Firm Ownership Tocqueville is a registered investment adviser with its principal place of business in New York, New York, that commenced investment adviser operations as a subsidiary of Tucker, Anthony & R.L. Day in 1985 and became the independent firm of Tocqueville Asset Management L.P. on October 12, 1989. It has been registered with the SEC since April 27, 1990. The firm’s business and affairs are managed by Tocqueville Management Corp (“TMC”), its General Partner (“GP”), which owns 87% of the capital of Tocqueville Asset Management. Employees of TMC are the owners of the GP. Limited Partnership capital interests in TAM are held by a dynasty trust settled by Robert Kleinschmidt, CIO of TAM and Chairman of TMC, for the benefit of his children (12%) and by Robert Kleinschmidt, CIO of TAM and Chairman of TMC (1%). Advisory Services The Adviser provides investment advisory services on both a discretionary and non-discretionary basis to individuals, mutual funds, private investment vehicles and institutional investors, including employer-sponsored ERISA accounts. Accounts are managed in accordance with the investment objectives or guidelines specifically discussed and reviewed with the client and without regard to outside factors such as the client’s other assets or personal and family obligations. Tocqueville generally offers two types of individual discretionary managed account services: first, separately managed accounts for individuals with substantial wealth and institutions with substantial assets having a minimum account size of $5 million; and second, accounts intended to offer asset allocation and fund selection services for individuals and institutions investing less than $5 million. In appropriate circumstances, we will offer supervisory services to clients on either a discretionary or non- discretionary basis. With respect to these clients, our investment professionals (and other personnel) meet periodically with the client to review his or her investment accounts, overall financial needs and position, periodic changes in relevant information, and the relationship between the client’s assets under management with Tocqueville and any other investments, in an effort to meet the individual client’s financial objectives generally. In connection with our investment supervisory services, we may also analyze and provide recommendations with respect to the client’s investments that are not managed by Tocqueville. Fees in addition to the investment management fees described in Item 5 may be charged for such supervisory services. Unless otherwise instructed or directed by a client, Tocqueville has the discretionary authority generally to: (i) determine the securities to be purchased and sold for the account of a client (subject to restrictions on advisory activities set forth in the applicable advisory agreement and any written investment guidelines); (ii) determine the amount of securities to be purchased or sold for the account of a client; (iii) determine the broker to be used to effect a client’s securities transactions; and (iv) determine the commission rates to be paid in connection with a client’s securities transactions in connection with both typical discretionary investment management services and investment supervisory services. Tocqueville also has the authority to vote all proxies solicited by or with respect to issuers of securities in which assets of a client’s account are invested from time to time, and to participate in or consent on a client’s behalf with respect to any class action, plan of reorganization, merger, combination, consolidation, liquidation or similar plan with respect to any issuers of securities in which assets in a client’s account are invested which are eligible and for which Tocqueville has the pertinent information necessary to participate. Tocqueville may, while addressing the client’s needs and goals, also discuss matters not related to securities or investments. Such discussions may relate to, among other matters, estate planning; retirement and pension planning; real estate; college financing; charitable gifts; inheritance taxes; medical casualty and life insurance needs; and pension distributions including IRA and Keogh plans. Since

we do not offer legal or accounting advice, we will also recommend that the client consult with an attorney or accountant before implementing many of these matters. At the request of the client, we may provide contact information for such professionals who will then be engaged directly by the client on an as needed basis. Tocqueville may also assist clients in analyzing potential investment opportunities in various business entities that have been proposed to the clients by third parties, including investments in limited partnerships, partnerships, joint ventures and corporations. The Adviser will also analyze these investment opportunities from a tax and economic perspective in order to assist clients. From time to time, Tocqueville may give advice regarding investments in illiquid or other securities (such as restricted securities), which are not readily marketable. In addition, we may proffer advice to clients when requested on potential forms of investment not presently anticipated, including advice as to pre-existing positions in a client’s portfolio. Item 5 and Item 8 provide additional information concerning our method(s) of analysis and investment strategy/strategies. Tailored Relationships As described above, Tocqueville provides advice to client accounts based on specific investment objectives and strategies. Under certain circumstances, we may agree to tailor advisory services to the individual needs of clients. Currently, the Adviser tailors its advisory services by permitting clients to impose restrictions on investing in certain securities or certain types of securities. Mutual Funds – Series of the Tocqueville Trust Tocqueville provides investment management and advisory services to each series of the Tocqueville Trust. The Tocqueville Trust is registered with the SEC as an open-end management investment company under the Investment Company Act of 1940, as amended (the “1940 Act”), and is comprised of the Tocqueville Fund (the “Fund”). Tocqueville receives from the Fund an advisory fee, which is set forth in the Fund’s prospectus. In addition, Tocqueville receives a fee for the supervision of the administration of the Fund pursuant to an Administrative Services Agreement with the Fund, which is set forth in the Statement of Additional Information (“SAI”) of the Trust. An affiliate of the Adviser, Tocqueville Securities L.P., is the distributor of the Fund. WRAP Fee and Third Party Sponsored Programs Tocqueville can provide investment advisory services as a portfolio manager in connection with WRAP fee and third- party managed account programs sponsored by broker-dealers and other financial institutions not affiliated with Tocqueville. In these programs, our investment management services are available to individuals and other clients subject to account minimums specified in the program’s documentation. For its services in connection with each program, Tocqueville would receive a portion of the total program fee charged by the program sponsor or a separate investment management fee, which is based upon the value of the assets under management by Tocqueville. Under Tocqueville’s policies and procedures, WRAP and other third-party sponsored program accounts may not participate in initial public offerings (“IPO”) made available to Tocqueville and its other clients. In addition, each program’s accounts are treated as a group for purposes of Tocqueville’s trade rotation procedures. Item 12 and Item 16 provide additional information concerning our IPO and trade rotation procedures. Sub-Advisory Services Tocqueville can also provide sub-advisory services to U.S. registered investment companies (mutual funds), private funds and foreign UCITS, which are not affiliated with Tocqueville. For its services, Tocqueville would typically receive an investment management fee, which is based on the value of the assets of the fund sub-advised by Tocqueville. Assets Under Management As of February 29, 2024, Tocqueville had regulatory assets under management of $8,867,921,379. On a discretionary basis the Adviser managed $8,814,076,398 and provided supervisory services on an additional $53,844,981 on a non- discretionary basis.