# EDGAR Filing Document

**Accession Number:** 0000801444
**File Stem:** 0001145549-23-020623
**Filing Date:** 2023-3
**Character Count:** 46244
**Document Hash:** 4fd72143ea4bb58d1858ccba39403873
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-23-020623.hdr.sgml**: 20230330

**ACCESSION NUMBER**: 0001145549-23-020623

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20230131

**FILED AS OF DATE**: 20230330

**DATE AS OF CHANGE**: 20230330

**PERIOD START**: 20231031

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** TOCQUEVILLE TRUST
- **CENTRAL INDEX KEY:** 0000801444
- **IRS NUMBER:** 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:** 23780966

**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 as of January 31, 2023** | **Schedule of Investments as of January 31, 2023** | **Schedule of Investments as of January 31, 2023** |
| (Unaudited) | (Unaudited) | (Unaudited) |
|  | **Shares** | **Value** |
| **Common Stocks - 91.3%** |  |  |
| **Automobiles & Components - 0.5%** |  |  |
| Toyota Motor Corp. - ADR (b) | 15000 | $2206650 |
| **Banks - 1.6%** |  |  |
| Bank of America Corp. | 120000 | 4257600 |
| SVB Financial Group (a) | 10000 | 3024400 |
|  |  | 7282000 |
| **Capital Goods - 10.0%** |  |  |
| Apogee Enterprises, Inc. | 135000 | 6323400 |
| Caterpillar, Inc. | 25000 | 6307250 |
| Crane Holdings Co. | 57500 | 6664825 |
| Deere & Co. | 20000 | 8456800 |
| Illinois Tool Works, Inc. | 25000 | 5901000 |
| Mayville Engineering Co, Inc. (a) | 400000 | 6400000 |
| Parker-Hannifin Corp. | 15000 | 4890000 |
|  |  | 44943275 |
| **Commercial & Professional Services - 4.1%** |  |  |
| ABM Industries, Inc. | 125000 | 5863750 |
| BGSF, Inc. | 300000 | 4344000 |
| Cintas Corp. | 3500 | 1553090 |
| Republic Services, Inc. | 40000 | 4992800 |
| Steelcase, Inc. - Class A | 200000 | 1560000 |
|  |  | 18313640 |
| **Consumer Durables & Apparel - 1.0%** |  |  |
| Sony Group Corp. - ADR (b) | 50000 | 4473000 |
| **Consumer Services - 1.5%** |  |  |
| McDonald's Corp. | 25000 | 6685000 |
| Restaurant Brands International LP | 37 | 2898 |
|  |  | 6687898 |
| **Diversified Financials - 2.7%** |  |  |
| Apollo Global Management, Inc. | 25000 | 1769500 |
| Intercontinental Exchange, Inc. | 25000 | 2688750 |
| The Charles Schwab Corp. | 100000 | 7742000 |
|  |  | 12200250 |
| **Energy - 5.5%** |  |  |
| Black Stone Minerals LP | 43104 | 701733 |
| Cameco Corp. (b) | 50000 | 1400500 |
| Chevron Corp. | 40000 | 6960800 |
| Diamondback Energy, Inc. | 40000 | 5844800 |
| Halliburton Co. | 100000 | 4122000 |
| Occidental Petroleum Corp. | 50000 | 3239500 |
| SM Energy Co. | 75000 | 2465250 |
|  |  | 24734583 |
| **Food & Staples Retailing - 1.4%** |  |  |
| Walmart, Inc. | 45000 | 6474150 |
| **Food, Beverage & Tobacco - 2.0%** |  |  |
| Farmer Bros Co. (a) | 550000 | 2684000 |
| The Coca-Cola Co. | 100000 | 6132000 |
|  |  | 8816000 |
| **Health Care Equipment & Services - 4.5%** |  |  |
| Abbott Laboratories | 50000 | 5527500 |
| Cross Country Healthcare, Inc. (a) | 190000 | 5272500 |
| DexCom, Inc. (a) | 28000 | 2998520 |
| Inogen, Inc. (a) | 175000 | 4082750 |
| Schrodinger Inc/United States (a) | 100000 | 2418000 |
|  |  | 20299270 |
| **Household & Personal Products - 3.3%** |  |  |
| Colgate-Palmolive Co. | 100000 | 7453000 |
| The Procter & Gamble Co. | 50000 | 7119000 |
|  |  | 14572000 |
| **Insurance - 1.6%** |  |  |
| Aflac, Inc. | 100000 | 7350000 |
| **Materials - 13.6%** |  |  |
| Avient Corp. | 100000 | 4052000 |
| BHP Group Ltd. - ADR (b) | 50000 | 3507500 |
| Dow, Inc. | 40000 | 2374000 |
| Freeport-McMoRan, Inc. | 100000 | 4462000 |
| Innospec, Inc. | 29000 | 3277580 |
| Landec Corp. | 388700 | 2413827 |
| Newmont Mining Corp. | 100000 | 5293000 |
| Nutrien Ltd. (b) | 50000 | 4139500 |
| Orion Engineered Carbons SA (b) | 475000 | 9984500 |
| Pan American Silver Corp. (b) | 100000 | 1823000 |
| Sibanye Stillwater Ltd. - ADR (b) | 150000 | 1614000 |
| Sonoco Products Co. | 75000 | 4583250 |
| South32 Ltd. - ADR (b) | 100000 | 1601000 |
| Vulcan Materials Co. | 40000 | 7333200 |
| Wheaton Precious Metals Corp. (b) | 100000 | 4574000 |
|  |  | 61032357 |
| **Media - 0.5%** |  |  |
| Vivendi SE (b) | 215000 | 2304173 |
| **Media & Entertainment - 4.7%** |  |  |
| Alphabet, Inc. - Class A (a) | 85000 | 8401400 |
| Cars.com, Inc. (a) | 413500 | 7070850 |
| The Walt Disney Co. (a) | 50000 | 5424500 |
|  |  | 20896750 |
| **Pharmaceuticals, Biotechnology & Life Sciences - 4.6%** |  |  |
| Johnson & Johnson | 20000 | 3268400 |
| Merck & Co., Inc. | 100000 | 10741000 |
| Pfizer, Inc. | 150000 | 6624000 |
|  |  | 20633400 |
| **Retailing - 1.2%** |  |  |
| Amazon.com, Inc. (a) | 50000 | 5156500 |
| **Semiconductors & Semiconductor Equipment - 6.3%** |  |  |
| Applied Materials, Inc. | 70000 | 7804300 |
| Intel Corp. | 90000 | 2543400 |
| Marvell Technology, Inc. | 100000 | 4315000 |
| NVIDIA Corp. | 35000 | 6837950 |
| QUALCOMM, Inc. | 50000 | 6660500 |
|  |  | 28161150 |
| **Software & Services - 9.1%** |  |  |
| Adobe, Inc. (a) | 5000 | 1851700 |
| Automatic Data Processing, Inc. | 40000 | 9032400 |
| Microsoft Corp. | 40000 | 9912400 |
| Paycom Software, Inc. (a) | 10000 | 3239400 |
| Paylocity Holding Corp. (a) | 25000 | 5207250 |
| ServiceNow, Inc. (a) | 15000 | 6826950 |
| Shopify, Inc. - Class A (a) (b) | 100000 | 4927000 |
|  |  | 40997100 |
| **Technology Hardware & Equipment - 7.5%** |  |  |
| Apple, Inc. | 65000 | 9378850 |
| Fabrinet (a) (b) | 62100 | 8176086 |
| Flex Ltd. (a) (b) | 415000 | 9690250 |
| Lumentum Holdings, Inc. (a) | 83000 | 4994940 |
| TTM Technologies, Inc. (a) | 76935 | 1209418 |
|  |  | 33449544 |
| **Telecommunication Services - 0.9%** |  |  |
| Verizon Communications, Inc. | 100000 | 4157000 |
| **Utilities - 3.2%** |  |  |
| Dominion Energy, Inc. | 50000 | 3182000 |
| NextEra Energy, Inc. | 150000 | 11194500 |
|  |  | 14376500 |
| Total Common Stocks (Cost $201,946,842) |  | 409517190 |
| **Real Estate Investment Trust - 1.3%** |  |  |
| **Real Estate - 1.3%** |  |  |
| Weyerhaeuser Co. | 175000 | 6025250 |
| Total Real Estate Investment Trust (Cost $3,359,578) |  | 6025250 |
| **Short-Term Investment - 4.9%** |  |  |
| **Money Market Fund - 4.9%** |  |  |
| STIT - Treasury Portfolio - Instutional Class, 4.294% (c) | 22127681 | 22127681 |
| Total Short-Term Investment (Cost $22,127,681) |  | 22127681 |
| **Total Investments (Cost $227,434,101) - 97.5%** |  | 437670121 |
| **Other Assets in Excess of Liabilities - 2.5%** |  | 11232540 |
| **Total Net Assets - 100.0%** |  | $448902661 |
| Percentages are stated as a percent of net assets. |  |  |

---

---

| | |
|:---|:---|
| ADR | American Depository Receipt |
| (a) | Non-income producing security. |
| (b) | Foreign issued Security. Foreign Concentration (including ADR's) was as follows: Australia 1.2%, Canada 3.7%, Cayman Islands 1.8%, France 0.5%, Japan 1.5%, Luxembourg 2.2%, Singapore 2.2%, South Africa 0.4% |
| (c) | Rate listed is the 7-day effective yield. |
| The Global Industry Classification Standard (GICS<sup>®)</sup> was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor 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. | The Global Industry Classification Standard (GICS<sup>®)</sup> was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor 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. |
| The Accompanying Footnotes are an Integral Part of these Schedules of Investments. | The Accompanying Footnotes are an Integral Part of these Schedules of Investments. |

---

------

**1) Fair Valuation Measurements (Unaudited)**<br>&nbsp;&nbsp;&nbsp;&nbsp; The Trust has adopted authoritative fair valuation accounting standards which establish an authoritative definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value and a discussion in changes in valuation techniques and related inputs during the period. These inputs are summarized in the three broad levels listed below. <br>• Level 1 - Quoted prices in active markets for identical securities. <br> • Level 2 - Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). <br> • Level 3 - Significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments). <br>&nbsp;&nbsp;&nbsp;&nbsp; When using the market quotations or closing price provided by the pricing service for equity investments, including common stocks, preferred stocks, foreign issued common stocks, exchange-traded funds, closed end mutual funds and real estate investment trusts, which are traded on an exchange are valued at the last sale price reported by the exchange on which the securities are primarily traded on the day of valuation and when the market is considered active, the security will be classified as a Level 1 security. When using the mean between the latest bid and ask price, the security will be classified as Level 2. Gold bullion is valued at the mean of the closing bid and ask prices from the New York Mercantile Exchange and is classified as a Level 2. <br>&nbsp;&nbsp;&nbsp;&nbsp; Investment in mutual funds, including money market funds, are generally priced at the ending net asset value (NAV) provided by the service agent of the funds and will be classified as Level 1 securities. <br>&nbsp;&nbsp;&nbsp;&nbsp; Debt securities, such as corporate bonds, convertible bonds, commercial paper, money market deposit accounts and U.S. government agency issues for which market quotations are not readily available may be valued based on information supplied by independent pricing services using matrix pricing formulas and/or independent broker bid quotations and are classified as Level 2. Options can diverge from the prices of their underlying instruments. These are valued at the composite last price reported by the exchange on which the options are primarily traded on the day of the valuation and are classified as Level 1. If there is no composite last price on a given day the mean between the latest bid and ask price will be used. These contracts are classified as Level 2. <br>Any securities or other assets for which market quotations are not readily available are valued at fair value as determined in good faith by the Adviser pursuant to procedures established under the general supervision and responsibility of the Funds' Board of Trustees and will be classified as Level 3 securities. In determining fair value, a Fund will seek to assign a value to the security which it believes represents the amount that the Fund could reasonably expect to receive upon its current sale. With respect to securities that are actively traded on U.S. exchanges, the Funds expect 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. <br>&nbsp;&nbsp;&nbsp;&nbsp; Any securities or other assets for which market quotations are not readily available are valued at fair value as determined in good faith by the Adviser pursuant to procedures established under the general supervision and responsibility of the Funds' Board of Trustees and will be classified as Level 3 securities. In determining fair value, a Fund will seek to assign a value to the security which it believes represents the amount that the Fund could reasonably expect to receive upon its current sale. With respect to securities that are actively traded on U.S. exchanges, the Funds expect 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. <br>&nbsp;&nbsp;&nbsp;&nbsp; In determining whether a significant event has occurred with respect to securities traded principally in foreign markets, the Funds 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 Funds 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. <br>&nbsp;&nbsp;&nbsp;&nbsp; The following is a summary of the inputs used, as of January 31, 2023, involving the Funds' 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.<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **<u>The Tocqueville Fund\*</u>** | | | | |
| **Assets** | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | $409514292 | $2898 | $- | $409517190 |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Estate Investment Trust (REIT) | 6025250 | - | - | 6025250 |
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Fund | 22127681 |  | - | 22127681 |
| **Total Assets** | $437667223 | $2898 | $- | $437670121 |
| \* For further information regarding portfolio characteristics, please see the accompanying Schedule of Investments. | \* For further information regarding portfolio characteristics, please see the accompanying Schedule of Investments. | \* For further information regarding portfolio characteristics, please see the accompanying Schedule of Investments. | \* 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 to evaluate changes in the valuation of portfolio securities. The full findings and valuations are then reviewed quarterly by the Independent Trustees. | 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 to evaluate changes in the valuation of portfolio securities. The full findings and valuations are then reviewed quarterly by the Independent Trustees. | 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 to evaluate changes in the valuation of portfolio securities. The full findings and valuations are then reviewed quarterly by the Independent Trustees. | 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 to evaluate changes in the valuation of portfolio securities. The full findings and valuations are then reviewed quarterly by the Independent Trustees. | 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 to evaluate changes in the valuation of portfolio securities. The full findings and valuations are then reviewed quarterly by the Independent Trustees. |

---

## 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:** 2023-10-31

- **b. Date as of which information is reported:** 2023-01-31

**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:** $451240020.43

**Total Liabilities:** $2232693.22

**Net Assets:** $449007327.21

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000017445 | 6.62%                | -5.19%               | 5.88%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $3415151.37              | $77896262.45                               |
| Month 2  | $-1108053.62             | $-22740075.17                              |
| Month 3  | $16105016.82             | $9057584.75                                |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| ABM Industries Inc             | ABM Industries Inc                 | CUSIP: 000957100<br>LEI: QF02R89VEIOROM77J447 | Long             | EC               | CORP              | US        |    125000 | NS      | $5863750.00   | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Aflac Inc                      | Aflac Inc                          | CUSIP: 001055102<br>LEI: 549300N0B7DOGLXWPP39 | Long             | EC               | CORP              | US        |    100000 | NS      | $7350000.00   | 1.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Abbott Laboratories            | Abbott Laboratories                | CUSIP: 002824100<br>LEI: HQD377W2YR662HK5JX27 | Long             | EC               | CORP              | US        |     50000 | NS      | $5527500.00   | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Adobe Inc                      | Adobe Inc                          | CUSIP: 00724F101<br>LEI: FU4LY2G4933NH2E1CP29 | Long             | EC               | CORP              | US        |      5000 | NS      | $1851700.00   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc                   | Alphabet Inc                       | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |     80000 | NS      | $7907200.00   | 1.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Amazon.com Inc                 | Amazon.com Inc                     | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |     50000 | NS      | $5156500.00   | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Apogee Enterprises Inc         | Apogee Enterprises Inc             | CUSIP: 037598109<br>LEI: 549300579S7QW8V4IJ60 | Long             | EC               | CORP              | US        |    135000 | NS      | $6323400.00   | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Apple Inc                      | Apple Inc                          | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |     65000 | NS      | $9378850.00   | 2.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Applied Materials Inc          | Applied Materials Inc              | CUSIP: 038222105<br>LEI: 41BNNE1AFPNAZELZ6K07 | Long             | EC               | CORP              | US        |     70000 | NS      | $7804300.00   | 1.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of America Corp           | Bank of America Corp               | CUSIP: 060505104<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EC               | CORP              | US        |    120000 | NS      | $4257600.00   | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Chevron Corp                   | Chevron Corp                       | CUSIP: 166764100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     40000 | NS      | $6960800.00   | 1.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Cintas Corp                    | Cintas Corp                        | CUSIP: 172908105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3500 | NS      | $1553090.00   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Coca-Cola Co/The               | Coca-Cola Co/The                   | CUSIP: 191216100<br>LEI: UWJKFUJFZ02DKWI3RY53 | Long             | EC               | CORP              | US        |    100000 | NS      | $6132000.00   | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Colgate-Palmolive Co           | Colgate-Palmolive Co               | CUSIP: 194162103<br>LEI: YMEGZFW4SBUSS5BQXF88 | Long             | EC               | CORP              | US        |    100000 | NS      | $7453000.00   | 1.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Crane Holdings Co              | Crane Holdings Co                  | CUSIP: 224441105<br>LEI: 549300EXNPSXEWUD3N21 | Long             | EC               | CORP              | US        |     57500 | NS      | $6664825.00   | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Cross Country Healthcare Inc   | Cross Country Healthcare Inc       | CUSIP: 227483104<br>LEI: 54930037L0NBIPZ5S663 | Long             | EC               | CORP              | US        |    190000 | NS      | $5272500.00   | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Deere & Co                     | Deere & Co                         | CUSIP: 244199105<br>LEI: PWFTNG3EI0Y73OXWDH08 | Long             | EC               | CORP              | US        |     20000 | NS      | $8456800.00   | 1.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Dexcom Inc                     | Dexcom Inc                         | CUSIP: 252131107<br>LEI: 549300YSK3QDSFR5EU59 | Long             | EC               | CORP              | US        |     28000 | NS      | $2998520.00   | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Diamondback Energy Inc         | Diamondback Energy Inc             | CUSIP: 25278X109<br>LEI: 549300R22LSX6OHWEN64 | Long             | EC               | CORP              | US        |     40000 | NS      | $5844800.00   | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Walt Disney Co/The             | Walt Disney Co/The                 | CUSIP: 254687106<br>LEI: 549300GZKULIZ0WOW665 | Long             | EC               | CORP              | US        |     50000 | NS      | $5424500.00   | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Dominion Energy Inc            | Dominion Energy Inc                | CUSIP: 25746U109<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | EC               | CORP              | US        |     50000 | NS      | $3182000.00   | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Dow Inc                        | Dow Inc                            | CUSIP: 260557103<br>LEI: 5493003S21INSLK2IP73 | Long             | EC               | CORP              | US        |     40000 | NS      | $2374000.00   | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Farmer Bros Co                 | Farmer Bros Co                     | CUSIP: 307675108<br>LEI: 5493006PMLETBTVJ3262 | Long             | EC               | CORP              | US        |    550000 | NS      | $2684000.00   | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Freeport-McMoRan Inc           | Freeport-McMoRan Inc               | CUSIP: 35671D857<br>LEI: 549300IRDTHJQ1PVET45 | Long             | EC               | CORP              | US        |    100000 | NS      | $4462000.00   | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Halliburton Co                 | Halliburton Co                     | CUSIP: 406216101<br>LEI: ENYF8GB5SMQZ25S06U51 | Long             | EC               | CORP              | US        |    100000 | NS      | $4122000.00   | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Illinois Tool Works Inc        | Illinois Tool Works Inc            | CUSIP: 452308109<br>LEI: 76NA4I14SZCFAYMNSV04 | Long             | EC               | CORP              | US        |     25000 | NS      | $5901000.00   | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Innospec Inc                   | Innospec Inc                       | CUSIP: 45768S105<br>LEI: 213800SQBACNY5IWJO68 | Long             | EC               | CORP              | US        |     29000 | NS      | $3277580.00   | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Inogen Inc                     | Inogen Inc                         | CUSIP: 45780L104<br>LEI: 549300J8WJIVTOJ8IH97 | Long             | EC               | CORP              | US        |    175000 | NS      | $4082750.00   | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Intercontinental Exchange Inc  | Intercontinental Exchange Inc      | CUSIP: 45866F104<br>LEI: 5493000F4ZO33MV32P92 | Long             | EC               | CORP              | US        |     25000 | NS      | $2688750.00   | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson & Johnson              | Johnson & Johnson                  | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |     20000 | NS      | $3268400.00   | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Lifecore Biomedical Inc        | Lifecore Biomedical Inc            | CUSIP: 514766104<br>LEI: 549300EHBZ5OM9ND9O43 | Long             | EC               | CORP              | US        |    388700 | NS      | $2413827.00   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Lumentum Holdings Inc          | Lumentum Holdings Inc              | CUSIP: 55024U109<br>LEI: 549300JLWRRC38DWEF52 | Long             | EC               | CORP              | US        |     83000 | NS      | $4994940.00   | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Charles Schwab Corp/The        | Charles Schwab Corp/The            | CUSIP: 808513105<br>LEI: 549300VSGCJ7E698NM85 | Long             | EC               | CORP              | US        |    100000 | NS      | $7742000.00   | 1.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Shopify Inc                    | Shopify Inc                        | CUSIP: 82509L107<br>LEI: 549300HGQ43STJLLP808 | Long             | EC               | CORP              | CA        |    100000 | NS      | $4927000.00   | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Invesco Treasury Portfolio     | Invesco Treasury Portfolio         | CUSIP: 825252406<br>LEI: 5493004B3TM8ZIDDDC39 | Long             | STIV             | RF                | US        |  22127681 | NS      | $22127681.14  | 4.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Sibanye Stillwater Ltd         | Sibanye Stillwater Ltd             | CUSIP: 82575P107<br>LEI: 378900F238434B74D281 | Long             | EC               | CORP              | ZA        |    150000 | NS      | $1614000.00   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Sonoco Products Co             | Sonoco Products Co                 | CUSIP: 835495102<br>LEI: GKOMIK4RDJGHEF0VNP11 | Long             | EC               | CORP              | US        |     75000 | NS      | $4583250.00   | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Sony Group Corp                | Sony Group Corp                    | CUSIP: 835699307<br>LEI: 529900R5WX9N2OI2N910 | Long             | EC               | CORP              | JP        |     50000 | NS      | $4473000.00   | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| South32 Ltd                    | South32 Ltd                        | CUSIP: 84473L105<br>LEI: 213800LAZNPXSBKVHR17 | Long             | EC               | CORP              | AU        |    100000 | NS      | $1601000.00   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Steelcase Inc                  | Steelcase Inc                      | CUSIP: 858155203<br>LEI: GIE4CCPBJDI8SMV1OX95 | Long             | EC               | CORP              | US        |    200000 | NS      | $1560000.00   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Toyota Motor Corp              | Toyota Motor Corp                  | CUSIP: 892331307<br>LEI: 5493006W3QUS5LMH6R84 | Long             | EC               | CORP              | JP        |     15000 | NS      | $2206650.00   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| US BANK MMDA - USBFS 1         | US BANK MMDA - USBFS 1             | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             | RF                | US        |  10681862 | NS      | $10681861.52  | 2.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Verizon Communications Inc     | Verizon Communications Inc         | CUSIP: 92343V104<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | EC               | CORP              | US        |    100000 | NS      | $4157000.00   | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Vulcan Materials Co            | Vulcan Materials Co                | CUSIP: 929160109<br>LEI: 549300Q8LSNHAVWBNI21 | Long             | EC               | CORP              | US        |     40000 | NS      | $7333200.00   | 1.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Walmart Inc                    | Walmart Inc                        | CUSIP: 931142103<br>LEI: Y87794H0US1R65VBXU25 | Long             | EC               | CORP              | US        |     45000 | NS      | $6474150.00   | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Wheaton Precious Metals Corp   | Wheaton Precious Metals Corp       | CUSIP: 962879102<br>LEI: 549300XSFG5ZCGVYD886 | Long             | EC               | CORP              | CA        |    100000 | NS      | $4574000.00   | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Apollo Global Management Inc   | Apollo Global Management Inc       | CUSIP: 03769M106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     25000 | NS      | $1769500.00   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Automatic Data Processing Inc  | Automatic Data Processing Inc      | CUSIP: 053015103<br>LEI: HGBOLILQXWER4SAL2I23 | Long             | EC               | CORP              | US        |     40000 | NS      | $9032400.00   | 2.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Avient Corp                    | Avient Corp                        | CUSIP: 05368V106<br>LEI: SM8L9RZYIB34LNTWO040 | Long             | EC               | CORP              | US        |    100000 | NS      | $4052000.00   | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| BGSF Inc                       | BGSF Inc                           | CUSIP: 05601C105<br>LEI: 549300AUC6I9ZG3KKQ91 | Long             | EC               | CORP              | US        |    300000 | NS      | $4344000.00   | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| BHP Group Ltd                  | BHP Group Ltd                      | CUSIP: 088606108<br>LEI: WZE1WSENV6JSZFK0JC28 | Long             | EC               | CORP              | AU        |     50000 | NS      | $3507500.00   | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Black Stone Minerals LP        | Black Stone Minerals LP            | CUSIP: 09225M101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     43104 | NS      | $701733.12    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Cameco Corp                    | Cameco Corp                        | CUSIP: 13321L108<br>LEI: N4BHALMXL3GMZKCUON55 | Long             | EC               | CORP              | CA        |     50000 | NS      | $1400500.00   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Cars.com Inc                   | Cars.com Inc                       | CUSIP: 14575E105<br>LEI: 5493002G6J07LNGX4M98 | Long             | EC               | CORP              | US        |    413500 | NS      | $7070850.00   | 1.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Caterpillar Inc                | Caterpillar Inc                    | CUSIP: 149123101<br>LEI: WRJR7GS4GTRECRRTVX92 | Long             | EC               | CORP              | US        |     25000 | NS      | $6307250.00   | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Intel Corp                     | Intel Corp                         | CUSIP: 458140100<br>LEI: KNX4USFCNGPY45LOCE31 | Long             | EC               | CORP              | US        |     90000 | NS      | $2543400.00   | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Vivendi SE                     | Vivendi SE                         | CUSIP: F97982106<br>LEI: 969500FU4DRAEVJW7U54 | Long             | EC               | CORP              | FR        |    215000 | NS      | $2304172.46   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Marvell Technology Inc         | Marvell Technology Inc             | CUSIP: 573874104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    100000 | NS      | $4315000.00   | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Mayville Engineering Co Inc    | Mayville Engineering Co Inc        | CUSIP: 578605107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    400000 | NS      | $6400000.00   | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |
| McDonald's Corp                | McDonald's Corp                    | CUSIP: 580135101<br>LEI: UE2136O97NLB5BYP9H04 | Long             | EC               | CORP              | US        |     25000 | NS      | $6685000.00   | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Merck & Co Inc                 | Merck & Co Inc                     | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |    100000 | NS      | $10741000.00  | 2.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp                 | Microsoft Corp                     | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |     40000 | NS      | $9912400.00   | 2.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Newmont Corp                   | Newmont Corp                       | CUSIP: 651639106<br>LEI: 549300VSP3RIX7FGDZ51 | Long             | EC               | CORP              | US        |    100000 | NS      | $5293000.00   | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| NextEra Energy Inc             | NextEra Energy Inc                 | CUSIP: 65339F101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    150000 | NS      | $11194500.00  | 2.49%             |  |  |  | No            |                  1 | On Loan: No      |
| NVIDIA Corp                    | NVIDIA Corp                        | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |     35000 | NS      | $6837950.00   | 1.52%             |  |  |  | No            |                  1 | On Loan: No      |
| NUTRIEN LTD COM                | NUTRIEN LTD COM                    | CUSIP: 67077M108<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |     50000 | NS      | $4139500.00   | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Occidental Petroleum Corp      | Occidental Petroleum Corp          | CUSIP: 674599105<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | EC               | CORP              | US        |     50000 | NS      | $3239500.00   | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Pan American Silver Corp       | Pan American Silver Corp           | CUSIP: 697900108<br>LEI: 549300MKTF5851TYIB83 | Long             | EC               | CORP              | CA        |    100000 | NS      | $1823000.00   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Parker-Hannifin Corp           | Parker-Hannifin Corp               | CUSIP: 701094104<br>LEI: 5493002CONDB4N2HKI23 | Long             | EC               | CORP              | US        |     15000 | NS      | $4890000.00   | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Paycom Software Inc            | Paycom Software Inc                | CUSIP: 70432V102<br>LEI: 254900LSB0HNJUDC6Q18 | Long             | EC               | CORP              | US        |     10000 | NS      | $3239400.00   | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Paylocity Holding Corp         | Paylocity Holding Corp             | CUSIP: 70438V106<br>LEI: 549300VH75FTB4DIEE07 | Long             | EC               | CORP              | US        |     25000 | NS      | $5207250.00   | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Pfizer Inc                     | Pfizer Inc                         | CUSIP: 717081103<br>LEI: 765LHXWGK1KXCLTFYQ30 | Long             | EC               | CORP              | US        |    150000 | NS      | $6624000.00   | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Procter & Gamble Co/The        | Procter & Gamble Co/The            | CUSIP: 742718109<br>LEI: 2572IBTT8CCZW6AU4141 | Long             | EC               | CORP              | US        |     50000 | NS      | $7119000.00   | 1.59%             |  |  |  | No            |                  1 | On Loan: No      |
| QUALCOMM Inc                   | QUALCOMM Inc                       | CUSIP: 747525103<br>LEI: H1J8DDZKZP6H7RWC0H53 | Long             | EC               | CORP              | US        |     50000 | NS      | $6660500.00   | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Republic Services Inc          | Republic Services Inc              | CUSIP: 760759100<br>LEI: NKNQHM6BLECKVOQP7O46 | Long             | EC               | CORP              | US        |     40000 | NS      | $4992800.00   | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| SM Energy Co                   | SM Energy Co                       | CUSIP: 78454L100<br>LEI: 84BUTVXV5ODI6BXNMH43 | Long             | EC               | CORP              | US        |     75000 | NS      | $2465250.00   | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| SVB Financial Group            | SVB Financial Group                | CUSIP: 78486Q101<br>LEI: 549300D2KJ20JMXE7542 | Long             | EC               | CORP              | US        |     10000 | NS      | $3024400.00   | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Schrodinger Inc/United States  | Schrodinger Inc/United States      | CUSIP: 80810D103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    100000 | NS      | $2418000.00   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| ServiceNow Inc                 | ServiceNow Inc                     | CUSIP: 81762P102<br>LEI: 549300HJTQM36M0E1G39 | Long             | EC               | CORP              | US        |     15000 | NS      | $6826950.00   | 1.52%             |  |  |  | No            |                  1 | On Loan: No      |
| TTM Technologies Inc           | TTM Technologies Inc               | CUSIP: 87305R109<br>LEI: 549300SC4BDOIS008048 | Long             | EC               | CORP              | US        |    176935 | NS      | $2781418.20   | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Weyerhaeuser Co                | Weyerhaeuser Co                    | CUSIP: 962166104<br>LEI: 08IRJODWFYBI7QWRGS31 | Long             | EC               | CORP              | US        |    175000 | NS      | $6025250.00   | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Restaurant Brands Internationa | Restaurant Brands International LP | CUSIP: 76090H103<br>LEI: 529900LKDWGO1K6OAN16 | Long             | EC               | CORP              | CA        |        37 | NS      | $2897.60      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Fabrinet                       | Fabrinet                           | CUSIP: N/A<br>LEI: 5493004TETZ6IYF7CV44       | Long             | EC               | CORP              | TH        |     62100 | NS      | $8176086.00   | 1.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Orion Engineered Carbons SA    | Orion Engineered Carbons SA        | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |    475000 | NS      | $9984500.00   | 2.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Flex Ltd                       | Flex Ltd                           | CUSIP: N/A<br>LEI: 549300EAQH74YHD07T53       | Long             | EC               | CORP              | US        |    415000 | NS      | $9690250.00   | 2.16%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2023-03-16

**Name of Applicant:** The Tocqueville Trust

**Signature:** /s/ Cleo Kotis

**Name of Signer:** Cleo Kotis

**Title:** Secretary of the Trust