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Sprott Physical Platinum and Palladium Trust (the Trust) is a closed-end mutual fund trust. The Trust's investment objective is to seek to provide a convenient and exchange-traded investment alternative for investors interested in holding physical platinum and palladium bullion without the inconvenience that is typical of a direct investment in physical bullion. The Trust invests and intends to continue to invest primarily in long-term holdings of unencumbered, fully allocated, physical platinum and palladium bullion and does not speculate with regard to short-term changes in platinum and palladium prices. The Trust will invest in and hold a minimum of over 90% of the total net assets of the Trust in physical platinum and palladium bullion conforming to the Good Delivery Standards of the London Platinum and Palladium Market (LPPM) plate or ingot form. Sprott Asset Management LP is the manager of the Trust.