THE TOCQUEVILLE TRUST
THE TOCQUEVILLE FUND
THE TOCQUEVILLE SMALL CAP VALUE FUND
THE TOCQUEVILLE ASIA-PACIFIC FUND
THE TOCQUEVILLE EUROPE FUND
THE TOCQUEVILLE GOVERNMENT FUND
Supplement Dated November 21, 1996
to
the Prospectus Dated February 28, 1996
Effective December 2, 1996, Firstar Trust Company will act as
the Transfer Agent for The Tocqueville Trust, which currently
consists of: The Tocqueville Fund, The Tocqueville Small Cap
Value Fund, The Tocqueville Asia-Pacific Fund, The Tocqueville
Europe Fund, and The Tocqueville Government Fund (collectively
the "Funds"). Shares of the Funds may be purchased by sending a
completed application to The Tocqueville Trust, c/o Firstar
Trust Company, P.O. Box 701, Milwaukee, WI 53201-0701 (telephone
1-800-697-3863). Correspondence sent by overnight courier
should be addressed to The Tocqueville Trust c/o Firstar Trust
Company, Mutual Fund Services, Third Floor, 615 East Michigan
Street, Milwaukee, WI 53202. The Transfer Agent charges a $10
service fee for each payment of redemption proceeds made by
Federal wire. This fee will be deducted from the shareholder's
account. A $20 fee will be imposed by the Funds' Transfer Agent
if any check used for investment in an account does not clear
due to insufficient funds. Additional services provided to the
Funds by Firstar Trust Company include: custody, accounting,
fund administration and fulfillment.
(This information supplements the material on page 42 of the
Prospectus)
EXCHANGE PRIVILEGE
Beginning December 2, 1996, the Funds will permit their
shareholders to exchange shares of any or all of an investment
in the Funds for shares of the Portico Money Market Fund, the
Portico Tax-Exempt Money Market Fund, or the Portico U.S.
Government Money Market Fund (collectively the "Money Market
Funds"). This new Exchange Privilege is a convenient way for
shareholders to buy shares in a money market fund in order to
respond to changes in their goals or market conditions. Before
exchanging into the Money Market Funds, shareholders must read
the Money Market Funds' Prospectus. To obtain the Money Market
Funds' Prospectus and the necessary exchange authorization
forms, call the Transfer Agent at 1-800-697-3863. The Transfer
Agent charges a $5 fee for each telephone exchange which will be
deducted from the investor's account from which the funds are
being withdrawn prior to effecting the exchange. There is no
charge for exchange transactions that are requested by mail.
Use of the Exchange Privilege is subject to the minimum purchase
and redemption amounts set forth in the Prospectus for the Money
Market Funds.
For purposes of the Exchange Privilege, exchanges into and out
of the Money Market Funds will be treated as shares owned in the
Funds. For example, if an investor who owned shares in any one
of the Funds moved an investment from one of the Funds to one
of the Money Market Funds and then decided at a later date to
move the investment back to one of the Funds, he or she would be
deemed, once again, to own shares of one of the Funds and may do
so without the imposition of any additional sales charges, so
long as the investment has been continuously invested in shares
of the Money Market Fund during the period between withdrawal
and reinvestment.
All accounts opened as a result of using the Exchange Privilege
must be registered in the identical name and taxpayer
identification number as a shareholder's existing account with
the Funds. Remember that each exchange represents the sale of
shares of one fund and the purchase of shares of another.
Therefore, shareholders may realize a taxable gain or loss on
the transaction. Before making an exchange request, an investor
should consult a tax or other financial adviser to determine the
tax consequences of a particular exchange. Tocqueville
Securities L.P. is entitled to receive a fee from the Money
Market Funds for certain support services at the annual rate of
.20 of 1% of the average daily net asset value of the shares for
which it is the holder or dealer of record. Because excessive
trading can hurt the Funds' performance and shareholders, the
Funds reserve the right to temporarily or permanently limit the
number of exchanges or to otherwise prohibit or restrict
shareholders from using the Exchange Privilege at any time,
without notice to shareholders. In particular, a pattern of
exchanges with a "market timing" strategy may be disruptive to
the Funds and may thus be restricted or refused. Excessive
trading is determined to be using the Exchange Privilege more
than five times per calendar year. The restriction or
termination of the Exchange Privilege does not affect the rights
of shareholders to redeem shares, as discussed in the Funds
Prospectus.
The Money Market Funds are managed by Firstar Investment
Research and Management Company, an affiliate of Firstar Trust
Company, which is entitled to receive from each Money Market
Fund a fee calculated daily and paid monthly at the annual rate
of 0.50% of the first $2 billion of each Money Markets Fund's
average daily net assets, and 0.40% on average daily net assets
over $2 billion. The Portico Funds, including the Money Market
Funds, are unrelated to The Tocqueville Trust.
(This information supplements the material on page 39 of the
Prospectus)
CHECK REDEMPTION
A shareholder of the Funds may request on the Purchase
Application or by later written request to establish check
redemption privileges for any of the Money Market Funds. The
Redemption Checks ("Checks") will be drawn on the Money Market
Fund in which the investor has made an investment. Checks will
be sent only to the registered owner(s) and only to the address
of record. Checks may be made payable to the order of any
person in the amount of $250 or more. Dividends are earned
until the Check clears the Transfer Agent. When a Check is
presented to the Transfer Agent for payment, the Transfer Agent,
as the investor's agent, will cause the particular Money Market
Fund involved to redeem a sufficient number of the investor's
shares to cover the amount of the Check. Checks will not be
returned to shareholders after clearance. The initial checkbook
is free; however, additional checkbooks are $5. The fee for
additional checkbooks will be deducted from the shareholders
account. There is no charge to the investor for the use of the
Checks; however, the Transfer Agent will impose a $20 charge for
stopping payment of a Check upon the request of the investor, or
if the Transfer Agent cannot honor a Check due to insufficient
funds or other valid reasons. Because dividends on each Money
Market Fund accrue daily, Checks may not be used to close an
account, as a small balance is likely to result.
(This information supplements the material on pages 36 and 37
of the Prospectus)
TELEPHONE REDEMPTION
Shareholders of the Funds will also be permitted to redeem fund
shares by telephone beginning December 2, 1996. To redeem
shares by telephone, call 1-800-697-3863 with your account name,
account number and amount of redemption. The Funds will accept
telephone requests for redemption of shares for amounts up to
$50,000. The Funds reserve the right to waive the redemption
limitation. Redemption proceeds will only be sent to a
shareholder's address or a pre-authorized bank account of a
commercial bank located within the United States as shown on the
Transfer Agent's records. Telephone redemptions are available
only if established on the account application and if there has
been no change of address by telephone within the proceeding 15
days.
The Funds reserve the right to refuse a telephone redemption if
they believe it is advisable to do so. Procedures for redeeming
shares by telephone may be modified or terminated by the Funds
at any time upon notice to shareholders. During periods of
substantial economic or market change, telephone redemptions may
be difficult to implement. If a shareholder is unable to
contact the Transfer Agent by telephone, shares may also be
redeemed by delivering the redemption request to the Transfer
Agent.
In an effort to prevent unauthorized or fraudulent redemption
requests by telephone, the Funds and the Transfer Agent employ
reasonable procedures to confirm that such instructions are
genuine. Among the procedures used to determine authenticity,
investors electing to redeem or exchange by telephone will be
required to provide their account number. All such telephone
transactions will be tape recorded. The Funds may implement
other procedures from time to time. If reasonable procedures
are not implemented, the Funds and/or the Transfer Agent may be
liable for any loss due to unauthorized or fraudulent
transactions. In all other cases, the shareholder is liable for
any loss for unauthorized transactions.
(This information supplements the material on pages 36 and 37
of the Prospectus)
