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 811-04840

The Tocqueville Trust
(Exact name of registrant as specified in charter)

The Tocqueville Trust

40 W. 57^th St., 19^th Floor

New York, NY 10019
(Address of principal executive offices) (Zip code)

Robert W. Kleinschmidt

The Tocqueville Trust

40 W. 57^th St., 19^th Floor

New York, NY 10019
(Name and address of agent for service)

(212) 698-0800

Registrant's telephone number, including area code

Date of fiscal year end: October 31, 2024

Date of reporting period: October 31, 2024

Item 2. Code of Ethics.

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 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.

Item 3. Audit Committee Financial Expert.

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." Mr. Gerard is "independent" (as defined in Item 3 of Form N-CSR).

Item 4. Principal Accountant Fees and Services.

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

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.

The percentages of fees billed by principal accountant applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows:

The Tocqueville Trust

Item 4(f) is not applicable to the registrant. Less than 50 percent of the hours expended on the principal accountant's engagement to audit the registrant's financial statements for the most recent fiscal year were attributed to work performed by persons other than the principal accountant's full-time, permanent employees.

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 advisor (and any other controlling entity, etc.-not sub-advisor) for the last two years.

The Tocqueville Trust

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 advisor 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.

Item 4(i) is not applicable to the registrant. 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.

Item 4(j) is not applicable to the registrant. The registrant is not a foreign issuer.

Item 5. Audit Committee of Listed Registrants.

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

Item 6. Investments.

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

(b) Not applicable.

Item 7. Financial Statements and Financial Highlights for Open-End Investment Companies.

(a)

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

Item 8. Changes in and Disagreements with Accountants for Open-End Investment Companies.

Not applicable. There were no changes in or disagreements with accountants during the period cover by this report.

Item 9. Proxy Disclosure for Open-End Investment Companies.

At a meeting on July 22, 2024, the Board of Trustees (the "Board") of The Tocqueville Trust (the "Trust") approved the nomination of Messrs. George Cooke, James W. Gerard, and Vincent Sellecchia for election by shareholders as Trustees of the Trust and, effective upon the election of Mr. Sellecchia by shareholders, the resignation of Mr. Robert W. Kleinschmidt as a Trustee of the Trust.

A Special Meeting of Shareholders was held on Friday, August 30, 2024, (the "Meeting"), for the purpose of shareholders voting upon the election of Messrs. Cooke, Gerard, and Sellecchia to the Board. Messrs. Cooke and Gerard, who are not considered "interested persons" of the Fund within the meaning of Section 2(a)(19) of the 1940 Act, were proposed to be elected as "Independent Trustees," and Mr. Sellecchia, who is considered an "interested person" of the Fund within the meaning of Section 2(a)(19) of the 1940 Act, was proposed to be elected as an "Interested Trustee."

At a meeting on July 22, 2024, the Board of Trustees (the "Board") of The Tocqueville Trust (the "Trust") approved the nomination of Messrs. George Cooke, James W. Gerard, and Vincent Sellecchia for election by shareholders as Trustees of the Trust and, effective upon the election of Mr. Sellecchia by shareholders, the resignation of Mr. Robert W. Kleinschmidt as a Trustee of the Trust.

A Special Meeting of Shareholders was held on Friday, August 30, 2024, (the "Meeting"), for the purpose of shareholders voting upon the election of Messrs. Cooke, Gerard, and Sellecchia to the Board. Messrs. Cooke and Gerard, who are not considered "interested persons" of the Fund within the meaning of Section 2(a)(19) of the 1940 Act, were proposed to be elected as "Independent Trustees," and Mr. Sellecchia, who is considered an "interested person" of the Fund within the meaning of Section 2(a)(19) of the 1940 Act, was proposed to be elected as an "Interested Trustee."

Effective August 30, 2024, following the results of the vote at the Meeting, (i) Mr. Vincent Sellecchia was elected to the Board by shareholders as an Interested Trustee, (ii) Messrs. George Cooke and James W. Gerard were elected to the Board by shareholders as Independent Trustees, and (iii) Mr. Robert W. Kleinschmidt, an Interested Trustee, resigned from his position on the Board. For the avoidance of doubt, Mr. Kleinschmidt remains Executive Chairman and President of the Trust following his resignation as an Interested Trustee.

There were 7,628,571.012 shares voted at the Meeting. Of the votes cast, (i) with respect to the election of Mr. Cooke, 4,411,945.434 votes were cast for and 3,216,625.578 votes were withheld, (ii) with respect to the election of Mr. Gerard, 4,409,079.452 votes were cast for and 3,219,491.560 were withheld, and (iii) with respect to the election of Mr. Sellecchia, 5,181,821.296 votes were cast for and 2,446,749.716 were withheld.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Investment Companies.

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

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

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, 2024. 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 $305 million and $587 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 three-year period and below the median of the Performance Peer Group for the one-, five-, and ten-year periods. 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 the three-year period, but underperformed the average performance of the Performance Peer Group for the one-, five-, and ten-year 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, 2024, and noted that the Fund had underperformed the S&P 500 Index for all 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 noted that the contract rate advisory fee and administration fee for the Fund were reasonable, despite the contractual advisory fee rate being and the administration fee being above average for the Fund when compared to its Expense Peer Group. The Trustees also considered the combined contract rate advisory and administration fee as compared to the Expense Peer Group.

The Board further observed that the total expense ratio of the Fund was also reasonable. The Board noted that the total expense ratio for the Fund was above average when compared to its 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 profitability data relating to the Adviser for the 12-month period ended July 31, 2024. 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.

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.

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to the registrant. The registrant is not a closed-end management investment company.

Item 13. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to the registrant. The registrant is not a closed-end management investment company.

Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable to the registrant. The registrant is not a closed-end management investment company.

Item 15. Submission of Matters to a Vote of Security Holders.

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

Item 16. Controls and Procedures.

Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies

Not applicable to the registrant. The registrant is not a closed-end management investment company.

Item 18. Recovery of Erroneously Awarded Compensation.

Not applicable.

Item 19. Exhibits.

(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.

(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.

(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.

(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.

(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.

(b)  Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. Filed herewith.

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.

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.

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