The Tocqueville Trust
Supplement Dated April 1, 1999 to Prospectus Dated February 28, 1999
The following information supplements and supersedes any contrary information
contained in the February 28, 1999 Prospectus of the Tocqueville Trust.
FINANCIAL HIGHLIGHTS
-----------------------------------------------------------------------------
THE TOCQUEVILLE FUND
-----------------------------------------------------------------------------
Year Ended October 31,
1998 1997 1996 1995 1994
---- ---- ---- ---- ----
Per share operating performance
(For a share outstanding throughout
the period)
Net asset value, beginning of period $20.21 $15.85 $14.07 $13.74 $13.67
------ ------ ------ ------ ------
Income from investment operations
Net investment income 0.06 0.06 0.07 0.15 0.12
Net realized and unrealized
gain(loss) (0.93) 5.15 2.92 1.70 0.88
------ ----- ----- ----- -----
Total from investment operations (0.87) 5.21 2.99 1.85 1.00
------ ----- ----- ----- -----
Less distributions
Dividends from net investment income (0.06) (0.06) (0.15) (0.11) (0.14)
Distributions from net realized gains (2.28) (0.79) (1.06) (1.41) (0.79)
------ ------ ------ ------ ------
Total distributions (2.34) (0.85) (1.21) (1.52) (0.93)
------ ------ ----- ------ ------
Change in net asset value for
the period (3.21) 4.36 1.78 0.33 0.07
------ ------ ------ ------ ------
Net asset value, end of period $17.00 $20.21 $15.85 $14.07 $13.74
------ ------ ------ ------ ------
Total Return (b) (4.6)% 34.5% 22.7% 16.0% 7.7%
Ratios/sopplemental data
Net assets, end of period (000) $61,566 $64,998 $42,414 $33,438 $29,140
Ratio to average net assets:
Expense (a) 1.39% 1.40% 1.49% 1.54% 1.54%
Net investment income (loss .35% .34% .44% 1.07% .87%
Portfolio turnover rate 35% 48% 48% 47% 52%
(a) Net of fees waived amounting to 0.25%, 0.16% and 0.02% of average net
assets for the periods ended October 31, 1997,October 31, 1996 and October
31, 1995 respectively.
(b) Does not include maximum sales charge of 4%
-----------------------------------------------------------------------------
-----------------------------------------------------------------------------
THE TOCQUEVILLE GOLD FUND
-----------------------------------------------------------------------------
Period from
June 29, 1998 to
October 31, 1998
-----------------
Per share operating performance (For a share outstanding throughout the
period) Net asset value, beginning of period $10.00
------
Income from investment operations
Net investment income 0.00
Net realized and unrealized gain (loss) 0.76
-----
Total from investment operations 0.76
-----
Less distributions
Dividends from net investment income -
Distributions from net realized gains -
-----
Total distributions -
-----
Change in net asset value for the period 0.76
-----
Net asset value, end of period $10.76
------
Total Return (b) 7.6 %
Ratios/sopplemental data
Net assets, end of period (000) $8,229
Ratio to average net assets:
Expense (a) 1.98%(c)
Net investment income (loss) (a) 0.06%(c)
Portfolio turnover rate 1 %
(a) Net of fees waived amounting to 2.25% of average net assets for the
period ended October 31, 1998.
(b) Does not include maximum sales charge of 4%.
(c) Annualized
----------------------------------------------------------------------------
Tocqueville Asset Management
1675 Broadway, New York, NY 10019
(212) 698-0800
