Forty4 Asset Management’s Sprott Physical Gold and Silver Trust CEF Stock Holding History

Forty4 Asset Management’s Portfolio CEF Stock Details CEF Fund Activity

Bought

Maintained

Sold

Quarter	Market Value	Status	Shares	Change in Stake	Trade Value	Portfolio Weight	Portfolio Position
2014 Q3	–	Sell	-1,274,393	Closed	-$18.5M	–	1
2014 Q2	$18.5M	Sell	1,274,393 -2,961,391	-70%	-$40.9M	62.69%	1
2014 Q1	$58.3M	Sell	4,235,784 -1,855,345	-30%	-$26.4M	46.64%	1
2013 Q4	$80.7M	Buy	6,091,129 +1,483,622	+32%	+$20.9M	25.76%	1
2013 Q3	$67.7M	Buy	4,607,507 +541,701	+13%	+$8.07M	25.36%	1
2013 Q2	$55.3M	Buy	+4,065,806	New	+$66.3M	19.32%	1

Other funds holding CEF

SAC

Smith Affiliated Capital New York $86.5B AUM 5.91% 1-Year Est. Return

Parallax Volatility Advisers San Francisco, California $38.6B AUM 45.89% 1-Year Est. Return

Allianz Asset Management Munich, Germany $95.4B AUM 38.74% 1-Year Est. Return

Morgan Stanley New York $1.66T AUM 25.57% 1-Year Est. Return

PAMP

Polar Asset Management Partners Toronto, Ontario, Canada $5.01B AUM 35.27% 1-Year Est. Return

BMI Capital New York $49.9M AUM 8.11% 1-Year Est. Return

Millennium Management New York $240B AUM 35.51% 1-Year Est. Return

EPIM

Equinox Partners Investment Management Stamford, Connecticut $245M AUM 225.58% 1-Year Est. Return

Royal Bank of Canada Toronto, Ontario, Canada $570B AUM 27.57% 1-Year Est. Return

T. Rowe Price Associates Baltimore, Maryland $865B AUM 30.76% 1-Year Est. Return

Forty4 Asset Management's CEF Position: Q3 2014 in Review

Forty4 Asset Management sold out of Sprott Physical Gold and Silver Trust (CEF) in Q3 2014, closing a stake of 1,274,393 shares — an estimated $18.5M sold.

Forty4 Asset Management first reported a position in CEF in Q2 2013 and held it in 5 quarters. The position peaked at $80.7M in Q4 2013. 185 funds tracked by Wall St. Rank hold CEF as of Q3 2014.

Forty4 Asset Management reported no remaining Sprott Physical Gold and Silver Trust position as of Q3 2014 after selling out during the quarter.
Forty4 Asset Management sold 1,274,393 Sprott Physical Gold and Silver Trust shares in Q3 2014, an estimated $18.5M.
Forty4 Asset Management first reported a position in Sprott Physical Gold and Silver Trust in Q2 2013 and held it in 5 quarters.
Forty4 Asset Management's Sprott Physical Gold and Silver Trust position peaked at $80.7M in Q4 2013.
185 funds tracked by Wall St. Rank held Sprott Physical Gold and Silver Trust as of Q3 2014.

Based on Forty4 Asset Management's 13F filing for Q3 2014.