The Tocqueville Fund
Schedule of Investments
July 31, 2026 (Unaudited)

COMMON STOCKS - 98.0%

Shares  

Value  
Capital Goods - 19.6%

AeroVironment, Inc. (a)

            30,000

    $        4,481,100
Caterpillar, Inc.

            25,000

             20,370,250
Crane Co.

            50,000

             10,673,000
Deere & Co.

            20,000

             11,853,400
Illinois Tool Works, Inc.

            25,000

             7,173,750
Parker-Hannifin Corp.

            15,000

             14,647,950
Rocket Lab Corp. (a)

            425,000

             27,603,750
Vertiv Holdings Co. - Class A

            75,000

             18,117,750




             114,920,950






Commercial & Professional Services - 3.3%

Automatic Data Processing, Inc.

            40,000

             10,658,400
Republic Services, Inc.

            40,000

             8,422,000




             19,080,400






Consumer Discretionary Distribution & Retail - 3.2%

Amazon.com, Inc. (a)

            70,000

             19,010,600






Consumer Services - 1.2%

McDonald's Corp.

            25,000

             6,766,000






Consumer Staples Distribution & Retail - 1.9%

Walmart, Inc.

            100,000

             11,120,000






Energy - 6.8%

Cameco Corp.

            75,000

             6,478,500
Chevron Corp.

            40,000

             7,873,200
Diamondback Energy, Inc.

            50,000

             10,147,500
SLB Ltd.

            125,000

             6,198,750
Texas Pacific Land Corp.

            22,500

             9,058,050




             39,756,000






Financial Services - 2.4%

Apollo Global Management, Inc.

            50,000

             6,279,500
Goldman Sachs Group, Inc.

            5,000

             5,091,900
S&P Global, Inc.

            7,000

             2,883,510




             14,254,910






Food, Beverage & Tobacco - 1.5%

Coca-Cola Co.

            100,000

             8,759,000






Health Care Equipment & Services - 2.5%

Abbott Laboratories

            50,000

             5,285,000
Boston Scientific Corp. (a)

            125,000

             5,841,250
GE HealthCare Technologies, Inc.

            50,000

             3,401,000




             14,527,250






Household & Personal Products - 2.4%

Colgate-Palmolive Co.

            75,000

             6,847,500
Procter & Gamble Co.

            50,000

             7,224,500






             14,072,000






Insurance - 1.1%

Aflac, Inc.

            50,000

             6,374,000






Materials - 9.4%

Freeport-McMoRan, Inc.

            125,000

             7,828,750
Newmont Mining Corp.

            200,000

             18,742,000
Nutrien Ltd.

            100,000

             6,907,000
Vulcan Materials Co.

            40,000

             10,742,800
Wheaton Precious Metals Corp.

            100,000

             10,903,000




             55,123,550






Media & Entertainment - 8.2%

Alphabet, Inc. - Class A

            100,000

             35,613,000
Meta Platforms, Inc. - Class A

            12,500

             6,958,875
Netflix, Inc. (a)

            75,000

             5,378,250




             47,950,125






Pharmaceuticals, Biotechnology & Life Sciences - 3.3%

AbbVie, Inc.

            25,000

             6,273,500
Merck & Co., Inc.

            100,000

             13,020,000




             19,293,500






Semiconductors & Semiconductor Equipment - 18.3%

Applied Materials, Inc.

            75,000

             38,075,250
Marvell Technology, Inc.

            150,000

             28,134,000
NVIDIA Corp.

            150,000

             30,112,500
QUALCOMM, Inc.

            75,000

             11,070,750




             107,392,500






Software & Services - 7.4%

Microsoft Corp.

            50,000

             23,236,000
ServiceNow, Inc. (a)

            75,000

             8,342,250
Shopify, Inc. - Class A (a)

            100,000

             11,715,000




             43,293,250






Technology Hardware & Equipment - 2.1%

Apple, Inc.

            40,000

             12,356,400






Telecommunication Services - 0.8%

Verizon Communications, Inc.

            100,000

             4,681,000






Utilities - 2.6%

NextEra Energy, Inc.

            175,000

             15,211,000
TOTAL COMMON STOCKS (Cost $177,514,052)

             573,942,435






PRIVATE INVESTMENTS - 0.9%

Shares  

Value  
Autopilot Horizon IX LLC (a)(b)

            18,502

             500,000
Cavalier Premier Access Fund II, LP (a)(b)

            10,000

             2,128,148
Marlinspike JetZero Private Stock I, LP (a)(b)

            10,000

             1,022,500
SpaceCo Holdings, LLC (a)(b)

            10,000

             1,935,159
TOTAL PRIVATE INVESTMENTS (Cost $3,552,500)

             5,585,807






REAL ESTATE INVESTMENT TRUSTS - 0.9%

Shares  

Value  
Equity Real Estate Investment Trusts (REITs) - 0.9%



Weyerhaeuser Co.

            200,000

             5,006,000
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $4,077,818)

             5,006,000






SHORT-TERM INVESTMENTS
MONEY MARKET FUNDS - 0.3%
Shares  

Value  
First American Treasury Obligations Fund - Class X, 3.60% (c)

            1,691,352

             1,691,352
TOTAL MONEY MARKET FUNDS (Cost $1,691,352)

             1,691,352






TOTAL INVESTMENTS - 100.1% (Cost $186,835,722)

             586,225,594
Liabilities in Excess of Other Assets - (0.1)%
(0.00071)
            (416,106)
TOTAL NET ASSETS - 100.0%




    $        585,809,488


Percentages are stated as a percent of net assets.




REIT - Real Estate Investment Trust
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.




(a)

Non-income producing security.
(b)

Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented $5,585,807 or 1.0% of net assets as of July 31, 2026.
(c)

The rate shown represents the 7-day annualized yield as of July 31, 2026.




























Summary of Fair Value Disclosure as of July 31, 2026 (Unaudited)

The Tocqueville Fund has adopted fair value accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or valuation methodology used for valuing securities are not an indication of the risk associated with investing in those securities.
Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.
Level 2 - Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.
Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and based on the best information available.
The following is a summary of the fair valuation hierarchy of the Fund’s securities as of July 31, 2026:



Level 1

Level 2

Level 3

Total
Investments:







  Common Stocks
    $        573,942,435

    $        –

    $        –

    $        573,942,435
  Private Investments
            –

            –

            5,585,807

            5,585,807
  Real Estate Investment Trusts
            5,006,000

            –

            –

            5,006,000
  Money Market Funds
            1,691,352

            –

            –

            1,691,352
Total Investments
    $        580,639,787

    $        –

    $        5,585,807

    $        586,225,594




 

Refer to the Schedule of Investments for further disaggregation of investment categories.


Fair Value Measurement Using Significant Unobservable Inputs

Level 3
Beginning balance as of October 31, 2025

    $        2,530,000
Purchases

             1,022,500
Change in unrealized appreciation/depreciation

             2,033,307
Amortization/(Accretion)

             0
Ending balance as of July 31, 2026

    $        5,585,807


$0
Change in unrealized appreciation/depreciation still held as of July 31, 2026

    $        2,033,307


 0





Description

Fair Value as of July 31, 2026

Valuation Technique

Unobservable Inputs

Input Values (Ranges)
Private Investments

    $        5,585,807

0

0

    $        –


    $        5,585,807