# EDGAR Filing Document

**Accession Number:** 0000801444
**File Stem:** 0001133228-25-014390
**Filing Date:** 2025-12
**Character Count:** 99119
**Document Hash:** 2f2b59c2382335443d15f1b1ceeef3cc
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-25-014390.hdr.sgml**: 20251231

**ACCESSION NUMBER**: 0001133228-25-014390

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 26

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20251231

**DATE AS OF CHANGE**: 20251231

**EFFECTIVENESS DATE**: 20251231

**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-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04840
- **FILM NUMBER:** 251616752

**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'? 2025-09-05462710_TheTocquevilleFund_TF_TSRAnnual

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. 57th 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. 57th St., 19th 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>October 31, 2025</u>**

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

(a) ---

| | | |
|:---|:---|:---|
| ![image](img216423_202410291434970.jpg) | **The Tocqueville Fund**  | ![image](img216421_202501241854654.jpg) |
| ![image](img216423_202410291434970.jpg) | TOCQX  | ![image](img216421_202501241854654.jpg) |
| ![image](img216423_202410291434970.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img216421_202501241854654.jpg) |

---

This annual shareholder report contains important information about the The Tocqueville Fund for the period of November 1, 2024, to October 31, 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 1-877-522-8860.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (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 | $135 | 1.20% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Tocqueville Fund (TOCQX) gained 25.81% on a net basis during the 12-month period ended October 31, 2025 compared to the S&P 500 which gained 21.45% and the Russell 1000 Value and the Russell 3000 Value which returned 12.15% and 11.98%, respectively. Industrials, information technology, and materials were the largest contributing sectors to the portfolio while healthcare, real estate and financials were the weakest. The top individual contributors were Rocket Lab, NVIDIA, Alphabet, Shopify, and Newmont. Mayville Engineering, UnitedHealth Group, Merck, Weyerhaeuser, and Adobe were the laggards. In addition to new positions in Goldman Sachs, the global investment bank, and Waterbridge Infrastructure, a recent IPO that is the largest produced water operator in the Permian Basin, the Fund invested in two private companies, SpaceX, the aerospace company, and Skyryse, flight control software and systems provider. A variety of positions were also trimmed in during the period, largely for profit taking. Naturally, we will continue to search for attractive opportunities in the U.S. equity market.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | Paycom Software, Inc. |
| ↑ | Cross Country Healthcare, Inc. |
| ↑ | Schrodinger, Inc. |
| ↑ | Occidental Petroleum Corporation |
| ↑ | Concentrix Corporation |

---

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | NVIDIA Corporation |
| ↓ | Alphabet Inc. Class A |
| ↓ | QUALCOMM Incorporated |
| ↓ | ServiceNow, Inc. |
| ↓ | Crane Company |

---

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

The Tocqueville Fund PAGE 1 TSR-AR-888894102

------

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5751img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **TF (without sales charge)**  | 25.81 | 16.30 | 12.72 |
| **S&P 500 TR**  | 21.45 | 17.64 | 14.64 |

---

Visit https://www.tocquevillefunds.com/fundinformation for more recent performance information.

\* ***The Fund's past performance is not a good predictor of how the Fund will perform in the*** ***future*** *.****The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $544926791 |
| **Number of Holdings** | 56 |
| **Net Advisory Fee** | $3283911 |
| **Portfolio Turnover** | 16% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  Rocket Lab Corp.  | 7.8% |
|  NVIDIA Corp.  | 5.6% |
|  Alphabet, Inc. - Class A  | 5.2% |
|  Microsoft Corp.  | 3.8% |
|  Applied Materials, Inc.  | 3.2% |
|  Shopify, Inc. - Class A  | 3.2% |
|  Amazon.com, Inc.  | 3.1% |
|  Newmont Mining Corp.  | 3.0% |
|  First American Treasury Obligations Fund - Class X  | 2.9% |
|  Vertiv Holdings Co. - Class A  | 2.7% |

---

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

![image](ts5751img004.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.

The Tocqueville Fund PAGE 2 TSR-AR-888894102

------

**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 1-877-522-8860, 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 3 TSR-AR-888894102

1000010461126451289914822155662104119076198772632333117100001045112921138701585717397248622123023383322723919626.226.28.85.95.65.55.45.24.07.2 ------

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

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

The registrant has adopted a code of ethics that applies to the registrant's principal executive officer and principal financial officer. The registrant has not made any substantive amendments to its code of ethics during the period covered by this report. The registrant has not granted any waivers from any provisions of the code of ethics during the period covered by this report.

*A copy of the registrant's Code of Ethics is filed herewith.*

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

The registrant's board of trustees has determined that there is at least one audit committee financial expert serving on its audit committee. James Gerard is the "audit committee financial expert" and is considered to be "independent" as each term is defined in Item 3 of Form N-CSR.

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

The registrant has engaged its principal accountant to perform audit services, audit-related services, tax services and other services during the past two fiscal years. "Audit services" refer to performing an audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years. "Audit-related services" refer to the assurance and related services by the principal accountant that are reasonably related to the performance of the audit. "Tax services" refer to professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. "Other services" were not provided by the principal accountant. The following table details the aggregate fees billed or expected to be billed for each of the last two fiscal years for audit fees, audit-related fees, tax fees and other fees by the principal accountant.

**The Tocqueville Trust**

---

| | | |
|:---|:---|:---|
| | FYE 10/31/2025 | FYE 10/31/2024 |
| (a) Audit Fees | $20750 | $17000 |
| (b) Audit-Related Fees | N/A | N/A |
| (c) Tax Fees | $4500 | $4500 |
| (d) All Other Fees | N/A | N/A |

---

(e)(1) The audit committee has adopted pre-approval policies and procedures that require the audit committee to pre-approve all audit and non-audit services of the registrant, including services provided to any entity affiliated with the registrant.

(e)(2) The percentage of fees billed by Cohen & Company, Ltd applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows:

---

| | | |
|:---|:---|:---|
| | FYE 10/31/2025 | FYE 10/31/2024 |
| Audit-Related Fees | 0% | 0% |
| Tax Fees | 0% | 0% |
| All Other Fees | 0% | 0% |

---

(f) N/A

(g) The following table indicates the non-audit fees billed or expected to be billed by the registrant's accountant for services to the registrant and to the registrant's investment adviser (and any other controlling entity, etc.—not sub-adviser) for the last two years.

 

---

| | | |
|:---|:---|:---|
| Non-Audit Related Fees | FYE 10/31/2025 | FYE 10/31/2024 |
| Registrant | $4500 | $4500 |
| Registrant's Investment Adviser | N/A | N/A |

---

(h) The audit committee of the board of trustees has considered whether the provision of non-audit services that were rendered to the registrant's investment adviser is compatible with maintaining the principal accountant's independence and has concluded that the provision of such non-audit services by the accountant has not compromised the accountant's independence.

(i) The registrant has not been identified by the U.S. Securities and Exchange Commission as having filed an annual report issued by a registered public accounting firm branch or office that is located in a foreign jurisdiction where the Public Company Accounting Oversight Board is unable to inspect or completely investigate because of a position taken by an authority in that jurisdiction.

The registrant is not a foreign issuer.

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

Not applicable.

**<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** 

Annual Financial Statements and Additional Information

October 31, 2025

------

**TABLE OF CONTENTS** 

---

| | |
|:---|:---|
|  | **Page**  |
| [Schedule of Investments](#tsoi) | [1](#tsoi) |
| [Statement of Assets and Liabilities](#tsal) | [3](#tsal) |
| [Statement of Operations](#tsop) | [4](#tsop) |
| [Statements of Changes in Net Assets](#tscna) | [5](#tscna) |
| [Financial Highlights](#fihi) | [6](#fihi) |
| [Notes to Financial Statements](#tnote) | [7](#tnote) |
| [Report of Independent Registered Public Accounting Firm](#rep) | [14](#rep) |
| [Additional Information](#additional) | [15](#additional) |

---

------

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

**THE TOCQUEVILLE FUND** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 95.8%**<br>|  |  |
| **Capital Goods - 21.8%**<br>|  |  |
| AeroVironment, Inc.<sup>(a)</sup> | 30000 | $11097300  |
| Caterpillar, Inc. | 25000 | 14431500  |
| Crane Co. | 50000 | 9500000  |
| Deere & Co. | 20000 | 9232600  |
| Illinois Tool Works, Inc. | 25000 | 6098000  |
| Parker-Hannifin Corp. | 15000 | 11592450  |
| Rocket Lab Corp.<sup>(a)</sup> | 675000 | 42511500  |
| Vertiv Holdings Co. - Class A | 75000 | 14464500  |
|  |  | 118927850  |
| **Commercial & Professional Services - 4.4%** | **Commercial & Professional Services - 4.4%** |  |
| ABM Industries, Inc. | 120000 | 5160000  |
| Automatic Data Processing, Inc. | 40000 | 10412000  |
| Republic Services, Inc. | 40000 | 8329600  |
|  |  | 23901600  |
|  **Consumer Discretionary Distribution & Retail - 4.1%**<br>|  |  |
| Amazon.com, Inc.<sup>(a)</sup> | 70000 | 17095400  |
| Genuine Parts Co. | 40000 | 5092400  |
|  |  | 22187800  |
| **Consumer Services - 1.4%**<br>|  |  |
| McDonald's Corp. | 25000 | 7460750  |
| Restaurant Brands International LP | 37 | 2468  |
|  |  | 7463218  |
|  **Consumer Staples Distribution & Retail - 1.9%**<br>|  |  |
| Walmart, Inc. | 100000 | 10118000  |
| **Energy - 5.2%**<br>|  |  |
| Cameco Corp. | 75000 | 7665750  |
| Chevron Corp. | 40000 | 6308800  |
| Diamondback Energy, Inc. | 50000 | 7159500  |
| Texas Pacific Land Corp. | 7500 | 7075350  |
|  |  | 28209400  |
| **Financial Services - 3.0%**<br>|  |  |
| Apollo Global Management, Inc. | 75000 | 9323250  |
| Goldman Sachs Group, Inc. | 5000 | 3946850  |
| Intercontinental Exchange, Inc. | 22500 | 3291525  |
|  |  | 16561625  |
| **Food, Beverage & Tobacco - 1.3%**<br>|  |  |
| Coca-Cola Co. | 100000 | 6890000  |
| **Health Care Equipment & Services - 2.7%** | **Health Care Equipment & Services - 2.7%** |  |
| Abbott Laboratories | 50000 | 6181000  |
| Cooper Cos., Inc.<sup>(a)</sup> | 75000 | 5243250  |
| Schrodinger, Inc.<sup>(a)</sup> | 150000 | 3156000  |
|  |  | 14580250  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Household & Personal Products - 2.4%** | **Household & Personal Products - 2.4%** |  |
| Colgate-Palmolive Co. | 75000 | $5778750  |
| Procter & Gamble Co. | 50000 | 7518500  |
|  |  | 13297250  |
| **Insurance - 1.0%**<br>|  |  |
| Aflac, Inc. | 50000 | 5359500  |
| **Materials - 8.8%**<br>|  |  |
| Freeport-McMoRan, Inc. | 125000 | 5212500  |
| Newmont Mining Corp. | 200000 | 16194000  |
| Nutrien Ltd. | 100000 | 5445000  |
| Vulcan Materials Co. | 40000 | 11580000  |
| Wheaton Precious Metals Corp. | 100000 | 9652000  |
|  |  | 48083500  |
| **Media & Entertainment - 5.2%**<br>|  |  |
| Alphabet, Inc. - Class A | 100000 | 28119000  |
|  **Pharmaceuticals, Biotechnology & Life Sciences - 2.8%**<br>|  |  |
| AbbVie, Inc. | 20000 | 4360800  |
| Merck & Co., Inc. | 100000 | 8598000  |
| Pfizer, Inc. | 100000 | 2465000  |
|  |  | 15423800  |
|  **Semiconductors & Semiconductor Equipment - 13.8%**<br>|  |  |
| Applied Materials, Inc. | 75000 | 17482500  |
| Marvell Technology, Inc. | 150000 | 14061000  |
| NVIDIA Corp. | 150000 | 30373500  |
| QUALCOMM, Inc. | 75000 | 13567500  |
|  |  | 75484500  |
| **Software & Services - 9.5%**<br>|  |  |
| Microsoft Corp. | 40000 | 20712400  |
| ServiceNow, Inc.<sup>(a)</sup> | 15000 | 13789200  |
| Shopify, Inc. - Class A<sup>(a)</sup> | 100000 | 17386000  |
|  |  | 51887600  |
| **Technology Hardware & Equipment - 2.8%** | **Technology Hardware & Equipment - 2.8%** |  |
| Apple, Inc. | 40000 | 10814800  |
| Crane NXT Co. | 75000 | 4743750  |
|  |  | 15558550  |
| **Telecommunication Services - 0.7%**<br>|  |  |
| Verizon Communications, Inc. | 100000 | 3974000  |
| **Utilities - 3.0%**<br>|  |  |
| NextEra Energy, Inc. | 175000 | 14245000  |
|  WaterBridge Infrastructure LLC - Class A<sup>(a)</sup> | 80000 | 1920000  |
|  |  | 16165000  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS**<br>**(Cost $170,044,425)** |  | 522192443 |

---

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

1<br>

------

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

**THE TOCQUEVILLE FUND** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
|  **REAL ESTATE INVESTMENT TRUSTS - 0.9%**<br>|  |  |
| Weyerhaeuser Co. | 200000 | $4600000  |
| &nbsp;&nbsp;&nbsp; **TOTAL REAL ESTATE INVESTMENT TRUSTS**<br>**(Cost $4,077,818)** |  | 4600000  |
| **PRIVATE INVESTMENTS - 0.5%**<br>|  |  |
| Autopilot Horizon IX LLC<sup>(a)(b)(c)</sup> | 18502 | 500000 |
| &nbsp;&nbsp;&nbsp; Cavalier Premier Access <br>Fund II, LP<sup>(a)(b)(c)</sup> | 10000 | 1010000 |
| SpaceCo Holdings, LLC<sup>(a)(b)(c)</sup> | 10000 | 1020000 |
| &nbsp;&nbsp;&nbsp; **TOTAL PRIVATE INVESTMENTS** <br>**(Cost $2,530,000)** |  | 2530000  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
| **Money Market Funds - 2.9%**<br>|  |  |
|  First American Treasury Obligations Fund - Class X, 3.98%<sup>(d)</sup> | 15988973 | 15988973  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS**<br>**(Cost $15,988,973)** |  | 15988973  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.1%**<br>**(Cost $192,641,216)** |  | $545311416  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (0.1)% |  | (384625)  |
| **TOTAL NET ASSETS - 100.0%** |  | $544926791 |

---

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.

LLC - Limited Liability Company

LP - Limited Partnership

REIT - Real Estate Investment Trust

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

<sup>(b)</sup> Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented $2,530,000 or 0.5% of net assets as of October 31, 2025. 

<sup>(c)</sup> This security has been deemed illiquid according to the Fund's liquidity guidelines. The total value of illiquid securities was $2,530,000 which represents 0.5% of total net assets.

<sup>(d)</sup> The rate shown represents the 7-day annualized yield as of October 31, 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** 

**For the Year Ended October 31, 2025** 

---

| | |
|:---|:---|
| **ASSETS:** <br>|  |
| Investments, at value <sup>(1)</sup> | $545311416  |
| Receivable for Fund shares purchased | 941  |
| Dividends, interest and other receivables | 401867  |
| Other assets | 18217  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 545732441  |
| **LIABILITIES:**<br>|  |
| Payable for Fund shares redeemed | 30350  |
| Payable to Adviser | 340881  |
| Payable to Administrator | 132204  |
| Payable to Trustees | 3033  |
| Accrued distribution fee | 76743  |
| Accrued expenses and other liabilities | 222439  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 805650  |
| **NET ASSETS** | $544926791  |
| **Net Assets Consist of:**<br>|  |
| Paid in capital | $157623788  |
| Total distributable earnings | 387303003  |
| &nbsp;&nbsp;&nbsp; **Net assets** | $544926791  |
| Shares of beneficial interest outstanding (unlimited shares of $0.01 par value authorized) | 9570672  |
| Net asset value, offering and redemption price per share | $56.94  |
| <sup>(1)</sup> Cost of investments | $192641216 |

---

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 Year Ended October 31, 2025** 

---

| | |
|:---|:---|
| **Investment Income:** <br>|  |
| Dividends\*  | $6554058  |
| Interest  | 175098  |
| &nbsp;&nbsp;&nbsp; **Total investment income**  | 6729156  |
| **EXPENSES:** <br>|  |
| Investment Adviser's fee (See Note 4)  | 3682101  |
| Distribution (12b-1) fees (See Note 4)  | 1227367  |
| Administration fees (See Note 4)  | 718231  |
| Transfer agent and shareholder services fees  | 132190  |
| Legal fees  | 119288  |
| Fund accounting fees  | 90933  |
| Trustee fees and expenses  | 81538  |
| Other expenses  | 74667  |
| Printing and mailing expense  | 46981  |
| Blue sky fees  | 41420  |
| Custody fees  | 36423  |
| Audit fees  | 17323  |
| Insurance expense  | 15428  |
| Registration fees  | 5662  |
| Interest expense  | 863  |
| &nbsp;&nbsp;&nbsp; Total expenses before waiver  | 6290415  |
| &nbsp;&nbsp;&nbsp; Less: Fees waived (See Note 4)  | (398190)  |
| &nbsp;&nbsp;&nbsp; Net expenses  | 5892225  |
| **Net investment income**  | 836931  |
| **REALIZED AND UNREALIZED GAIN (LOSS):** <br>|  |
| Net realized gain on: <br>|  |
| &nbsp;&nbsp;&nbsp; Investments  | 37092747  |
| &nbsp;&nbsp;&nbsp; Foreign currency translation  | 34862  |
|  | 37127609  |
| Net change in unrealized appreciation on: <br>|  |
| &nbsp;&nbsp;&nbsp; Investments  | 76822530  |
| &nbsp;&nbsp;&nbsp; Foreign currency translation  | 15  |
|  | 76822545  |
| Net gain on investments and foreign currency  | 113950154  |
| **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS**  | $114787085  |
| \* Net of foreign taxes withheld of:  | $62394 |

---

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 Year Ended October 31,**  | **For the Year Ended October 31,**  |
|  | **2025** | **2024**  |
| **Operations:** <br>|  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | $836931 | $1600709  |
| &nbsp;&nbsp;&nbsp; Net realized gain on sale of investments and foreign currency | 37127609 | 40625040  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation | 76822545 | 85118797  |
| &nbsp;&nbsp;&nbsp; **Net increase in net assets resulting from operations** | 114787085 | 127344546  |
| **TOTAL DIVIDENDS AND DISTRIBUTIONS** | (39733816) | (25690436)  |
| **FUND SHARE TRANSACTIONS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 8743453 | 7148981  |
| &nbsp;&nbsp;&nbsp; Shares issued to holders in reinvestment of dividends | 38217764 | 24719331  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (64132820) | (59389271)  |
| &nbsp;&nbsp;&nbsp; **Net increase** | (17171603) | (27520959)  |
| **Net increase in net assets** | 57881666 | 74133151  |
| **Net Assets:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year | 487045125 | 412911974  |
| &nbsp;&nbsp;&nbsp; End of year | $544926791 | $487045125 |

---

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

5<br>

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

**The Tocqueville Fund** 

**Financial Highlights** 

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Years Ended October 31,**  | **Years Ended October 31,**  | **Years Ended October 31,**  | **Years Ended October 31,**  | **Years Ended October 31,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **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 | $48.98 | $39.28 | $39.55 | $48.39 | $37.03 |
| **Operations:**<br>|  |  |  |  |  |
| Net investment income<sup>(1)</sup> | 0.09 | 0.16 | 0.07 | 0.43 | 0.25 |
| Net realized and unrealized gain | 11.91 | 12.02 | 1.59 | (4.30) | 12.49 |
| **Total from investment operations** | 12.00 | 12.18 | 1.66 | (3.87) | 12.74 |
| **Distributions to shareholders:** | **Distributions to shareholders:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment <br>income | (0.12) | (0.22) | (0.24) | (0.20) | (0.25) |
| Distributions from net realized gains | (3.92) | (2.26) | (1.69) | (4.77) | (1.13) |
| **Total distributions** | (4.04) | (2.48) | (1.93) | (4.97) | (1.38) |
| Change in net asset value for the year | 7.96 | 9.70 | (0.27) | (8.84) | 11.36 |
| **Net asset value, end of year** | $56.94 | $48.98 | $39.28 | $39.55 | $48.39 |
| Total return | 25.81% | 32.4% | 4.2% | (9.3)% | 35.2% |
| **Ratios/supplemental data** | **Ratios/supplemental data** |  |  |  |  |
| Net assets, end of year (000) | $544927 | $487045 | $412912 | $258843 | $313739 |
| Ratio to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses before waiver | 1.28% | 1.35% | 1.35% | 1.33% | 1.34% |
| &nbsp;&nbsp;&nbsp; Expenses after waiver | 1.20% | 1.20% | 1.20% | 1.25%<sup>(2)</sup> | 1.25% |
| &nbsp;&nbsp;&nbsp; Net investment income before waiver | 0.09% | 0.19% | 0.37% | 0.91% | 0.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income after <br>waiver | 0.17% | 0.34% | 0.52% | 0.99% | 0.55% |
| Portfolio turnover rate | 16% | 18% | 22% | 6% | 11% |

---

<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%.

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** 

**October 31, 2025** 

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").

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.

&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

7<br>

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

**The Tocqueville Trust** 

**Notes to Financial Statements** 

**October 31, 2025(Continued)** 

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 October 31, 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** 

**October 31, 2025(Continued)** 

**The Tocqueville Fund\***

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $522189975 | $2468 | $— | $522192443  |
| &nbsp;&nbsp;&nbsp; Real Estate Investment Trust (REIT) | 4600000 |  |  | 4600000  |
| &nbsp;&nbsp;&nbsp; Private Investments | —  | —  | 2530000  | 2530000  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 15988973 |  |  | 15988973  |
| **Total Assets** | $542778948 | $2468 | $2530000  | $545311416 |

---

\* 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 year ended October 31, 2025, the Fund held $2,530,000 of investments with significant inputs that would be classified as Level 3. The significant input was transaction cost.

Below is a reconciliation that details the activity of securities in Level 3 during the current fiscal period:

**The Tocqueville Fund**

---

| | |
|:---|:---|
| Balance as of November 1, 2024 | $— |
| Purchases | 2530000 |
| Sales |  |
| Realized Gain/(Loss) |  |
| Change in Unrealized Appreciation/(Depreciation) |  |
| Transfer in/(out) of Level 3 |  |
| Balance as of October 31, 2025 | $2530000 |

---

As of October 31, 2025 the change in unrealized appreciation/(depreciation) and cost on positions still held for securities that were considered Level 3 were $0 and $2,530,000, respectively.

&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

9<br>

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

**The Tocqueville Trust** 

**Notes to Financial Statements** 

**October 31, 2025(Continued)** 

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 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 year ended October 31, 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.

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

**The Tocqueville Trust** 

**Notes to Financial Statements** 

**October 31, 2025(Continued)** 

&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.

&nbsp;&nbsp;&nbsp;&nbsp;j) *Segment Reporting.* The Fund has adopted FASB Accounting Standards Update 2023-07, Segment Reporting
 (Topic 280) - Improvements to Reportable Segment Disclosures. Adoption of the standard impacted financial statement disclosures only and
 did not affect the Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a
 component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating
 results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions
 about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The CODM
 is the President and Chief Executive Officer of the Fund.

The Fund operates as a single operating segment. The Fund's income, expenses, assets, changes in net assets resulting from operations and performance are regularly monitored and assessed as a whole by the CODM responsible for oversight functions of the Fund, using the information presented in the financial statements and financial highlights.

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, 2025, or for any other tax years which are open for exam. As of October 31, 2025, open tax years include the tax years ended October 31, 2022 through 2024. 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

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

**The Tocqueville Trust** 

**Notes to Financial Statements** 

**October 31, 2025(Continued)** 

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, 2025, the following table shows the reclassifications made:

---

| | | |
|:---|:---|:---|
|  | **Distributable** <br>**Earnings** | **Paid In** <br>**Capital**  |
| The Tocqueville Fund | $(3203483) | $3203483 |

---

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

As of October 31, 2025, the components of distributable earnings (accumulated losses) for income tax purposes were as follows:

---

| | |
|:---|:---|
| Tax cost of Investments | $192641381  |
| Unrealized Appreciation | 354460265  |
| Unrealized Depreciation | (1790230)  |
| Net unrealized appreciation (depreciation) | 352670035  |
| Undistributed operating income | 586061  |
| Undistributed long-term gains | 34055129  |
| Distributable earnings | 34641190  |
| Other accumulated gain/(loss) | (8222)  |
| Total distributable earnings | $387303003 |

---

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, 2025 and 2024 was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **October 31, 2025**  | **October 31, 2025**  | **October 31, 2025**  |
|  | **Ordinary** <br>**Income** | **Long Term** <br>**Capital Gain** | **Total**  |
| Tocqueville Fund | $2242288 | $37491528 | $39733816 |

---

---

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

---

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, 2025 and 2024.

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

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**The Tocqueville Trust** 

**Notes to Financial Statements** 

**October 31, 2025(Continued)** 

remain in effect until March 1, 2026. For the year ended October 31, 2025, the Adviser waived $398,190 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 year ended October 31, 2025, the Adviser made $227,281 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 year ended October 31, 2025 were $3,500.

5. CAPITAL SHARE TRANSACTION.

Transactions in capital shares for the Fund were as follows:

**The Tocqueville Fund** 

---

| | | |
|:---|:---|:---|
|  | **For the Year Ended** <br>**October 31,**  | **For the Year Ended** <br>**October 31,**  |
|  | **2025** | **2024**  |
|  | **Shares** | **Shares**  |
| Shares sold | 179967 | 159898  |
| Shares issued to holders in reinvestment dividends | 777416 | 619067  |
| Shares redeemed | (1330693) | (1345955)  |
| Net increase (decrease) | (373310) | (566990) |

---

6. INVESTMENT TRANSACTIONS

Purchases and sales of investment securities (excluding short-term investments) for the year ended October 31, 2025, are summarized below.

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales**  |
| The Tocqueville Fund | $76799605 | $146689744 |

---

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 year ended October 31, 2025, the Tocqueville Fund's maximum borrowing was $2,498,000 and average borrowing was $22,247.

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**The Tocqueville Trust** 

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

To the Shareholders and Board of

Trustees of The Tocqueville Trust

<u>Opinion on the Financial Statements</u>

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of The Tocqueville Trust comprising The Tocqueville Fund (the "Fund") as of October 31, 2025, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2025, the results of its operations for the year then ended, the changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

<u>Basis for Opinion</u>

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of October 31, 2025, by correspondence with the custodian. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the Fund's auditor since 2021.

![](tocqueville_signature.jpg)

COHEN & COMPANY, LTD.

Milwaukee, Wisconsin

December 22, 2025

14<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, 2025, 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:

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

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For corporate shareholders, the percent of ordinary income distributions qualifying for the corporate dividends received deduction for the fiscal year ended October 31, 2025, was as follows:

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

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For the fiscal year ended October 31, 2025, the Fund designated the following percent of ordinary distributions paid as interest-related dividends under the Internal Revenue Code Section 871(k)(1)(c):

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

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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.

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

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15<br>

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

**The Tocqueville Trust** 

**Additional Information (Unaudited)(Continued)** 

**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>** 

In determining whether to approve the continuance of the Investment Advisory Agreement and the Administration Agreement, the Board of Trustees (each member a "Trustee," and collectively the "Board"), including the Trustees who are not "interested persons, as defined in the Investment Company Act of 1940, as amended, considered the following information:

**1) The nature, extent and quality of services provided by the Adviser.** 

The Trustees reviewed in detail the nature and extent of the services provided by the Adviser under the terms of the Investment Advisory Agreement and the quality of those services provided to the Fund over the past year. The Trustees noted that the services under the Investment Advisory Agreement include: managing the investment and reinvestment of the Fund's assets; supervising and managing all aspects of the Fund's operations; and providing the Board on a regular basis with financial reports and analyses on the Fund's operations and the operations of comparable investment companies. The Trustees also observed that the Adviser provides various administrative services to the Fund pursuant to the terms of the Administration Agreement and considered the nature, extent and quality of services provided under that agreement as well. The Trustees evaluated these factors based on their direct experience with the Adviser and in consultation with counsel.

The Trustees concluded that: the nature and extent of the services provided under the Investment Advisory Agreement and the Administration Agreement were reasonable and appropriate in relation to the advisory fee and administration fee, respectively; that the level of services provided by the Adviser to the Funds had not diminished over the past year; and that the quality of services continues to be high. The Trustees reviewed the personnel responsible for providing advisory and administrative services to the Fund and concluded, based on their experience and interaction with the Adviser, that: (i) the Adviser was able to retain quality portfolio managers and other personnel; (ii) the Adviser exhibited a high level of diligence and attention to detail in carrying out its advisory and administrative responsibilities under the Investment Advisory Agreement and Administration Agreement, respectively, for the Fund; (iii) the Adviser was responsive to requests of the Trustees; and (iv) the Adviser had kept the Trustees apprised of developments relating to the Fund and the industry in general. The Trustees also focused on the Adviser's reputation and long-standing relationship with the Trust.

In connection with its assessment of the performance of the Adviser, the Trustees reviewed the Adviser's financial statements and considered the Adviser's financial condition and whether it has the resources necessary to continue to carry out its obligations under the Investment Advisory Agreement and the Administration Agreement. The Trustees concluded that the Adviser has the financial resources necessary to continue to perform its obligations under the Investment Advisory Agreement and the Administration Agreement and to continue to provide the high quality services that it has provided to the Fund to date.

**2) The performance of the Fund and the Adviser.** 

The Trustees next reviewed the investment performance of the Fund, both on an absolute basis and as compared to a peer group for the Fund for the one-year, three-year, five-year and ten-year periods, ended July 31, 2025. The peer group determined by Morningstar, the Morningstar Large Blend Funds peer group, was comprised of other funds with similar investment objectives and sales load structures, and with total net assets between $300 million and $600 million (the "Performance Peer Group"). The Trustees noted that the Fund's average annual returns net of expenses was above the median of the Performance Peer Group for the one-, three-, and five-year periods and below the median of the

16<br>

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

**The Tocqueville Trust** 

**Additional Information (Unaudited)(Continued)** 

Performance Peer Group for the ten-year period. The Trustees also noted that the Fund's average annual returns net of expenses had outperformed the average performance of the Performance Peer Group for all relevant periods.

The Trustees also compared the Fund's investment performance against a benchmark market index, the S&P 500 Index, for the one-, three-, five-, and ten-year periods ended July 31, 2025, and noted that the Fund had underperformed the S&P 500 Index for all relevant periods.

The Trustees considered the above information as helpful in their assessment of whether the Adviser was obtaining for the Fund's shareholders the performance that was available in the marketplace given the Fund's investment objectives, policies, strategies, limitations and restrictions. The Trustees concluded that the performance of the Fund as compared to the performance of its Performance Peer Group was satisfactory overall, and that the investment performance achieved by the Adviser for the Fund was comparable to the Performance Peer Group.

**3) The cost of the advisory services and the profits to the Adviser from the relationship with the Trust.** 

In connection with the Trustees' consideration of the level of the advisory fees, the Trustees considered a number of factors. The Trustees compared the level of the advisory fees for the Fund against the advisory fees charged by funds in the Morningstar Large Cap Blend Funds peer group for the Fund (the "Expense Peer Group"). The Trustees considered comparative total fund expenses of the Fund and the Expense Peer Group. The Trustees used this comparative fee information and total expense data as a guide to help assess the reasonableness of the Fund's advisory fee, although they acknowledged that it was difficult to make precise comparisons with other funds since the exact nature of services provided under the Expense Peer Group fund agreements is often not apparent. The Trustees also viewed the Expense Peer Group fee information as a whole as useful in assessing whether the Adviser was providing services at a cost that was competitive with other, similar funds.

The Trustees considered and reviewed the contractual advisory fee rate and the administration fee for the Fund. The Trustees noted that these fee rates were above the average and median of the Expense Peer Group, but concluded that they were reasonable for the services provided by the Adviser. The Trustees also considered the gross expense ratio for the Fund as compared to the median and average of the Expense Peer Group. The Board concluded that the gross expense ratio of the Fund was also reasonable, although they noted that the gross expense ratio was above the average and median of the Expense Peer Group. The Board also noted that the Fund operates pursuant to an Expense Limitation Agreement whereby the Adviser has agreed to waive a portion of its fee necessary to limit the Fund's total operating expenses to the level set forth in the Fund's prospectus. In particular the Trustees noted that the net expense ratio for the Fund was above the median and the average net expense ratios of the Expense Peer Group funds, but that it was not the highest net expense ratio within the Expense Peer Group.

The Trustees also considered the profitability to the Adviser and its affiliates arising out of its relationship with the Trust. In this regard, the Trustees reviewed the profitability data relating to the Adviser for the 12month period ended July 31, 2025. The Trustees considered revenues received by the Adviser under the Investment Advisory Agreement and the Administration Agreement as well as revenues received by the Adviser's affiliate, the Distributor, under the 12b-1 Plan and Related Agreements and commissions received for effecting portfolio transactions. The Trustees concluded that the profitability of the Fund to the Adviser was not excessive.

**4) The extent to which economies of scale will be realized as the Fund grows and whether fee levels reflect those economies of scale.** 

With respect to the Trustees' consideration of economies of scale, the Trustees discussed whether economies of scale would be realized by the Adviser in its management of the Fund at higher asset levels. The Trustees noted that the Fund currently has advisory fee breakpoints and that they were satisfied that the current breakpoints were appropriate when compared with the Fund' peers. The Trustees also noted that the administration fee also has breakpoints. In the event there was significant asset growth in the future in the Fund, the Trustees determined they would reassess at such point whether the advisory fees and administration fee, including the current breakpoint structure, appropriately took into account any economies of scale that had been realized as a result of that growth.

17<br>

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

**The Tocqueville Trust** 

**Additional Information (Unaudited)(Continued)** 

**5) Other factors.** 

The Trustees also discussed the Adviser's practices regarding the selection and compensation of brokers and dealers that execute portfolio transactions for the Fund and the brokers' and dealers' provision of brokerage and research services to the Adviser. The Trustees further discussed the potential benefits the Adviser derived from the Fund's soft dollar arrangements, whereby brokers provide research to the Fund or the Adviser in return for allocating fund brokerage, and other investment data concerning soft dollars. The Board also discussed the Adviser's use of an affiliated broker to effect portfolio transactions, noting that in addition to paying a competitive rate on commissions, the Adviser believed the Fund received better execution on trades.

Based on a consideration of all these factors in their totality, the Trustees, including all of the Independent Trustees, determined that the Fund's advisory fees and administration fees were fair and reasonable with respect to the quality of services that the Adviser provides and in light of the other factors described above that the Trustees deemed relevant. The Trustees based their decision on evaluations of all these factors as a whole and did not consider any one factor as all-important or controlling.

18<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 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.* Filed herewith.](ttf-efp20065_ex99codeeth.htm)

 

&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 Investment Company Act of 1940 (17 CFR 270.30a-2(a)).* Filed herewith.](ttf-efp20065_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. Provide the information called for by Item 4 of Form 8-K under the Exchange Act (17 CFR 249.308). Unless otherwise specified by Item 4, or related to and necessary for a complete understanding of information not previously disclosed, the information should relate to events occurring during the reporting period. Not applicable to open-end investment companies.

&nbsp;&nbsp;&nbsp;&nbsp;*(b)* [*Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.* Furnished herewith.](ttf-efp20065_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

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

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Date <u>12/30/2025</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.

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

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Date <u>12/30/2025</u>

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

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Date <u>12/30/2025</u>

 

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

## Ex-99.Codeeth

**EX.99.CODE ETH**

**THE TOCQUEVILLE TRUST**

**CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND**

**SENIOR FINANCIAL OFFICERS**

I. Covered Officers/Purpose of the Code

This code of ethics (the "Code") applies to the Principal Executive Officer and Principal Financial Officer (the "Covered Officers," each of whom are set forth in Exhibit A) of The Tocqueville Trust (the "Trust") for the purpose of promoting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional
relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• full, fair, accurate, timely and understandable disclosure in reports and documents that a registrant
files with, or submits to, the Securities and Exchange Commission ("SEC") and in other public communications made by the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• compliance with applicable laws and governmental rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• accountability for adherence to the Code.

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

II. Covered Officers Should Handle Ethically Actual and Apparent Conflicts of Interest

**Overview.** A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his service to, the Trust. For example, a conflict of interest would arise if a Covered Officer, or a member of his family, receives improper personal benefits as a result of his position with the Trust.

Certain conflicts of interest arise out of the relationships between Covered Officers and the Trust and already are subject to conflict of interest provisions in the Investment Company Act of 1940 ("Investment Company Act") and the Investment Advisers Act of 1940 ("Investment Advisers Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Trust because of their status as "affiliated persons" of the Trust. The Trust's and the investment adviser's compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the Trust and the investment adviser, of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Trust or for the adviser, or for both), be involved in establishing policies and implementing decisions that will have different effects on the adviser and the Trust. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Trust and the adviser and is consistent with the performance by the Covered Officers of their duties as officers of the Trust. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the Trust's Board of Trustees (the "Board") that the Covered Officers may also be officers of one or more other investment companies covered by this or other codes.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the Trust.

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not use his personal influence or personal relationships improperly to influence investment decisions
or financial reporting by the Trust whereby the Covered Officer would benefit personally to the detriment of the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not cause the Trust to take action, or fail to take action, for the individual personal benefit of the
Covered Officer rather than the benefit of the Trust; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not use material non-public knowledge of portfolio transactions made or contemplated for the Trust to
trade personally or cause others to trade personally in contemplation of the market effect of such transactions.

There are some potential conflict of interest situations that should be discussed with Trust counsel in order to determine whether these situations pose a material risk of causing detriment to the Trust. Examples of these include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• service as a director on the board of any public or private company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the receipt of any non-nominal gifts from any company with which the Trust has current or prospective
business dealings, to the extent the situation is not addressed by the Trust's 17j-1 Code of Ethics or the investment adviser's
Code of Ethics;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the receipt of any entertainment from any company with which the Trust has current
or prospective business dealings unless such entertainment is business-related, reasonable in cost, appropriate as to time and place,
and not so frequent as to raise any question of impropriety, to the extent the situation is not addressed by the Trust's 17j-1 Code
of Ethics or the investment adviser's Code of Ethics;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any ownership interest in, or any consulting or employment relationship with, any
of the Trust's service providers, other than its investment adviser, principal underwriter, administrator or any affiliated person
thereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a direct or indirect financial interest in commissions, transaction charges or
spreads paid by the Trust for effecting portfolio transactions or for selling or redeeming shares other than an interest arising from
the Covered Officer's employment, such as compensation or equity ownership.

III. Disclosure and Compliance

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each Covered Officer should familiarize himself with the disclosure requirements generally applicable to the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• each Covered Officer should not knowingly misrepresent, or cause others to misrepresent,
facts about the Trust to others, whether within or outside the Trust, including to the Trust's Trustees and auditors, and to governmental
regulators and self-regulatory organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• each Covered Officer should, to the extent appropriate within his area of responsibility,
consult with other officers and employees of the Trust and the adviser with the goal of promoting full, fair, accurate, timely and understandable
disclosure in the reports and documents the Trust files with, or submits to, the SEC and in other public communications made by the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• each Covered Officer should comply with his or her obligations under the Trust's Disclosure Controls
and Procedures and certification requirements relating to the reports on Form N-CSR (certified shareholder reports) and Form N-Q (quarterly
schedule of portfolio holdings) that the Trust is required to file; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• it is the responsibility of each Covered Officer to promote compliance with the standards and restrictions
imposed by applicable laws, rules and regulations.

IV. Reporting and Accountability

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• upon adoption of the Code (or thereafter as applicable, upon becoming a Covered Officer), affirm in
writing to the Board that he has received, read, and understands the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• annually thereafter affirm to the Board that he has complied with the requirements of the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not retaliate against any other Covered Officer or any employee of the Trust or their affiliated persons
for reports of potential violations that are made in good faith; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• notify the Qualified Legal Compliance Committee promptly if he knows of any violation of this Code. Failure to do so is itself a violation
of this Code.

The Qualified Legal Compliance Committee is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation.<sup>1</sup> Any approvals or waivers<sup>2</sup> sought by the Covered Officers must be considered by the Qualified Legal Compliance Committee.

The Trust will follow these procedures in investigating and enforcing this Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Qualified Legal Compliance Committee will take all appropriate action to investigate any potential violations reported to the
Committee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if, after such investigation, the Qualified Legal Compliance Committee believes that no violation has
occurred, the Qualified Legal Compliance Committee is not required to take any further action;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if the Committee determines, by majority vote, that a violation has occurred, it
will inform and make a recommendation to the full Board, which will consider appropriate action, which may include (i) review of, and
appropriate modifications to, applicable policies and procedures; (ii) notification to appropriate personnel of the investment adviser
or its board; or (iii) a recommendation to dismiss the Covered Officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Qualified Legal Compliance Committee will be responsible for granting waivers, as appropriate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules.

V. Other Policies and Procedures

This Code shall be the sole code of ethics adopted by the Trust for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Trust, the Trust's adviser, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The Trust's and its investment adviser's and principal underwriter's codes of ethics under Rule 17j-l under the Investment Company Act, and any other codes of conduct applicable to such entities, are separate requirements applying to the Covered Officers and others, and are not part of this Code.

<sup>1</sup> The Qualified Legal Compliance Committee is authorized to consult, as appropriate, with counsel to the Trust and/or counsel to the Independent Trustees, and is encouraged to do so.

<sup>2</sup> Item 2 of Form N-CSR defines "waiver" as "the approval by the registrant of a material departure from a provision of the code of ethics" and "implicit waiver," which must also be disclosed, as "the registrant's failure to take action within a reasonable period of time regarding a material departure from a provision of the code of ethics that has been made known to an executive officer" of the registrant.

&nbsp;&nbsp;&nbsp;&nbsp;VI. Amendments

Any amendments to this Code, other than amendments to Exhibit A, must be approved or ratified by a majority vote of the Board.

&nbsp;&nbsp;&nbsp;&nbsp;VII. Confidentiality

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than Trust counsel and the Board of Trustees (and its counsel).

&nbsp;&nbsp;&nbsp;&nbsp;VIII. Internal Use

The Code is intended solely for the internal use by the Trust and does not constitute an admission, by or on behalf the Trust, as to any fact, circumstance, or legal conclusion.

Adopted: September 18, 2003, as amended on September 16, 2004, December 29, 2015 and on September 16, 2021.

**Exhibit A**

Persons Covered by this Code of Ethics

Robert W. Kleinschmidt, President

Jeff Zatkowsky, Treasurer

## 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: | 12/30/2025 | /s/ Robert 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: | 12/30/2025 | /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 year ended October 31, 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>12/30/2025</u> Dated: <u>12/30/2025</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 Tocqueville Trust for purposes of Section 18 of the Securities Exchange Act of 1934.