Rule 497(e)
Registration No. 33-8746
THE TOCQUEVILLE FUND
THE TOCQUEVILLE SMALL CAP VALUE FUND
THE TOCQUEVILLE ASIA-PACIFIC FUND
THE TOCQUEVILLE EUROPE FUND
THE TOCQUEVILLE GOVERNMENT FUND
SUPPLEMENT DATED JANUARY 6, 1997
TO
THE PROSPECTUS DATED FEBRUARY 28, 1996
FEE TABLE
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The following information updates the pertinent disclosure found in the
Prospectus:
ASIA-PACIFIC FUND EUROPE FUND
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SHAREHOLDER TRANSACTION EXPENSES:
Maximum Sales Load on Purchases (as a % of
offering price)..................................... 4.00% 4.00%
ANNUAL FUND OPERATING EXPENSES: (as a % of average net
assets)
Management Fee......................................... 1.00% 1.00%
12b-1 Fee+............................................. 0.25% 0.25%
Other Expenses++....................................... 2.04% 1.28%
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Total Operating Expenses.................................... 3.29%+++ 2.53%+++
TOCQUEVILLE FUND SMALL CAP FUND
SHAREHOLDER TRANSACTION EXPENSES:
Maximum Sales Load on Purchases (as a % of
offering price)..................................... 4.00% 4.00%
ANNUAL FUND OPERATING EXPENSES: (as a % of average net
assets)
Management Fee......................................... 0.75% 0.75%
12b-1 Fee+............................................. 0.25% 0.25%
Other Expenses++....................................... 0.65% 1.69%
-------- --------
Total Operating Expenses.................................... 1.65%+++ 2.69%+++
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GOVERNMENT FUND
SHAREHOLDER TRANSACTION EXPENSES:
Maximum Sales Load on Purchases (as a % of
offering price)..................................... 4.00%
ANNUAL FUND OPERATING EXPENSES: (as a % of average
net assets)
Management Fee (after fee waivers)++++................. 0.00%
12b-1 Fee+............................................. 0.00%
Other Expenses (after fee waivers)++................... 1.00%
----
Total Operating Expenses (after fee waivers)................ 1.00%+++
+ Under each Fund's Distribution Plan, the Advisor is permitted to carry
forward expenses not reimbursed by the distribution fee to subsequent
fiscal years for submission by the Fund for payment, subject to the
continuation of the Plan. Such amounts are not recognized in the Fund's
financial statements as expenses and liabilities, since the Distribution
Plan can be terminated on an annual basis without further liability to the
Fund. The Rule 12-1 fee may represent the equivalent of an annual
asset-based sales charge to an investor. As a result of distribution fees,
a long-term shareholder in a Fund may pay more than the economic equivalent
of the maximum front-end sales charge permitted by the Rules of the
National Association of Securities Dealers, Inc.
++ These expenses include legal fees, accounting fees, transfer agent,
custodial fees and the administrative services fee.
+++ Audited total operating expenses for the fiscal year ended October 31, 1996
were 1.49%, 2.36%, 2.63%, 1.98% and 1.47% for The Tocqueville Fund, The
Tocqueville Small Cap Value Fund, The Tocqueville Asia-Pacific Fund, The
Tocqueville Europe Fund and The Tocqueville Government Fund, respectively.
With regard to all of the Funds, except The Tocqueville Government Fund,
these amounts are less than the 1.54%, 2.80%, 3.55% and 4.43% estimates of
the respective total operating expenses found in the Prospectus for such
fiscal year. On May 1, 1996, the Adviser ceased waiving the administrative
services fee for all of the Funds and the management fee for The
Tocqueville Asia-Pacific Fund and The Tocqueville Europe Fund. In addition,
the Tocqueville Asia-Pacific Fund and The Tocqueville Europe Fund commenced
paying Rule 12b-1 expenses the last half of the fiscal year.
++++ With regard to The Tocqueville Government Fund, the Investment Adviser
waived its management fee for the entire fiscal year ending October 31,
1996. Total operating expenses will be capped at 1.00% through the fiscal
year ending October 31, 1997.
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1 Year 3 Year 5 Year 10 Year
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EXAMPLE FOR THE TOCQUEVILLE FUND
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You would pay the following expenses on a $1000
investment, assuming (1) 5% annual return and (2)
redemption at the end of each time period..................... $56 $90 $126 $228
2
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1 Year 3 Year 5 Year 10 Year
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EXAMPLE FOR THE TOCQUEVILLE SMALL CAP VALUE FUND
You would pay the following expenses on a $1000
investment, assuming (1) 5% annual return and (2)
redemption at the end of each time period..................... $66 $120 $177 $330
1 Year 3 Year 5 Year 10 Year
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EXAMPLE FOR THE TOCQUEVILLE ASIA-PACIFIC FUND
You would pay the following expenses on a $1000
investment, assuming (1) 5% annual return and (2)
redemption at the end of each time period..................... $72 $137 $205 $384
1 Year 3 Year 5 Year 10 Year
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EXAMPLE FOR THE TOCQUEVILLE EUROPE FUND
You would pay the following expenses on a $1000
investment, assuming (1) 5% annual return and (2)
redemption at the end of each time period..................... $65 $116 $169 $315
1 Year 3 Year 5 Year 10 Year
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EXAMPLE FOR THE TOCQUEVILLE GOVERNMENT FUND
You would pay the following expenses on a $1000
investment, assuming (1) 5% annual return and (2)
redemption at the end of each time period..................... $50 $71 $93 $158
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These examples should not be considered a representation of past or future
expenses and actual expenses may be greater or lesser than those shown.
