# EDGAR Filing Document

**Accession Number:** 0000801444
**File Stem:** 0001133228-25-007083
**Filing Date:** 2025-7
**Character Count:** 69259
**Document Hash:** 6ee9570cd1d0a2168b8a54e8b781cf4e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-25-007083.hdr.sgml**: 20250703

**ACCESSION NUMBER**: 0001133228-25-007083

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 21

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250703

**DATE AS OF CHANGE**: 20250703

**EFFECTIVENESS DATE**: 20250703

**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:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04840
- **FILM NUMBER:** 251105363

**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           |

?xml version='1.0' encoding='ASCII'? 2025-05-07462710_TheTocquevilleFund_TF_TSRSemiAnnual

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number **<u>811-04840</u>**

**<u>The Tocqueville Trust</u>**

(Exact name of registrant as specified in charter)

**<u>The Tocqueville Trust</u>**

<u>**40 W. 57<sup>th</sup> St., 19<sup>th</sup> Floor**</u>

**<u>New York, NY 10019</u>**

(Address of principal executive offices) (Zip code)

**<u>Robert W. Kleinschmidt</u>**

**<u>The Tocqueville Trust</u>**

**<u>40 W. 57<sup>th</sup> St., 19<sup>th</sup> Floor</u>**

**<u>New York, NY 10019</u>**

(Name and address of agent for service)

**<u>(212) 698-0800</u>**

Registrant's telephone number, including area code

Date of fiscal year end: **<u>October 31, 2025</u>**

Date of reporting period: **<u>April 30, 2025</u>**

**<u>Item 1. Reports to Stockholders.</u>**

(a) ---

| | | |
|:---|:---|:---|
| ![image](i202410291434970.jpg) | **The Tocqueville Fund**  | ![image](i202501241854654.jpg) |
| ![image](i202410291434970.jpg) | TOCQX  | ![image](i202501241854654.jpg) |
| ![image](i202410291434970.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](i202501241854654.jpg) |

---

This semi-annual shareholder report contains important information about The Tocqueville Fund (the "Fund") for the period of November 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://www.tocquevillefunds.com/fundinformation. You can also request this information by contacting us at 1-800-697-3863.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| The Tocqueville Fund | $59 | 1.20% |

---

\* Annualized

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $444999734 |
| **Number of Holdings** | 59 |
| **Portfolio Turnover** | 12% |

---

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  NVIDIA Corp.  | 3.7% |
|  Alphabet, Inc. - Class A  | 3.6% |
|  Microsoft Corp.  | 3.6% |
|  Rocket Lab USA, Inc.  | 3.6% |
|  ServiceNow, Inc.  | 3.2% |
|  Amazon.com, Inc.  | 2.9% |
|  Automatic Data Processing, Inc.  | 2.7% |
|  NextEra Energy, Inc.  | 2.6% |
|  QUALCOMM, Inc.  | 2.5% |
|  Applied Materials, Inc.  | 2.4% |

---

**Sector Breakdown** **\*** **(% of net assets)**

![image](ts4292img003.jpg)

\* The Global Industry Classification Standard ("GICS®") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.tocquevillefunds.com/fundinformation.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Tocqueville Asset Management documents not be householded, please contact Tocqueville Asset Management at 800-697-3863, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Tocqueville Asset Management or your financial intermediary.

The Tocqueville Fund PAGE 1 TSR-SAR-888894102

23.723.110.18.87.27.27.04.64.04.3 ------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**<u>Item 2. Code of Ethics.</u>**

**Not applicable for semi-annual reports.**

**<u>Item 3. Audit Committee Financial Expert.</u>**

**Not applicable for semi-annual reports.**

**<u>Item 4. Principal Accountant Fees and Services.</u>**

**Not applicable for semi-annual reports.**

**<u>Item 5. Audit Committee of Listed Registrants.</u>**

Not applicable to the Registrant. The Registrant is not a listed issuer as defined in Rule 10A-3 under the Securities Exchange Act of 1934, as amended.

**<u>Item 6. Investments.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a) Schedule of Investments is included within the financial statements filed under
 Item 7 of this Form.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not Applicable.

**<u>Item 7. Financial Statements and Financial Highlights for Open-End Investment Companies.</u>**

(a) ![](tocqueville_logo.jpg)

**The Tocqueville Trust**

**The Tocqueville Fund** 

Semi-Annual Financial Statements and Additional Information

April 30, 2025 (Unaudited)

------

**TABLE OF CONTENTS** 

---

| | |
|:---|:---|
|  | **Page**  |
| &nbsp;&nbsp;&nbsp; [Schedule of Investments](#tsoi) | [1](#tsoi) |
| &nbsp;&nbsp;&nbsp; [Statement of Assets and Liabilities](#tsal) | [3](#tsal) |
| &nbsp;&nbsp;&nbsp; [Statement of Operations](#tsop) | [4](#tsop) |
| &nbsp;&nbsp;&nbsp; [Statements of Changes in Net Assets](#tscna) | [5](#tscna) |
| &nbsp;&nbsp;&nbsp; [Financial Highlights](#fihi) | [6](#fihi) |
| &nbsp;&nbsp;&nbsp; [Notes to Financial Statements](#tnote) | [7](#tnote) |
| &nbsp;&nbsp;&nbsp; [Additional Information](#additional) | [14](#additional) |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

**The Tocqueville Fund** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 98.2%**<br>|  |  |
| **Capital Goods - 16.5%**<br>|  |  |
| AeroVironment, Inc.<sup>(a)</sup> | 30000 | $4545600  |
| Caterpillar, Inc. | 25000 | 7731750  |
| Crane Co. | 50000 | 8049000  |
| Deere & Co. | 20000 | 9271200  |
| Illinois Tool Works, Inc. | 25000 | 5997750  |
| Mayville Engineering Co., Inc.<sup>(a)</sup> | 500000 | 6390000  |
| Parker-Hannifin Corp. | 15000 | 9075900  |
| Rocket Lab USA, Inc.<sup>(a)</sup> | 725000 | 15797750  |
| Vertiv Holdings Co. - Class A | 75000 | 6403500  |
|  |  | 73262450  |
| **Commercial & Professional Services - 6.0%** | **Commercial & Professional Services - 6.0%** | **Commercial & Professional Services - 6.0%** |
| ABM Industries, Inc. | 100000 | 4874000  |
| Automatic Data Processing, Inc. | 40000 | 12024000  |
| Republic Services, Inc. | 40000 | 10030000  |
|  |  | 26928000  |
| &nbsp;&nbsp;&nbsp; **Consumer Discretionary Distribution &** <br>**Retail - 3.9%** | &nbsp;&nbsp;&nbsp; **Consumer Discretionary Distribution &** <br>**Retail - 3.9%** |  |
| Amazon.com, Inc.<sup>(a)</sup> | 70000 | 12909400  |
| Genuine Parts Co. | 40000 | 4702000  |
|  |  | 17611400  |
| **Consumer Durables & Apparel - 1.5%**<br>|  |  |
| Sony Group Corp. - ADR | 250000 | 6500000  |
| **Consumer Services - 1.8%**<br>|  |  |
| McDonald's Corp. | 25000 | 7991250  |
| Restaurant Brands International LP | 37 | 2470  |
|  |  | 7993720  |
| &nbsp;&nbsp;&nbsp; **Consumer Staples Distribution &** <br>**Retail - 2.2%** | &nbsp;&nbsp;&nbsp; **Consumer Staples Distribution &** <br>**Retail - 2.2%** | &nbsp;&nbsp;&nbsp; **Consumer Staples Distribution &** <br>**Retail - 2.2%** |
| Walmart, Inc. | 100000 | 9725000  |
| **Energy - 7.0%**<br>|  |  |
| Cameco Corp. | 75000 | 3386250  |
| Chevron Corp. | 40000 | 5442400  |
| Diamondback Energy, Inc. | 50000 | 6600500  |
| Occidental Petroleum Corp. | 150000 | 5911500  |
| Texas Pacific Land Corp. | 7500 | 9666525  |
|  |  | 31007175  |
| **Financial Services - 2.8%**<br>|  |  |
| Apollo Global Management, Inc. | 50000 | 6824000  |
| Fiserv, Inc.<sup>(a)</sup> | 10000 | 1845700  |
| Intercontinental Exchange, Inc. | 22500 | 3779325  |
|  |  | 12449025  |
| **Food, Beverage & Tobacco - 1.6%**<br>|  |  |
| Coca-Cola Co. | 100000 | 7255000  |
| **Health Care Equipment & Services - 4.0%** | **Health Care Equipment & Services - 4.0%** | **Health Care Equipment & Services - 4.0%** |
| Abbott Laboratories | 50000 | 6537500  |
| Schrodinger, Inc.<sup>(a)</sup> | 200000 | 5126000  |
| UnitedHealth Group, Inc. | 15000 | 6171600  |
|  |  | 17835100  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Household & Personal Products - 3.4%** | **Household & Personal Products - 3.4%** | **Household & Personal Products - 3.4%** |
| Colgate-Palmolive Co. | 75000 | $6914250  |
| Procter & Gamble Co. | 50000 | 8128500  |
|  |  | 15042750  |
| **Insurance - 1.2%**<br>|  |  |
| Aflac, Inc. | 50000 | 5434000  |
| **Materials - 10.1%**<br>|  |  |
| Air Products and Chemicals, Inc. | 20000 | 5421800  |
| Freeport-McMoRan, Inc. | 125000 | 4503750  |
| Newmont Mining Corp. | 200000 | 10536000  |
| Nutrien Ltd. | 100000 | 5705000  |
| Vulcan Materials Co. | 40000 | 10493200  |
| Wheaton Precious Metals Corp. | 100000 | 8352000  |
|  |  | 45011750  |
| **Media & Entertainment - 3.6%**<br>|  |  |
| Alphabet, Inc. - Class A | 100000 | 15880000  |
|  **Pharmaceuticals, Biotechnology & Life Sciences - 4.8%**<br>|  |  |
| AbbVie, Inc. | 25000 | 4877500  |
| Merck & Co., Inc. | 100000 | 8520000  |
| Pfizer, Inc. | 200000 | 4882000  |
| Regeneron Pharmaceuticals, Inc. | 5000 | 2993800  |
|  |  | 21273300  |
|  **Semiconductors & Semiconductor Equipment - 10.8%**<br>|  |  |
| Applied Materials, Inc. | 70000 | 10549700  |
| Marvell Technology, Inc. | 175000 | 10214750  |
| NVIDIA Corp. | 150000 | 16338000  |
| QUALCOMM, Inc. | 75000 | 11134500  |
|  |  | 48236950  |
| **Software & Services - 10.2%**<br>|  |  |
| Adobe, Inc.<sup>(a)</sup> | 15000 | 5624700  |
| Microsoft Corp. | 40000 | 15810400  |
| ServiceNow, Inc.<sup>(a)</sup> | 15000 | 14325150  |
| Shopify, Inc. - Class A<sup>(a)</sup> | 100000 | 9500000  |
|  |  | 45260250  |
| **Technology Hardware & Equipment - 2.7%** | **Technology Hardware & Equipment - 2.7%** | **Technology Hardware & Equipment - 2.7%** |
| Apple, Inc. | 40000 | 8500000  |
| Crane NXT Co. | 75000 | 3519000  |
|  |  | 12019000  |
| **Telecommunication Services - 1.0%**<br>|  |  |
| Verizon Communications, Inc. | 100000 | 4406000  |
| **Transportation - 0.5%**<br>|  |  |
| Uber Technologies, Inc.<sup>(a)</sup> | 30000 | 2430300  |
| **Utilities - 2.6%**<br>|  |  |
| NextEra Energy, Inc. | 175000 | 11704000  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $202,497,462)**  |  | 437265170 |

---

The accompanying notes are an integral part of these financial statements.

1<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**The Tocqueville Fund** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited) (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| &nbsp;&nbsp;&nbsp; **REAL ESTATE INVESTMENT TRUSTS -** <br>**COMMON - 1.2%** | &nbsp;&nbsp;&nbsp; **REAL ESTATE INVESTMENT TRUSTS -** <br>**COMMON - 1.2%** | &nbsp;&nbsp;&nbsp; **REAL ESTATE INVESTMENT TRUSTS -** <br>**COMMON - 1.2%** |
|  **Equity Real Estate Investment Trusts (REITs) - 1.2%**<br>|  |  |
| Weyerhaeuser Co. | 200000 | $5182000  |
| &nbsp;&nbsp;&nbsp; **TOTAL REAL ESTATE INVESTMENT TRUSTS - COMMON** <br>**(Cost $4,077,818)** |  | 5182000  |
| **SHORT-TERM INVESTMENTS - 0.9%** | **SHORT-TERM INVESTMENTS - 0.9%** | **SHORT-TERM INVESTMENTS - 0.9%** |
| **Money Market Funds - 0.9%**<br>|  |  |
|  Invesco Treasury Portfolio - Class Institutional, 4.23%<sup>(b)</sup> | 4043572 | 4043572  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $4,043,572)** |  | 4043572  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.3%** <br>**(Cost $210,618,852)** |  | $446490742 |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (0.3)% |  | (1491008)  |
| **TOTAL NET ASSETS - 100.0%** |  | $444999734 |

---

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.

ADR - American Depositary Receipt

LP - Limited Partnership

REIT - Real Estate Investment Trust

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> The rate shown represents the 7-day annualized effective yield as of April 30, 2025.

The accompanying notes are an integral part of these financial statements.

2<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**The Tocqueville Fund** 

**Statement of Assets & Liabilities** 

**April 30, 2025 (Unaudited)** 

---

| | |
|:---|:---|
| **Assets:**<br>|  |
| Investments, at value<sup>(1)</sup> | $446490742  |
| Cash | 547000  |
| Receivable for Fund shares purchased | 832  |
| Dividends, interest and other receivables | 437157  |
| Other assets | 21872  |
| &nbsp;&nbsp;&nbsp; **Total Assets** | 447497603  |
| **Liabilities:**<br>|  |
| Payable for loans outstanding | 547000  |
| Payable for Fund shares redeemed | 1293779  |
| Payable to Adviser | 236292  |
| Payable to Administrator | 99462  |
| Payable to Trustees | 24260  |
| Accrued distribution fee | 60215  |
| Accrued expenses and other liabilities | 236861  |
| &nbsp;&nbsp;&nbsp; **Total Liabilities** | 2497869  |
| **Net Assets** | $444999734  |
| **Net assets consist of:**<br>|  |
| Paid in capital | $174326896  |
| Total distributable earnings | 270672838  |
| &nbsp;&nbsp;&nbsp; **Net assets** | $444999734  |
| Shares of beneficial interest outstanding (unlimited shares of $0.01 par value authorized) | 9964797  |
| Net asset value, offering and redemption price per share | $44.66  |
| <sup>(1)</sup> Cost of investments | $210618852 |

---

The accompanying notes are an integral part of these financial statements.

3<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**The Tocqueville Fund** 

**Statement of Operations** 

**For the Period Ended April 30, 2025 (Unaudited)** 

---

| | |
|:---|:---|
| **Investment Income:**<br>|  |
| Dividends\* | $3330957  |
| Interest | 87591  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 3418548  |
| **Expenses:**<br>|  |
| Investment Adviser's fee (See Note 4) | 1803690  |
| Distribution (12b-1) fees (See Note 4) | 601230  |
| Administration fees (See Note 4) | 352311  |
| Legal fees | 71206  |
| Transfer agent and shareholder services fees | 62985  |
| Trustee fees and expenses | 47764  |
| Fund accounting fees | 45288  |
| Other expenses | 39858  |
| Printing and mailing expense | 36911  |
| Custody fees | 24385  |
| Blue sky fees | 17414  |
| Audit fees | 13179  |
| Insurance expense | 7700  |
| Registration fees | 3197  |
| Interest expense | 177  |
| &nbsp;&nbsp;&nbsp; Total expenses before waiver | 3127295  |
| &nbsp;&nbsp;&nbsp; Less: Fees waived (See Note 4) | (241213)  |
| &nbsp;&nbsp;&nbsp; Net expenses | 2886082  |
| **Net investment income** | 532466  |
| **Realized and Unrealized Gain (Loss):**<br>|  |
| Net realized gain on:<br>|  |
| &nbsp;&nbsp;&nbsp; Investments | 34202987  |
| &nbsp;&nbsp;&nbsp; Foreign currency translation | 34525 |
|  | 34237512  |
| Net change in unrealized appreciation (depreciation) on:<br>|  |
| &nbsp;&nbsp;&nbsp; Investments | (39816846)  |
| &nbsp;&nbsp;&nbsp; Foreign currency translation | 13  |
|  | (39816833)  |
| Net loss on investments and foreign currency | (5579321)  |
| **Net DECREASE in Net Assets Resulting from Operations** | $(5046855)  |
| \* Net of foreign taxes withheld of: | $30611 |

---

The accompanying notes are an integral part of these financial statements.

4<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**The Tocqueville Fund** 

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **For the Six -** <br>**Months Ended** <br>**April 30, 2025** <br>(Unaudited) | **For the** <br>**Year Ended** <br>**October 31, 2024**  |
| **Operations:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | $532466 | $1600709  |
| &nbsp;&nbsp;&nbsp; Net realized gain on sale of investments and foreign currency | 34237512 | 40625040  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (39816833) | 85118797  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | (5046855) | 127344546  |
| **TOTAL DIVIDENDS AND DISTRIBUTIONS** | (39733816) | (25690436)  |
| **Fund share transactions:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 5081369 | 7148981  |
| &nbsp;&nbsp;&nbsp; Shares issued to holders in reinvestment of dividends | 38217764 | 24719331  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (40563853) | (59389271)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease)** | 2735280 | (27520959)  |
| **Net increase (decrease) in net assets** | (42045391) | 74133151  |
| **Net Assets:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period | 487045125 | 412911974  |
| &nbsp;&nbsp;&nbsp; End of period | $444999734 | $487045125 |

---

The accompanying notes are an integral part of these financial statements.

5<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**The Tocqueville Fund** 

**Financial Highlights** 

**(For a share outstanding throughout the year)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**April 30, 2025**<br>(Unaudited)  | **Years Ended October 31,**  | **Years Ended October 31,**  | **Years Ended October 31,**  | **Years Ended October 31,**  | **Years Ended October 31,**  |
|  | **Six Months Ended** <br>**April 30, 2025**<br>(Unaudited)  | **2024** | **2023** | **2022** | **2021** | **2020**  |
| **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
| Net asset value, beginning of year | &nbsp;&nbsp;&nbsp;&nbsp; $48.98 | $39.28 | $39.55 | $48.39 | $37.03 | $37.80  |
| **Operations:**<br>|  |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | 0.16 | 0.07 | 0.43 | 0.25 | 0.31  |
| Net realized and unrealized gain | &nbsp;&nbsp;&nbsp;&nbsp; (0.33) | 12.02 | 1.59 | (4.30) | 12.49 | 1.58  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp; (0.28) | 12.18 | 1.66 | (3.87) | 12.74 | 1.89  |
| **Distributions to shareholders:** | **Distributions to shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment <br>income | &nbsp;&nbsp;&nbsp;&nbsp; (0.12) | (0.22) | (0.24) | (0.20) | (0.25) | (0.37)  |
| Distributions from net realized gains | &nbsp;&nbsp;&nbsp;&nbsp; (3.92) | (2.26) | (1.69) | (4.77) | (1.13) | (2.29)  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp; (4.04) | (2.48) | (1.93) | (4.97) | (1.38) | (2.66)  |
| Change in net asset value for the year | &nbsp;&nbsp;&nbsp;&nbsp; (4.32) | 9.70 | (0.27) | (8.84) | 11.36 | (0.77)  |
| **Net asset value, end of year** | &nbsp;&nbsp;&nbsp;&nbsp; $44.66 | $48.98 | $39.28 | $39.55 | $48.39 | $37.03  |
| Total return | &nbsp;&nbsp;&nbsp;&nbsp; 26.5%<sup>(3)</sup> | 32.4% | 4.2% | -9.3% | 35.2% | 5.0%  |
| **Ratios/supplemental data** | **Ratios/supplemental data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp;&nbsp;&nbsp; $445000 | $487045 | $412912 | $258843 | $313739 | $251096  |
| Ratio to average net assets:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses before waiver | &nbsp;&nbsp;&nbsp;&nbsp; 1.30%<sup>(4)</sup> | 1.35% | 1.35% | 1.33% | 1.34% | 1.38%  |
| &nbsp;&nbsp;&nbsp; Expenses after waiver | &nbsp;&nbsp;&nbsp;&nbsp; 1.20%<sup>(4)</sup> | 1.20% | 1.20% | 1.25%<sup>(2)</sup> | 1.25% | 1.25%  |
| &nbsp;&nbsp;&nbsp; Net investment income before waiver | &nbsp;&nbsp;&nbsp;&nbsp; 0.12%<sup>(4)</sup> | 0.19% | 0.37% | 0.91% | 0.46% | 0.69%  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income after <br>waiver | &nbsp;&nbsp;&nbsp;&nbsp; 0.22%<sup>(4)</sup> | 0.34% | 0.52% | 0.99% | 0.55% | 0.82%  |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp; 10%<sup>(3)</sup> | 18% | 22% | 6% | 11% | 9% |

---

<sup>(1)</sup> Net investment income per share is calculated using the ending balance prior to consideration or adjustment for permanent book-to-tax differences.

<sup>(2)</sup> Effective October 1, 2022, the Tocqueville Fund reduced the operating expense limit from 1.25% to 1.20%.

<sup>(3)</sup> Not Annualized.

<sup>(4)</sup> Annualized.

The accompanying notes are an integral part of these financial statements.

6<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**The Tocqueville Trust** 

**Notes to Financial Statements** 

**April 30, 2025 (Unaudited)** 

1. ORGANIZATION

The Tocqueville Trust (the "Trust") is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the "1940 Act"), and organized on September 17, 1986, consisting of one fund, the Tocqueville Fund (the "Fund"). The Fund is an open-end management investment company. The Fund's investment objective is long-term capital appreciation, which it seeks to achieve by investing primarily in securities of United States issuers. Tocqueville Asset Management L.P. is the investment adviser to the Fund ("Tocqueville," or the "Adviser").

On November 18, 2022, the Tocqueville Fund acquired all the net assets of the Tocqueville Opportunity Fund and Tocqueville Phoenix Fund. For more information regarding the reorganization see note 8.

2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of its financial statement. These policies are in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"). The Fund follows accounting and reporting guidance under Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, "Financial Services – Investment Companies."

&nbsp;&nbsp;&nbsp;&nbsp;a) *Security Valuation and Security Transactions.* Investments in securities, including foreign securities,
 traded on an exchange or quoted on the over-the-counter market are valued at the last sale price or, if no sale occurred during the day,
 at the mean between closing bid and ask prices, as last reported by a pricing service approved by the Trustees. Securities that are principally
 traded on the National Association of Securities Dealers Automated Quotation National Market ("NASDAQ") are generally valued
 at the NASDAQ Official Closing Price ("NOCP"). If there is no NASDAQ Official Closing Price for a NASDAQ-listed security or
 sale price available for an over-the-counter security, the mean of the latest bid and asked quotations from NASDAQ will be used. When
 market quotations for securities are not readily available, or when restricted securities or other assets are being valued, such assets
 are valued at fair value as determined in good faith by or under procedures approved by the Trustees. Money market funds are valued at
 net asset value ("NAV"). Fixed income securities, such as corporate bonds, convertible bonds and U.S. government agency issues
 are valued based on evaluated mean prices supplied by independent pricing services using matrix pricing formulas and/or independent broker
 bid quotations.

Trading in securities on foreign securities exchanges normally is completed before the calculation of the Fund's NAV. Trading on these foreign exchanges may not take place on all days on which there is regular trading on the New York Stock Exchange ("NYSE"), or may take place on days on which there is no regular trading on the NYSE. Similarly, the Fund may hold securities traded in domestic markets where the market may close early on a given day prior to calculation of the Fund's NAV. Events affecting the value of such securities held by the Fund that occur between the close of trading in the security and the close of trading on the NYSE normally will not be reflected in the Fund's calculation of the NAV. However, significant events will be closely monitored, and where it is determined that an adjustment should be made to the security's value because significant interim events may materially affect the value of the security, the security will be priced at its fair value in accordance with the procedures approved by the Trustees.

Cash and cash equivalents may exceed federal insurance limits. Money market deposit accounts are considered cash equivalents and reflected at cost.

Investment transactions are recorded on trade date. Dividend income is recognized on the ex-dividend date. Interest income is recognized on an accrual basis and includes, where applicable, the amortization of premiums and accretion of discounts. Net realized gains and losses from sales of securities are determined on the specific identification cost method.

&nbsp;&nbsp;&nbsp;&nbsp;b) *Restricted and Illiquid Securities.* The Fund may invest in securities that are subject to legal or contractual
 restrictions on resale or are illiquid. A security may be considered illiquid if it lacks a readily available market or if its valuation
 has not changed for a certain period of time. Disposal of these securities may involve time consuming negotiations and expense, and a
 prompt sale at the current valuation may be difficult.

7<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**The Tocqueville Trust** 

**Notes to Financial Statements** 

**April 30, 2025 (Unaudited)(Continued)** 

&nbsp;&nbsp;&nbsp;&nbsp;c) *Fair Valuation Measurements.* The Trust has adopted authoritative fair valuation accounting standards
 that 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 of 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 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.

Investment in mutual funds, including money market funds, are generally priced at the ending NAV provided by the service agent of the funds and will be classified as Level 1 securities.

Fixed income securities, such as corporate bonds, convertible bonds, commercial paper, money market deposit accounts and U.S. government agency issues are valued based on evaluated mean prices supplied by independent pricing services using matrix pricing formulas and/or independent broker bid quotations and are classified as Level 2.

Options 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 in accordance with policies and procedures established by the Board of Trustees pursuant to Rule 2a-5 under the 1940 Act and may be classified as Level 3 securities. In determining fair value, the Fund will seek to assign a value to the security that it believes represents the amount 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.

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, as of April 30, 2025, involving the Fund's assets and liabilities carried at fair value. The inputs of methodology used for valuing securities may not be an indication of the risk associated with investing in those securities.

8<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**The Tocqueville Trust** 

**Notes to Financial Statements** 

**April 30, 2025 (Unaudited)(Continued)** 

**The Tocqueville Fund\***

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $437262700 | $2470 | $— | $437265170  |
| &nbsp;&nbsp;&nbsp; Real Estate Investment Trust (REIT) | 5182000 |  |  | 5182000  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 4043572 |  |  | 4043572  |
| **Total Assets** | $446488272 | $2470 | $— | $446490742 |

---

\* For further information regarding portfolio characteristics, please see the accompanying Schedule of Investments.

The Trust's valuation procedures have been adopted by the Trust's Board of Trustees, which has established a Valuation Committee to oversee the valuation process. The Valuation Committee meets on an as needed basis, or at least annually to evaluate changes in the valuation of portfolio securities. The full findings and valuations are then reviewed quarterly by the Independent Trustees. The Board of Trustees has appointed the Adviser as valuation designee pursuant to Rule 2a-5 under the 1940 Act.

During the six-month period ended April 30, 2025, the Fund did not hold any investments with significant unobservable inputs that would be classified as Level 3.

&nbsp;&nbsp;&nbsp;&nbsp;d) *Derivative Instruments and Hedging Activities.* The Adviser may use derivative instruments, such as purchased
 and written options, as a means to manage exposure to different types of risk, including market risk and exchange rate risk, and to gain
 exposure to underlying securities. The Trust has adopted disclosure standards in order to enable the investor to understand how and why
 an entity used derivatives, how derivatives are accounted for, and how derivatives affect an entity's results of operations and
 financial position.

In general, an option contract is an agreement between a buyer and seller that gives the purchaser of the option the right to buy or sell a particular asset at a specified future date at an agreed upon price (commonly knows as the "strike price").

When the Fund purchases an option, an amount equal to the premium paid by the Fund is recorded as an investment and subsequently adjusted to the current value of the option purchased. If an option expires on the stipulated expiration date or if the Fund enters into a closing sale transaction, a gain or loss is realized. If a purchased call or put option is exercised, the cost of the security acquired is increased by the premium paid for the call, or in the case of a put, a gain or loss is realized from the sale of the underlying security, and the proceeds from such sale are decreased by the premium originally paid. Purchased options are non-income producing securities.

When the Fund writes an option, an amount equal to the premium received by the Fund is recorded as a liability and subsequently adjusted to the current value of the option written. Premiums received from writing options that expire unexercised are treated by the Fund on the expiration date as realized gain from written options. The difference between the premium and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is also treated as a realized gain, or if the premium is less than the amount paid for the closing purchase transaction, as a realized loss. If a written call or put option is exercised, the premium is added or subtracted, respectively, from the proceeds or cost basis, respectively, to the related transaction of the underlying security. The Fund, as writers of an option, would bear the market risk of an unfavorable change in the price of the security underlying the written option.

**Derivatives Risk** 

The risks of using the types of derivatives in which the Fund may engage include: the risk that movements in the value of the derivative may not fully offset or complement instruments currently held in the Fund in the manner intended by the Adviser; the risk that the counterparty to a derivative contract may fail to comply with their obligations to the Fund; the risk that the derivative may not possess a liquid secondary market at a time when the Fund would look to disengage the position; the risk that additional capital from the Fund may be called upon to fulfill the conditions of the derivative contract; and the risk that the cost of the derivative

9<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**The Tocqueville Trust** 

**Notes to Financial Statements** 

**April 30, 2025 (Unaudited)(Continued)** 

contracts may reduce the overall returns experienced by the Fund. The measurement of risks associated with these instruments is meaningful only when all related offsetting transactions are considered. The Fund may enter into written call options to hedge against changes in the value of equities. The Fund's option component of the overall investment strategy is often referred to as a "buy-write" strategy (also called a "covered call" strategy), in which the Adviser (as defined below) writes (sells) a call option contract while at the same time owning an equivalent number of shares of the underlying stock to generate moderate current income. The writing of call options is intended to reduce the volatility of the portfolio and to earn premium income. Written call options expose the Fund to minimal counterparty credit risk since they are exchange traded and the exchange's clearing house guarantees the options against default. As the writer of a call option the Fund has the obligation to sell the security at the exercise price during the exercise period in the event the option is exercised. The use of options does not create leverage in the Fund. The Fund did not transact in written options during the period ended April 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;e) *Foreign Currency Translation.* Investments and other assets and liabilities denominated in foreign currencies
 are translated to U.S. dollars at the prevailing rates of exchange, in accordance with the Trust's Portfolio Securities Valuation
 and Foreign Exchange Contracts Procedures. The Fund has engaged in transactions in securities denominated in foreign currencies and, as
 a result, entered into foreign exchange transactions. The Fund is exposed to additional market risk as a result of changes in the value
 of the underlying currency in relation to the U.S. dollar. Risks include the potential inability of counterparties to meet the terms of
 their obligations. The value of foreign currencies are marked-to-market on a daily basis, which reflects the changes in the market value
 of the contract at the close of each day's trading, resulting in daily unrealized gains and/or losses. When the transactions are
 settled or the contracts are closed, the Fund recognizes a realized gain or loss.

The Fund does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are reflected as net realized and unrealized gain or loss on investments.

Reported net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, the differences between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund's books, and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities other than investments in securities at the end of the fiscal year, resulting from changes in the exchange rates.

&nbsp;&nbsp;&nbsp;&nbsp;f) *Shareholder Transactions and Distributions.* Shareholder transactions are recorded on trade date. Dividends
 to shareholders are recorded on the ex-dividend date. Dividends from net investment income are declared and paid annually by the Fund.
 Distributions of net realized capital gains, if any, will be declared and paid at least annually. Income and capital gain distributions
 are determined in accordance with income tax regulations which may differ from generally accepted accounting principles. Permanent differences
 between financial and tax reporting may result in reclassification to capital stock.

&nbsp;&nbsp;&nbsp;&nbsp;g) *Use of Estimates.* The preparation of financial statements in conformity with U.S. GAAP requires
 management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets
 and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting year. Actual
 results could differ from those estimates.

&nbsp;&nbsp;&nbsp;&nbsp;h) *Indemnification.* In the normal course of business the Fund enters into contracts that contain general indemnification clauses. The Fund's maximum
 exposure under these arrangements is unknown, as this would involve future claims against the Fund that have not yet occurred. Based on
 experience, the Fund expects the risk of loss to be remote.

&nbsp;&nbsp;&nbsp;&nbsp;i) *Subsequent Events Evaluation.* In preparing these financial statements, the Trust has evaluated events and
 transactions for potential recognition or disclosure resulting from subsequent events through the date financial statements were issued.
 This evaluation did not result in any subsequent events, that necessitated disclosure and/or adjustments.

10<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**The Tocqueville Trust** 

**Notes to Financial Statements** 

**April 30, 2025 (Unaudited)(Continued)** 

3. FEDERAL INCOME TAX

There is no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken on the tax return for the fiscal year ended October 31, 2024, or for any other tax years which are open for exam. As of October 31, 2024, open tax years include the tax years ended October 31, 2021 through 2023. The Trust is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next six months. The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statement of Operations. During the year, the Fund did not incur any interest or penalties.

Provision for federal income taxes or excise taxes has not been made since the Fund intends to continue to comply with the requirements of subchapter M of the Internal Revenue Code necessary to qualify as Regulated Investment Companies and intend to distribute substantially all taxable income to shareholders and otherwise comply with the provisions of the Internal Revenue Code applicable to Regulated Investment Companies. Distributions from net realized gains for book purposes may include short-term capital gains, which are included as ordinary income to shareholders for tax purposes. Additionally, accounting principles generally accepted in the United States of America require that certain components of net assets relating to permanent differences be reclassified between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. For the year ended October 31, 2024, the following table shows the reclassifications made:

---

| | | |
|:---|:---|:---|
|  | **Distributable** <br>**Earnings** | **Paid In** <br>**Capital**  |
| The Tocqueville Fund | $(2065551) | $2065551 |

---

The permanent differences primarily relate to the usage of deemed distributions for tax purposes.

As of October 31, 2024, the components of distributable earnings (accumulated losses) for income tax purposes were as follows:

---

| | |
|:---|:---|
| Tax cost of Investments | $211407912  |
| Unrealized Appreciation | $282702299  |
| Unrealized Depreciation | (6854728)  |
| Net unrealized appreciation (depreciation) | 275847571  |
| Undistributed operating income | 2122432  |
| Undistributed long-term gains | 37491436  |
| Distributable earnings | 39613868  |
| Other accumulated gain/(loss) | (7930)  |
| Total distributable earnings | $315453509 |

---

The difference between book-basis and tax-basis unrealized appreciation is attributable primarily to partnership adjustments.

The tax character of distributions paid during the years ended October 31, 2024 and 2023 was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **October 31, 2024**  | **October 31, 2024**  | **October 31, 2024**  |
|  | **Ordinary** <br>**Income** | **Long Term** <br>**Capital Gain** | **Total**  |
| Tocqueville Fund | $2300004 | $23390432 | $25690436 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **October 31, 2023**  | **October 31, 2023**  | **October 31, 2023**  |
|  | **Ordinary** <br>**Income** | **Long Term** <br>**Capital Gain** | **Total**  |
| Tocqueville Fund | $2620243 | $18478437 | $21098680 |

---

11<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**The Tocqueville Trust** 

**Notes to Financial Statements** 

**April 30, 2025 (Unaudited)(Continued)** 

The Fund designated as long-term capital gain dividend, pursuant to Internal Revenue Code Section 852(b)(3), the amount necessary to reduce the earnings and profits of the Fund related to net capital gain to zero for the tax years ended October 31, 2024 and 2023.

4. INVESTMENT ADVISORY AND OTHER AGREEMENTS

Tocqueville is the investment adviser to the Fund under an Investment Advisory Agreement approved by shareholders. For its services, Tocqueville receives fees from the Fund, calculated daily and payable monthly, at an annual rate of 0.75% on the first $1 billion of the average daily net assets of the Fund, and 0.65% of the average daily net assets in excess of $1 billion.

With respect to the Fund, the Adviser has contractually agreed to waive its advisory fees and/or reimburse expenses in order to ensure that the Fund's total annual operating expenses do not exceed 1.20% of its average daily net assets (excluding taxes, interest expense, acquired fund fees and expenses, or extraordinary expenses such as litigation). Prior to October 1, 2022, the Fund had an expense limit of 1.25%. The Expense Limitation Agreement for the Fund will remain in effect until March 1, 2026. For the period ended April 30, 2025, the Adviser waived $241,213 of the advisory fee for the Fund. Such amount is not subject to recoupment by the Adviser.

Pursuant to an Administrative Services Agreement, the Fund pays to the Adviser a fee computed and paid monthly at an annual rate of 0.15% on the first $400 million of the average daily net assets of the Fund; 0.13% on the next $600 million of the average daily net assets of the Fund; and 0.12% on all the average daily net assets of the Fund over $1 billion. For the period ended April 30, 2025, the Adviser made $112,764 in payments to U.S. Bancorp Fund Services, LLC for services provided under a Sub-Administration Agreement for the Fund.

Tocqueville Securities, L.P. (the "Distributor"), an affiliate of Tocqueville, acts as distributor for shares of the Trust. The Fund adopted a distribution and service plan pursuant to Rule 12b-1 of the 1940 Act. Pursuant to the plan, the Fund pays to the Distributor distribution and service fees of 0.25% per annum of its average daily net assets.

Commissions earned by the Distributor for services rendered as a registered broker-dealer in securities transactions for the Fund for the period ended April 30, 2025 were $0.

5. CAPITAL SHARE TRANSACTION.

Transactions in capital shares for the Fund were as follows:

For more information regarding the reorganization see note 8.

**The Tocqueville Fund** 

---

| | | |
|:---|:---|:---|
|  | **For the Period Ended** <br>**April 30, 2025** | **For the Year Ended** <br>**October 31, 2024**  |
|  | **Shares** | **Shares**  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 107485 | &nbsp;&nbsp;&nbsp;&nbsp; 159898  |
| Shares issued to holders in reinvestment dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 777416 | &nbsp;&nbsp;&nbsp;&nbsp; 619067  |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (864087) | &nbsp;&nbsp;&nbsp;&nbsp; (1345955)  |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20814 | &nbsp;&nbsp;&nbsp;&nbsp; (566990) |

---

6. INVESTMENT TRANSACTIONS

Purchases and sales of investment securities (excluding short-term investments) for the period ended April 30, 2025, are summarized below.

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales**  |
| The Tocqueville Fund | $55539134 | $92787868 |

---

12<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**The Tocqueville Trust** 

**Notes to Financial Statements** 

**April 30, 2025 (Unaudited)(Continued)** 

7. LINE OF CREDIT

The Tocqueville Trust has a line of credit (the "Line"), which is uncommitted, in the amount of $40,000,000, 10% of the Fund's gross market value, or 33.33% of the fair value of the Fund's investments, whichever is less, with U.S. Bank NA. The Line is for temporary emergency or extraordinary purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. The Line is secured by the Trust's assets. The Line has a one-year term and is reviewed annually by the Board of Trustees. The Line matures, unless renewed, on January 13, 2026. Interest is charged at the greater of 0.00% and the prime rate minus 0.50%. During the period ended April 30, 2025, The Tocqueville Fund's maximum borrowing was $40,000,000 and average borrowing was $29,041.

8. REORGANIZATION

On November 18, 2022, the Tocqueville Fund (the "Acquiring Fund") acquired all the net assets of the Tocqueville Opportunity Fund and the Tocqueville Phoenix Fund (the "Acquired Funds") pursuant to an Agreement and Plan of Reorganization (the "Plan of Reorganization") approved by shareholders on November 15, 2022, in a special meeting. The purpose of the transaction was to combine the three funds managed by the Adviser with comparable investment objectives and strategies. The acquisition was accomplished by a tax-free exchange of 4,544,733 shares of the Acquiring Fund (valued at $186,394,040) for all 8,356,590 shares of the Acquired Funds at the close of business November 17, 2022. For financial reporting purposes, assets received, and shares issued by the Acquiring Fund were recorded at fair value; however, the cost basis of the investments received from the Acquired Funds was carried forward to align ongoing reporting to the Acquiring Fund's realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes. The Acquired Funds' net assets at that date were $186,394,040. The aggregate net assets of the Acquiring Fund immediately before the acquisition were $267,574,191. The aggregate net assets of the Acquiring Fund immediately after the acquisition were $453,968,232. 100% of the costs associated with the Plan of Reorganization were paid by the Adviser.

The details of the reorganization are shown below:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Pre-**<br>**Reorganization** <br>**Net Assets** | **Pre-**<br>**Reorganization** <br>**Shares** <br>**Outstanding** | **Pre-**<br>**Reorganization** <br>**Net Asset** <br>**Value** | **Post-**<br>**Reorganization** <br>**Net Assets** | **Post-**<br>**Reorganization** <br>**Shares** <br>**Outstanding** | **Post-**<br>**Reorganization** <br>**Exchange**  |
| The Tocqueville Fund | $267574191 | &nbsp;&nbsp;&nbsp; 6524094 | &nbsp;&nbsp;&nbsp;&nbsp; $41.01 | $453968232 | &nbsp;&nbsp;&nbsp; 11068825 | &nbsp;&nbsp;&nbsp;&nbsp; —  |
|  The Tocqueville Opportunity Fund | $52841965 | &nbsp;&nbsp;&nbsp; 2065186 | &nbsp;&nbsp;&nbsp;&nbsp; $25.59 |  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;0.62387231  |
| The Tocqueville Phoenix Fund | $133552075 | &nbsp;&nbsp;&nbsp; 6291404 | &nbsp;&nbsp;&nbsp;&nbsp; $21.23 |  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;0.51758214 |

---

As a tax-free reorganization, any unrealized appreciation or depreciation on the securities on the date of reorganization was treated as a non-taxable event, thus the cost basis of the securities held reflect the historical cost basis as of the date of reorganization. Immediately prior to the reorganization, the fair value of investments, the net unrealized appreciation and cost basis of the Tocqueville Opportunity Fund were $52,846,100, $29,397,497, and $23,488,603, respectively, and the fair value of investments, net unrealized appreciation, and cost basis of the Tocqueville Phoenix Fund were $133,570,961, $30,098,800, and $103,472,161, respectively.

Assuming the acquisition had been completed on November 1, 2022, the beginning of the annual reporting period of the Acquiring Fund, the Acquired Funds' pro forma results of operations for the period ended October 31, 2023, are as follows:\*

---

| | |
|:---|:---|
| Net Investment Income:  | $2229841 |
| Net Realized Gain on Investments:  | 25415287 |
| Net Unrealized Appreciation on Investments:  | (10729929) |
| Net Increase in Net Assets Resulting from Operations:  | 16915199 |

---

\* This information is unaudited.

13<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**The Tocqueville Trust** 

**Additional Information (Unaudited)** 

**SHAREHOLDER NOTIFICATION OF FEDERAL TAX STATUS** 

For the fiscal year ended October 31, 2024, certain dividends paid by the Fund may be subject to a maximum tax rate of 23%, as provided for by the Tax Cuts and Jobs Act of 2017. The percentage of dividends declared from ordinary income designated as qualified dividend income was as follows:

---

| | |
|:---|:---|
| Tocqueville Fund  | 100.00% |

---

For corporate shareholders, the percent of ordinary income distributions qualifying for the corporate dividends received deduction for the fiscal year ended October 31, 2024, was as follows:

---

| | |
|:---|:---|
| Tocqueville Fund  | 100.00% |

---

For the fiscal year ended October 31, 2024, the Fund designated the following percent of ordinary distributions paid as interest-related dividends under the Internal Revenue Code Section 871(k)(1)(c):

---

| | |
|:---|:---|
| Tocqueville Fund  | 10.59% |

---

The percentage of taxable ordinary income distributions that are designated as short- term capital gain distributions under Internal Revenue Section 871(k)(2)(C) for the Fund was as follows.

---

| | |
|:---|:---|
| Tocqueville Fund  | 0.00% |

---

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**[**TABLE OF CONTENTS**](#TOC)**

**The following information is required disclosure from Form N-CSR:** 

**<u>Item 8. Changes in and Disagreements with Accountants for Open-End Investment Companies.</u>** 

There were no changes in or disagreements with accountants during the period covered by this report.

**<u>Item 9. Proxy Disclosure for Open-End Investment Companies.</u>** 

There were no matters submitted to a vote of shareholders during the period covered by this report.

**<u>Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Investment Companies.</u>** 

This information is included as part of the material filed under Item 7 of this Form.

**<u>Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.</u>** 

Not applicable.

15<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Financial Highlights are included within the financial statements filed under
 Item 7 of this Form.

**<u>Item 8. Changes in and Disagreements with Accountants for Open-End Investment Companies.</u>**

There were no changes in or disagreements with accountants during the period covered by this report.

**<u>Item 9. Proxy Disclosure for Open-End Investment Companies.</u>**

There were no matters submitted to a vote of shareholders during the period covered by this report.

**<u>Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Investment Companies.</u>**

This information is included as part of the material filed under Item 7 of this Form.

**<u>Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.</u>**

Not applicable.

**<u>Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.</u>**

Not applicable to open-end investment companies.

**<u>Item 13. Portfolio Managers of Closed-End Management Investment Companies.</u>**

 

Not applicable to open-end investment companies.

**<u>Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.</u>**

Not applicable to open-end investment companies.

**<u>Item 15. Submission of Matters to a Vote of Security Holders.</u>**

There have been no material changes to the procedures by which shareholders may recommend nominees to the Registrant's board of trustees.

**<u>Item 16. Controls and Procedures.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant's Principal Executive Officer
 and Principal Financial Officer have reviewed the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c)
 under the Investment Company Act of 1940 (the "Act")) as of a date within 90 days of the filing of this report, as required
 by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934. Based on their review,
 such officers have concluded that the disclosure controls and procedures are effective in ensuring that information required to be disclosed
 in this report is appropriately recorded, processed, summarized and reported and made known to them by others within the Registrant and
 by the Registrant's service provider.

&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no changes in the Registrant's internal control over financial
 reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that have materially affected,
 or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.

**<u>Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies</u>**

Not applicable to open-end investment companies.

 

**<u>Item 18. Recovery of Erroneously Awarded Compensation.</u>**

Not applicable.

**<u>Item 19. Exhibits.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;*(a)* (1) *Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit.* Not Applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) *Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant's securities are listed.* Not Applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(3) *A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)).* Filed herewith.](ttt-efp16070_ex99cert.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) *Any written solicitation to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons.* Not applicable to open-end investment companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(5)* *Change in the registrant's independent public accountant.* There was no change in the Registrant's independent public accountant for the period covered by this report.

 

&nbsp;&nbsp;&nbsp;&nbsp;*(b)* [*Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.* Filed herewith.](ttt-efp16070_ex99906cert.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) The Tocqueville
 Trust

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Robert W. Kleinschmidt |
|  | Robert W. Kleinschmidt, Principal Executive Officer |

---

Date <u>7/3/2025</u>

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Robert W. Kleinschmidt |
|  | Robert W. Kleinschmidt, Principal Executive Officer |

---

Date <u>7/3/2025</u>

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Jeff Zatkowsky |
|  | Jeff Zatkowsky, Principal Financial Officer |

---

Date <u>7/3/2025</u>

*\* Print the name and title of each signing officer under his or her signature.*

## Ex-99.Cert

**EX.99.CERT**

 **<u>CERTIFICATIONS</u>**

I, Robert Kleinschmidt, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of The Tocqueville Trust;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of
a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such
statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information
included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets,
and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods
presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940)
and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant
and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure
controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including
its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report
is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal
control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial
reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures
and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90
days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control
over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely
to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to
the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent
functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation
of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record,
process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees
who have a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | 7/3/2025 | /s/ Robert W. Kleinschmidt |
|  |  | Robert Kleinschmidt |
|  |  | Principal Executive Officer |

---

**<u>CERTIFICATIONS</u>**

I, Jeff Zatkowsky, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of The Tocqueville Trust;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of
a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such
statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information
included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets,
and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods
presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940)
and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant
and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure
controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including
its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report
is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal
control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial
reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls
and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a
date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control
over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely
to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to
the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent
functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation
of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record,
process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees
who have a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | 7/3/2025 | /s/ Jeff Zatkowsky |
|  |  | Jeff Zatkowsky |
|  |  | Principal Financial Officer |

---

## Exhibit 99.906

**EX.99.906CERT**

**<u>Certification Pursuant to Section 906 of the Sarbanes-Oxley Act</u>**

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, each of the undersigned officers of The Tocqueville Trust, does hereby certify, to such officer's knowledge, that the report on Form N-CSR of The Tocqueville Trust for the period ended April 30, 2025 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable, and that the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of The Tocqueville Trust for the stated period.

---

| | |
|:---|:---|
| /s/ Robert W. Kleinschmidt | /s/ Jeff Zatkowsky |
| Robert W. Kleinschmidt | Jeff Zatkowsky |
| Principal Executive Officer | Principal Financial Officer, |
| The Tocqueville Trust | The Tocqueville Trust |

---

Dated: <u>7/3/2025</u>

This statement accompanies this report on Form N-CSR pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not be deemed as filed by The Tocqueville Trust for purposes of Section 18 of the Securities Exchange Act of 1934.