<PAGE> PAGE 1
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<PAGE> PAGE 2
011 A00AA01 TOCQUEVILLE SECURITIES L.P.
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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<PAGE> PAGE 18
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<PAGE> PAGE 19
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<PAGE> PAGE 20
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015 B000401 C
015 C010401 MILWAUKEE
015 C020401 WI
<PAGE> PAGE 21
015 C030401 53201
015 E010401 X
024 000400 N
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<PAGE> PAGE 22
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050 000400 N
051 000400 N
052 000400 N
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054 D000400 N
054 E000400 N
054 F000400 N
054 G000400 N
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054 L000400 N
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<PAGE> PAGE 23
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<PAGE> PAGE 24
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<PAGE> PAGE 25
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SIGNATURE KIERAN LYONS
TITLE VICE PRESIDENT
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</TABLE>
Independent Auditor's Report
To the Board of Trustees and Shareholders
The Tocqueville Trust
We have audited the accompanying statements of assets and
liabilities, including the investment portfolios, of The
Tocqueville Trust, including The Tocqueville Fund, The
Tocqueville Small Cap Value Fund, The Tocqueville International
Value Fund and The Tocqueville Government Fund, as of October
31, 1997, and the related statements of operations, the
statements of changes in net assets, and the financial
highlights for the periods indicated in the accompanying
financial statements. These financial statements and financial
highlights are the responsibility of the Trust's management.
Our responsibility is to express an opinion on these financial
statements and financial highlights based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
the financial statements and financial highlights are free of
material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the
financial statements. Our procedures included confirmation of
securities owned as of October 31, 1997, by correspondence with
the custodian and brokers. An audit also includes assessing the
accounting principles used and significant estimates made by
management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a
reasonable basis for our opinion.
In our opinion, the financial statements and financial
highlights referred to above present fairly, in all material
respects, the financial position of The Tocqueville Fund, The
Tocqueville Small Cap Value Fund, The Tocqueville International
Value Fund, and The Tocqueville Government Fund series of The
Tocqueville Trust as of October 31, 1997, the results of their
operations, the changes in their net assets, and their financial
highlights, for the periods indicated, in conformity with
generally accepted accounting principles.
New York, New York
November 25, 1997
