<PAGE> PAGE 1
000 B000000 10/31/1999
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007 C020200 THE TOCQUEVILLE SMALL CAP VALUE FUND
007 C030200 N
007 C010300 3
007 C020300 THE TOCQUEVILLE INTERNATIONAL VALUE FUND
007 C030300 N
007 C010400 4
007 C020400 THE TOCQUEVILLE GOLD FUND
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007 C010600 6
007 C010700 7
007 C010800 8
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<PAGE> PAGE 2
010 A00AA02 FIRSTAR MUTUAL FUND SERVICES, LLC
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010 C01AA02 MILWAUKEE
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011 A00AA01 TOCQUEVILLE SECURITIES L.P.
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<PAGE> PAGE 3
022 A000003 TOCQUEVILLE SECURITIES
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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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054 F000200 N
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<PAGE> PAGE 12
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<PAGE> PAGE 13
070 R010200 N
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<PAGE> PAGE 14
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015 B000301 C
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015 A000302 FIRSTAR BANK, N.A.
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<PAGE> PAGE 15
015 E040305 X
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<PAGE> PAGE 16
015 A000316 UNION BANK OF SWITZERLAND
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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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070 L020300 Y
070 M010300 Y
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070 O020300 N
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<PAGE> PAGE 21
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<PAGE> PAGE 22
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<PAGE> PAGE 24
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<PAGE> PAGE 26
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SIGNATURE KIERAN LYONS
TITLE CHIEF FINANCIAL OFF
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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o the Board of Trustees of
The Tocqueville Trust.
In planning and performing our audit of the financial statements of The
Tocqueville Trust (the "Trust"), consisting of The Tocqueville Fund, The
Tocqueville Small Cap Value Fund, The Tocqueville International Value Fund, and
The Tocqueville Gold Fund, for the year ended October 31, 1999, we considered
its internal control, including control activities for 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 entity's objective of preparing financial statements for external purposes
that are fairly presented in conformity with generally accepted accounting
principles. Those controls include the safeguarding of assets against
unauthorized acquisition, use or disposition.
Because of inherent limitations in internal control, errors or fraud may occur
and not be detected. Also, projection of any evaluation of internal control to
future periods is subject to the risk that controls may become inadequate
because of changes in conditions or that the effectiveness of their 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 one or more
of the internal control components does not reduce to a relatively low level the
risk that misstatements caused by error 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 and its operation, including controls for safeguarding
securities, that we consider to be material weaknesses as defined above as of
October 31, 1999.
This report is intended solely for the information and use of the Board of
Trustees, management and the Securities and Exchange Commission and is not
intended to be and should not be used by anyone other than these specified
parties.
PricewaterhouseCoopers LLP
New York, New York
November 24, 1999
ITEM 77-K
CHANGE IN INDEPENDENT ACCOUNTANT
On August 13 1999, McGladrey & Pullen, LLP ("McGladrey") resigned as independent
auditors of the Fund pursuant to an agreement by PricewaterhouseCoopers LLP
("PwC") to acquire McGladrey's investment company practice. The McGladrey
partners and professionals serving the Fund at the time of the acquisition
joined PwC.
The reports of McGladrey on the financial statements of the Fund during the past
two fiscal years contained no adverse opinion or disclaimer of opinion, and were
not qualified or modified as to uncertainty, audit scope or accounting
principles.
In connection with its audits for the two most recent fiscal years and through
August 13, 1999 there were no disagreements with McGladrey on any matter of
accounting principle or practices, financial statement disclosure, or auditing
scope or procedure, which disagreements, if not resolved to the satisfaction of
McGladrey would have caused it to make reference to the subject matter of
disagreement in connection with its report.
On September 9, 1999, the Fund, with the approval of its Board of Trustees and
its Audit Committee, engaged PwC as its independent auditors.
ITEM 77-K
Securities and Exchange Commission
Judiciary Plaza
450 Fifth Street
Washington D.C. 20549
We were previously the independent accountants for the Tocqueville Trust. We
have read their notification of change in independent accountants made in Item
77K of Form N-SAR. We agree with the statements in the filing.
McGladrey & Pullen, LLP
New York, New York
December 21, 1999
