<PAGE> PAGE 1
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<PAGE> PAGE 2
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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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<PAGE> PAGE 21
074 L000300 459
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075 B000300 65754
076 000300 0.00
015 A000401 FIRSTAR BANK MILWAUKEE, N.A.
015 B000401 C
015 C010401 MILWAUKEE
015 C020401 WI
015 C030401 53202
015 E010401 X
028 A010400 43
028 A020400 50
028 A030400 0
028 A040400 692
028 B010400 5
028 B020400 51
028 B030400 0
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028 C010400 717
028 C020400 49
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028 D010400 230
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028 E020400 50
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028 E040400 776
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<PAGE> PAGE 22
028 F040400 1060
028 G010400 1348
028 G020400 294
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042 A000400 34
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045 000400 Y
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048 B010400 500000
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048 G020400 0.000
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048 H020400 0.000
048 I010400 0
048 I020400 0.000
048 J010400 0
048 J020400 0.000
048 K010400 1000000
048 K020400 0.300
049 000400 N
050 000400 N
051 000400 N
052 000400 N
053 A000400 Y
053 B000400 Y
053 C000400 N
054 A000400 Y
054 B000400 Y
<PAGE> PAGE 23
054 C000400 N
054 D000400 N
054 E000400 N
054 F000400 N
054 G000400 N
054 H000400 Y
054 I000400 N
054 J000400 Y
054 K000400 N
054 L000400 N
054 M000400 Y
054 N000400 N
054 O000400 Y
055 A000400 Y
055 B000400 N
056 000400 Y
057 000400 N
058 A000400 N
059 000400 Y
060 A000400 Y
060 B000400 Y
061 000400 1000
062 A000400 Y
062 B000400 23.5
062 C000400 0.0
062 D000400 0.0
062 E000400 0.0
062 F000400 0.0
062 G000400 0.0
062 H000400 0.0
062 I000400 0.0
062 J000400 0.0
062 K000400 0.0
062 L000400 0.0
062 M000400 39.1
062 N000400 33.9
062 O000400 0.0
062 P000400 0.0
062 Q000400 0.0
062 R000400 0.0
063 A000400 0
063 B000400 4.1
064 A000400 N
064 B000400 N
066 A000400 N
067 000400 N
068 A000400 N
068 B000400 N
069 000400 N
070 A010400 Y
070 A020400 Y
<PAGE> PAGE 24
070 B010400 Y
070 B020400 N
070 C010400 Y
070 C020400 N
070 D010400 Y
070 D020400 N
070 E010400 Y
070 E020400 N
070 F010400 Y
070 F020400 N
070 G010400 Y
070 G020400 N
070 H010400 Y
070 H020400 N
070 I010400 Y
070 I020400 N
070 J010400 Y
070 J020400 N
070 K010400 Y
070 K020400 N
070 L010400 N
070 L020400 N
070 M010400 N
070 M020400 N
070 N010400 N
070 N020400 N
070 O010400 N
070 O020400 N
070 P010400 N
070 P020400 N
070 Q010400 N
070 Q020400 N
070 R010400 N
070 R020400 N
071 A000400 12746
071 B000400 11753
071 C000400 10816
071 D000400 109
072 A000400 12
072 B000400 940
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<PAGE> PAGE 25
072 N000400 5
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074 V010400 10.29
074 V020400 0.00
<PAGE> PAGE 26
074 W000400 0.0000
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075 B000400 16230
076 000400 0.00
015 A000501 THE CHASE MANHATTAN BANK
015 B000501 C
015 C010501 NEW YORK
015 C020501 NY
015 C030501 11245
015 E010501 X
015 A000502 FIRSTAR BANK MILWAUKEE, N.A.
015 B000502 C
015 C010502 MILWAUKEE
015 C020502 WI
015 C030502 53202
015 E010502 X
015 A000503 THE CHASE MANHATTAN BANK
015 B000503 S
015 C010503 SYDNEY
015 D010503 AUSTRALIA
015 E040503 X
015 A000504 ROYAL BANK OF CANADA
015 B000504 S
015 C010504 TORONTO
015 D010504 CANADA
015 E040504 X
028 A010500 0
028 A020500 0
028 A030500 0
028 A040500 0
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028 C010500 5403
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028 E010500 2236
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<PAGE> PAGE 27
028 F040500 0
028 G010500 7819
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042 A000500 52
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049 000500 N
050 000500 N
051 000500 N
052 000500 N
053 A000500 Y
053 B000500 Y
054 A000500 Y
054 B000500 Y
054 C000500 N
<PAGE> PAGE 28
054 D000500 N
054 E000500 N
054 F000500 N
054 G000500 N
054 H000500 Y
054 I000500 N
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054 K000500 N
054 L000500 N
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054 O000500 Y
055 A000500 N
055 B000500 N
056 000500 Y
057 000500 N
058 A000500 N
059 000500 Y
060 A000500 Y
060 B000500 Y
061 000500 1000
062 A000500 N
062 B000500 0.0
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062 E000500 0.0
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063 A000500 0
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066 A000500 Y
066 B000500 N
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066 D000500 N
066 E000500 N
066 F000500 N
066 G000500 N
067 000500 N
068 A000500 Y
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<PAGE> PAGE 29
069 000500 N
070 A010500 Y
070 A020500 Y
070 B010500 Y
070 B020500 N
070 C010500 N
070 C020500 N
070 D010500 N
070 D020500 N
070 E010500 Y
070 E020500 N
070 F010500 Y
070 F020500 N
070 G010500 Y
070 G020500 N
070 H010500 Y
070 H020500 N
070 I010500 Y
070 I020500 N
070 J010500 Y
070 J020500 N
070 K010500 Y
070 K020500 N
070 L010500 Y
070 L020500 Y
070 M010500 N
070 M020500 N
070 N010500 N
070 N020500 N
070 O010500 N
070 O020500 N
070 P010500 N
070 P020500 N
070 Q010500 N
070 Q020500 N
070 R010500 N
070 R020500 N
071 A000500 7245
071 B000500 50
071 C000500 3952
071 D000500 1
072 A000500 4
072 B000500 21
072 C000500 17
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<PAGE> PAGE 30
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074 E000500 7600
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<PAGE> PAGE 31
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SIGNATURE KIERAN LYONS
TITLE CHIEF FINANCIAL OFF
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<CIK> 0000801444
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<SERIES>
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<NAME> THE TOCQUEVILLE FUND
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<NET-CHANGE-IN-ASSETS> (3433)
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<PER-SHARE-NAV-BEGIN> 20.21
<PER-SHARE-NII> .07
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<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000801444
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<SERIES>
<NUMBER> 2
<NAME> THE TOCQUEVILLE SMALL CAP VALUE FUND
<MULTIPLIER> 1000
<S> <C>
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<PERIOD-START> NOV-01-1997
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<PAID-IN-CAPITAL-COMMON> 20618
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<ACCUMULATED-NET-GAINS> (9)
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<EXPENSES-NET> 381
<NET-INVESTMENT-INCOME> (255)
<REALIZED-GAINS-CURRENT> (7)
<APPREC-INCREASE-CURRENT> (3183)
<NET-CHANGE-FROM-OPS> (3445)
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<NET-CHANGE-IN-ASSETS> 1023
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<GROSS-EXPENSE> 381
<AVERAGE-NET-ASSETS> 22801
<PER-SHARE-NAV-BEGIN> 16.30
<PER-SHARE-NII> (.15)
<PER-SHARE-GAIN-APPREC> (1.83)
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<PER-SHARE-NAV-END> 12.59
<EXPENSE-RATIO> 1.67
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000801444
<NAME> THE TOCQUEVILLE TRUST
<SERIES>
<NUMBER> 3
<NAME> THE TOCQUEVILLE INTERNATIONAL VALUE FUND
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> OCT-31-1998
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<INVESTMENTS-AT-VALUE> 65581
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<GROSS-EXPENSE> 1284
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<PER-SHARE-NAV-END> 8.11
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000801444
<NAME> THE TOCQUEVILLE TRUST
<SERIES>
<NUMBER> 4
<NAME> THE TOCQUEVILLE GOVERNMENT FUND
<MULTIPLIER> 1000
<S> <C>
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<PERIOD-START> NOV-01-1997
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<SHARES-REINVESTED> 56
<NET-CHANGE-IN-ASSETS> (2035)
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<ACCUMULATED-GAINS-PRIOR> (14)
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<PER-SHARE-NAV-BEGIN> 10.11
<PER-SHARE-NII> .48
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<PER-SHARE-NAV-END> 10.29
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000801444
<NAME> THE TOCQUEVILLE TRUST
<SERIES>
<NUMBER> 5
<NAME> THE TOCQUEVILLE GOLD FUND
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> OTHER
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<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 7819
<SHARES-COMMON-STOCK> 765
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 1
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (25)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 434
<NET-ASSETS> 8229
<DIVIDEND-INCOME> 17
<INTEREST-INCOME> 21
<OTHER-INCOME> 0
<EXPENSES-NET> 37
<NET-INVESTMENT-INCOME> 1
<REALIZED-GAINS-CURRENT> (25)
<APPREC-INCREASE-CURRENT> 434
<NET-CHANGE-FROM-OPS> 410
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 765
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 8229
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 19
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 79
<AVERAGE-NET-ASSETS> 5573
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> 0
<PER-SHARE-GAIN-APPREC> .76
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.76
<EXPENSE-RATIO> 1.98
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
The Board of Trustees
The Tocqueville Trust
In planning and performing our audit of the financial statements of The
Tocqueville Trust for the year ended October 31, 1998, we considered its
internal control, including controls over safeguarding securities, in order
to determine our auditing procedures for the purpose of expressing our
opinion on the financial statements and to comply with the requirements
of Form N-SAR, not to provide assurance on internal control.
The management of the Tocqueville Trust is responsible for establishing
and maintaining internal control. In fulfilling this responsibility,
estimates and judgments by management are required to assess the
expected benefits and related costs of controls. Generally, controls that
are relevant to an audit pertain to the entitys objective of preparing
financial statements for external purposes that are fairly presented in
conformity with generally accepted accounting principles. Those controls
include safeguarding of assets against unauthorized acquisition, use, or
disposition.
Because of inherent limitation in internal control, errors or fraud may
occur and may not be detected. Also, projection of any evaluation of
internal control to future periods is subject to the risk that it may become
inadequate because of changes in conditions or that the effectiveness of
the design and operation may deteriorate.
Our consideration of internal control would not necessarily disclose all
matters in internal control that might be material weaknesses under
standards established by the American Institute of Certified Public
Accountants. A material weakness is a condition in which the design or
operation of any specific internal control component does not reduce to a
relatively low level the risk that errors or fraud in amounts that would be
material in relation to the financial statements being audited may occur
and not be detected within a timely period by employees in the normal
course of performing their assigned functions. However, we noted no
matters involving internal control, including controls over safeguarding
securities, that we consider to be material weaknesses as defined above as
of October 31, 1998.
This report is intended solely for the information and use of management
and the Securities and Exchange Commission.
New York, New York
December 4, 1998
