THE TOCQUEVILLE TRUST FOURTH AMENDMENT TO THE CUSTODY AGREEMENT

THE TOCQUEVILLE TRUST

FOURTH AMENDMENT TO THE CUSTODY AGREEMENT

THIS FOURTH AMENDMENT effective as of the 20th day of  December, 2013,  to the Custody Agreement, dated as of March 13, 2008, as amended September 15, 2009, October 12, 2010, and December 6 , 2011 (the "Agreement"), is entered into by and between THE TOCQUEVILLE TRUST, a Massachusetts trust (the “Trust”) and U.S. Bank, N.A., a national banking association (the "Custodian").

RECITALS

WHEREAS, the parties have entered into the Agreement; and

WHEREAS, the parties desire to amend the fees of the Agreement; and

WHEREAS, Article XIV, Section 14.02 of the Agreement allows for its amendment by a written instrument executed by both parties.

NOW, THEREFORE, the parties agree as follows:

Amended Exhibit D is hereby superseded and replaced with Amended Exhibit D attached hereto.

Except to the extent amended hereby, the Agreement shall remain in full force and effect.

IN WITNESS WHEREOF, the parties hereto have caused this Fourth Amendment to be executed by a duly authorized officer on one or more counterparts as of the date and year first written above.

THE TOCQUEVILLE TRUST	U.S. BANK, N.A.
By:   /s/ Xxxx X. Xxxxxxx	By:  /s/ Xxxxxxx X. XxXxx
Printed Name:  Xxxx X. Xxxxxxx	Printed Name:  Xxxxxxx X. XxXxx
Title:  Treasurer	Title:  Vice President

Tocqueville 1

Amended Exhibit D to the Custody Agreement – The Tocqueville Trust

DOMESTIC CUSTODY SERVICES

ANNUAL FEE SCHEDULE

 Tocqueville Funds--Effective January 1, 2014

Annual fee based upon market value of all Funds in the Trust:

¨    ____% on all balances  (complex fee for trust)

        (Subject to $____ complex minimum for 6 Funds)

· CCO Support    $____ per year

Portfolio Transaction Fees

$____ per disbursement (waived if U.S. Bancorp is Administrator)

$____ per US Bank repurchase agreement transaction

$____ per book entry security (depository or Federal Reserve system) and non-US Bank repurchase agrmt

$____ per portfolio transaction processed through our New York custodian definitive security (physical)

$____ per principal paydown

$____ per option/future contract written, exercised or expired

$____ per Cedel/Euroclear transaction

$____ per mutual fund trade

$____ per Fed Wire

$____ per margin variation Fed wire

$____ per short sale

$____ per segregated account per year

A transaction is a purchase/sale of a security, free receipt/free delivery*, maturity*, tender or exchange.

Overdrafts – charged to the account at prime interest rate plus ____.

Plus out-of-pocket expenses. Including but not limited to expenses incurred in the safekeeping, delivery and receipt of securities, shipping, transfer fees, and extraordinary expenses based upon complexity.

* No Charge for maturity of Commercial Paper

* No charge for the initial conversion free receipt.

Fees are billed monthly.

Tocqueville 2

Amended Exhibit D (continued) to the Custody Agreement – The Tocqueville Trust

GLOBAL SUB-CUSTODIAL SERVICES ANNUAL FEE SCHEDULE  effective January 1, 2012
Country	Instrument	Safekeeping (BPS)	Transaction Fee		Country	Instrument	Safekeeping (BPS)	Transaction Fee
Argentina	All		$____		Lebanon	All		$____
Australia	All		$____		Lithuania	All		$____
Austria	All		$____		Luxembourg	All		$____
Bahrain	All		$____		Malaysia	All		$____
Bangladesh	All		$____		Mali*	All		$____
Belgium	All		$____		Malta	All		$____
Benin*	All		$____		Mauritius	All		$____
Bermuda	All		$____		Mexico	All		$____
Botswana	All		$____		Morocco	All		$____
Brazil	All		$____		Namibia	All		$____
Bulgaria	All		$____		Netherlands	All		$____
Burkina Faso*	All		$____		New Zealand	All		$____
Canada	All		$____		Niger*	All		$____
Cayman Islands*	All		$____		Nigeria	All		$____
Channel Islands*	All		$____		Norway	All		$____
Chile	All		$____		Oman	All		$____
China“A” Shares	All		$____		Pakistan	All		$____
China“B” Shares	All		$____		Peru	All		$____
Columbia	All		$____		Philippines	All		$____
Costa Rica	All		$____		Poland	All		$____
Croatia	All		$____		Portugal	All		$____
Cyprus*	All		$____		Qatar	All		$____
Czech Republic	All		$____		Romania	All		$____
Denmark	All		$____		Russia	Equities/Bonds		$____
Ecuador	All		$____		Russia	MINFINs		$____
Egypt	All		$____		Senegal*	All		$____
Estonia	All		$____		Singapore	All		$____
Euromarkets(3)	All		$____		Slovak Republic	All		$____
Finland	All		$____		Slovenia	All		$____
France	All		$____		South Africa	All		$____
Germany	All		$____		South Korea	All		$____
Ghana	All		$____		Spain	All		$____
Greece	All		$____		Sri Lanka	All		$____
Guinea Bissau*	All		$____		Swaziland	All		$____
Hong Kong	All		$____		Sweden	All		$____
Hungary	All		$____		Switzerland	All		$____
Iceland	All		$____		Taiwan	All		$____
India	All		$____		Thailand	All		$____
Indonesia	All		$____		Togo*	All		$____
Ireland	All		$____		Trinidad & Tobago*	All		$____
Israel	All		$____		Tunisia	All		$____
Italy	All		$____		Turkey	All		$____
Ivory Coast	All		$____		UAE	All		$____
Jamaica*	All		$____		United Kingdom	All		$____
Japan	All		$____		Ukraine	All		$____
Jordan	All		$____		Uruguay	All		$____
Kazakhstan	All		$____		Venezuela	All		$____
Kenya	All		$____		Vietnam*	All		$____
Latvia	Equities		$____		Zambia	All		$____
Latvia	Bonds		$____

* Additional customer documentation and indemnification will be required prior to establishing accounts in these markets.

Annual Base Fee - A monthly base charge of $1,200.00 per account will apply to The Tocqueville International Value Fund, The Tocqueville Gold Fund and The Delafield Fund.   The base charge will be waived for the Tocqueville Small Cap Value Fund,  The Tocqueville Fund and The Tocqueville Select Fund as long as the number of foreign securities in each fund remains under twenty five (25).

Tocqueville 3

Amended Exhibit D (continued) to the Custody Agreement – The Tocqueville Trust

§   Euroclear – Eurobonds only.  Eurobonds are held in Euroclear at a standard rate, but other types of securities (including but not limited to equities, domestic market debt and mutual funds) will be subject to a surcharge.  In addition, certain transactions that are delivered within Euroclear or from a Euroclear account to a third party depository or settlement system, will be subject to a surcharge (surcharge schedule available upon request).

§   For all other markets specified above, surcharges may apply if a security is held outside of the local market.

Straight Through Processing – fees waived.

Cash Transactions:

§   3rd Party Foreign Exchange – a Foreign Exchange transaction undertaken through a 3rd party will be charged $____.

Tax Reclamation Services: May be subject to additional charges depending upon the service level agreed.  Tax reclaims that have been outstanding for more than 6 (six) months with the client will be charged

$____ per claim.

Out of Pocket Expenses

§   Charges incurred by U.S. Bank, N.A.  for local taxes, stamp duties or other local duties and assessments, stock exchange fees, postage and insurance for shipping, facsimile reporting, extraordinary telecommunications fees, proxy services and other shareholder communications or other expenses which are unique to a country in which the client or its clients is investing will be passed along as incurred.

§   A surcharge may be added to certain out-of-pocket expenses listed herein to cover handling, servicing and other administrative costs associated with the activities giving rise to such expenses.  Also, certain expenses are charged at a predetermined flat rate.

§   SWIFT reporting and message fees.

** All fees quoted are payable monthly

Tocqueville 4

Amended Exhibit D (continued) to the Custody Agreement – The Tocqueville Trust

THE BANK OF NEW YORK MELLON

PRECIOUS METALS STANDARD FEE SCHEDULE

EXCHANGE		COMMODITY		STORAGE		WITHDRAWAL
N.Y. COMEX		Gold		$____		$____
N.Y. COMEX		Silver		____		____
N.Y. Merc.		Palladium		____		____
N.Y. Merc.		Platinum		____		____
CBOT – Mini		Gold/Silver		____		____
CBOT		Silver/5Bars		____		____
PHYSICAL:
Gold –
400 oz Bars		Gold Inventory		$____		$____
100 oz Bars		Gold Inventory		____		____
Kilo Bars		Gold Inventory		____		____
Gold Coins		Gold Inventory				____
Silver –
1000 oz Bars		Silver Inventory		$____		$____
100   oz Bars		Silver Inventory		____		____
Silver Coins		Silver Inventory		____		____  (per coin)
Silver Bags
1000 FV 90%		Silver Inventory		$____		$____ (per bag)
500   FV 90%		Silver Inventory		____		____ (per bag)
250   FV 90%		Silver Inventory		____		____ (per bag)
Palladium/Platinum
100 oz Bars		Palladium		$____		$____
50   oz Bars		Platinum		____		____
Coins		Palladium		____		____
Coins		Platinum		____		____

*Storage rates are on a monthly basis.

Registered Mail Fee is $25.00 per package plus postage and insurance.

Fees are subject to revision.

Tocqueville 5