RULE 497(e)
REGISTRATION NO.: 33-8746
THE TOCQUEVILLE FUND
THE TOCQUEVILLE ASIA-PACIFIC FUND
THE TOCQUEVILLE EUROPE FUND
THE TOCQUEVILLE SMALL CAP VALUE FUND
THE TOCQUEVILLE GOVERNMENT FUND
SUPPLEMENT DATED JULY 31, 1996
TO
THE PROSPECTUS DATED FEBRUARY 28, 1996
I. SALE OF CLASS B SHARES
The Tocqueville Fund, The Tocqueville Asia-Pacific Fund, The
Tocqueville Europe Fund, The Tocqueville Small Cap Value Fund, and The
Tocqueville Government Fund have discontinued offering Class B shares.
Accordingly, all information contained within this prospectus
concerning Class B shares should be disregarded.
II. FOR VERMONT RESIDENTS ONLY
This prospectus as it relates to The Tocqueville Government Fund shall
not constitute an offer to sell or the solicitation of an offer to buy
Class A shares in Vermont.
The offer, solicitation or sale of Class A shares of The Tocqueville
Government Fund in this state would be unlawful prior to registration
or qualification under the securities laws of such state.
III. NON-FUNDAMENTAL INVESTMENT POLICIES OF THE TOCQUEVILLE GOVERNMENT FUND
The Board of Trustees of The Tocqueville Trust approved at a meeting
held on June 13, 1996 the following amendments to the non-fundamental
investment policies of The Tocqueville Government Fund that replace the
limitations disclosed on pages 3, 22 and 23 of the prospectus:
In pursuit of its objective, the Fund intends to invest at
least 65% of its assets in short and intermediate-term
securities backed by the full faith and credit of the U.S.
Government. Also, at least 50% of the Fund's assets will be
invested in U.S. Treasury bills, notes and bonds.
The Fund may invest up to 35% of its assets in Government
National Mortgage Association pass-through certificates. The
Fund also may invest up to 35% of its assets in: (i) fixed
rate or adjustable rate mortgage-backed
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securities issued or guaranteed by the Federal National
Mortgage Association ("FNMA") and the Federal Home Loan
Mortgage Corporation ("FHLMC"), and (ii) collateralized
mortgage obligations ("CMOs"). The Fund will limit investments
in CMOs to 10% of its portfolio.
Consistent with the above amendments, the Board of Trustees has decided
to delete the following sentence from page 23 of the prospectus: "The
investment policies of the Fund would allow up to 35% of its net assets
to be invested in mortgage backed securities, such as GNMA
certificates, FNMA mortgage securities, FHLMC mortgage securities and
CMOs."
IV. PURCHASES AT NET ASSET VALUE
A. Purchases through Certain Brokerage Accounts
Class A shares of The Tocqueville Fund, The Tocqueville Asia-Pacific
Fund, The Tocqueville Europe Fund, The Tocqueville Small Cap Value Fund
and The Tocqueville Government Fund may be purchased at net asset value
through brokerage accounts with Tocqueville Securities L.P. This
disclosure supplements the pertinent disclosure found on page 33 of the
prospectus.
B. Qualified and Other Retirement Plans
In addition, Class A shares of The Tocqueville Fund, The Tocqueville
Asia-Pacific Fund, The Tocqueville Europe Fund, The Tocqueville Small
Cap Value Fund and The Tocqueville Government Fund may be purchased at
net asset value through an Individual Retirement Account ("IRA")
sponsored by the Funds' custodian, a 401(k) Plan, 403(b) Plan or 457
(state deferred compensation) Plan. This disclosure supplements the
pertinent disclosure found on page 33 of the prospectus.
V. MINIMUM INITIAL AND SUBSEQUENT INVESTMENTS
The minimum initial investment in The Tocqueville Trust is $5,000
except for 401(k), IRA, Keogh and other pension and profit sharing plan
accounts where the minimum is $2,000. For example, an investor may
choose to make an initial investment in a Fund equal to an amount which
is less than $5,000 so long as such investor's total initial investment
in the Funds of The Tocqueville Trust is equal to $5,000. The minimum
subsequent investment in the Trust is $1,000. This disclosure replaces
the pertinent disclosure found on page 31 of the prospectus.
