# EDGAR Filing Document

**Accession Number:** 0000801444
**File Stem:** 0000894189-26-008401
**Filing Date:** 2026-3
**Character Count:** 32650
**Document Hash:** e9713ff5f0c9263483e6306a2a88c961
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-26-008401.hdr.sgml**: 20260325

**ACCESSION NUMBER**: 0000894189-26-008401

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260131

**FILED AS OF DATE**: 20260325

**DATE AS OF CHANGE**: 20260325

**PERIOD START**: 20261031

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** TOCQUEVILLE TRUST
- **CENTRAL INDEX KEY:** 0000801444

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04840
- **FILM NUMBER:** 26793380

**BUSINESS ADDRESS:**
- **STREET 1:** 40 WEST 57TH ST.
- **STREET 2:** 19TH FL
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10019
- **BUSINESS PHONE:** 2126980800

**MAIL ADDRESS:**
- **STREET 1:** 40 WEST 57TH ST.
- **STREET 2:** 19TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10019

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** TOCQUEVILLE FUND
- **DATE OF NAME CHANGE:** 19920107

## Series and Classes Contracts Data

### The Tocqueville Fund (Series ID: S000006346)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000017445 | The Tocqueville Fund | TOCQX           |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **The Tocqueville Fund** | **The Tocqueville Fund** | **The Tocqueville Fund** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **January 31, 2026 (Unaudited)** | **January 31, 2026 (Unaudited)** | **January 31, 2026 (Unaudited)** |
| **COMMON STOCKS - 97.3%** | **Shares** | **Value**  |
| **Capital Goods - 21.2%** | **Capital Goods - 21.2%** | |
| AeroVironment, Inc. <sup>(a)</sup> | 30000 | $8351700 |
| Caterpillar, Inc. | 25000 | 16434000 |
| Crane Co. | 50000 | 9132000 |
| Deere & Co. | 20000 | 10560000 |
| Illinois Tool Works, Inc. | 25000 | 6531500 |
| Parker-Hannifin Corp. | 15000 | 14037600 |
| Rocket Lab Corp. <sup>(a)</sup> | 500000 | 40035000 |
| Vertiv Holdings Co. - Class A | 75000 | 13963500 |
|  |  | 119045300 |
| **Commercial & Professional Services - 4.3%** | **Commercial & Professional Services - 4.3%** |  |
| ABM Industries, Inc. | 120000 | 5524800 |
| Automatic Data Processing, Inc. | 40000 | 9872800 |
| Republic Services, Inc. | 40000 | 8603600 |
|  |  | 24001200 |
| **Consumer Discretionary Distribution & Retail - 4.0%** | **Consumer Discretionary Distribution & Retail - 4.0%** |  |
| Amazon.com, Inc. <sup>(a)</sup> | 70000 | 16751000 |
| Genuine Parts Co. | 40000 | 5559600 |
|  |  | 22310600 |
| **Consumer Services - 1.4%** | **Consumer Services - 1.4%** |  |
| McDonald's Corp. | 25000 | 7875000 |
| Restaurant Brands International LP | 37 | 2486 |
|  |  | 7877486 |
| **Consumer Staples Distribution & Retail - 2.1%** | **Consumer Staples Distribution & Retail - 2.1%** |  |
| Walmart, Inc. | 100000 | 11914000 |
| **Energy - 6.8%** | **Energy - 6.8%** |  |
| Cameco Corp. | 75000 | 9254250 |
| Chevron Corp. | 40000 | 7076000 |
| Diamondback Energy, Inc. | 50000 | 8197500 |
| SLB Ltd. | 115000 | 5563700 |
| Texas Pacific Land Corp. | 22500 | 7838100 |
|  |  | 37929550 |
| **Financial Services - 2.6%** | **Financial Services - 2.6%** |  |
| Apollo Global Management, Inc. | 75000 | 10090500 |
| Goldman Sachs Group, Inc. | 5000 | 4677050 |
|  |  | 14767550 |
| **Food, Beverage & Tobacco - 1.3%** | **Food, Beverage & Tobacco - 1.3%** |  |
| Coca-Cola Co. | 100000 | 7481000 |
| **Health Care Equipment & Services - 2.1%** | **Health Care Equipment & Services - 2.1%** |  |
| Abbott Laboratories | 50000 | 5465000 |
| Cooper Cos., Inc. <sup>(a)</sup> | 75000 | 6103500 |
|  |  | 11568500 |
| **Household & Personal Products - 2.6%** | **Household & Personal Products - 2.6%** |  |
| Colgate-Palmolive Co. | 75000 | 6771750 |
| Procter & Gamble Co. | 50000 | 7588500 |
|  |  | 14360250 |
| **Insurance - 1.0%** | **Insurance - 1.0%** |  |
| Aflac, Inc. | 50000 | 5547500 |
| **Materials - 11.1%** | **Materials - 11.1%** |  |
| Freeport-McMoRan, Inc. | 125000 | 7528750 |
| Newmont Mining Corp. | 200000 | 22470000 |
| Nutrien Ltd. | 100000 | 6889000 |
| Vulcan Materials Co. | 40000 | 12021600 |
| Wheaton Precious Metals Corp. | 100000 | 13187000 |
|  |  | 62096350 |
| **Media & Entertainment - 7.1%** | **Media & Entertainment - 7.1%** |  |
| Alphabet, Inc. - Class A | 100000 | 33800000 |
| Netflix, Inc. <sup>(a)</sup> | 70000 | 5844300 |
|  |  | 39644300 |
| **Pharmaceuticals, Biotechnology & Life Sciences - 3.4%** | **Pharmaceuticals, Biotechnology & Life Sciences - 3.4%** |  |
| AbbVie, Inc. | 25000 | 5575250 |
| Merck & Co., Inc. | 100000 | 11027000 |
| Pfizer, Inc. | 100000 | 2644000 |
|  |  | 19246250 |
| **Semiconductors & Semiconductor Equipment - 13.6%** | **Semiconductors & Semiconductor Equipment - 13.6%** |  |
| Applied Materials, Inc. | 75000 | 24174000 |
| Marvell Technology, Inc. | 150000 | 11838000 |
| NVIDIA Corp. | 150000 | 28669500 |
| QUALCOMM, Inc. | 75000 | 11369250 |
|  |  | 76050750 |
| **Software & Services - 7.4%** | **Software & Services - 7.4%** |  |
| Microsoft Corp. | 45000 | 19363050 |
| ServiceNow, Inc. <sup>(a)</sup> | 75000 | 8775750 |
| Shopify, Inc. - Class A <sup>(a)</sup> | 100000 | 13123000 |
|  |  | 41261800 |
| **Technology Hardware & Equipment - 1.8%** | **Technology Hardware & Equipment - 1.8%** |  |
| Apple, Inc. | 40000 | 10379200 |
| **Telecommunication Services - 0.8%** | **Telecommunication Services - 0.8%** |  |
| Verizon Communications, Inc. | 100000 | 4452000 |
| **Utilities - 2.7%** | **Utilities - 2.7%** |  |
| NextEra Energy, Inc. | 175000 | 15382500 |
| **TOTAL COMMON STOCKS** (Cost $173,900,928) | **TOTAL COMMON STOCKS** (Cost $173,900,928) | 545316086 |
| **REAL ESTATE INVESTMENT TRUSTS - 1.0%** | **Shares** | **Value**  |
| Weyerhaeuser Co. | 200000 | 5156000 |
| **TOTAL REAL ESTATE INVESTMENT TRUSTS** (Cost $4,077,818) | **TOTAL REAL ESTATE INVESTMENT TRUSTS** (Cost $4,077,818) | 5156000 |
| **PRIVATE INVESTMENTS - 0.6%** | **Shares** | **Value**  |
| Autopilot Horizon IX LLC <sup>(a)(b)</sup> | 18502 | 500000 |
| Cavalier Premier Access Fund II, LP <sup>(a)(b)</sup> | 10000 | 1010000 |
| Marlinspike JetZero Private Stock 1, LP <sup>(a)(b)</sup> | 10000 | 1022500 |
| SpaceCo Holdings, LLC <sup>(a)(b)</sup> | 10000 | 1020000 |
| **TOTAL PRIVATE INVESTMENTS** (Cost $3,552,500) | **TOTAL PRIVATE INVESTMENTS** (Cost $3,552,500) | 3552500 |
| **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** |
| **MONEY MARKET FUNDS - 1.2%** | **Shares** | **Value**  |
| First American Treasury Obligations Fund - Class X, 3.59% <sup>(c)</sup> | 6871255 | 6871255 |
| **TOTAL MONEY MARKET FUNDS** (Cost $6,871,255) | **TOTAL MONEY MARKET FUNDS** (Cost $6,871,255) | 6871255 |
| **TOTAL INVESTMENTS - 100.1% (**Cost $188,402,501**)** | **TOTAL INVESTMENTS - 100.1% (**Cost $188,402,501**)** | 560895841 |
| Liabilities in Excess of Other Assets - (0.1)% | Liabilities in Excess of Other Assets - (0.1)% | (297383) |
| **TOTAL NET ASSETS - 100.0%** |  | $560598458 |
| Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. |  |
| The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. | The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. | The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. |

---

LLC - Limited Liability Company <br> LP - Limited Partnership

(a) Non-income producing security.

(b) Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented
 $3,552,500 or 0.6% of net assets as of January 31, 2026.

(c) The rate shown represents the 7-day annualized yield as of January 31, 2026.

------

#### Summary of Fair Value Disclosure as of January 31, 2026 (Unaudited)
The Tocqueville Fund (the "Fund") has adopted fair value accounting standards which establish a 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, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or valuation methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.

Level 2 - Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund's own assumptions about the assumptions a market participant would use in valuing the asset or liability, and based on the best information available.

The following is a summary of the fair valuation hierarchy of the Fund's securities as of January 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| <u>Investments:</u> |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | $545316086 | $– | $– | $545316086 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Real Estate Investment Trusts | 5156000 | – | – | 5156000 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Private Investments | – | – | 3552500 | 3552500 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 6871255 | – | – | 6871255 |
| Total Investments | $557343341 | $– | $3552500 | $560895841 |
| Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. |

---

---

| | |
|:---|:---|
| **Fair Value Measurement Using Significant Unobservable Inputs** | **<u>Level 3</u>** |
| Beginning balance as of October 31, 2025 | $2530000 |
| Transfers into Level 3 | 1022500 |
| Ending balance as of January 31, 2026 | $3552500 |
|  | $0 |
| Change in unrealized appreciation/depreciation still held as of January 31, 2026 | $0 |
|  | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **<u>Description</u>** | **<u>Fair Value as of</u>**<br>  **<u>January 31, 2026</u>** | **<u>Valuation Technique</u>** | **<u>Unobservable Inputs</u>** | **<u>Input Values</u>**<br> <u>(Ranges)</u> |
| Private Investments | $3552500 | 0 | 0 | $– |
|  | $**3552500** |  |  | $– |

---

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** The Tocqueville Trust

- **b. Investment Company Act file number:** 811-04840

- **c. CIK number of Registrant:** 0000801444

- **d. LEI of Registrant:** 549300CH4ZKXILYSCO32

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 40 W. 57th Street

  - **City:** New York

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10019

  - **Telephone number:** 212-698-0800

**Item A.2. Information about the Series.**

- **a. Name of Series:** The Tocqueville Fund

- **b. EDGAR series identifier (if any):** S000006346

- **c. LEI of Series:** 549300FEEY3HKOLCHF69

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-10-31

- **b. Date as of which information is reported:** 2026-01-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $561820502.66

**Total Liabilities:** $1194722.53

**Net Assets:** $560625780.13

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000017445 | -2.20%               | 3.18%                | 5.21%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $1407158.80              | $-13516086.97                              |
| Month 2  | $6189649.07              | $10589215.13                               |
| Month 3  | $5168536.08              | $22895093.29                               |

**Designated Index Information**

- **Index Name:** N/A

- **Index Identifier:** N/A

### Schedule of Portfolio Investments

| Name                                    | Title                                    | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Republic Services Inc                   | Republic Services Inc                    | CUSIP: 760759100<br>LEI: NKNQHM6BLECKVOQP7O46 | Long             | EC               | CORP              | US        |     40000 | NS      | $8603600.00   | 1.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc                            | Alphabet Inc                             | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |    100000 | NS      | $33800000.00  | 6.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Abbott Laboratories                     | Abbott Laboratories                      | CUSIP: 002824100<br>LEI: HQD377W2YR662HK5JX27 | Long             | EC               | CORP              | US        |     50000 | NS      | $5465000.00   | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Amazon.com Inc                          | Amazon.com Inc                           | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |     70000 | NS      | $16751000.00  | 2.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Apple Inc                               | Apple Inc                                | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |     40000 | NS      | $10379200.00  | 1.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Cameco Corp                             | Cameco Corp                              | CUSIP: 13321L108<br>LEI: N4BHALMXL3GMZKCUON55 | Long             | EC               | CORP              | CA        |     75000 | NS      | $9254250.00   | 1.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Chevron Corp                            | Chevron Corp                             | CUSIP: 166764100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     40000 | NS      | $7076000.00   | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Colgate-Palmolive Co                    | Colgate-Palmolive Co                     | CUSIP: 194162103<br>LEI: YMEGZFW4SBUSS5BQXF88 | Long             | EC               | CORP              | US        |     75000 | NS      | $6771750.00   | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| First American Treasury Obliga          | First American Treasury Obligations Fund | CUSIP: 31846V328<br>LEI: 549300UU586IAH2B8H03 | Long             | STIV             | RF                | US        |   7299618 | NS      | $7299617.77   | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Genuine Parts Co                        | Genuine Parts Co                         | CUSIP: 372460105<br>LEI: 549300D46DQVEU651W04 | Long             | EC               | CORP              | US        |     40000 | NS      | $5559600.00   | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs Group Inc/The             | Goldman Sachs Group Inc/The              | CUSIP: 38141G104<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | EC               | CORP              | US        |      5000 | NS      | $4677050.00   | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Nutrien Ltd                             | Nutrien Ltd                              | CUSIP: 67077M108<br>LEI: 5493002QQ7GD21OWF963 | Long             | EC               | CORP              | CA        |    100000 | NS      | $6889000.00   | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Parker-Hannifin Corp                    | Parker-Hannifin Corp                     | CUSIP: 701094104<br>LEI: 5493002CONDB4N2HKI23 | Long             | EC               | CORP              | US        |     15000 | NS      | $14037600.00  | 2.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Rocket Lab Corp                         | Rocket Lab Corp                          | CUSIP: 773121108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    500000 | NS      | $40035000.00  | 7.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Texas Pacific Land Corp                 | Texas Pacific Land Corp                  | CUSIP: 88262P102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     22500 | NS      | $7838100.00   | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| MARLINSPIKE JETZERO PRIVATE STOCK I, LP | MARLINSPIKE JETZERO PRIVATE STOCK I, LP  | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |     10000 | NS      | $1022500.00   | 0.18%             |  |  |  | No            |                  3 | On Loan: No      |
| Wheaton Precious Metals Corp            | Wheaton Precious Metals Corp             | CUSIP: 962879102<br>LEI: 549300XSFG5ZCGVYD886 | Long             | EC               | CORP              | CA        |    100000 | NS      | $13187000.00  | 2.35%             |  |  |  | No            |                  1 | On Loan: No      |
| SpaceCo Holdings, LLC                   | SpaceCo Holdings, LLC                    | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |     10000 | NS      | $1020000.00   | 0.18%             |  |  |  | No            |                  3 | On Loan: No      |
| Autopilot Horizon IX LLC                | Autopilot Horizon IX LLC                 | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |     18502 | NS      | $500000.00    | 0.09%             |  |  |  | No            |                  3 | On Loan: No      |
| Aflac Inc                               | Aflac Inc                                | CUSIP: 001055102<br>LEI: 549300N0B7DOGLXWPP39 | Long             | EC               | CORP              | US        |     50000 | NS      | $5547500.00   | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Deere & Co                              | Deere & Co                               | CUSIP: 244199105<br>LEI: PWFTNG3EI0Y73OXWDH08 | Long             | EC               | CORP              | US        |     20000 | NS      | $10560000.00  | 1.88%             |  |  |  | No            |                  1 | On Loan: No      |
| McDonald's Corp                         | McDonald's Corp                          | CUSIP: 580135101<br>LEI: UE2136O97NLB5BYP9H04 | Long             | EC               | CORP              | US        |     25000 | NS      | $7875000.00   | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Restaurant Brands Internationa          | Restaurant Brands International LP       | CUSIP: 76090H103<br>LEI: 529900LKDWGO1K6OAN16 | Long             | EC               | CORP              | CA        |        37 | NS      | $2486.32      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| ABM Industries Inc                      | ABM Industries Inc                       | CUSIP: 000957100<br>LEI: QF02R89VEIOROM77J447 | Long             | EC               | CORP              | US        |    120000 | NS      | $5524800.00   | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| AeroVironment Inc                       | AeroVironment Inc                        | CUSIP: 008073108<br>LEI: 529900PGHVI29YLZ6221 | Long             | EC               | CORP              | US        |     30000 | NS      | $8351700.00   | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Illinois Tool Works Inc                 | Illinois Tool Works Inc                  | CUSIP: 452308109<br>LEI: 76NA4I14SZCFAYMNSV04 | Long             | EC               | CORP              | US        |     25000 | NS      | $6531500.00   | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Newmont Corp                            | Newmont Corp                             | CUSIP: 651639106<br>LEI: 549300VSP3RIX7FGDZ51 | Long             | EC               | CORP              | US        |    200000 | NS      | $22470000.00  | 4.01%             |  |  |  | No            |                  1 | On Loan: No      |
| NextEra Energy Inc                      | NextEra Energy Inc                       | CUSIP: 65339F101<br>LEI: 254900RHL9MEUS5NKX63 | Long             | EC               | CORP              | US        |    175000 | NS      | $15382500.00  | 2.74%             |  |  |  | No            |                  1 | On Loan: No      |
| QUALCOMM Inc                            | QUALCOMM Inc                             | CUSIP: 747525103<br>LEI: H1J8DDZKZP6H7RWC0H53 | Long             | EC               | CORP              | US        |     75000 | NS      | $11369250.00  | 2.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Cooper Cos Inc/The                      | Cooper Cos Inc/The                       | CUSIP: 216648501<br>LEI: QJKMVPIGLH7530PCUE20 | Long             | EC               | CORP              | US        |     75000 | NS      | $6103500.00   | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Freeport-McMoRan Inc                    | Freeport-McMoRan Inc                     | CUSIP: 35671D857<br>LEI: 549300IRDTHJQ1PVET45 | Long             | EC               | CORP              | US        |    125000 | NS      | $7528750.00   | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp                          | Microsoft Corp                           | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |     45000 | NS      | $19363050.00  | 3.45%             |  |  |  | No            |                  1 | On Loan: No      |
| NVIDIA Corp                             | NVIDIA Corp                              | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |    150000 | NS      | $28669500.00  | 5.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Procter & Gamble Co/The                 | Procter & Gamble Co/The                  | CUSIP: 742718109<br>LEI: 2572IBTT8CCZW6AU4141 | Long             | EC               | CORP              | US        |     50000 | NS      | $7588500.00   | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| SLB Ltd                                 | SLB Ltd                                  | CUSIP: 806857108<br>LEI: 213800ZUA17OK3QLGM62 | Long             | EC               | CORP              | US        |    115000 | NS      | $5563700.00   | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Verizon Communications Inc              | Verizon Communications Inc               | CUSIP: 92343V104<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | EC               | CORP              | US        |    100000 | NS      | $4452000.00   | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Vulcan Materials Co                     | Vulcan Materials Co                      | CUSIP: 929160109<br>LEI: 549300Q8LSNHAVWBNI21 | Long             | EC               | CORP              | US        |     40000 | NS      | $12021600.00  | 2.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Walmart Inc                             | Walmart Inc                              | CUSIP: 931142103<br>LEI: Y87794H0US1R65VBXU25 | Long             | EC               | CORP              | US        |    100000 | NS      | $11914000.00  | 2.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Coca-Cola Co/The                        | Coca-Cola Co/The                         | CUSIP: 191216100<br>LEI: UWJKFUJFZ02DKWI3RY53 | Long             | EC               | CORP              | US        |    100000 | NS      | $7481000.00   | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Crane Co                                | Crane Co                                 | CUSIP: 224408104<br>LEI: 5493000CQRQOTHUODL75 | Long             | EC               | CORP              | US        |     50000 | NS      | $9132000.00   | 1.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Marvell Technology Inc                  | Marvell Technology Inc                   | CUSIP: 573874104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    150000 | NS      | $11838000.00  | 2.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Shopify Inc                             | Shopify Inc                              | CUSIP: 82509L107<br>LEI: 549300HGQ43STJLLP808 | Long             | EC               | CORP              | CA        |    100000 | NS      | $13123000.00  | 2.34%             |  |  |  | No            |                  1 | On Loan: No      |
| AbbVie Inc                              | AbbVie Inc                               | CUSIP: 00287Y109<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | EC               | CORP              | US        |     25000 | NS      | $5575250.00   | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Apollo Global Management Inc            | Apollo Global Management Inc             | CUSIP: 03769M106<br>LEI: 254900LMFT1CY9IYB476 | Long             | EC               | CORP              | US        |     75000 | NS      | $10090500.00  | 1.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Applied Materials Inc                   | Applied Materials Inc                    | CUSIP: 038222105<br>LEI: 41BNNE1AFPNAZELZ6K07 | Long             | EC               | CORP              | US        |     75000 | NS      | $24174000.00  | 4.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Automatic Data Processing Inc           | Automatic Data Processing Inc            | CUSIP: 053015103<br>LEI: HGBOLILQXWER4SAL2I23 | Long             | EC               | CORP              | US        |     40000 | NS      | $9872800.00   | 1.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Diamondback Energy Inc                  | Diamondback Energy Inc                   | CUSIP: 25278X109<br>LEI: 549300R22LSX6OHWEN64 | Long             | EC               | CORP              | US        |     50000 | NS      | $8197500.00   | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Cavalier Premier Access Fund II, L.P.   | Cavalier Premier Access Fund II, L.P.    | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |     10000 | NS      | $1010000.00   | 0.18%             |  |  |  | No            |                  3 | On Loan: No      |
| Caterpillar Inc                         | Caterpillar Inc                          | CUSIP: 149123101<br>LEI: WRJR7GS4GTRECRRTVX92 | Long             | EC               | CORP              | US        |     25000 | NS      | $16434000.00  | 2.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Merck & Co Inc                          | Merck & Co Inc                           | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |    100000 | NS      | $11027000.00  | 1.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Netflix Inc                             | Netflix Inc                              | CUSIP: 64110L106<br>LEI: 549300Y7VHGU0I7CE873 | Long             | EC               | CORP              | US        |     70000 | NS      | $5844300.00   | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Pfizer Inc                              | Pfizer Inc                               | CUSIP: 717081103<br>LEI: 765LHXWGK1KXCLTFYQ30 | Long             | EC               | CORP              | US        |    100000 | NS      | $2644000.00   | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| ServiceNow Inc                          | ServiceNow Inc                           | CUSIP: 81762P102<br>LEI: 549300HJTQM36M0E1G39 | Long             | EC               | CORP              | US        |     75000 | NS      | $8775750.00   | 1.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Vertiv Holdings Co                      | Vertiv Holdings Co                       | CUSIP: 92537N108<br>LEI: 549300KTTIRAOGXCRV69 | Long             | EC               | CORP              | US        |     75000 | NS      | $13963500.00  | 2.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Weyerhaeuser Co                         | Weyerhaeuser Co                          | CUSIP: 962166104<br>LEI: 08IRJODWFYBI7QWRGS31 | Long             | EC               | CORP              | US        |    200000 | NS      | $5156000.00   | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-03-23

**Name of Applicant:** The Tocqueville Trust

**Signature:** /s/Cleo Kotis

**Name of Signer:** Cleo Kotis

**Title:** Secretary of the Trust