# EDGAR Filing Document

**Accession Number:** 0000801444
**File Stem:** 0000894189-25-008643
**Filing Date:** 2025-9
**Character Count:** 32170
**Document Hash:** b0e8d71139fe66841b6f8dc0012a2b41
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-25-008643.hdr.sgml**: 20250924

**ACCESSION NUMBER**: 0000894189-25-008643

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250731

**FILED AS OF DATE**: 20250924

**DATE AS OF CHANGE**: 20250924

**PERIOD START**: 20251031

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04840
- **FILM NUMBER:** 251337622

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

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

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

## Series and Classes Contracts Data

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

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

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **The Tocqueville Fund** | **The Tocqueville Fund** | **The Tocqueville Fund** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **July 31, 2025 (Unaudited)** | **July 31, 2025 (Unaudited)** | **July 31, 2025 (Unaudited)** |
| **COMMON STOCKS - 98.0%** | **Shares** | **Value**  |
| **Capital Goods - 21.9%** | **Capital Goods - 21.9%** | |
| AeroVironment, Inc. <sup>(a)</sup> | 30000 | $8029200 |
| Builders FirstSource, Inc. <sup>(a)</sup> | 20000 | 2542600 |
| Caterpillar, Inc. | 25000 | 10950500 |
| Crane Co. | 50000 | 9788500 |
| Deere & Co. | 20000 | 10487400 |
| Illinois Tool Works, Inc. | 25000 | 6399250 |
| Mayville Engineering Co., Inc. <sup>(a)</sup> | 500000 | 8385000 |
| Parker-Hannifin Corp. | 15000 | 10978500 |
| Rocket Lab Corp. <sup>(a)</sup> | 675000 | 30996000 |
| Vertiv Holdings Co. - Class A | 75000 | 10920000 |
|  |  | 109476950 |
| **Commercial & Professional Services - 5.4%** | **Commercial & Professional Services - 5.4%** |  |
| ABM Industries, Inc. | 120000 | 5535600 |
| Automatic Data Processing, Inc. | 40000 | 12380000 |
| Republic Services, Inc. | 40000 | 9226000 |
|  |  | 27141600 |
| **Consumer Discretionary Distribution & Retail - 4.3%** | **Consumer Discretionary Distribution & Retail - 4.3%** |  |
| Amazon.com, Inc. <sup>(a)</sup> | 70000 | 16387700 |
| Genuine Parts Co. | 40000 | 5155200 |
|  |  | 21542900 |
| **Consumer Services - 1.5%** | **Consumer Services - 1.5%** |  |
| McDonald's Corp. | 25000 | 7501750 |
| Restaurant Brands International LP | 37 | 2544 |
|  |  | 7504294 |
| **Consumer Staples Distribution & Retail - 2.0%** | **Consumer Staples Distribution & Retail - 2.0%** |  |
| Walmart, Inc. | 100000 | 9798000 |
| **Energy - 6.6%** | **Energy - 6.6%** |  |
| Cameco Corp. | 75000 | 5619750 |
| Chevron Corp. | 40000 | 6065600 |
| Diamondback Energy, Inc. | 50000 | 7433000 |
| Occidental Petroleum Corp. | 150000 | 6591000 |
| Texas Pacific Land Corp. | 7500 | 7260975 |
|  |  | 32970325 |
| **Financial Services - 3.4%** | **Financial Services - 3.4%** |  |
| Apollo Global Management, Inc. | 50000 | 7266000 |
| Fiserv, Inc. <sup>(a)</sup> | 15000 | 2084100 |
| Goldman Sachs Group, Inc. | 5000 | 3617950 |
| Intercontinental Exchange, Inc. | 22500 | 4158675 |
|  |  | 17126725 |
| **Food, Beverage & Tobacco - 1.3%** | **Food, Beverage & Tobacco - 1.3%** |  |
| Coca-Cola Co. | 100000 | 6789000 |
| **Health Care Equipment & Services - 2.6%** | **Health Care Equipment & Services - 2.6%** |  |
| Abbott Laboratories | 50000 | 6309500 |
| Cooper Cos., Inc. <sup>(a)</sup> | 50000 | 3534500 |
| Schrodinger, Inc. <sup>(a)</sup> | 150000 | 3049500 |
|  |  | 12893500 |
| **Household & Personal Products - 2.8%** | **Household & Personal Products - 2.8%** |  |
| Colgate-Palmolive Co. | 75000 | 6288750 |
| Procter & Gamble Co. | 50000 | 7523500 |
|  |  | 13812250 |
| **Insurance - 1.0%** | **Insurance - 1.0%** |  |
| Aflac, Inc. | 50000 | 4968000 |
| **Materials - 9.8%** | **Materials - 9.8%** |  |
| Air Products and Chemicals, Inc. | 20000 | 5757600 |
| Freeport-McMoRan, Inc. | 125000 | 5030000 |
| Newmont Mining Corp. | 200000 | 12420000 |
| Nutrien Ltd. | 100000 | 5932000 |
| Vulcan Materials Co. | 40000 | 10986800 |
| Wheaton Precious Metals Corp. | 100000 | 9151000 |
|  |  | 49277400 |
| **Media & Entertainment - 3.8%** | **Media & Entertainment - 3.8%** |  |
| Alphabet, Inc. - Class A | 100000 | 19190000 |
| **Pharmaceuticals, Biotechnology & Life Sciences - 2.8%** | **Pharmaceuticals, Biotechnology & Life Sciences - 2.8%** |  |
| AbbVie, Inc. | 20000 | 3780400 |
| Merck & Co., Inc. | 100000 | 7812000 |
| Pfizer, Inc. | 100000 | 2329000 |
|  |  | 13921400 |
| **Semiconductors & Semiconductor Equipment - 12.4%** | **Semiconductors & Semiconductor Equipment - 12.4%** |  |
| Applied Materials, Inc. | 70000 | 12604200 |
| Marvell Technology, Inc. | 150000 | 12055500 |
| NVIDIA Corp. | 150000 | 26680500 |
| QUALCOMM, Inc. | 75000 | 11007000 |
|  |  | 62347200 |
| **Software & Services - 10.6%** | **Software & Services - 10.6%** |  |
| Adobe, Inc. <sup>(a)</sup> | 15000 | 5365350 |
| Microsoft Corp. | 40000 | 21340000 |
| ServiceNow, Inc. <sup>(a)</sup> | 15000 | 14146800 |
| Shopify, Inc. - Class A <sup>(a)</sup> | 100000 | 12221000 |
|  |  | 53073150 |
| **Technology Hardware & Equipment - 2.5%** | **Technology Hardware & Equipment - 2.5%** |  |
| Apple, Inc. | 40000 | 8302800 |
| Crane NXT Co. | 75000 | 4450500 |
|  |  | 12753300 |
| **Telecommunication Services - 0.8%** | **Telecommunication Services - 0.8%** |  |
| Verizon Communications, Inc. | 100000 | 4276000 |
| **Utilities - 2.5%** | **Utilities - 2.5%** |  |
| NextEra Energy, Inc. | 175000 | 12435500 |
| **TOTAL COMMON STOCKS** (Cost $192,406,051) | **TOTAL COMMON STOCKS** (Cost $192,406,051) | 491297494 |
| **REAL ESTATE INVESTMENT TRUSTS - COMMON - 1.0%** | **Shares** | **Value**  |
| **Equity Real Estate Investment Trusts (REITs) - 1.0%** | **Equity Real Estate Investment Trusts (REITs) - 1.0%** |  |
| Weyerhaeuser Co. | 200000 | 5010000 |
| **TOTAL REAL ESTATE INVESTMENT TRUSTS - COMMON** (Cost $4,077,818) | **TOTAL REAL ESTATE INVESTMENT TRUSTS - COMMON** (Cost $4,077,818) | 5010000 |
| **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** |
| **MONEY MARKET FUNDS - 1.0%** | **Shares** | **Value** |
| First American Treasury Obligations Fund - Class X, 4.22%<sup>(b)</sup> | 4790583 | 4790583 |
| **TOTAL MONEY MARKET FUNDS** (Cost $4,790,583) | **TOTAL MONEY MARKET FUNDS** (Cost $4,790,583) | 4790583 |
| **TOTAL INVESTMENTS - 100.0% (**Cost $201,274,452**)** | **TOTAL INVESTMENTS - 100.0% (**Cost $201,274,452**)** | 501098077 |
| Liabilities in Excess of Other Assets - (0.0)% <sup>(c)</sup> | Liabilities in Excess of Other Assets - (0.0)% <sup>(c)</sup> | (204523) |
| **TOTAL NET ASSETS - 100.0%** |  | $500893554 |
| two | two | –% |
| Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. | –% |
| The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. | The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. | The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. |

---

LP - Limited Partnership <br> REIT - Real Estate Investment Trust

(a) Non-income producing security.

(b) The rate shown represents the 7-day annualized effective yield as of July 31, 2025.

(c) Represents less than 0.05% of net assets.

------

The Tocqueville Fund (the "Fund") has adopted fair value accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or valuation methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

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

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

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

The following is a summary of the fair valuation hierarchy of the Fund's securities as of July 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| **Assets:** | | | | |
| <u>Investments:</u> |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | 491294950 | 2544 |  | 491297494 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Real Estate Investment Trusts - Common | 5010000 | – |  | 5010000 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 4790583 | – |  | 4790583 |
| Total Investments | 501095533 | 2544 |  | 501098077 |
| Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. |

---

## 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:** 2025-10-31

- **b. Date as of which information is reported:** 2025-07-31

**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:** $501629321.91

**Total Liabilities:** $711600.50

**Net Assets:** $500917721.41

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000017445 | 5.31%                | 6.00%                | 3.41%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $1074521.66              | $22405731.39                               |
| Month 2  | $3701258.95              | $23738166.44                               |
| Month 3  | $-1128724.22             | $17807837.08                               |

**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        |    120000 | NS      | $5535600.00   | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| AbbVie Inc                     | AbbVie Inc                               | CUSIP: 00287Y109<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | EC               | CORP              | US        |     20000 | NS      | $3780400.00   | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Amazon.com Inc                 | Amazon.com Inc                           | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |     70000 | NS      | $16387700.00  | 3.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Applied Materials Inc          | Applied Materials Inc                    | CUSIP: 038222105<br>LEI: 41BNNE1AFPNAZELZ6K07 | Long             | EC               | CORP              | US        |     70000 | NS      | $12604200.00  | 2.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Coca-Cola Co/The               | Coca-Cola Co/The                         | CUSIP: 191216100<br>LEI: UWJKFUJFZ02DKWI3RY53 | Long             | EC               | CORP              | US        |    100000 | NS      | $6789000.00   | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Deere & Co                     | Deere & Co                               | CUSIP: 244199105<br>LEI: PWFTNG3EI0Y73OXWDH08 | Long             | EC               | CORP              | US        |     20000 | NS      | $10487400.00  | 2.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Diamondback Energy Inc         | Diamondback Energy Inc                   | CUSIP: 25278X109<br>LEI: 549300R22LSX6OHWEN64 | Long             | EC               | CORP              | US        |     50000 | NS      | $7433000.00   | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs Group Inc/The    | Goldman Sachs Group Inc/The              | CUSIP: 38141G104<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | EC               | CORP              | US        |      5000 | NS      | $3617950.00   | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Air Products and Chemicals Inc | Air Products and Chemicals Inc           | CUSIP: 009158106<br>LEI: 7QEON6Y1RL5XR3R1W237 | Long             | EC               | CORP              | US        |     20000 | NS      | $5757600.00   | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc                   | Alphabet Inc                             | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |    100000 | NS      | $19190000.00  | 3.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Fiserv Inc                     | Fiserv Inc                               | CUSIP: 337738108<br>LEI: GI7UBEJLXYLGR2C7GV83 | Long             | EC               | CORP              | US        |     15000 | NS      | $2084100.00   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Mayville Engineering Co Inc    | Mayville Engineering Co Inc              | CUSIP: 578605107<br>LEI: 9845008D43E42A7FC362 | Long             | EC               | CORP              | US        |    500000 | NS      | $8385000.00   | 1.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Vulcan Materials Co            | Vulcan Materials Co                      | CUSIP: 929160109<br>LEI: 549300Q8LSNHAVWBNI21 | Long             | EC               | CORP              | US        |     40000 | NS      | $10986800.00  | 2.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Abbott Laboratories            | Abbott Laboratories                      | CUSIP: 002824100<br>LEI: HQD377W2YR662HK5JX27 | Long             | EC               | CORP              | US        |     50000 | NS      | $6309500.00   | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Adobe Inc                      | Adobe Inc                                | CUSIP: 00724F101<br>LEI: FU4LY2G4933NH2E1CP29 | Long             | EC               | CORP              | US        |     15000 | NS      | $5365350.00   | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Apollo Global Management Inc   | Apollo Global Management Inc             | CUSIP: 03769M106<br>LEI: 254900LMFT1CY9IYB476 | Long             | EC               | CORP              | US        |     50000 | NS      | $7266000.00   | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Cameco Corp                    | Cameco Corp                              | CUSIP: 13321L108<br>LEI: N4BHALMXL3GMZKCUON55 | Long             | EC               | CORP              | CA        |     75000 | NS      | $5619750.00   | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Caterpillar Inc                | Caterpillar Inc                          | CUSIP: 149123101<br>LEI: WRJR7GS4GTRECRRTVX92 | Long             | EC               | CORP              | US        |     25000 | NS      | $10950500.00  | 2.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Chevron Corp                   | Chevron Corp                             | CUSIP: 166764100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     40000 | NS      | $6065600.00   | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Cooper Cos Inc/The             | Cooper Cos Inc/The                       | CUSIP: 216648501<br>LEI: QJKMVPIGLH7530PCUE20 | Long             | EC               | CORP              | US        |     50000 | NS      | $3534500.00   | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Crane Co                       | Crane Co                                 | CUSIP: 224408104<br>LEI: 5493000CQRQOTHUODL75 | Long             | EC               | CORP              | US        |     50000 | NS      | $9788500.00   | 1.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Crane NXT Co                   | Crane NXT Co                             | CUSIP: 224441105<br>LEI: 549300EXNPSXEWUD3N21 | Long             | EC               | CORP              | US        |     75000 | NS      | $4450500.00   | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Intercontinental Exchange Inc  | Intercontinental Exchange Inc            | CUSIP: 45866F104<br>LEI: 5493000F4ZO33MV32P92 | Long             | EC               | CORP              | US        |     22500 | NS      | $4158675.00   | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp                 | Microsoft Corp                           | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |     40000 | NS      | $21340000.00  | 4.26%             |  |  |  | No            |                  1 | On Loan: No      |
| NextEra Energy Inc             | NextEra Energy Inc                       | CUSIP: 65339F101<br>LEI: 254900RHL9MEUS5NKX63 | Long             | EC               | CORP              | US        |    175000 | NS      | $12435500.00  | 2.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Colgate-Palmolive Co           | Colgate-Palmolive Co                     | CUSIP: 194162103<br>LEI: YMEGZFW4SBUSS5BQXF88 | Long             | EC               | CORP              | US        |     75000 | NS      | $6288750.00   | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Illinois Tool Works Inc        | Illinois Tool Works Inc                  | CUSIP: 452308109<br>LEI: 76NA4I14SZCFAYMNSV04 | Long             | EC               | CORP              | US        |     25000 | NS      | $6399250.00   | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Procter & Gamble Co/The        | Procter & Gamble Co/The                  | CUSIP: 742718109<br>LEI: 2572IBTT8CCZW6AU4141 | Long             | EC               | CORP              | US        |     50000 | NS      | $7523500.00   | 1.50%             |  |  |  | No            |                  1 | On Loan: No      |
| QUALCOMM Inc                   | QUALCOMM Inc                             | CUSIP: 747525103<br>LEI: H1J8DDZKZP6H7RWC0H53 | Long             | EC               | CORP              | US        |     75000 | NS      | $11007000.00  | 2.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Weyerhaeuser Co                | Weyerhaeuser Co                          | CUSIP: 962166104<br>LEI: 08IRJODWFYBI7QWRGS31 | Long             | EC               | CORP              | US        |    200000 | NS      | $5010000.00   | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Automatic Data Processing Inc  | Automatic Data Processing Inc            | CUSIP: 053015103<br>LEI: HGBOLILQXWER4SAL2I23 | Long             | EC               | CORP              | US        |     40000 | NS      | $12380000.00  | 2.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Freeport-McMoRan Inc           | Freeport-McMoRan Inc                     | CUSIP: 35671D857<br>LEI: 549300IRDTHJQ1PVET45 | Long             | EC               | CORP              | US        |    125000 | NS      | $5030000.00   | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Genuine Parts Co               | Genuine Parts Co                         | CUSIP: 372460105<br>LEI: 549300D46DQVEU651W04 | Long             | EC               | CORP              | US        |     40000 | NS      | $5155200.00   | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Parker-Hannifin Corp           | Parker-Hannifin Corp                     | CUSIP: 701094104<br>LEI: 5493002CONDB4N2HKI23 | Long             | EC               | CORP              | US        |     15000 | NS      | $10978500.00  | 2.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Republic Services Inc          | Republic Services Inc                    | CUSIP: 760759100<br>LEI: NKNQHM6BLECKVOQP7O46 | Long             | EC               | CORP              | US        |     40000 | NS      | $9226000.00   | 1.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Schrodinger Inc/United States  | Schrodinger Inc/United States            | CUSIP: 80810D103<br>LEI: 984500044BAE4791E559 | Long             | EC               | CORP              | US        |    150000 | NS      | $3049500.00   | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| ServiceNow Inc                 | ServiceNow Inc                           | CUSIP: 81762P102<br>LEI: 549300HJTQM36M0E1G39 | Long             | EC               | CORP              | US        |     15000 | NS      | $14146800.00  | 2.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Texas Pacific Land Corp        | Texas Pacific Land Corp                  | CUSIP: 88262P102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      7500 | NS      | $7260975.00   | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Verizon Communications Inc     | Verizon Communications Inc               | CUSIP: 92343V104<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | EC               | CORP              | US        |    100000 | NS      | $4276000.00   | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Wheaton Precious Metals Corp   | Wheaton Precious Metals Corp             | CUSIP: 962879102<br>LEI: 549300XSFG5ZCGVYD886 | Long             | EC               | CORP              | CA        |    100000 | NS      | $9151000.00   | 1.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Rocket Lab Corp                | Rocket Lab Corp                          | CUSIP: 773121108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    675000 | NS      | $30996000.00  | 6.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Shopify Inc                    | Shopify Inc                              | CUSIP: 82509L107<br>LEI: 549300HGQ43STJLLP808 | Long             | EC               | CORP              | CA        |    100000 | NS      | $12221000.00  | 2.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Vertiv Holdings Co             | Vertiv Holdings Co                       | CUSIP: 92537N108<br>LEI: 549300KTTIRAOGXCRV69 | Long             | EC               | CORP              | US        |     75000 | NS      | $10920000.00  | 2.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Marvell Technology Inc         | Marvell Technology Inc                   | CUSIP: 573874104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    150000 | NS      | $12055500.00  | 2.41%             |  |  |  | No            |                  1 | On Loan: No      |
| McDonald's Corp                | McDonald's Corp                          | CUSIP: 580135101<br>LEI: UE2136O97NLB5BYP9H04 | Long             | EC               | CORP              | US        |     25000 | NS      | $7501750.00   | 1.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Newmont Corp                   | Newmont Corp                             | CUSIP: 651639106<br>LEI: 549300VSP3RIX7FGDZ51 | Long             | EC               | CORP              | US        |    200000 | NS      | $12420000.00  | 2.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Occidental Petroleum Corp      | Occidental Petroleum Corp                | CUSIP: 674599105<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | EC               | CORP              | US        |    150000 | NS      | $6591000.00   | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Pfizer Inc                     | Pfizer Inc                               | CUSIP: 717081103<br>LEI: 765LHXWGK1KXCLTFYQ30 | Long             | EC               | CORP              | US        |    100000 | NS      | $2329000.00   | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| AeroVironment Inc              | AeroVironment Inc                        | CUSIP: 008073108<br>LEI: 529900PGHVI29YLZ6221 | Long             | EC               | CORP              | US        |     30000 | NS      | $8029200.00   | 1.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Apple Inc                      | Apple Inc                                | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |     40000 | NS      | $8302800.00   | 1.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Merck & Co Inc                 | Merck & Co Inc                           | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |    100000 | NS      | $7812000.00   | 1.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Walmart Inc                    | Walmart Inc                              | CUSIP: 931142103<br>LEI: Y87794H0US1R65VBXU25 | Long             | EC               | CORP              | US        |    100000 | NS      | $9798000.00   | 1.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Aflac Inc                      | Aflac Inc                                | CUSIP: 001055102<br>LEI: 549300N0B7DOGLXWPP39 | Long             | EC               | CORP              | US        |     50000 | NS      | $4968000.00   | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Builders FirstSource Inc       | Builders FirstSource Inc                 | CUSIP: 12008R107<br>LEI: 549300W0SKP6L3H7DP63 | Long             | EC               | CORP              | US        |     20000 | NS      | $2542600.00   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| First American Treasury Obliga | First American Treasury Obligations Fund | CUSIP: 31846V328<br>LEI: 549300UU586IAH2B8H03 | Long             | STIV             | RF                | US        |   4855237 | NS      | $4855237.23   | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| NVIDIA Corp                    | NVIDIA Corp                              | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |    150000 | NS      | $26680500.00  | 5.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Nutrien Ltd                    | Nutrien Ltd                              | CUSIP: 67077M108<br>LEI: 5493002QQ7GD21OWF963 | Long             | EC               | CORP              | CA        |    100000 | NS      | $5932000.00   | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Restaurant Brands Internationa | Restaurant Brands International LP       | CUSIP: 76090H103<br>LEI: 529900LKDWGO1K6OAN16 | Long             | EC               | CORP              | CA        |        37 | NS      | $2544.15      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-09-16

**Name of Applicant:** The Tocqueville Trust

**Signature:** /S/ Cleo Kotis

**Name of Signer:** Cleo Kotis

**Title:** Secretary of the Trust