<PAGE>
SEMI-ANNUAL REPORT
April 30, 1999
The Tocqueville Trust
Mutual Funds
The Tocqueville Fund
The Tocqueville Small Cap Value Fund
The Tocqueville International Value Fund
The Tocqueville Gold Fund
[LOGO]TOCQUEVILLE
<PAGE>
- --------------------------------------------------------------------------------
This report is not authorized for distribution to prospective investors unless
preceded or accompanied by a currently effective prospectus of the Tocqueville
Trust. Please call 1-800-697-FUND (3863) for a free prospectus. Read it care-
fully before you invest.
You are invited to visit our website @ www.tocqueville.com
<PAGE>
The Tocqueville Fund
- --------------------------------------------------------------------------------
Dear Fellow Shareholder:
The six-month period ended April 30, 1999 was an extraordinary one for in-
vestors. For most of the period, trends that had been in place since the fourth
quarter of 1997 continued apace. Large capitalization growth stocks continued
to outpace the overall market and Internet mania was uninterrupted. Then, sud-
denly on April 1, the worm turned. Internet shares collapsed, the new favored
fifty stalled and value stocks came into vogue. The impact on our portfolio of
this sudden turn of events was dramatic. After lagging the market (as measured
by the S&P 500) for most of the period, the Fund dramatically outperformed in
the month of April registering an 11.1% gain compared with 3.9% for the S&P.
(These trends have continued through May and June. As of this writing, The Fund
is up 19.3% on the calendar compared with 8.3% for the S&P.) The upshot of
these crosscurrents is that The Tocqueville Fund generated a very respectable
18.64% in the first fiscal half. Over the same period, the S&P registered a
22.3% gain.
So Much for the Numbers. What's going on? Although the magnitude as well as
speed of the shift in market momentum startled us, we were not surprised that
it occurred. Indeed, our year-end letter forecast an imminent burst in the bub-
ble (see the section labeled www.tulip.com). If anything, the continuation of
the highly speculative trends through most of the six-month period is more of a
surprise. We have been around long enough to recognize Wall Street's unparal-
leled ability to take things to the extreme, but the extreme valuations of the
Internet bubble and the extremely narrow market that prevailed until the 31st
of March were in a class by themselves. The Internet bubble needs no documenta-
tion. The narrowness of the market through March 31 is best shown by the accom-
panying chart.
Returns for Twelve Months Ended March 31, 1999
<TABLE>
<CAPTION>
Value Growth
----- ------
<S> <C> <C>
Large Cap 2.6% 27.8%
Mid Cap (9.1) 8.4
Small Cap (23.4) (8.9)
</TABLE>
Source: Morningstar/NY Times
Over this twelve-month period, more than 80% of the approximate 8,000 pub-
licly traded companies had generated negative returns and almost 60% were down
20% or more. Clearly, this widening gap needed to be filled. Good values
abounded in the small and mid-capitalization names at the same time that the
largest companies were way overpriced. Looked at from this perspective, the
stage was set for the dramatic reversal that was to follow.
What's Next? We believe we are only in the early stages of the paradigm shift.
Notwithstanding the events of the past couple months, the largest capitaliza-
tion growth stocks are still substantially overvalued, in our view. Meanwhile,
we continue to have no difficulty in finding attractive value situations trad-
ing at modest multiples of earnings, cash flow, sales, or book value. After a
difficult 18 month period starting in the fourth quarter of 1997 and ending in
the first quarter of 1999, when relative performance was sub-par, now is a good
time to be a value investor.
Robert W. Kleinschmidt
Francois Sicart
Portfolio Managers
1
<PAGE>
The Tocqueville Small Cap Value Fund
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Dear Fellow Shareholder:
I am pleased to report that the Tocqueville Small Cap Value Fund has
maintained its strong overall performance. For the six months period ended
April 30, 1999, your portfolio of value stocks increased 9.13% to $13.74 per
share. Since inception, your average annual return of 14.2% compares favorably
to the 12.8% return of the Russell 2000 index. I will try my best to maintain
that performance in the future.
Our strong performance since inception certainly validates our long-term
stock picking strategies. We invest in good proprietary businesses with strong
finances and solid long-term growth potential, but only when these are already
down substantially in price, and selling at bargain prices. For example, the 36
stocks which we hold were bought on average 53% and 44% below their respective
60 and 12 months highs. This value-oriented strategy should limit our market
risk somewhat. Conversely, it should give us plenty of room for upside
surprises, if we are correct in our assessment of the long-term business
potential of our selections.
Our strong performance also reflects the fact that we picked some out-of-
favor stocks in out-of-favor sectors which are now delivering strong flows of
earnings. It also reflects our strategy of letting our winners run; losers are
often sold quickly, and realized losses have been small relative to our gains.
In addition, we run the Fund fully invested at all times, and fairly
concentrated, with usually more than 50% of assets concentrated in our ten best
ideas.
Looking at the portfolio in strategic terms, investments in broadly defined
"service industries" account for about 53% of assets. "Last mile to the home,
or to the place of business" communication sectors for CATV and
computer/telephony integration or connection represents another 24%. As a
result, the Fund now has a higher mix of investments in sunrise industries, and
a higher growth profile of about 16%. Remaining assets are spread across
severely depressed sectors: consumer non-durable (1%), specialty chemicals
(10%), manufacturing (2%), precious metals (3%), and cash equivalents (4%).
In closing, let me express my gratitude for your choosing the Tocqueville
Small Cap Value Fund to realize your long-term investment objectives.
Jean-Pierre Conreur Portfolio Manager
2
<PAGE>
The Tocqueville International Value Fund
- --------------------------------------------------------------------------------
Dear Fellow Shareholder:
The last six months offered a welcome contrast with recent periods. After
reaching a low in September, the Asian markets, to which our Fund had made a
growing commitment over the past two years took off spectacularly.
With about two-thirds of our assets in Asia, we benefited from the sharp
rebound of these markets, as well as from the stabilization or partial recovery
of most regional currencies. Also, the gross undervaluation of many quality
companies in our portfolio, which had suffered along with lesser-quality ones
in the utterly undiscriminating, region-wide bear market, began to be
corrected. This further helped our performance in the recovery and, during the
first half of our fiscal year, ending April 30, 1999, the Fund's Net Asset
Value appreciated by 32.31%.
Economic trends in the Asian region progressed in line with the expectations
outlined in our previous letters. They are experiencing a strong cyclical
rebound from levels of economic activity that had been unsustainably depressed
by the sudden disappearance of commercial credit, as well as by logistical
problems associated with the Asian meltdown. Meanwhile, the structural reforms
being implemented in the financial, economic, political and corporate areas are
proceeding along, but at a predictably more hesitant pace. Thus, it is likely
that the recoveries in stock prices will become increasingly selective. Many
stocks continue to offer outstanding value on full-recovery (but not bubble-
conditions) earnings power. With a measure of liquidity having returned to the
region's stock markets, we plan to slowly concentrate our holdings into the
shares of fewer such companies. To this end, we intend to revisit many of our
favorite portfolio companies--as well as a few new ones--over the next few
months.
Europe, where we only have about 20% of our assets currently, presents a more
complex picture. With the "Europhoria" of late 1998 having given place to
widespread gloom, we have become intrigued with the recovery potential of the
European currency. Unfortunately, there are few stocks that are intrinsically
cheap, and many of those need the earning power associated with a good recovery
in domestic demand to justify buying them at current prices. Thus, we will be
watching developments in the European economies, with a particular eye to some
of the "peripheral" countries that would benefit disproportionately from an
easier stance by the European Central Bank, a recovery of domestic demand in
Germany and France, or both.
As for Latin America, which we have been watching for some time, we are
concerned that its stock markets have recovered much faster than anticipated
following Brazil's crisis, and remain highly vulnerable to an elusive but, in
the end, inevitable slowdown of the US economy.
By and large, we are comfortable with the current make up of our Fund's
portfolio, and have been using the recent (moderate) inflows of new money to
build up some cash reserves in anticipation of opportunities that might arise
in Europe and Latin America in coming months.
Francois Sicart
Portfolio Manager
3
<PAGE>
The Tocqueville Gold Fund
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Dear Fellow Shareholder:
Through the first six months of fiscal '99, the Tocqueville Gold Fund
appreciated 15.7% vs. -2.6% for the Philadelphia Gold/Silver Index.
Unfortunately, gold and gold shares have declined precipitously in early May
following the United Kingdom's announcement of plans to sell more than half of
its bullion holdings. Gold has established marginal new lows, extending the
twenty year bear market and deflating investor sentiment to levels not seen
during that period.
Although fresh lows were made in the gold price, the shares have refused to
confirm, holding at levels well above the lows of August, '98. This non-
confirmation is a potentially bullish indicator, which we are watching very
carefully. Perhaps, the shares' refusal to follow gold lower is a recognition
that the selling behind gold has been based largely on speculative short
selling attempting to front run the UK sale.
While the decline is disappointing, we view it as temporary. The record low
level of investor sentiment suggests that an important bottom is being put into
place, made possible only by unsustainable record levels of short selling
activity.
Near term developments that could ignite the market relate to the course of
announced or expected outright sales by the official sector; the IMF, the UK
and the Swiss. These events appear to have been heavily discounted and there is
good reason to think that their impact may fall far short of expectations. For
example, there is growing Congressional opposition to the proposed IMF sale.
Controversy over the sale is sure to be enhanced by intensive lobbying efforts
by black African and other highly indebted nations, who will argue that
depressing the gold price is far more damaging than the possible benefits of
debt relief contained in the IMF plan. The UK sales are small relative to
overall market flows. It is quite likely that these auctions will be
oversubscribed. Finally, proposed Swiss sales must overcome numerous hurdles
before any gold comes to market.
Even more important than these short term considerations is the outlook for
inflation. The world is reflating. The US has enjoyed low inflation because
Japan and Europe have been weak. As monetary and economic stimulus begins to
take hold in Asia, world inflation will begin to rise. A change in investor
attitudes, in our opinion, is inevitable and the consequences will include a
revaluation of gold upwards and the dollar downwards.
For these reasons, we continue to have very high expectations for the gold
outlook and the prospects for the Tocqueville Gold Fund.
John Hathaway
Portfolio Manager
4
<PAGE>
The Tocqueville Fund
Financial Highlights
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<TABLE>
<CAPTION>
Six Months Year Ended October 31,
Ended -----------------------------------------------
Per share operating April 30,
performance 1999
(For a share outstanding (Unaudited) 1998 1997 1996 1995 1994
throughout the period) ----------- ------- ------- ------- ------- -------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, begin-
ning of period $ 17.00 $ 20.21 $ 15.85 $ 14.07 $ 13.74 $ 13.67
------- ------- ------- ------- ------- -------
Income from investment
operations:
Net investment income 0.00 0.06 0.06 0.07 0.15 0.12
Net realized and
unrealized gain (loss) 2.89 (0.93) 5.15 2.92 1.70 0.88
------- ------- ------- ------- ------- -------
Total from investment
operations 2.89 (0.87) 5.21 2.99 1.85 1.00
------- ------- ------- ------- ------- -------
Less distributions
Dividends from net in-
vestment income (0.07) (0.06) (0.06) (0.15) (0.11) (0.14)
Distributions from net
realized gains (1.34) (2.28) (0.79) (1.06) (1.41) (0.79)
------- ------- ------- ------- ------- -------
Total distributions (1.41) (2.34) (0.85) (1.21) (1.52) (0.93)
------- ------- ------- ------- ------- -------
Change in net asset
value for the period 1.48 (3.21) 4.36 1.78 0.33 0.07
------- ------- ------- ------- ------- -------
Net asset value, end of
period $ 18.48 $ 17.00 $ 20.21 $ 15.85 $ 14.07 $ 13.74
------- ------- ------- ------- ------- -------
Total Return (b) 18.6 % (4.6)% 34.5 % 22.7 % 16.0 % 7.7 %
Ratios/supplemental data
Net assets, end of pe-
riod (000) $62,598 $61,566 $64,998 $42,414 $33,438 $29,140
Ratio to average net as-
sets:
Expenses (a) 1.36 %(c) 1.39 % 1.40 % 1.49 % 1.54 % 1.54 %
Net investment income
(a) 0.01 %(c) 0.35 % 0.34 % 0.44 % 1.07 % 0.87 %
Portfolio turnover rate 12 % 35 % 48 % 48 % 47 % 52 %
</TABLE>
- --------
(a) Net of fees waived amounting to 0.25%, 0.16% and 0.02% of average net as-
sets for the periods ended October 31, 1997, October 31, 1996 and October
31, 1995, respectively.
(b) Does not include maximum sales charge of 4%.
(c) Annualized.
5
<PAGE>
The Tocqueville Small Cap Value Fund
Financial Highlights
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<TABLE>
<CAPTION>
Year Ended
October 31,
Six Months ------------------------------------ Period From
Per share operating Ended April August 1, 1994
performance 30, 1999 to
(For a share outstanding (Unaudited) 1998 1997 1996 1995 October 31, 1994
throughout the period) ----------- ---- ---- ---- ---- ----------------
<S> <C> <C> <C> <C> <C> <C>
Net asset value,
beginning of period $ 12.59 $ 16.30 $ 13.37 $ 11.91 $10.22 $10.00
-------- ------- ------- ------- ------ ------
Income from investment
operations:
Net investment income
(loss) (0.06) (0.15) (0.05) (0.10) (0.05) 0.02
Net realized and
unrealized gain (loss) 1.21 (1.83) 4.44 2.33 1.96 0.20
-------- ------- ------- ------- ------ ------
Total from investment
operations 1.15 (1.98) 4.39 2.23 1.91 0.22
-------- ------- ------- ------- ------ ------
Less distributions
Dividends from net
investment income -- -- -- -- (0.03) --
Distributions from net
realized gains -- (1.73) (1.46) (0.77) (0.19) --
-------- ------- ------- ------- ------ ------
Total distributions -- (1.73) (1.46) (0.77) (0.22) --
-------- ------- ------- ------- ------ ------
Change in net asset
value for the period 1.15 (3.71) 2.93 1.46 1.69 0.22
-------- ------- ------- ------- ------ ------
Net asset value, end of
period $ 13.74 $ 12.59 $ 16.30 $ 13.37 $11.91 $10.22
-------- ------- ------- ------- ------ ------
Total Return (b) 9.1 % (13.4)% 36.0 % 19.7 % 19.2 % 2.2%
Ratios/supplemental data
Net assets, end of
period (000) $ 24,177 $21,610 $20,587 $11,545 $9,383 $6,755
Ratio to average net
assets:
Expenses (a) 1.58 %(c) 1.67 % 1.75 % 2.36 % 2.50 % 2.08%(c)
Net investment income
(loss) (a) (1.05)%(c) (1.12)% (0.81)% (1.18)% (0.53)% 0.85%(c)
Portfolio turnover rate 20 % 62 % 95 % 107 % 88 % 9%
</TABLE>
- --------
(a) Net of fees waived amounting to 0.35%, 0.33%, 0.33% and 0.75% of average
net assets for the periods ended October 31, 1997, October 31, 1996, Octo-
ber 31, 1995, and October 31, 1994, respectively.
(b) Does not include maximum sales charge of 4%. For the period ended October
31, 1994, not annualized.
(c) Annualized.
6
<PAGE>
The Tocqueville International Value Fund
Financial Highlights
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Year Ended
October 31,
Six Months ----------------------------------- Period From
Per share operating Ended April August 1, 1994
performance 30, 1999 to
(For a share outstanding (Unaudited) 1998 1997 1996 1995 October 31, 1994
throughout the period) ----------- ---- ---- ---- ---- ----------------
<S> <C> <C> <C> <C> <C> <C> <C>
Net asset value,
beginning of period $ 8.11 $ 10.19 $ 12.57 $ 10.83 $10.02 $10.00
-------- ------- ------- ------- ------ ------
Income from investment
operations:
Net investment income
(loss) 0.00 0.10 (0.03) 0.16 (0.01) (0.04)
Net realized and
unrealized gain (loss) 2.62 (2.07) (1.67) 1.58 0.82 0.06
-------- ------- ------- ------- ------ ------
Total from investment
operations 2.62 (1.97) (1.70) 1.74 0.81 0.02
-------- ------- ------- ------- ------ ------
Less distributions
Dividends from net
investment income -- (0.11) (0.06) -- -- --
Distributions from net
realized gains -- -- (0.62) -- -- --
-------- ------- ------- ------- ------ ------
Total distributions -- (0.11) (0.68) -- -- --
-------- ------- ------- ------- ------ ------
Change in net asset
value for the period 2.62 (2.08) (2.38) 1.74 0.81 0.02
-------- ------- ------- ------- ------ ------
Net asset value, end of
period $ 10.73 $ 8.11 $ 10.19 $ 12.57 $10.83 $10.02
-------- ------- ------- ------- ------ ------
Total Return (b) 32.3% (19.4)% (14.3)% 16.1% 8.1 % 0.2 %
Ratios/supplemental data
Net assets, end of
period (000) $90,562 $68,415 $60,963 $23,932 $6,270 $2,516
Ratio to average net
assets:
Expenses (a) 1.82 %(c) 2.00% 1.99% 1.98% 4.43 % 6.18 %(c)
Net investment income
(loss) (a) (0.11)%(c) 0.64% 0.16% 1.45% (0.53)% (2.47)%(c)
Portfolio turnover rate 24 % 77% 70% 135% 109 % 0 %
</TABLE>
- --------
(a) Net of fees waived amounting to 0.11%, 0.55%, 1.28% and 1.00% of average
net assets for the periods ended October 31, 1997, October 31, 1996, Octo-
ber 31, 1995 and October 31, 1994, respectively.
(b) Does not include maximum sales charge of 4%. For the period ended October
31, 1994, not annualized.
(c) Annualized.
7
<PAGE>
The Tocqueville Gold Fund
Financial Highlights
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Six Months Ended Period from
Per share operating performance April 30, 1999 June 29, 1998 to
(For a share outstanding throughout the (unaudited) October 31, 1998
period) ---------------- ----------------
<S> <C> <C>
Net asset value, beginning of period $ 10.76 $10.00
------- ------
Income from investment operations:
Net investment income (loss) (0.01) 0.00
Net realized and unrealized gain 1.70 0.76
------- ------
Total from investment operations 1.69 0.76
------- ------
Less distributions
Dividends from net investment income -- --
Distributions from net realized gains -- --
------- ------
Total distributions -- --
------- ------
Change in net asset value for the period 1.69 0.76
------- ------
Net asset value, end of period $ 12.45 $10.76
------- ------
Total Return (b) 15.7% 7.6%
Ratios/supplemental data
Net assets, end of period (000) $12,307 $8,229
Ratio to average net assets:
Expenses (a) 1.98 %(c) 1.98%(c)
Net investment income (loss) (a) (0.26)%(c) 0.06%(c)
Portfolio turnover rate 28 % 1%
</TABLE>
- --------
(a) Net of fees waived amounting to 1.05%, and 2.25% of average net assets for
the periods ended April 30, 1999 and October 31, 1998 respectively.
(b) Does not include maximum sales charge of 4%.
(c) Annualized.
8
<PAGE>
The Tocqueville Fund
Investments as of April 30, 1999
(Unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Market
Common Stocks--99.3% Shares Value
- ------------------------------------------------------------------
<S> <C> <C>
Business Services--6.0%
H&R Block, Inc. 25,000 $ 1,203,125
HSB Group, Inc. 30,000 1,136,250
Waste Management, Inc. 25,000 1,412,500
- ------------------------------------------------------------------
3,751,875
- ------------------------------------------------------------------
Consumer Non-Durables--8.7%
Burlington Industries, Inc.* 200,000 1,625,000
Kmart Corporation* 200,000 2,975,000
Philip Morris Companies, Inc. 25,000 876,563
- ------------------------------------------------------------------
5,476,563
- ------------------------------------------------------------------
Energy--13.2%
Baker Hughes, Inc. 60,000 1,792,500
Burlington Resources, Inc. 40,000 1,842,500
Murphy Oil Corporation 50,000 2,346,875
Tesoro Petroleum Corporation* 100,000 1,131,250
Varco International, Inc. 100,000 1,131,250
- ------------------------------------------------------------------
8,244,375
- ------------------------------------------------------------------
Finance--12.1%
BankAmerica Corporation 30,000 2,160,000
The Bank of Tokyo-Mitsubishi, Limited--ADR 100,000 1,462,500
Citigroup, Inc. 30,000 2,257,500
Financial Security Assurance Holdings Limited 30,000 1,713,750
- ------------------------------------------------------------------
7,593,750
- ------------------------------------------------------------------
Lumber and Wood Products--4.8%
Longview Fibre Company 100,000 1,300,000
Westavaco 57,000 1,702,875
- ------------------------------------------------------------------
3,002,875
- ------------------------------------------------------------------
Manufacturing--5.9%
Litton Industries, Inc.* 10,000 626,250
Northrop Grumman Corporation 10,000 639,375
Olin Corporation 75,000 1,096,875
Tenneco, Inc. 50,000 1,350,000
- ------------------------------------------------------------------
3,712,500
- ------------------------------------------------------------------
Medical Services--2.7%
Genzyme Corporation* 30,000 1,132,500
Integrated Health Services, Inc. 118,000 567,875
- ------------------------------------------------------------------
1,700,375
- ------------------------------------------------------------------
</TABLE>
* Non-income producing security.
See Notes to the Financial Statements.
<TABLE>
<CAPTION>
Common Stocks Market
(continued) Shares Value
- ----------------------------------------------------------------------------
<S> <C> <C>
Metals & Minerals--11.6%
ALCOA, Inc. 40,000 $ 2,490,000
ASARCO, Inc. 25,000 459,375
Homestake Mining Company 175,000 1,673,438
Inco, Limited 75,000 1,439,062
Phelps Dodge Corporation 5,000 316,250
Stillwater Mining Company* 30,000 849,375
- ----------------------------------------------------------------------------
7,227,500
- ----------------------------------------------------------------------------
Publishing--2.3%
Readers Digest Association, Inc. 40,000 1,422,500
- ----------------------------------------------------------------------------
1,422,500
- ----------------------------------------------------------------------------
Real Estate--2.5%
Cattellus Development Corporation* 100,000 1,537,500
- ----------------------------------------------------------------------------
1,537,500
- ----------------------------------------------------------------------------
Technology--19.1%
Adobe Systems, Inc. 40,000 2,535,000
The Boeing Company 30,000 1,218,750
Electronic Data Systems Corporation 30,000 1,612,500
International Business Machines Corporation 15,000 3,137,812
Lockheed Martin Corporation 15,000 645,938
Motorola, Inc. 25,000 2,003,125
3 Com Corporation* 30,000 783,750
- ----------------------------------------------------------------------------
11,936,875
- ----------------------------------------------------------------------------
Transportation & Public Utilities--10.4%
Alexander & Baldwin, Inc. 30,000 652,500
AT&T Corporation 40,000 2,020,000
Raytheon Company 10,000 702,500
Sprint Corporation 25,000 2,564,062
Union Pacific Corporation 10,000 600,000
- ----------------------------------------------------------------------------
6,539,062
- ----------------------------------------------------------------------------
Total Common Stocks (Cost $44,471,537) 62,145,750
- ----------------------------------------------------------------------------
Principal
Short-Term Investments--0.8% Amount
---------
Repurchase Agreement with Firstar Bank 3.00%, dated
4/30/99, due 5/03/99, collateralized by GNMA Midget
valued at $483,293. Repurchase
proceeds of $473,118.
(Cost $473,000) $ 473,000 473,000
- ----------------------------------------------------------------------------
Total Short-Term Investments
(Cost $473,000) 473,000
- ----------------------------------------------------------------------------
Total Investments
(Cost $44,944,537)--100.1% 62,618,750
Liabilities less other Assets--(0.1)% (20,918)
- ----------------------------------------------------------------------------
Total Net Assets--100% $62,597,832
-----------
</TABLE>
9
<PAGE>
The Tocqueville Small Cap Value Fund
Investments as of April 30, 1999
(Unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Market
Common Stocks--97.0% Shares Value
- ------------------------------------------------------------------
<S> <C> <C>
Business Support Services--16.3%
- ------------------------------------------------------------------
Daisytek International Corporation* 24,000 $ 402,000
PSC, Incorporated* 110,000 983,125
Sensormatic Electronics Corporation* 80,000 960,000
Ultrak, Incorporated* 55,000 323,125
United Stationers, Incorporated 20,000 341,250
Wave Technologies International, Incorporated* 200,000 925,000
- ------------------------------------------------------------------
3,934,500
- ------------------------------------------------------------------
Cable Television Infrastructure--9.6%
Anixter International, Incorporated* 40,000 630,000
C-COR Electronics, Incorporated* 47,000 1,145,625
Scientific-Atlanta, Incorporated 17,000 539,750
- ------------------------------------------------------------------
2,315,375
- ------------------------------------------------------------------
Computer Software & Services--19.7%
Hyperion Solutions Corporation* 30,000 453,750
National Computer Systems, Incorporated 31,000 868,000
Systems & Computer Technology Corporation* 105,000 1,443,750
Technology Solutions Corporation* 75,000 587,263
Unisys Corporation* 45,000 1,414,688
- ------------------------------------------------------------------
4,767,451
- ------------------------------------------------------------------
Consumer Non Durables--1.1%
Seattle Filmworks, Incorporated* 75,000 258,275
- ------------------------------------------------------------------
258,275
- ------------------------------------------------------------------
Drilling Equiptment & Services--4.6%
Nabors Industries, Incorporated* 30,000 616,875
Oceaneering International, Incorporated* 30,000 495,000
- ------------------------------------------------------------------
1,111,875
- ------------------------------------------------------------------
Health Care--5.1%
Owens & Minor, Incorporated Holding Company 55,000 543,125
Perrigo Company* 90,000 686,250
- ------------------------------------------------------------------
1,229,375
- ------------------------------------------------------------------
Insurance--1.4%
Unitrin, Incorporated 10,000 346,250
- ------------------------------------------------------------------
346,250
- ------------------------------------------------------------------
Manufacturing & Related--2.4%
Fedders Corporation 100,000 575,000
- ------------------------------------------------------------------
575,000
- ------------------------------------------------------------------
</TABLE>
* Non-income producing security.
See Notes to the Financial Statements.
<TABLE>
<CAPTION>
Common Stocks Market
(continued) Shares Value
- ------------------------------------------------------------------------------
<S> <C> <C>
Personnel Placement Services--9.6%
Analysts International Corporation 50,000 $ 650,000
Olsten Corporation 165,000 1,113,750
Romac International, Incorporated* 50,000 562,500
- ------------------------------------------------------------------------------
2,326,250
- ------------------------------------------------------------------------------
Precious Metals--3.1%
Battle Mountain Gold Company 160,000 450,000
Echo Bay Mines Limited 100,000 175,000
Kinross Gold Corporation* 50,000 112,500
- ------------------------------------------------------------------------------
737,500
- ------------------------------------------------------------------------------
Specialty Chemicals--9.7%
Asahi/America, Incorporated* 40,000 260,000
A.Schulman, Incorporated 40,000 698,100
Chemfab Corporation* 15,000 258,750
M.A. Hanna Company 35,000 566,563
Osmonics, Incorporated* 60,000 566,250
- ------------------------------------------------------------------------------
2,349,663
- ------------------------------------------------------------------------------
Telephone Infrastructure--14.4%
Brite Voice Systems, Incorporated* 100,000 1,256,250
Norstran, Incorporated* 50,000 500,000
Periphonics Corporation* 110,000 952,187
Teltrend, Incorporated* 45,000 784,688
- ------------------------------------------------------------------------------
3,493,124
- ------------------------------------------------------------------------------
Total Common Stocks
(Cost $21,926,650) 23,444,638
- ------------------------------------------------------------------------------
<CAPTION>
Principal
Amount
Short-Term Investments--3.6% ---------
<S> <C> <C>
Repurchase Agreement with Firstar Bank, 3.00%, dated
4/30/99, due 5/03/99, collateralized by U.S. Treasury
Note valued at $278,074 and FNMA REMIC valued at
$605,770. Repurchase proceeds of $866,217.
(Cost $866,000) $866,000 866,000
- ------------------------------------------------------------------------------
Total Short-Term Investments
(Cost $866,000) 866,000
- ------------------------------------------------------------------------------
Total Investments
(Cost $22,792,650)--100.6% 24,310,638
Liabilities less other Assets--(0.6)% (133,845)
- ------------------------------------------------------------------------------
Total Net Assets--100% $24,176,793
-----------
</TABLE>
10
<PAGE>
The Tocqueville International Value Fund
Investments as of April 30, 1999
(Unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Market
Common Stocks and Warrants--97.8% Shares Value
- -------------------------------------------------------------------
<S> <C> <C>
Australia--1.0%
Normandy Mining Limited 1,018,518 $ 884,376
- -------------------------------------------------------------------
884,376
- -------------------------------------------------------------------
Austria--0.4%
Eybl International* 12,000 361,866
- -------------------------------------------------------------------
361,866
- -------------------------------------------------------------------
Belgium--0.9%
Dexia Belgium 5,170 796,479
- -------------------------------------------------------------------
796,479
- -------------------------------------------------------------------
Canada--1.4%
Inco, Limited 64,500 1,237,594
- -------------------------------------------------------------------
1,237,594
- -------------------------------------------------------------------
France--8.6%
Andre Trigano SA 500 7,861
Banque Nationale de Paris Intercontinentale 2,500 523,754
Bull SA* 13,500 112,845
Chaine et Trame SA 12,299 73,526
Charlatte SA 15,400 135,245
Eiffage 8,250 599,698
Emin--Leydier 11,500 557,296
Faiveley SA 16,700 340,856
Faiveley Warrants* 700 7
Generali France Assurances* 2,200 748,386
Grande Paroisse SA* 10,500 288,858
Groupe Guillin 4,000 84,436
Hyparlo SA 6,000 669,770
Ingenico SA 8,461 210,384
Louis Dreyfus Citrus SA 20,500 381,759
Manitou B.F. SA 2,400 347,900
MORS SA* 850,000 620,569
Musee Grevin SA 20,000 422,178
Rubis et Cie 24,540 611,747
Vallourec SA 28,000 1,066,554
- -------------------------------------------------------------------
7,803,629
- -------------------------------------------------------------------
Germany--1.7%
Bayerische Hypo-Vereinsbank 12,000 783,409
DaimlerChrysler AG 5,628 556,488
ProSieben Media AG 4,170 196,344
- -------------------------------------------------------------------
1,536,241
- -------------------------------------------------------------------
Hong Kong--3.5%
Elec & Eltek International Holdings Limited 13,000,000 2,331,463
Legend Holdings Limited 1,000,000 516,096
VTech Holdings Limited 100,000 341,913
- -------------------------------------------------------------------
3,189,472
- -------------------------------------------------------------------
</TABLE>
* Non-income producing security.
See Notes to the Financial Statements.
<TABLE>
<CAPTION>
Common Stocks and Market
Warrants (continued) Shares Value
- -----------------------------------------------------------------------
<S> <C> <C>
Indonesia--13.6%
PT Cahaya Kalbar Tbk 8,441,250 $ 2,088,126
PT Hanjaya Mandaha Sampoerna Tbk* 3,523,000 4,880,347
PT Indofood Sukses Makmur Tbk* 5,866,500 4,643,859
PT Mayora Indah 10,000,000 556,586
PT Tunas Ridean Tbk 3,425,000 190,631
- -----------------------------------------------------------------------
12,359,549
- -----------------------------------------------------------------------
Ireland--0.7%
Allied Irish Banks plc. 40,000 644,767
- -----------------------------------------------------------------------
644,767
- -----------------------------------------------------------------------
Italy--1.6%
Banca Di Roma 470,000 775,791
Edison S.p.A. 42,000 373,294
Pirelli S.p.A. 110,000 336,366
- -----------------------------------------------------------------------
1,485,451
- -----------------------------------------------------------------------
Japan--17.5%
Asia Securities Printing Co., Limited 26,000 386,847
The Bank of Tokyo--Mitsubishi, Limited 132,250 1,952,203
Enix Corporation 64,500 2,355,969
Fuji Electric Co., Limited 142,000 436,594
Hitachi Koki Co., Limited 92,000 310,611
Horipro Inc. 30,000 201,064
INES Corporation 42,000 555,942
Kyokuto Kaihatsu Kogyo Co., Limited 81,000 508,944
Matsushita Seiko Co., Limited 56,000 216,278
Matsumoto Yushi-Seiyaku Co., Limited 15,000 295,313
Miroku Jyoho Service Co., Limited 12,000 194,027
N.E. Chemcat Corporation 20,000 194,362
Nitto Kohki Co., Limited 93,200 1,218,047
Nippon Sanso Corporation 500,000 1,759,311
Shiseido Company, Limited 60,000 945,001
Star Micronics Co., Limited 80,000 475,852
Tenma Corporation 24,000 373,979
Tokyo Style Co., Limited 80,000 841,118
Toshiba Corporation 70,000 469,150
The Yasuda Fire & Marine Insurance Co., Limited 330,000 1,830,186
Yokogawa Bridge Corporation 42,000 137,226
Yokogawa Construction., Limited 56,000 199,389
- -----------------------------------------------------------------------
15,857,413
- -----------------------------------------------------------------------
Malaysia--4.5%
Road Builder (M) Holdings Berhad 2,034,000 2,333,748
YTL Corporation Berhard 1,250,000 1,710,526
- -----------------------------------------------------------------------
4,044,274
- -----------------------------------------------------------------------
</TABLE>
11
<PAGE>
The Tocqueville International Value Fund
Investments as of April 30, 1999
(Unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Common Stocks and Market
Warrants (continued) Shares Value
- -------------------------------------------------------------------------------
<S> <C> <C>
Netherlands--1.7%
Draka Holding NV 30,000 $ 1,031,637
Heineken NV 10,200 512,644
- -------------------------------------------------------------------------------
1,544,281
- -------------------------------------------------------------------------------
Philippines--6.8%
DMCI Holdings, Inc.* 43,000,000 2,533,070
Ionics Circuit, Inc.* 5,676,000 1,865,878
Solid Group, Inc.* 46,873,000 825,902
Universal Robina Corporation 5,000,000 959,895
- -------------------------------------------------------------------------------
6,184,745
- -------------------------------------------------------------------------------
Poland--0.7%
Telekomunikacja Polska-GDR* 110,000 682,000
- -------------------------------------------------------------------------------
682,000
- -------------------------------------------------------------------------------
Singapore--10.1%
Clipsal Industries, Limited 3,126,000 3,594,900
Fraser & Neave, Limited 878,000 3,888,397
GP Batteries International, Limited 302,000 504,671
GPE Industries, Limited 1,182,000 330,960
Robinson & Company, Limited 233,200 805,562
- -------------------------------------------------------------------------------
9,124,490
- -------------------------------------------------------------------------------
South Africa--0.9%
AngloGold, Limited 32,500 775,938
- -------------------------------------------------------------------------------
775,938
- -------------------------------------------------------------------------------
South Korea--6.4%
Samsung Display Devices Company 55,044 2,825,144
Samsung Electronics 22,579 1,736,408
Sindo Ricoh 30,000 1,236,853
- -------------------------------------------------------------------------------
5,798,405
- -------------------------------------------------------------------------------
Spain--5.3%
Aldeasa, SA 26,000 795,048
Banco Santander Central Hispano SA 13,800 300,209
Mapfre Vida Seguros 25,500 799,995
Miquel Y Costas 19,000 521,691
Prosegur, CIA de Seguridad SA 74,000 857,370
Superdiplo SA* 20,000 432,758
Tabacalera SA 27,500 536,266
Viscofan Industria Navarra De Envolturas Celulosicas SA 42,000 517,723
- -------------------------------------------------------------------------------
4,761,060
- -------------------------------------------------------------------------------
</TABLE>
See Notes to the Financial Statements.
<TABLE>
<CAPTION>
Common Stocks and Market
Warrants (continued) Shares Value
- -----------------------------------------------------------------------------
<S> <C> <C>
Sri Lanka--0.1%
John Keells Holdings, Limited 37,500 $ 103,411
- -----------------------------------------------------------------------------
103,411
- -----------------------------------------------------------------------------
Sweden--0.4%
Scandic Hotels AB 11,200 334,229
- -----------------------------------------------------------------------------
334,229
- -----------------------------------------------------------------------------
Switzerland--2.4%
ABB AB--ADR 79,000 1,106,000
Novartis AG (Registered Shares) 285 418,000
Novartis AG (Bearer Shares) 460 674,062
- -----------------------------------------------------------------------------
2,198,062
- -----------------------------------------------------------------------------
Thailand--7.2%
GSS Array Technology Public Company, Limited--Foreign 268,900 217,351
SG Asia Credit Public Company, Limited* 2,439,033 739,300
SG Asia Credit Public Company, Limited--Foreign* 160,953 54,208
Siam Makro Public Company, Limited 600,000 1,163,950
Thai Farmers Bank Public Company, Limited 984,528 1,962,955
Thai Farmers Bank Public Company, Limited--Foreign 768,072 2,131,521
Thai Rung Union Car Public Company, Limited--Foreign 128,000 168,988
Thai Stanley Electric Public Company, Limited 391,800 104,508
- -----------------------------------------------------------------------------
6,542,781
- -----------------------------------------------------------------------------
United Kingdom--0.4%
MERANT plc* 110,000 256,844
Skypharma plc. ADR* 10,500 106,312
- -----------------------------------------------------------------------------
363,156
- -----------------------------------------------------------------------------
Total Common Stocks and Warrants
(Cost $87,564,146) 88,613,669
- -----------------------------------------------------------------------------
Total Investments
(Cost $87,564,146)--97.8% 88,613,669
Cash**--2.6% 2,337,997
Liabilities less other Assets--(0.4)% (389,210)
- -----------------------------------------------------------------------------
Total Net Assets--100.0% $90,562,456
-----------
</TABLE>
* Non-income producing security.
** Cash balance is interest earning.
12
<PAGE>
The Tocqueville Gold Fund
Investments as of April 30, 1999
(Unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Market
Common Stocks--99.3% Shares Value
- -----------------------------------------------------------------
<S> <C> <C>
Gold & Gold Related--70.6%
Acacia Resources Limited (AU) 47,000 $ 65,421
Agnico-Eagle Mines Limited 105,000 643,125
AngloGold Limited--ADR 25,000 596,875
Ashanti Goldfields Company Limited 55,000 495,000
Barrick Gold Corporation 24,150 486,019
Battle Mountain Gold Company 40,000 112,500
Dayton Mining Corporation* 25,000 1,562
Delta Gold NL (AU) 47,000 73,209
Durban Roodepoort Deep Limited* 80,000 175,000
Euro-Nevada Mining Corporation (CN) 15,000 256,987
Francisco Gold Corporation* 25,000 214,585
Franco-Nevada Mining Corporation Limited (CN) 12,500 242,052
Getchell Gold Corporation* 20,100 685,912
Glamis Gold Limited 84,000 168,000
Gold Fields Limited (SJ) 75,000 463,797
Gold Reserve Corporation* 25,000 29,687
Goldcorp Incorporated 40,000 237,500
Harmony Gold Mining Company Limited 105,000 584,063
Homestake Mining Company 53,500 511,594
Indochina Goldfields Limited (AU)* 150,000 126,691
Kinross Gold Corporation* 120,000 270,000
Meridian Gold Incorporated* 80,000 460,000
Minas Buenaventura-Spon ADR 7,500 120,937
Moydow Mines International Incorporated (AU)* 103,400 124,253
Newmont Mining Corporation 20,000 481,250
Normandy Mining Limited (AU) 427,777 371,438
Pangea Goldfields (AU)* 100,000 127,034
Placer Dome Incorporated 40,000 565,000
- -----------------------------------------------------------------
8,689,491
- -----------------------------------------------------------------
</TABLE>
See Notes to the Financial Statements.
<TABLE>
<CAPTION>
Common Stocks Market
(continued) Shares Value
- ---------------------------------------------------------------------------
<S> <C> <C>
Precious Metals & Related--22.7%
Anglo American Platinum--ADR 10,000 $ 181,838
Apex Silver Mines Limited* 50,000 631,250
Freeport-McMoran Copper & Gold, Incorporated* 35,000 535,938
Impala Platinum Holdings Limited 25,000 566,810
Inco Limited 7,000 134,313
Kroondal Platinum Mines Limited (SJ)* 50,000 63,887
Pan America Silver Corporation* 25,000 145,312
Stillwater Mining Company* 18,750 530,859
- ---------------------------------------------------------------------------
2,790,207
- ---------------------------------------------------------------------------
Diamonds--6.0%
De Beers Cons Mines--ADR 25,000 612,500
Dia Met Minerals Limited* 10,000 130,000
- ---------------------------------------------------------------------------
742,500
- ---------------------------------------------------------------------------
Total Common Stocks
(Cost $10,218,729) 12,222,198
- ---------------------------------------------------------------------------
Principal
Short-Term Investments--4.6% Amount
---------
Repurchase Agreement with Firstar Bank 3.00%, dated
04/30/99, due 05/03/99, collateralized by U.S.
Treasury Note valued at $572,542. Repurchase
proceeds of $560,140.
(Cost $560,000) $ 560,000 560,000
- ---------------------------------------------------------------------------
Total Short Term Investments
(Cost $560,000) 560,000
- ---------------------------------------------------------------------------
Total Investments
(Cost $10,778,729)--103.9% 12,782,198
Cash**--1.2% 145,544
Liabilities less Other Assets--(5.1)% (620,678)
- ---------------------------------------------------------------------------
Total Net Assets--100.0% $12,307,064
-----------
</TABLE>
* Non-income producing security.
** Cash balance is interest earning.
(AU) Australia--(CN) Canada--(SJ) South Africa
ADR: American Depository Receipt
13
<PAGE>
The Tocqueville Trust
Statements of Assets and Liabilities
April 30, 1999
(Unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
The Small Cap International
Tocqueville Value Value Gold
Fund Fund Fund Fund
----------- ----------- ------------- -----------
<S> <C> <C> <C> <C>
Assets
Investments, at value* $62,618,750 $24,310,638 $88,613,669 $12,782,198
Foreign Currencies** 0 0 27,398 0
Cash*** 970 1,666 2,337,997 145,544
Receivable for
investments sold 0 754,159 0 0
Receivable for fund
shares sold 70,916 249,436 0 0
Dividends, interest and
other receivables 30,454 8,822 122,711 28,302
Due from Investment
Adviser 0 0 0 0
Prepaid Assets 8,709 6,986 10,112 16,500
Deferred organization
Expense 0 3,427 1,569 24,728
----------- ----------- ----------- -----------
Total Assets 62,729,799 25,335,134 91,113,456 12,997,272
----------- ----------- ----------- -----------
Liabilities
Payable for investments
purchased 0 1,082,606 64,467 491,247
Payable for fund shares
repurchased 17,407 0 0 100,000
Payable to Investment
Adviser 36,460 13,103 61,514 20,224
Unrealized depreciation
of foreign currency
contracts held, at
value 0 0 235,860 0
Accrued distribution fee 10,812 3,026 15,738 8,322
Accrued expenses and
other liabilities 67,288 59,606 173,421 70,415
----------- ----------- ----------- -----------
Total Liabilities 131,967 1,158,341 551,000 690,208
----------- ----------- ----------- -----------
Net Assets $62,597,832 $24,176,793 $90,562,456 $12,307,064
----------- ----------- ----------- -----------
Net assets consisted of:
Paid in capital $41,175,070 $21,168,543 $95,921,753 $10,314,540
Undistributed net
investment loss (49,871) (114,722) (41,875) (11,378)
Accumulated net realized
gain (loss) 3,798,420 1,604,984 (6,127,151) (113)
Net unrealized
appreciation 17,674,213 1,517,988 809,729 2,004,015
----------- ----------- ----------- -----------
Net assets $62,597,832 $24,176,793 $90,562,456 $12,307,064
----------- ----------- ----------- -----------
Shares outstanding
(unlimited shares of
$0.01 par value
authorized) 3,386,798 1,759,202 8,440,660 988,638
Net asset value and
redemption price per
share $ 18.48 $ 13.74 $ 10.73 $ 12.45
----------- ----------- ----------- -----------
Maximum offering price
per share $ 19.25 $ 14.31 $ 11.18 $ 12.97
----------- ----------- ----------- -----------
*Cost of Investments $44,944,537 $22,792,650 $87,564,146 $10,778,729
**Cost of Foreign
Currencies $ 0 $ 0 $ 31,077 $ 0
</TABLE>
***Cash balances in the International Fund and the Gold Fund are interest earn-
ing balances.
See Notes to the Financial Statements.
14
<PAGE>
The Tocqueville Trust
Statements of Operations
Six Months Ended April 30, 1999
(Unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
The Small Cap International
Tocqueville Value Value Gold
Fund Fund Fund Fund
----------- ---------- ------------- ----------
<S> <C> <C> <C> <C>
Investment Income:
Dividends* $ 359,785 $ 46,385 $ 596,686 $ 72,587
Interest 39,639 10,836 56,266 9,865
----------- ---------- ----------- ----------
399,424 57,221 652,952 82,452
----------- ---------- ----------- ----------
Expenses:
Investment Adviser's fee 218,821 81,582 347,045 47,979
Custodian and fund account-
ing fees 17,766 14,173 138,029 16,471
Transfer agent and share-
holder services 18,063 5,969 8,196 8,507
Professional fees 7,638 8,955 14,512 34,571
Distribution fees 72,940 27,194 95,020 11,995
Administration fee 43,764 16,316 57,012 7,197
Printing and mailing expense 5,973 2,168 2,656 3,077
Registration fees 4,311 7,557 8,897 8,145
Trustee fees and expenses 3,742 3,919 5,056 2,896
Insurance Expense 1,812 783 1,814 2,172
Amortization of organization
costs 0 2,786 3,066 2,052
Other 1,810 541 13,524 228
----------- ---------- ----------- ----------
Total expenses before
waiver 396,640 171,943 694,827 145,290
Less: Fees waived 0 0 0 (50,291)
----------- ---------- ----------- ----------
Net expenses 396,640 171,943 694,827 94,999
----------- ---------- ----------- ----------
Net Investment Income (Loss) 2,784 (114,722) (41,875) (12,547)
----------- ---------- ----------- ----------
Realized and Unrealized Gain
(Loss):
Net realized gain (loss)
on:
Investments 4,073,330 1,614,091 (397,997) 27,730
Foreign currency
translation 0 0 (447,737) (2,093)
----------- ---------- ----------- ----------
4,073,330 1,614,091 (845,734) 25,637
Net change in unrealized
appreciation on:
Investments 6,062,110 516,739 22,868,610 1,570,413
Foreign currency
translation 0 0 45,280 (630)
----------- ---------- ----------- ----------
6,062,110 516,739 22,913,890 1,569,783
Net gain (loss) on
investments and foreign
currency 10,135,440 2,130,830 22,068,156 1,595,420
----------- ---------- ----------- ----------
Net Increase in Net Assets
Resulting from
Operations $10,138,224 $2,016,108 $22,026,281 $1,582,873
----------- ---------- ----------- ----------
*Net of Foreign Taxes With-
held $ 1,346 $ 0 $ 77,734 $ 3,144
----------- ---------- ----------- ----------
</TABLE>
See Notes to the Financial Statements.
15
<PAGE>
The Tocqueville Trust
Statements of Changes in Net Assets
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
The Tocqueville Fund
--------------------------
Six Months For the Year
Ended Ended
April 30, October 31,
1999* 1998
------------ ------------
<S> <C> <C>
Operations:
Net investment income (loss) $ 2,784 $ 232,410
Net realized gain (loss) on investments and for-
eign currency 4,073,330 4,555,614
Net change in unrealized appreciation (deprecia-
tion) 6,062,110 (7,924,209)
------------ -----------
Net increase (decrease) in net assets resulting
from operations 10,138,224 (3,136,185)
Dividends and Distributions to shareholders:
Net investment income (238,237) (184,680)
Net realized gains (4,560,528) (7,015,177)
------------ -----------
Total dividends and distributions (4,798,765) (7,199,857)
Capital share transactions
Shares Sold 3,207,715 11,460,273
Shares issued to holders in reinvestment of divi-
dends 4,262,666 6,318,448
Shares Redeemed (11,777,515) (10,875,514)
------------ -----------
Net increase (decrease) (4,307,134) 6,903,207
------------ -----------
Net increase (decrease) in net assets 1,032,325 (3,432,835)
Net Assets:
Beginning of period 61,565,507 64,998,342
------------ -----------
End of period* 62,597,832 61,565,507
------------ -----------
Including undistributed net investment income
(loss) of: $ (49,871) $ 206,299
------------ -----------
</TABLE>
- --------
* Unaudited
(1) Commencement of Operations
See Notes to the Financial Statements.
16
<PAGE>
The Tocqueville Trust
Statements of Changes in Net Assets
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Small Cap Value Fund International Value Fund Gold Fund
--------------------------- ------------------------- -----------------------------
Six Months For the Year Six Months For the Year Six Months June 29, 1998(1)
Ended Ended Ended Ended Ended thru
April 30, October 31, April 30, October 31, April 30, October 31,
1999* 1998 1999* 1998 1999* 1998
----------- ------------ ----------- ------------ ----------- ----------------
<S> <C> <C> <C> <C> <C>
$ (114,722) $ (255,569) $ (41,875) $ 407,254 $ (12,547) $ 1,169
1,614,091 (7,237) (845,734) (5,060,334) 25,637 (25,750)
516,739 (3,182,451) 22,913,890 (9,062,388) 1,569,783 434,232
----------- ----------- ----------- ------------ ----------- ----------
2,016,108 (3,445,257) 22,026,281 (13,715,468) 1,582,873 409,651
0 0 0 (666,647) 0 0
0 (2,201,644) 0 0 0 0
----------- ----------- ----------- ------------ ----------- ----------
0 (2,201,644) 0 (666,647) 0 0
2,632,385 6,711,422 3,652,142 25,439,613 5,310,519 7,819,077
0 2,059,937 0 638,631 0 0
(2,081,587) (2,101,435) (3,530,886) (4,243,787) (2,815,056) 0
----------- ----------- ----------- ------------ ----------- ----------
550,798 6,669,924 121,256 21,834,457 2,495,463 7,819,077
----------- ----------- ----------- ------------ ----------- ----------
2,566,906 1,023,023 22,147,537 7,452,342 4,078,336 8,228,728
21,609,887 20,586,864 68,414,919 60,962,577 8,228,728 0
----------- ----------- ----------- ------------ ----------- ----------
24,176,793 21,609,887 90,562,456 68,414,919 12,307,064 8,228,728
----------- ----------- ----------- ------------ ----------- ----------
$ (114,722) $ (255,569) $ (41,875) $ 0 $ (11,378) $ 1,169
----------- ----------- ----------- ------------ ----------- ----------
</TABLE>
See Notes to the Financial Statements.
17
<PAGE>
The Tocqueville Trust
The Tocqueville Fund
The Tocqueville Small Cap Value Fund
The Tocqueville International Value Fund
The Tocqueville Gold Fund
Notes to Financial Statements
- --------------------------------------------------------------------------------
1. ORGANIZATION
The Tocqueville Trust (the "Trust") was organized as a Massachusetts business
trust registered under the Investment Company Act of 1940 as amended, as a di-
versified, open-end management investment company. The Trust consists of four
separate Funds: The Tocqueville Fund, The Tocqueville Small Cap Value Fund, The
Tocqueville International Value Fund and The Tocqueville Gold Fund (the
"Funds"). The objective of The Tocqueville Fund is long-term capital apprecia-
tion, primarily through investments in securities of United States issuers. The
objective of The Tocqueville Small Cap Value Fund is long-term capital appreci-
ation primarily through investments in securities of small capitalization
United States issuers. The objective of The Tocqueville International Value
Fund is long-term capital appreciation primarily through investment in securi-
ties of issuers located outside the United States. The objective of The
Tocqueville Gold Fund is to provide long-term capital appreciation through in-
vestments in Gold and Securities or companies located throughout the world that
are engaged in mining or processing gold, and through investments in other pre-
cious metals and securities of companies located throughout the world that are
engaged in mining or processing such other precious metals. The following is a
summary of significant accounting principles followed by the Trust in the prep-
aration of its financial statements.
- --------------------------------------------------------------------------------
2. SIGNIFICANT ACCOUNTING POLICIES
a) Security valuation
Investments in securities, including foreign securities, traded on an ex-
change or quoted on the over-the-counter market are valued at the last sale
price or, if no sale occurred during the day, at the mean between closing bid
and asked prices, as last reported by a pricing service approved by the Trust-
ees. When market quotations are not readily available, or when restricted secu-
rities or other assets are being valued, such assets are valued at fair value
as determined in good faith by or under procedures established by the Trustees.
Short-term investments are stated at cost which, together with accrued inter-
est, approximates market value.
- --------------------------------------------------------------------------------
b) Federal income tax
It is the Trust's policy to comply with the provisions of the Internal Reve-
nue Code ("Code") applicable to regulated investment companies and to distrib-
ute all of its taxable income to its shareholders. It is also the Trust's in-
tention to distribute amounts sufficient to avoid imposition of any excise tax
under Section 4982 of the Code. Therefore, no federal income or excise tax pro-
vision is required.
- --------------------------------------------------------------------------------
c) Deferred organization expenses
Expenses incurred in connection with the organization of The Tocqueville
Small Cap Value Fund, The Tocqueville International Value Fund, and The
Tocqueville Gold Fund are being amortized on a straight-line basis over a five-
year period from each Fund's commencement of operations.
18
<PAGE>
- -------------------------------------------------------------------------------
d) Foreign currency translation
Investments and other assets and liabilities denominated in foreign curren-
cies are translated to U.S. dollars at the prevailing rates of exchange. The
Tocqueville International Value Fund and The Tocqueville Gold Fund are engaged
in transactions in securities denominated in foreign currencies and, as a re-
sult, enters into foreign exchange contracts. These Funds are exposed to addi-
tional market risk as a result of changes in the value of the underlying cur-
rency in relation to the U.S. dollar. Risks include potential inability of
counterparties to meet the terms of their contracts. The value of foreign cur-
rency contracts are "marked to market" on a daily basis, which reflects the
changes in the market value of the contract at the close of each day's trad-
ing, resulting in daily unrealized gains and/or losses. When the contracts are
closed, the Funds recognize a realized gain or loss.
The Funds do not isolate that portion of the results of operations resulting
from changes in foreign exchange rates on investments from the fluctuations
arising from changes in market prices of securities held. Such fluctuations
are included with the net realized and unrealized gain or loss from invest-
ments.
Reported net realized foreign exchange gains or losses arise from sales of
foreign currencies, currency gains or losses realized between the trade and
settlement dates on securities transactions, the differences between the
amounts of dividends, interest, and foreign withholding taxes recorded on the
Fund's books, and the U.S. dollar equivalent of the amounts actually received
or paid. Net unrealized foreign exchange gains and losses arise from changes
in the value of assets and liabilities other than investments in securities at
the end of the fiscal period, resulting from changes in the exchange rates.
- -------------------------------------------------------------------------------
e) Use of Estimates
The preparation of financial statements in conformity with generally ac-
cepted accounting principles requires management to make estimates and assump-
tions that effect the reported amounts of assets and liabilities and disclo-
sure of contingent assets and liabilities at the date of the financial state-
ments and the reported amounts of increases and decreases in net assets from
operations during the reporting period. Actual results could differ from those
estimates.
- -------------------------------------------------------------------------------
f) Other
Investment and shareowner transactions are recorded no later than the first
business day after the trade date. Dividend income is recognized on the ex-
dividend date or at the time the Fund becomes aware. Interest income is recog-
nized on the accrual basis and market discount is accounted for on a yield to
maturity basis from settlement date. The Trust uses the first-in, first-out
method for determining realized gain or loss on investments sold for both fi-
nancial reporting and federal tax purposes. Distributions to shareholders are
recorded on the ex-dividend date. Expenses incurred by the Trust not specifi-
cally identified to a Fund are allocated on a basis relative to the size of
each Fund's daily net asset value. It is the Trust's policy to take possession
of securities as collateral under repurchase agreements and to determine on a
daily basis that the value of such securities are sufficient to cover the
value of the repurchase agreements.
19
<PAGE>
- --------------------------------------------------------------------------------
3. INVESTMENT ADVISORY AND OTHER AGREEMENTS
Tocqueville Asset Management L.P. ("Tocqueville"), is the investment adviser
to the Trust under an Investment Advisory Agreement approved by shareholders on
February 26, 1990. For its services, Tocqueville receives a fee from The
Tocqueville Fund, payable monthly, at an annual rate of .75% on the first $100
million of its average daily net assets, .70% of the next $400 million of
average daily net assets, and .65% of average daily net assets in excess of
$500 million. Tocqueville receives a fee from The Tocqueville Small Cap Value
Fund, payable monthly, at an annual rate of .75% on the first $100 million of
its average daily net assets, .70% of the next $400 million of average daily
net assets, and .65% of average daily net assets in excess of $500 million.
Tocqueville receives a fee from The Tocqueville International Value Fund,
payable monthly, at an annual rate of 1.00% on the first $50 million of its
average daily net assets, .75% of the next $50 million of average daily net
assets, and .65% of average daily net assets in excess of $100 million.
Tocqueville receives a fee from the Tocqueville Gold Fund, payable monthly at
an annual rate of 1.00% on the first $500 million of the average daily net
assets or the Fund, .75% of average daily net assets in excess of $500 million
but not exceeding $1 billion, and .65% of the average daily net assets in
excess of $1 billion.
Pursuant to an Administrative Services Agreement, each Fund pays to the
Adviser a fee computed and paid monthly at an annual rate of 0.15% of the
average daily net assets of the Fund. For the six-month period ended April 30,
1999, the Adviser has made payments of $13,254, $8,907, $16,747 and $10,407 to
Firstar Mutual Fund Services, LLC for services provided under a Sub-
Administration agreement for The Tocqueville Fund, The Tocqueville Small Cap
Value Fund, The Tocqueville International Value Fund and The Tocqueville Gold
Fund, respectively.
Tocqueville waived advisory fees of $47,979 and administration fees of $2,312
fees from The Tocqueville Gold Fund, for the six-month period ended April 30,
1999.
Tocqueville Securities L.P. (the "Distributor") acts as distributor for
shares of the Fund and purchases shares of the Fund at net asset value to fill
orders as received from investment dealers. For the six months ended April 30,
1999, the Distributor received net commissions of $5,929 from the sale of the
Trust's shares.
The Fund has adopted distribution plans related to the sale of shares
pursuant to which the Fund may incur distribution expenses in amounts not to
exceed 0.25% per annum of the average daily net assets. Such expenses may
include, but are not limited to, advertising, printing, and distribution of
sales literature, prospectuses and other materials, and payments to dealers and
shareholders servicing agents including the Distributor. Under the distribution
plans, the Distributor is permitted to carry forward expenses not reimbursed by
the distribution fees to subsequent fiscal years for submission to the Fund for
payment, subject to the continuation of the Plan. The distributor has informed
the Trust that, as of April 30, 1999, there were $188,534, $78,396, $24,275 and
$21,955 in unreimbursed expenses for The Tocqueville Fund, The Tocqueville
Small Cap Value Fund, The Tocqueville International Value Fund and The
Tocqueville Gold Fund, respectively.
20
<PAGE>
- --------------------------------------------------------------------------------
Commissions earned by the Distributor for services rendered as a registered
broker-dealer in securities transactions for The Tocqueville Fund, The
Tocqueville Small Cap Value Fund, The Tocqueville International Value Fund and
The Tocqueville Gold Fund for the six months ended April 30, 1999, were
$17,202, $19,050, $630 and $11,988, respectively.
21
<PAGE>
- --------------------------------------------------------------------------------
4. FUND SHARE TRANSACTIONS
The Funds currently offer only one class of shares of beneficial interest.
<TABLE>
<CAPTION>
Tocqueville
Fund
----------------------
Amount Shares
------------ --------
<S> <C> <C>
Six months ended April 30, 1999
Shares sold $ 3,207,715 193,941
Shares issued to owners in reinvestment of dividends 4,262,666 276,258
Shares redeemed (11,777,515) (704,331)
------------ --------
Net Increase (Decrease) $ (4,307,134) (234,132)
------------ --------
Year ended October 31, 1998*
Shares sold $ 11,460,273 628,666
Shares issued to owners in reinvestment of dividends 6,318,448 362,508
Shares redeemed (10,875,514) (587,124)
------------ --------
Net Increase $ 6,903,207 404,050
------------ --------
</TABLE>
- --------
* For the period June 29, 1998 through October 31, 1998 for the Gold Fund.
22
<PAGE>
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Small Cap
Value International Value
Fund Fund Gold Fund
- ----------------------- ------------------------- ------------------------
Amount Shares Amount Shares Amount Shares
- ----------- -------- ----------- --------- ----------- --------
<S> <C> <C> <C> <C> <C>
$ 2,632,385 201,535 $ 3,652,142 398,675 $ 5,310,519 472,602
0 0 0 0 0 0
(2,081,587) (158,630) (3,530,886) (389,134) (2,815,056) (248,609)
- ----------- -------- ----------- --------- ----------- --------
$ 500,798 42,905 $ 121,256 9,541 $ 2,495,463 223,993
- ----------- -------- ----------- --------- ----------- --------
$ 6,711,422 456,425 $25,439,613 2,880,164 $ 7,819,077 764,645
2,059,937 144,685 638,631 73,406 0 0
(2,101,435) (148,051) (4,243,787) (506,725) 0 0
- ----------- -------- ----------- --------- ----------- --------
$ 6,669,924 453,059 $21,834,457 2,446,845 $ 7,819,077 764,645
- ----------- -------- ----------- --------- ----------- --------
</TABLE>
23
<PAGE>
- --------------------------------------------------------------------------------
5. INVESTMENT TRANSACTIONS
Purchases and sales of investment securities (excluding short-term instru-
ments) for the six months ended April 30, 1999 were as follows:
<TABLE>
<CAPTION>
The Small Cap International
Tocqueville Value Value Gold
Fund Fund Fund Fund
----------- ----------- ------------- -----------
<S> <C> <C> <C> <C>
Purchases
U.S. Government $ 0 $ 0 $ 0 $ 0
Other 6,727,033 5,120,740 18,208,685 5,538,729
----------- ----------- ------------ -----------
Total $ 6,727,033 $ 5,120,740 $ 18,208,685 $ 5,538,729
----------- ----------- ------------ -----------
Sales
U.S. Government $ 0 $ 0 $ 0 $ 0
Other 11,232,213 4,414,964 17,558,644 2,515,611
----------- ----------- ------------ -----------
Total $11,232,213 $ 4,414,964 $ 17,558,644 $ 2,515,611
----------- ----------- ------------ -----------
Unrealized appreciation (depreciation) at April 30, 1999 based on cost of se-
curities for Federal tax purposes is as follows:
<CAPTION>
The Small Cap International
Tocqueville Value Value Gold
Fund Fund Fund Fund
----------- ----------- ------------- -----------
<S> <C> <C> <C> <C>
Gross unrealized appre-
ciation $21,841,291 $ 4,039,724 $ 20,926,076 $ 2,359,503
Gross unrealized depre-
ciation (4,304,004) (2,523,606) (20,212,453) (388,053)
----------- ----------- ------------ -----------
Net unrealized
appreciation
(depreciation) $17,537,287 $ 1,516,118 $ 713,623 $ 1,971,450
----------- ----------- ------------ -----------
Cost of investments $45,081,463 $22,794,520 $ 87,927,444 $10,810,748
----------- ----------- ------------ -----------
</TABLE>
At October 31, 1998, The Tocqueville International Value Fund had tax basis
capital losses of $5,166,000 which may be carried over to offset future capital
gains. Of this amount $213,000 arose from the merger with Tocqueville Asia Pa-
cific Fund on May 1, 1997. Such losses may be carried over to offset future
capital gains through 2006.
At October 31, 1998, The Tocqueville Small Cap Value Fund and The Tocqueville
Gold Fund had tax basis capital losses of $7,200 and $4,500, respectively,
which may be carried over to offset future capital gains through October 31,
2006. Net realized capital losses differ for financial statement and tax pur-
poses primarily due to differing treatments of wash sales.
24
<PAGE>
- --------------------------------------------------------------------------------
6. FORWARD CURRENCY EXCHANGE CONTRACT
At April 30, 1999, the Tocqueville International Value Fund had entered into
a forward currency exchange contract that obligates the Fund to deliver and re-
ceive currency at a specified future date. The terms of the open contract are
as follows:
<TABLE>
<CAPTION>
Currency to U.S. $ value at Currency to Unrealized
Settlement Date be Delivered April 30, 1999 be received Depreciation
- --------------- ------------ --------------- ----------- ------------
<S> <C> <C> <C> <C>
07/12/99 18,700,000,000 $2,235,860 2,000,000 $235,860
Indonesian Rupiah U.S. Dollars
</TABLE>
<PAGE>
Investment Adviser
Tocqueville Asset Management L.P.
1675 Broadway
New York, NY 10019
(212) 698-0800
www.tocqueville.com
Distributor
Tocqueville Securities L.P.
1675 Broadway
New York, NY 10019
(212) 698-0800
Shareholders' Servicing and Transfer Agent
Firstar Mutual Fund Services, LLC
P.O. Box 701
Milwaukee, WI 53201-0701
(800) 697-3863
Custodian
Firstar Bank Milwaukee, N.A.
615 East Michigan Street
Milwaukee,WI 53202
Board of Trustees
Francois Sicart - Chairman
Lucille G. Bono
Bernard F. Combemale
James B. Flaherty
Inge Heckel
Robert W. Kleinschmidt
Francois Letaconnoux
Larry M. Senderhauf
