
17,390,466
  
Total Assets
  
$
1,010,608,034
    
$
7,111,430
    
$
19,958,810
    
$
1,049,888,374
  

*    For a detailed sector breakdown, please see the accompanying Schedules of Investments.
      
** Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The
  
fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the Schedule of Investments.
  
^ The Fund currently invests in a private fund that primarily invests in physical gold and is subject to redemption restrictions. This private fund investment
  
can only be disposed of with notice given 24 hours in advance of redemption. Due to the elapsed time, the investment of the Gold Fund is not subject to any redemption fees going forward.
  
       
Below is a reconciliation that details the activity of securities in Level 3 during the current fiscal period:
      

   
Sprott Gold
Equity Fund
  
Beginning Balance - January 1, 2021
  
$
8,513,563
  
Purchases
    
10,960,815
  
Sales
    
-
  
Realized gains
    
-
  
Realized losses
    
-
  
Change in unrealized appreciation
    
484,432
  
Transfers in/(out) of Level 3
    
-
  
Ending Balance - March 31, 2021
  
$
19,958,810
  
         
As of March 31, 2021 the change in unrealized appreciation on positions still held for securities that were considered Level 3 was $484,432.