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SEMI-ANNUAL REPORT
April 30, 2000
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
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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.tocquevillefunds.com
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Dear Fellow Shareholders of the Tocqueville Trust Family of Mutual Funds:
Since 1997, huge amounts of money have poured into shares of very large in-
dex-type "growth" companies or, at the opposite extreme, into those of fledg-
ling high-technology firms with often more hope than substance. Increasingly,
this has led to a disconnection between stock prices and business values on a
scale seldom observed before.
As mutual fund investors massively shifted money into anything they perceived
to be involved with the New Economy, many value-style managers were actually
forced to liquidate shares of companies that they would otherwise have wished
to buy. This further aggravated the underperformance of value investments and
widened the already nonsensical gap between business values and stock prices.
We believe that the last few months marked a major turning point in both the
market fundamentals and the psychology of investors. Not only was the NASDAQ
speculative bubble clearly pierced, but some of the large index-type stocks
also began to show their price vulnerability. Value stocks, on the other hand,
showed remarkable resiliency, helping the performances of both the Tocqueville
Fund and the Tocqueville Small Cap Value Fund.
We believe that the adjustment has just begun, and that it is likely to turn
into a full-fledged bear market. To run their course, bear markets need price
amplitude and time. Thus, the decline will likely be interrupted by some major
rallies: those are necessary to "trap" more investors and to allow a majority
of them to become disenchanted with equities.
Out-of-favor value stocks, which have been under liquidation for several
years, should be relatively immune to this change in investor psychology. In
addition, we believe that the end of the decade-long US bull market and the
coming, marked slowdown of the American economy should be accompanied by a
weakening of the US dollar. Further protection against these trends should be
offered by our highly contrarian Tocqueville Gold Fund and Tocqueville Interna-
tional Value Fund.
Gold, after a strong rally last year, has continued to rise against most for-
eign currencies, though this trend has been obscured by the strength of the US
dollar. It should now start to benefit from highly favorable technical and
supply/demand factors.
International markets have corrected in recent months, in sympathy with the
tremors affecting the NASDAQ and as a result of the weakness of local curren-
cies against the dollar. However, not only are many quality companies in Asia,
Europe and Latin America very cheap in relation to current earnings, but eco-
nomic recoveries in these regions are still gathering momentum. The lack of
synchronization between the American economic cycle and those of Asia and Eu-
rope, in particular, should position international stock markets to outperform
those of the United States, over the next couple of years.
We hope that both our diversified offering of mutual funds and the
contrarian/value investment selections within those funds will help you struc-
ture a portfolio well suited for the challenging times ahead.
Francois Sicart
Chairman and CEO
Tocqueville Asset Management LP
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The Tocqueville Fund
-------------------------------------------------------------------------------
Dear Fellow Shareholder:
The six-month period ended April 30, 2000, the first half of our fiscal
year, represents perhaps the most extraordinary period in the history of mod-
ern financial markets. Consider the performance of the markets as measured by
the NASDAQ composite index in that span. Starting the period at an already
high and record level of 2900, the index rocketed straight up for the next
four and a half months to a pinnacle of 5200, an astounding gain of 80%. Then,
suddenly, the market collapsed, as much as 25% in one week, and 35% overall to
close on April 30, 2000 at 3200. This unprecedented volatility was also wit-
nessed on a more subdued scale in the broader market averages as depicted by
the S&P 500. We have been writing for some months now about how the S&P 500
has been increasingly dominated by overpriced technology stocks that had grown
so large in market capitalization that their influence on the market weighted
S&P was disproportionate. The proof of that contention was the performance of
the S&P index during the recently concluded six-month period. Entering the pe-
riod at a level of 1363, the index climbed 190 points, or 14%, only to col-
lapse to 1357, a decline of 12.6%, before closing at 1452 for an overall gain
over the six months of 6.5%.
Against this backdrop of hyper volatility the staid old Tocqueville Fund
continued to plod along in its customary unspectacular manner. In fact, from a
starting level of $17.54 on October 31, 1999, the fund climbed to a peak level
of $18.70 in mid April, a gain of 6.6%, before declining 4.3%, settling down
to a level of $17.90 to close the period. For the six-month period as a whole,
the fund gained 4.8%. We are pleased with this performance under these trying
circumstances. Preservation of capital being among our primary investment ob-
jectives, we recognize that wild volatility is a dangerous environment for in-
vestors. The tendency of many to get whipsawed in this environment by buying
into the rally and selling into the downdrafts exaggerates the volatility of
the markets. We have all read numerous stories of investors who suffered enor-
mous losses, or were wiped out entirely, during this difficult period. Because
we believe in equity investments as the best way to maintain the real value of
capital and are highly skeptical of schemes to time or beat the market, we be-
lieve it essential for long term investors to remain invested over the long
haul. Heightened volatility can frighten investors out of the market, usually
at just the wrong time. Our approach is designed to limit volatility, and re-
move the temptation to bailout at the bottom or pile on at the top. In the
first six months of the fiscal year, that approach proved itself, while still
generating acceptable returns.
During the period, we took advantage of the large swings in prices to posi-
tion several new names in the portfolio. With the bloom off the rose of
Internet and technology stocks, we believe that investors will once again be
attracted to steady more predictable growing companies. Price opportunities in
companies like Procter and Gamble, American Home Products, Clorox, Disney, and
Sara Lee allowed us to purchase these stocks at value investor prices. At the
same time we added to positions in Boeing, Texaco, Varco, and Xerox value
stocks we know well. To make room for these purchases, we lightened up on some
of our best performing technology and biotechnology stocks, Adobe Systems,
EDS, 3Com and Genzyme, and took advantage of tender offers to liquidate our
holdings in Financial Services Assurance and Sprint. We also admitted our mis-
takes and liquidated our positions in Stone and Webster, Integrated Health and
Ogden. On balance, we believe the composition of the portfolio has been
strengthened markedly over the period.
The outlook for the remainder of the fiscal year remains uncertain. We con-
tinue to foresee difficulty for the previously highflying Internet and related
technology stocks since their valuations as a group remain way out of
3
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line with historic experience. The rest of the market where we have concen-
trated our investment remains vulnerable to interest rate pressures. Our large
representation in commodity producers should begin to benefit from the world-
wide economic expansion even as the U.S. economy slows and rates rise, but this
bears watching. This being an election year, we expect that politics will begin
to weigh on the market by late summer. The expected outcome of the general
election should begin to get reflected in the market in the fall. At this junc-
ture, the outcome is too close to call, adding to the uncertainty.
As large shareholders of the Tocqueville Fund ourselves, we will continue on
our course of conservative and cautious value investing in the months ahead.
Investing is a marathon, not a sprint. Slow and steady wins the race.
Robert W. Kleinschmidt
Portfolio Manager
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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 excellent performance. For the six month period ended April 30, 2000 your
portfolio of value-stocks increased 40.5% to $19.14 per share. Since inception
on August 1, 1994, your average annual return of 21.2% compares favorably to
the 15.1% return of the Russell 2000 Index. While I do not benchmark against
any specific index, nevertheless I will try my best to maintain that perfor-
mance level in the future.
Our strong performance of 21.2% 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 busi-
nesses are already down substantially in price, and selling at bargain-value
prices. For example, the 33 stocks which we currently hold were bought on aver-
age 57% and 39% below their respective 60 and 12 months highs. This deep-value
stock picking strategy should limit our downside market risk somewhat. Con-
versely, it should give us plenty of room for upside surprises, if we are cor-
rect in our assessment of the long-term business potential of our stock picks.
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 earn-
ings. It also reflects our strategy of letting some of our winners run: we are
quicker to sell our losers than our winners, and realized losses have been
small relative to our gains. In addition, we run the Fund fully invested at all
times, and fairly concentrated. For instance, we currently have 53% of assets
invested in our ten best ideas.
Looking at the portfolio in strategic terms, investments in broadly defined
"service industries" account for about 58% of assets. "Last mile to the home"
or "to the place of business" communication hardware for CATV and
computer/telephony integration or connection represent another 16%. As a re-
sult, 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 (3%), specialty chemicals (7%), manu-
facturing (9%), precious metals (3%), and cash equivalents (4%).
In closing, let me express my gratitude to you for choosing the Tocqueville
Small Cap Value Fund to help realize your long-term investment objectives.
Jean-Pierre Conreur
Portfolio Manager
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The Tocqueville International Value Fund
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Dear Fellow Shareholder:
The strong performance of the Tocqueville International Value Fund in the
fiscal year ended October 31, 1999 gave way to a slow erosion of the Fund's
value over the last six months. The Fund's Net Asset Value declined from
$11.37 on October 31, 1999 to $9.47 on April 30, 2000. While some correction
was to be expected after the sharp preceding advance, this recent episode has
been a source of frustration.
We describe ourselves as contrarian, value investors. This usually means
taking a contrarian tack on specific markets, while applying a traditional,
bottom-up value approach to stock selection. Since maligned markets often pro-
vide good hunting ground for value investors while stocks that offer great
value usually are cheap because they are unpopular with investors, our
contrarian approach to markets and our value-oriented stock-picking discipline
should be complementary and self-reinforcing. Yet, we have recently seen many
deep-value shares continue to slide in the face of improving operations as, in
several markets, political and macro-economic concerns have overshadowed com-
pany fundamentals.
In Indonesia, where the investment of about 12% of the Fund's assets repre-
sented one of our most contrarian market decisions, President Wahid's achieve-
ments since his election only six months ago have truly been extraordinary.
Yet, progress has lagged on two important fronts, which are now receiving all
the attention of international investors--growing demands for provincial inde-
pendence, and sorely needed legal reform. Lack of visible progress on these
two fronts has paralyzed international investment into Indonesia.
In spite of this, however, the Indonesian economy is improving. Consumer
demand and confidence have been rising for months and automobile sales
(stimulated by the return of Chinese families) have recovered strongly, making
up about half of the ground lost from the pre-crisis levels. Many medium-sized
businesses that had never benefited from close ties with the Suharto family
have been improving steadily and are now, in fact, doing quite well.
We believe that a number of the present roadblocks to recovery will wane by
late summer, when the president is scheduled to deliver a state of the union
address. Meanwhile, resumption of International Monetary Fund assistance will
soon boost both the currency, and the economy, which has accounted for half of
the nearly 40% dollar-denominated decline in the Indonesian market this year.
Against this background, many Indonesian companies with clearly improving
fundamentals are selling at some of the lowest valuation ratios in the world.
Our portfolio, for example, owns shares in Tempo Scan, a pharmaceutical com-
pany selling at 4 times earnings; Semen Gresik, a profitable cement company
selling at one of the world's deepest discounts to estimated replacement val-
ue; and several other shares that are just as under-priced. The potential for
sharp gains therefore exists, once political uncertainties recede.
Depending on how one calculates the Chinese component of portfolio companies
listed either in Hong Kong or Singapore, our Fund's exposure to China is some-
where between 12% and 16%, which also represents a highly contrarian commit-
ment. China is in the midst of an aggressive program of economic empowerment
of its population, while it attempts to retain a strictly centralized (almost
paranoid) political control over it, to avoid the kind of dislocation that
happened in the former Soviet Union.
6
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The spectacular successes achieved on the economic front have brought many
inefficient state-controlled enterprises with excess capacity and inventories
to the verge of bankruptcy. However, with unemployment rising sharply in a
country not prepared for it, as a result of the considerable restructuring
already achieved, many technically bankrupt state firms are not being forced to
actually fail, contributing to dumping in many sectors, and a general climate
of deflation.
However, the government's decision to push for full membership in the World
Trade Organization signals a new life to the stated policy of helping strong
firms while letting the weak fail. Possibly with the assistance of a managed
float of the Renminbi, membership in the WTO will benefit some strong indus-
tries while forcing the closing of the economy's living-dead. In the process,
we expect to see strong re-acceleration of foreign investment into China, which
has already started after a nearly two-year lull. Meanwhile, domestic growth
has already begun to exceed forecasts, aided by two exceptional one-week holi-
days that illustrated the Chinese consumers' potential when they are given the
free time to satisfy pent-up needs and desires.
As in the case of Indonesia, political uncertainty has overshadowed the sig-
nificant progress made by successful Chinese companies, with many of our hold-
ings selling at valuation ratios among the lowest in the world. For example,
Guangdong Kelon, a leading manufacturer of refrigerators and air-conditioners
with a strong balance sheet and a management team recently elected one of the
best in Asia by the World Economic Forum and various publications (Forbes, Asia
Money and The Asset Magazine) is selling at less than seven times this year's
earnings, and possibly less than five times next year's. Yue Yuen, perhaps the
largest manufacturer of shoes in the world (including some of the best-known
brands), is selling at less than six times this year's earnings, with net debt
equal to only 13 percent of equity.
The Chinese and Indonesian examples are striking for the disconnection be-
tween value and stock market performance in the past year. It can be argued
that, except under the direst circumstances, macro-economic and political
trends will not prevent these deeply undervalued companies from growing at su-
perior rates in coming years. Yet, their shares have moved alongside those of
much less attractive companies in their respective markets.
To some degree, we have had the same experience in Japan and Europe. In
Japan, for example, some companies whose high levels of net cash in relation to
market value belied apparently lofty price/earnings ratios have done quite
well. Nitto Kohki and Asia Securities Printing have each been multiplied by
more than 2.5. But Tenma and Tokyo Style, both profitable and with net cash
exceeding total market value have so far not budged--they are now our two
largest positions in Japan.
In Europe, only index stocks and "tech" speculations have performed in the
past two years, while "value" shares have stagnated or declined. Not only has
there been no interest in value: portfolio restructuring by investors in favor
of shares making up pan-European indexes and of the "new economy" have resulted
in outflows from value-oriented funds that have often forced value managers to
actually sell shares that they would otherwise have wanted to buy. Fortunately,
in Europe, the last few weeks seem to have reversed these perverse trends, as
they have in the United States.
While we cannot guarantee that value investments will rise while others col-
lapse, they should certainly hold up much better in any protracted decline.
More importantly, once the most speculative elements of the "new economy" in-
vestment bubble have been discredited, we expect portfolio re-balancing to re-
store some sanity and discipline to the selection of shares by analysts and in-
vestors. This should produce an extended and significant revaluation of the
type of shares held in the portfolio of the Tocqueville International Value
Fund--especially when, as is the case in Asia, the companies also promise supe-
rior long-term growth prospects.
Francois Sicart
Portfolio Manager
7
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The Tocqueville Gold Fund
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Dear Fellow Shareholder:
During the six months ended 4/30/00, the Tocqueville Gold Fund declined (19.0)%
compared to (18.8)% for the benchmark Philadelphia Stock Exchange Gold and Sil-
ver Index (XAU).
Despite positive fundamental developments during the most recent six months,
gold shares remained in a consolidation phase following their sharp run up in
September and early October of 1999. In a series of dramatic announcements in
February of this year, the leading gold producers stated that they would not
increase their hedging activities. In 1999, hedging by gold producers increased
supply into the market by 445 tons, over 10% of the total. This year, that pro-
ducer hedging is likely to be a negative amount as hedge positions are liqui-
dated on balance. The shrinkage in supply could amount to as much as 15% year
to year.
Aside from a sharp rally in the gold price sparked by these producer announce-
ments, gold has languished and now appears to be range-bound around $275-
$280/oz. This price action has discouraged gold investors, and sentiment con-
tinues to drag along at levels comparable to those of last summer just prior to
the huge rally touched off by the Washington Agreement limiting outright gold
sales and lending
Poor sentiment towards gold is understandable, but ignores the positive devel-
opments already mentioned. In addition, US stock markets appear to be entering
a bear market. Once negative psychology takes a firm grip, money flows will be
directed into alternative asset classes including gold. We believe such shifts
tend to proceed at a glacial pace in their earliest phases. The downturn in the
stock market is too fresh in the minds of investors to trigger the search for
alternative havens. What we foresee is a protracted bear phase in which nega-
tive sentiment will take firm roots. Unfortunately, this will require addi-
tional patience in a process that already seems to have taken far too long.
Gold and gold shares continue to offer the possibility of superior returns over
the next three to five years. The Tocqueville Gold Fund has managed to achieve
positive returns, 5.11% since inception, despite these difficult markets. The
ideal time to invest is when there is a strong fundamental case that is yet un-
recognized in the markets. Gold fits this description perfectly. The downside
is minimal other than the degree of time it will take for the upside to be re-
alized. With the stock market sagging, it can no longer be argued that an in-
vestment in gold represents a serious opportunity cost. While slow, progress in
the fundamentals is measurable and demonstrable for anyone that cares to look.
John Hathaway
Portfolio Manager
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The Tocqueville Fund
Financial Highlights
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<TABLE>
<CAPTION>
Year Ended
Six Months October 31,
Ended -----------------------------------------------
Per share operating April 30,
performance 2000
(For a share outstanding (unaudited) 1999 1998 1997 1996 1995
throughout the period) ----------- ------- ------- ------- ------- -------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, begin-
ning of period $ 17.54 $ 17.00 $ 20.21 $ 15.85 $ 14.07 $ 13.74
------- ------- ------- ------- ------- -------
Income from investment
operations:
Net investment income 0.01 0.01 0.06 0.06 0.07 0.15
Net realized and
unrealized gain (loss) 0.82 1.94 (0.93) 5.15 2.92 1.70
------- ------- ------- ------- ------- -------
Total from investment
operations 0.83 1.95 (0.87) 5.21 2.99 1.85
------- ------- ------- ------- ------- -------
Less distributions
Dividends from net in-
vestment income (0.02) (0.07) (0.06) (0.06) (0.15) (0.11)
Distributions from net
realized gains (0.45) (1.34) (2.28) (0.79) (1.06) (1.41)
------- ------- ------- ------- ------- -------
Total distributions (0.47) (1.41) (2.34) (0.85) (1.21) (1.52)
------- ------- ------- ------- ------- -------
Change in net asset
value for the period 0.36 0.54 (3.21) 4.36 1.78 0.33
------- ------- ------- ------- ------- -------
Net asset value, end of
period $ 17.90 $ 17.54 $ 17.00 $ 20.21 $ 15.85 $ 14.07
------- ------- ------- ------- ------- -------
Total Return (c) 4.8 % 12.6 % (4.6)% 34.5 % 22.7 % 16.0 %
Ratios/supplemental data
Net assets, end of year
(000) $59,123 $57,801 $61,566 $64,998 $42,414 $33,438
Ratio to average net as-
sets:
Expenses (a) 1.38 %(b) 1.36 % 1.39 % 1.40 % 1.49 % 1.54 %
Net investment income
(a) 0.14 %(b) 0.04 % 0.35 % 0.34 % 0.44 % 1.07 %
Portfolio turnover rate 27 % 26 % 35 % 48 % 48 % 47 %
</TABLE>
--------
(a) Net of fees waived amounting to 0.25%, 0.16% and 0.02% of average net as-
sets for the years ended October 31, 1997, October 31, 1996 and October 31,
1995, respectively.
(b) Annualized.
(c) Does not include maximum sales charge of 4%, which was in place during the
periods ended October 31, 1999, 1998, 1997, 1996 and 1995.
9
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The Tocqueville Small Cap Value Fund
Financial Highlights
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Year Ended
Six Months October 31,
Ended -----------------------------------------------
Per share operating April 30,
performance 2000
(For a share outstanding (unaudited) 1999 1998 1997 1996 1995
throughout the period) ----------- -------- ------- ------- ------- ------
<S> <C> <C> <C> <C> <C> <C>
Net asset value,
beginning of period $ 15.74 $ 12.59 $ 16.30 $ 13.37 $ 11.91 $10.22
------- -------- ------- ------- ------- ------
Income from investment
operations:
Net investment (loss) (0.06) (0.13) (0.15) (0.05) (0.10) (0.05)
Net realized and
unrealized gain (loss) 5.86 3.28 (1.83) 4.44 2.33 1.96
------- -------- ------- ------- ------- ------
Total from investment
operations 5.80 3.15 (1.98) 4.39 2.23 1.91
------- -------- ------- ------- ------- ------
Less distributions
Dividends from net
investment income -- -- -- -- -- (0.03)
Distributions from net
realized gains (2.40) -- (1.73) (1.46) (0.77) (0.19)
------- -------- ------- ------- ------- ------
Total distributions (2.40) -- (1.73) (1.46) (0.77) (0.22)
------- -------- ------- ------- ------- ------
Change in net asset
value for the period 3.40 3.15 (3.71) 2.93 1.46 1.69
------- -------- ------- ------- ------- ------
Net asset value, end of
period $ 19.14 $ 15.74 $ 12.59 $ 16.30 $ 13.37 $11.91
------- -------- ------- ------- ------- ------
Total Return (c) 40.5 % 25.0 % (13.4)% 36.0 % 19.7 % 19.2 %
Ratios/supplemental data
Net assets, end of year
(000) $35,384 $ 26,188 $21,610 $20,587 $11,545 $9,383
Ratio to average net
assets:
Expenses (a) 1.40 %(b) 1.52 % 1.67 % 1.75 % 2.36 % 2.50 %
Net investment income
(loss) (a) (0.68)%(b) (0.87)% (1.12)% (0.81)% (1.18)% (0.53)%
Portfolio turnover rate 48 % 72 % 62 % 95 % 107 % 88 %
</TABLE>
--------
(a) Net of fees waived amounting to 0.35%, 0.33% and 0.33% of average net as-
sets for the years ended October 31, 1997, October 31, 1996 and October
31, 1995, respectively.
(b) Annualized.
(c) Does not include maximum sales charge of 4%, which was in place during the
periods ended October 31, 1999, 1998, 1997, 1996 and 1995.
10
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The Tocqueville International Value Fund
Financial Highlights
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Year Ended
Six Months October 31,
Ended --------------------------------------------
Per share operating April 30,
performance 2000
(For a share outstanding (unaudited) 1999 1998 1997 1996 1995
throughout the period) ----------- ------- ------- ------- ------- ------
<S> <C> <C> <C> <C> <C> <C>
Net asset value,
beginning of period $ 11.37 $ 8.11 $ 10.19 $ 12.57 $ 10.83 $10.02
------- ------- ------- ------- ------- ------
Income from investment
operations:
Net investment income
(loss) 0.07 0.05 0.10 (0.03) 0.16 (0.01)
Net realized and
unrealized gain (loss) (0.70) 3.21 (2.07) (1.67) 1.58 0.82
------- ------- ------- ------- ------- ------
Total from investment
operations (0.63) 3.26 (1.97) (1.70) 1.74 0.81
------- ------- ------- ------- ------- ------
Less distributions
Dividends from net
investment income (0.05) -- (0.11) (0.06) -- --
Distributions from net
realized gains (1.22) -- -- (0.62) -- --
------- ------- ------- ------- ------- ------
Total distributions (1.27) -- (0.11) (0.68) -- --
------- ------- ------- ------- ------- ------
Change in net asset
value for the period (1.90) 3.26 (2.08) (2.38) 1.74 0.81
------- ------- ------- ------- ------- ------
Net asset value, end of
period $ 9.47 $ 11.37 $ 8.11 $ 10.19 $ 12.57 $10.83
------- ------- ------- ------- ------- ------
Total Return (c) (6.3)% 40.2% (19.4)% (14.3)% 16.1% 8.1 %
Ratios/supplemental data
Net assets, end of year
(000) $92,952 $97,676 $68,415 $60,963 $23,932 $6,270
Ratio to average net
assets:
Expenses (a) 1.60 %(b) 1.67% 2.00 % 1.99 % 1.98% 4.43 %
Net investment income
(loss) (a) 1.18 %(b) 0.52% 0.64 % 0.16 % 1.45% (0.53)%
Portfolio turnover rate 22 % 78% 77 % 70 % 135% 109 %
</TABLE>
--------
(a) Net of fees waived amounting to 0.11%, 0.55% and 1.28% of average net as-
sets for the years ended October 31, 1997, October 31, 1996 and October
31, 1995, respectively.
(b) Annualized.
(c) Does not include maximum sales charge of 4%, which was in place during the
periods ended October 31, 1999, 1998, 1997, 1996 and 1995.
11
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The Tocqueville Gold Fund
Financial Highlights
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Six Months
Ended
Per share operating April 30, Period from
performance 2000 Year Ended June 29, 1998 to
(For a share outstanding (unaudited) October 31, 1999 October 31, 1998
throughout the period) ----------- ---------------- ----------------
<S> <C> <C> <C>
Net asset value, beginning of
period $ 12.97 $ 10.76 $10.00
------- ------- ------
Income from investment opera-
tions:
Net investment income (loss) (0.02) (0.03) 0.00
Net realized and unrealized
gain (loss) (2.44) 2.24 0.76
------- ------- ------
Total from investment opera-
tions (2.46) 2.21 0.76
------- ------- ------
Less distributions
Dividends from net investment
income -- -- --
Distributions from net real-
ized gains -- -- --
------- ------- ------
Total distributions -- -- --
------- ------- ------
Change in net asset value for
the period (2.46) 2.21 0.76
------- ------- ------
Net asset value, end of pe-
riod $ 10.51 $ 12.97 $10.76
------- ------- ------
Total Return (d) (19.0)% 20.6 % 7.6%(c)
Ratios/supplemental data
Net assets, end of period
(000) $16,574 $19,194 $8,229
Ratio to average net assets:
Expenses (a) 1.93 %(b) 1.98 % 1.98%(b)
Net investment income (loss)
(a) (0.35)%(b) (0.33)% 0.06%(b)
Portfolio turnover rate 13 % 44 % 1%
</TABLE>
--------
(a) Net of fees waived amounting to 0.36% and 2.25% of average net assets for
the periods ended October 31, 1999 and October 31, 1998 respectively.
(b) Annualized.
(c) Not annualized.
(d) Does not include maximum sales charge of 4%, which was in place during the
periods ended October 31, 1999 and 1998.
12
<PAGE>
The Tocqueville Fund
Investments as of April 30, 2000
(Unaudited)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Market
Common Stocks--95.9% Shares Value
-------------------------------------------------------------
<S> <C> <C>
Business Services--5.6%
Deluxe Corporation 50,000 $ 1,259,375
H&R Block, Inc. 30,000 1,254,375
Waste Management, Inc. 50,000 793,750
-------------------------------------------------------------
3,307,500
-------------------------------------------------------------
Consumer Non-Durables--10.4%
Burlington Industries, Inc.* 300,000 1,312,500
Clorox Company 20,000 735,000
International Flavors & Fragrances, Inc. 10,000 344,375
Kmart Corporation* 200,000 1,625,000
Mattel, Inc. 50,000 612,500
Procter & Gamble Company 15,000 894,375
Sara Lee Corporation 40,000 600,000
-------------------------------------------------------------
6,123,750
-------------------------------------------------------------
Energy--12.4%
Baker Hughes, Inc. 50,000 1,590,625
Murphy Oil Corporation 40,000 2,360,000
Texaco, Inc. 30,000 1,485,000
Varco International, Inc.* 150,000 1,875,000
-------------------------------------------------------------
7,310,625
-------------------------------------------------------------
Entertainment--1.8%
The Walt Disney Company 25,000 1,082,813
-------------------------------------------------------------
1,082,813
-------------------------------------------------------------
Finance--7.3%
BankAmerica Corporation 30,000 1,470,000
Citigroup, Inc. 40,000 2,377,500
Dime Bancorp, Inc. 25,000 468,750
-------------------------------------------------------------
4,316,250
-------------------------------------------------------------
Insurance--2.4%
The Allstate Corporation 60,000 1,417,500
-------------------------------------------------------------
1,417,500
-------------------------------------------------------------
Lumber and Wood Products--4.8%
Longview Fibre Company 100,000 1,275,000
Westvaco 50,000 1,543,750
-------------------------------------------------------------
2,818,750
-------------------------------------------------------------
Manufacturing--5.9%
Litton Industries, Inc.* 40,000 1,737,500
Olin Corporation 100,000 1,775,000
-------------------------------------------------------------
3,512,500
-------------------------------------------------------------
Medical Services--3.0%
American Home Products Corporation 20,000 1,123,750
McKesson HBOC, Inc. 40,000 675,000
-------------------------------------------------------------
1,798,750
-------------------------------------------------------------
</TABLE>
* Non-income producing security.
See Notes to the Financial Statements.
<TABLE>
<CAPTION>
Common Stocks Market
(continued) Shares Value
----------------------------------------------------------------------------
<S> <C> <C>
Metals & Minerals--12.2%
ALCOA, Inc. 40,000 $ 2,595,000
Homestake Mining Company 200,000 1,200,000
Inco, Limited* 100,000 1,562,500
Phelps Dodge Corporation 25,000 1,156,250
Stillwater Mining Company* 25,000 700,000
----------------------------------------------------------------------------
7,213,750
----------------------------------------------------------------------------
Publishing--2.2%
Readers Digest Association, Inc. 40,000 1,280,000
----------------------------------------------------------------------------
1,280,000
----------------------------------------------------------------------------
Real Estate--1.7%
Catellus Development Corporation* 75,000 975,000
----------------------------------------------------------------------------
975,000
----------------------------------------------------------------------------
Technology--20.0%
Adobe Systems, Inc. 40,000 4,837,500
Autodesk, Inc. 30,000 1,151,250
The Boeing Company 40,000 1,587,500
International Business Machines
Corporation 20,000 2,232,500
3 Com Corporation* 25,000 985,937
Xerox Corporation 40,000 1,057,500
----------------------------------------------------------------------------
11,852,187
----------------------------------------------------------------------------
Transportation & Public Utilities--6.2%
Alexander & Baldwin, Inc. 50,000 1,050,000
AT&T Corporation 40,000 1,867,500
FPL Group, Inc. 17,000 768,188
----------------------------------------------------------------------------
3,685,688
----------------------------------------------------------------------------
Total Common Stocks (Cost $43,957,502) 56,695,063
----------------------------------------------------------------------------
Principal
Short-Term Investments--5.1% Amount
----------
Repurchase Agreement with Firstar Bank 3.75%, dated
4/28/00, due 5/01/00, collateralized by U.S.
Treasury Notes valued at $3,081,628. Repurchase
proceeds of $3,021,944. (Cost $3,021,000) $3,021,000 3,021,000
----------------------------------------------------------------------------
Total Short-Term Investments (Cost $3,021,000) 3,021,000
----------------------------------------------------------------------------
Total Investments
(Cost $46,978,502)--101.0% 59,716,063
----------------------------------------------------------------------------
Liabilities less Other Assets--(1.0)% (593,158)
Total Net Assets--100% $59,122,905
-----------
</TABLE>
13
<PAGE>
The Tocqueville Small Cap Value Fund
Investments as of April 30, 2000
(Unaudited)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Market
Common Stocks--96.3% Shares Value
----------------------------------------------------------------
<S> <C> <C>
Business Support Services--11.6%
----------------------------------------------------------------
Gartner Group, Inc.* 40,000 $ 540,000
PSC, Incorporated* 130,000 520,000
Steelcase, Inc.* 40,000 470,000
Ultrak, Incorporated* 100,000 900,000
United Stationers, Incorporated* 50,000 1,668,750
----------------------------------------------------------------
4,098,750
----------------------------------------------------------------
Computer Software & Services--15.3%
Informix Corporation* 150,000 1,650,000
SAGA Systems, Inc.* 50,000 931,250
Systems & Computer Technology Corporation* 100,000 2,356,250
Unisys Corporation* 20,000 463,750
----------------------------------------------------------------
5,401,250
----------------------------------------------------------------
Consumer Non-Durables--3.1%
International Multifoods Corporation 30,000 384,375
Photoworks, Inc.* 200,000 725,000
----------------------------------------------------------------
1,109,375
----------------------------------------------------------------
Drilling Equiptment & Services--13.9%
Global Industries, Limited* 100,000 1,425,000
Input/Output, Inc.* 300,000 2,212,500
Oceaneering International, Incorporated* 75,000 1,293,750
----------------------------------------------------------------
4,931,250
----------------------------------------------------------------
Health Care Services--11.8%
Bindley Western Industries, Inc. 50,000 871,875
Henry Schein, Inc.* 120,000 1,678,125
Owens & Minor, Incorporated Holding Company 100,000 1,200,000
Perrigo Company* 75,000 426,563
----------------------------------------------------------------
4,176,563
----------------------------------------------------------------
Manufacturing & Related--8.2%
Baldor Electric Company 72,500 1,345,781
Fedders Corporation 90,000 528,750
Federal Signal Corporation 50,000 1,015,625
----------------------------------------------------------------
2,890,156
----------------------------------------------------------------
Personnel Placement Services--6.6%
Analysts International Corporation 140,000 1,557,500
Romac International, Incorporated* 75,000 773,437
----------------------------------------------------------------
2,330,937
----------------------------------------------------------------
Precious Metals--2.8%
Battle Mountain Gold Company* 360,000 742,500
Echo Bay Mines Limited* 100,000 118,750
Kinross Gold Corporation* 100,000 131,250
----------------------------------------------------------------
992,500
----------------------------------------------------------------
</TABLE>
See Notes to the Financial Statements.
<TABLE>
<CAPTION>
Common Stocks Market
(continued) Shares Value
-------------------------------------------------------------------------------
<S> <C> <C>
Specialty Chemicals--7.1%
-------------------------------------------------------------------------------
A.Schulman, Incorporated 94,000 $ 1,210,250
Chemfab Corporation* 30,000 412,500
M.A. Hanna Company 35,000 402,500
Osmonics, Incorporated* 55,000 491,563
-------------------------------------------------------------------------------
2,516,813
-------------------------------------------------------------------------------
Telephone Infrastructure--15.9%
Anixter International, Incorporated* 70,000 2,358,125
InterVoice-Brite, Inc.* 50,000 796,875
PairGain Technologies, Inc.* 100,000 2,487,500
-------------------------------------------------------------------------------
5,642,500
-------------------------------------------------------------------------------
Total Common Stocks
(Cost $28,812,827) 34,090,094
-------------------------------------------------------------------------------
<CAPTION>
Principal
Short-Term Investments--3.8% Amount
-------------------------------------------------------------------------------
<S> <C> <C>
Repurchase Agreement with Firstar Bank, 3.75%, dated
4/28/00, due 5/01/00, collateralized by U.S. Treasury
Notes valued at $1,371,183. Repurchase proceeds of
$1,344,420. (Cost $1,344,000) $1,344,000 1,344,000
-------------------------------------------------------------------------------
Total Short-Term Investments
(Cost $1,344,000) 1,344,000
-------------------------------------------------------------------------------
Total Investments
(Cost $30,156,827)--100.1% 35,434,094
-------------------------------------------------------------------------------
Liabilities less Other Assets--(0.1)% (50,320)
-------------------------------------------------------------------------------
Total Net Assets--100% $35,383,774
-----------
</TABLE>
*Non-income producing security.
14
<PAGE>
The Tocqueville International Value Fund
Investments as of April 30, 2000
(Unaudited)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Market
Common Stocks and Warrants--96.9% Shares Value
--------------------------------------------------------------------
<C> <S> <C>
Australia--1.6%
Normandy Mining Limited 3,000,000 $ 1,487,922
--------------------------------------------------------------------
1,487,922
--------------------------------------------------------------------
Belgium--0.7%
Dexia Belgium 5,170 671,869
--------------------------------------------------------------------
671,869
--------------------------------------------------------------------
Brazil--2.0%
Telenorte Leste Participacoes SA (Telemar) 33,513 596,945
Uniao de Benco Brasileiros SA--GDR 50,000 1,246,875
--------------------------------------------------------------------
1,843,820
--------------------------------------------------------------------
Canada--0.3%
Inco, Limited* 20,000 312,500
--------------------------------------------------------------------
312,500
--------------------------------------------------------------------
France--8.6%
Accor SA* 35,000 1,302,971
Andre Trigano SA 50 834
Banque Transatlantique 5,000 221,908
Generali France Assurances 2,200 791,944
Groupe GTM 12,500 962,590
Manitou B.F. SA 26,000 2,085,118
MORS SA* 785,000 701,084
Suez Lyonnaise des Eaux SA 12,000 1,886,449
--------------------------------------------------------------------
7,952,898
--------------------------------------------------------------------
Germany--4.0%
Bayerische Hypo-Vereinsbank* 20,000 1,241,228
ProSieben Media AG 8,000 723,959
Sogecable SA* 40,500 1,718,104
--------------------------------------------------------------------
3,683,291
--------------------------------------------------------------------
Hong Kong--9.7%
Elec & Eltek International Holdings
Limited 21,220,000 2,778,771
Guangdong Kelon Electrical Holdings
Limited 5,000,000 3,113,285
VTech Holdings Limited 600,000 2,488,060
Yue Yuen Industrial Holdings 300,000 654,753
--------------------------------------------------------------------
9,034,869
--------------------------------------------------------------------
</TABLE>
See Notes to the Financial Statements.
<TABLE>
<CAPTION>
Common Stocks and Market
Warrants (continued) Shares Value
-------------------------------------------------------------------
<C> <S> <C>
Indonesia--12.6%
PT Aneka Tambang Tbk 3,203,000 $ 394,060
PT Astra International Tbk* 2,600,000 1,049,842
PT Cahaya Kalbar Tbk* 9,937,750 877,782
PT Darya Varia Laboratoria Tbk* 6,000,000 1,003,155
PT Indosat (Persero) Tbk 1,352,500 1,787,689
PT International Nickel Indonesia (INCO)* 847,500 839,479
PT Mayora Indah* 12,144,500 957,768
PT Semen Gresik (Persero) Tbk 3,112,500 3,220,505
PT Telekommunikasi Indonesia 1,000,000 435,331
PT Tempo Scan Pacific Tbk 610,000 313,659
PT Tunas Ridean Tbk* 3,425,000 864,353
-------------------------------------------------------------------
11,743,623
-------------------------------------------------------------------
Ireland--0.4%
Allied Irish Banks plc. 40,000 400,073
-------------------------------------------------------------------
400,073
-------------------------------------------------------------------
Japan--15.4%
Asia Securities Printing Co., Limited 52,000 683,230
The Bank of Tokyo--Mitsubishi, Limited 250 3,225
Horipro Inc. 60,000 500,209
Kyokuto Kaihatsu Kogyo Co., Limited 105,700 484,123
Matsumoto Yushi-Seiyaku Co., Limited 15,000 276,197
Matsushita Seiko Co., Limited 56,000 202,082
Nippon Sanso Corporation 710,000 1,872,313
Nissin Food Products Co., Limited 60,000 1,376,823
Nitto Kohki Co., Limited 93,200 2,130,041
Shiseido Company, Limited 60,000 758,363
Tenma Corporation 330,000 3,380,156
Tokyo Style Co., Limited 328,000 2,625,216
-------------------------------------------------------------------
14,291,977
-------------------------------------------------------------------
Lebanon--0.2%
Banque Liban et D'outre--GDR 10,000 225,000
-------------------------------------------------------------------
225,000
-------------------------------------------------------------------
Mexico--3.4%
Grupo Industrial Maseca SA--ADR 50,000 356,250
Grupo Radio Centro SA--ADR 100,000 1,400,000
Industrias Penoles SA 345,000 769,639
Panamerican Beverages, Inc. 41,000 673,938
-------------------------------------------------------------------
3,199,827
-------------------------------------------------------------------
</TABLE>
15
<PAGE>
The Tocqueville International Value Fund
Investments as of April 30, 2000
(Unaudited)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Common Stocks and Market
Warrants (continued) Shares Value
-----------------------------------------------------------
<S> <C> <C>
Netherlands--3.6%
Draka Holding NV 30,000 $ 1,923,357
Vedior NV 134,000 1,422,674
-----------------------------------------------------------
3,346,031
-----------------------------------------------------------
Philippines--6.0%
DMCI Holdings, Inc.* 70,950,000 1,048,311
Ionics Circuit, Inc.* 5,681,000 1,286,602
Solid Group, Inc.* 49,863,000 1,570,108
Universal Robina Corporation 11,178,000 1,651,588
-----------------------------------------------------------
5,556,608
-----------------------------------------------------------
Poland--0.9%
Telekomunikacja Polska--GDR 110,000 844,250
-----------------------------------------------------------
844,250
-----------------------------------------------------------
Singapore--13.0%
Clipsal Industries, Limited 4,772,000 6,483,772
Fraser & Neave, Limited 1,054,000 3,395,022
GP Batteries International, Limited 1,590,000 1,480,586
Robinson & Company, Limited 233,200 710,184
-----------------------------------------------------------
12,069,564
-----------------------------------------------------------
South Africa--1.5%
AngloGold, Limited 32,500 631,719
Gold Fields, Limited 225,000 738,281
-----------------------------------------------------------
1,370,000
-----------------------------------------------------------
South Korea--1.4%
Hankook Tire Co., Limited 515,000 1,044,154
Dongah Tire Industry Company 10,000 260,419
-----------------------------------------------------------
1,304,573
-----------------------------------------------------------
Spain--2.2%
Centros Comerciales Pryca SA 52,000 630,748
Indra Sistemas SA 60,000 1,412,376
-----------------------------------------------------------
2,043,124
-----------------------------------------------------------
Switzerland--2.5%
ABB AB--ADR 79,000 1,076,375
Compagnie Financiere Richemont AG 500 1,217,669
-----------------------------------------------------------
2,294,044
-----------------------------------------------------------
</TABLE>
See Notes to the Financial Statements.
<TABLE>
<CAPTION>
Common Stocks and Market
Warrants (continued) Shares Value
-------------------------------------------------------------------------
<S> <C> <C>
Thailand--0.8%
Thai Rung Union Car Public Company, Limited--Foreign 521,600 $ 397,175
Thai Stanley Electric Public Company, Limited* 391,800 365,207
-------------------------------------------------------------------------
762,382
-------------------------------------------------------------------------
United Kingdom--5.7%
Cable & Wireless plc 55,000 914,945
Devro plc 650,000 599,856
Jarvis plc 210,000 474,883
Rolls-Royce plc 475,000 1,767,312
Scottish & Newcastle plc 200,000 1,489,045
-------------------------------------------------------------------------
5,246,042
-------------------------------------------------------------------------
Venezuela--0.4%
Mavesa SA-SP ADR 150,500 395,063
-------------------------------------------------------------------------
395,063
-------------------------------------------------------------------------
Total Common Stocks and Warrants
(Cost $103,944,348) 90,079,350
-------------------------------------------------------------------------
Total Investments (Cost $103,944,348)--96.9% 90,079,350
<CAPTION>
Cash**--0.9% 807,870
<S> <C> <C>
Other Assets Less Liabilities--2.2% 2,064,532
-------------------------------------------------------------------------
Total Net Assets--100.0% $92,951,752
-------------------------------------------------------------------------
</TABLE>
* Non-income producing security.
** Cash balance is interest earning deposit with Chase Manhattan Bank.
16
<PAGE>
The Tocqueville Gold Fund
Investments as of April 30, 2000
(Unaudited)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Market
Common Stocks--97.4% Shares Value
------------------------------------------------------------------
<S> <C> <C>
Finance--0.1%
Standard Bank Investment Corporation (SJ) 6,149 $ 22,675
------------------------------------------------------------------
22,675
------------------------------------------------------------------
Gold & Gold Related--72.2%
Agnico-Eagle Mines Limited 151,000 821,062
AngloGold Limited--ADR 30,000 583,125
Ashanti Goldfields Company Limited 125,000 218,750
Barrick Gold Corporation 46,650 784,303
Battle Mountain Gold Company* 140,000 288,750
Canyon Resources Corporation* 50,000 62,500
Delta Gold NL (AU) 47,000 43,879
Emperor Mines Limited (AU)* 100,000 29,175
Francisco Gold Corporation* 50,000 178,849
Franco-Nevada Mining Corporation Limited(CN) 49,050 569,387
Glamis Gold Limited* 184,000 345,000
Gold Fields Limited (SJ)* 131,631 427,154
Gold Fields Limited--ADR 100,000 328,125
Gold Fields of South Africa (SJ) 6,391 14,706
Goldcorp Incorporated* 129,000 774,000
Harmony Gold Mining Company Limited 180,000 900,000
Homestake Mining Company 93,500 561,000
IAMGOLD Corporation (CN)* 50,000 79,301
Ivanhoe Mines Limited (CN)* 200,000 141,729
Manhattan Minerals Corporation (CN)* 50,000 118,108
Meridian Gold Incorporated* 130,000 715,000
Minas Buenaventura-Spon ADR 52,500 905,625
Moydow Mines International Incorporated (CN)* 106,600 93,528
Newmont Mining Corporation 41,000 960,937
Normandy Mining Limited (AU) 641,512 318,173
Pangea Goldfields (CN)* 200,000 533,171
Placer Dome Incorporated 109,245 887,616
TVX Gold, Inc.* 350,000 240,625
Viceroy Resources Corporation (CN)* 100,000 46,568
------------------------------------------------------------------
11,970,146
------------------------------------------------------------------
Investment Companies--4.1%
ASA Limited 32,500 499,687
Gencor Limited (SJ) 75,000 175,898
------------------------------------------------------------------
675,585
------------------------------------------------------------------
Other Metals--1.1%
Cameco Corporation (CN) 15,000 185,625
------------------------------------------------------------------
185,625
------------------------------------------------------------------
</TABLE>
See Notes to the Financial Statements.
<TABLE>
<CAPTION>
Market
Common Stocks (continued) Shares Value
-------------------------------------------------------------------------------
<S> <C> <C>
Precious Metals & Related--15.5%
Apex Silver Mines Limited* 50,000 $ 487,500
Aquarius Platinum Limited (AU)* 50,000 65,644
Freeport-McMoran Copper & Gold,
Incorporated* 25,000 240,625
Impala Platinum Holdings Limited 30,000 951,429
Industrias Penoles SA (MM) 25,000 55,771
Kroondal Platinum Mines Limited (SJ)* 50,000 91,452
Stillwater Mining Company* 23,750 665,000
-------------------------------------------------------------------------------
2,557,421
-------------------------------------------------------------------------------
Diamonds--4.4%
Canabrava Diamond Corporation (CN)* 50,000 46,906
Dia Met Minerals Limited* 35,000 428,750
Diamond Fields International, Ltd. (CN)* 200,000 175,474
Winspear Resources, Ltd.--Warrants* 59,000 84,960
-------------------------------------------------------------------------------
736,090
-------------------------------------------------------------------------------
Total Common Stocks
(Cost $17,131,156) 16,147,542
-------------------------------------------------------------------------------
<CAPTION>
Principal
Amount
Short-Term Investments--2.1% ---------
<S> <C> <C>
Repurchase Agreement with Firstar Bank 3.75%, dated
04/28/00, due 05/01/00, collateralized by U.S. Treasury
Notes valued at $351,378. Repurchase proceeds of
$344,108. (Cost $344,000) $344,000 $ 344,000
-------------------------------------------------------------------------------
Total Short Term Investments
(Cost $344,000) 344,000
-------------------------------------------------------------------------------
Total Investments
(Cost $17,476,156)--99.5% 16,491,542
Other Assets Less Liabilities--0.5% 82,559
-------------------------------------------------------------------------------
Total Net Assets--100.0% $16,574,101
-----------
</TABLE>
* Non-income producing security.
(AU) Australia--(CN) Canada--(MM) Mexico--(SJ) South Africa
ADR: American Depository Receipt
17
<PAGE>
The Tocqueville Trust
Statements of Assets and Liabilities
April 30, 2000
(Unaudited)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
The Small Cap International
Tocqueville Value Value Gold
Fund Fund Fund Fund
----------- ----------- ------------- -----------
<S> <C> <C> <C> <C>
Assets
Investments, at value* $59,716,063 $35,434,094 $ 90,079,350 $16,491,542
Foreign Currencies** 0 0 905,381 5,044
Cash*** 343,348 0 807,870 33,181
Receivable for
investments sold 283,190 0 757,564 77,439
Receivable for fund
shares sold 42,167 2,500 0 0
Dividends, interest and
other receivables 26,944 27,110 579,516 17,291
Prepaid assets 7,715 6,585 11,168 10,844
Deferred organization
expense 0 0 0 20,577
----------- ----------- ------------ -----------
Total assets 60,419,427 35,470,289 93,140,849 16,655,918
----------- ----------- ------------ -----------
Liabilities
Funds advanced by
custodian 0 10,826 0 0
Payable for investments
purchased 454,350 0 0 0
Payable for fund shares
repurchased 741,721 6,977 0 0
Payable to Investment
Adviser 37,520 21,847 78,355 37,384
Accrued distribution fee 11,412 6,202 18,509 2,485
Accrued expenses and
other liabilities 51,519 40,663 92,233 41,948
----------- ----------- ------------ -----------
Total liabilities 1,296,522 86,515 189,097 81,817
----------- ----------- ------------ -----------
Net Assets $59,122,905 $35,383,774 $ 92,951,752 $16,574,101
----------- ----------- ------------ -----------
Net assets consisted of:
Paid in capital $39,359,325 $21,829,421 $110,086,290 $17,507,289
Undistributed net
investment income
(loss) (24,472) (117,016) 149,362 (33,327)
Accumulated net realized
gain (loss) 7,050,491 8,394,102 (3,345,007) 89,162
Net unrealized
appreciation
(depreciation) 12,737,561 5,277,267 (13,938,893) (989,023)
----------- ----------- ------------ -----------
Net assets $59,122,905 $35,383,774 $ 92,951,752 $16,574,101
----------- ----------- ------------ -----------
Shares outstanding
(unlimited shares of
$0.01 par value
authorized) 3,302,035 1,848,485 9,811,872 1,577,535
Net asset value and
redemption price per
share $ 17.90 $ 19.14 $ 9.47 $ 10.51
----------- ----------- ------------ -----------
*Cost of Investments $46,978,502 $30,156,827 $103,944,348 $17,476,156
**Cost of Foreign
Currencies 0 0 $ 912,998 $ 5,578
</TABLE>
*** Cash balances in the International Value Fund and the Gold Fund are inter-
est earning balances.
See Notes to the Financial Statements.
18
<PAGE>
The Tocqueville Trust
Statements of Operations
Six Months Ended April 30, 2000
(Unaudited)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
The Small Cap International
Tocqueville Value Value Gold
Fund Fund Fund Fund
----------- ----------- ------------- -----------
<S> <C> <C> <C> <C>
Investment Income:
Dividends* $ 393,954 $ 114,637 $ 1,164,659 $ 140,461
Interest 49,508 10,920 192,582 10,220
Other 9,310 -- 1,378 31
----------- ----------- ----------- -----------
452,772 125,557 1,358,619 150,712
----------- ----------- ----------- -----------
Expenses:
Investment Adviser's
fee 222,559 129,545 437,284 95,347
Custodian fees 5,746 3,172 81,900 7,592
Fund accounting fees 11,466 9,802 21,970 11,440
Transfer agent and
shareholder services 13,546 6,214 9,880 5,252
Professional fees 15,860 9,490 14,456 9,906
Distribution fees 74,186 43,182 121,890 23,836
Administration fee 44,512 25,909 73,134 14,302
Printing and mailing
expense 6,110 2,184 2,080 1,274
Registration fees 8,138 7,358 6,838 6,942
Trustee fees and ex-
penses 4,108 3,874 3,744 4,420
Insurance expense 2,288 1,066 2,860 1,456
Amortization of organ-
ization costs 0 595 0 2,064
Other 2,028 182 6,242 208
----------- ----------- ----------- -----------
Total expenses 410,547 242,573 782,278 184,039
----------- ----------- ----------- -----------
Net Investment Income
(Loss) 42,225 (117,016) 576,341 (33,327)
----------- ----------- ----------- -----------
Realized and
Unrealized Gain
(Loss):
Net realized gain
(loss) on:
Investments 7,105,196 8,551,363 (2,832,563) 230,026
Foreign currency
translation -- -- (230,480) 1,314
----------- ----------- ----------- -----------
7,105,196 8,551,363 (3,063,043) 231,340
Net change in
unrealized
appreciation or de-
preciation on:
Investments (4,233,549) 2,910,892 (3,661,440) (4,070,838)
Foreign currency
translation -- -- (65,431) (611)
----------- ----------- ----------- -----------
(4,233,549) 2,910,892 (3,726,871) (4,071,449)
Net gain (loss) on
investments and
foreign currency 2,871,647 11,462,255 (6,789,914) (3,840,109)
----------- ----------- ----------- -----------
Net Increase
(Decrease) in Net
Assets Resulting from
Operations $ 2,913,872 $11,345,239 $(6,213,573) $(3,873,436)
----------- ----------- ----------- -----------
*Net of Foreign Taxes
Withheld $ 23 $ 35 $ 59,576 $ 4,982
----------- ----------- ----------- -----------
</TABLE>
See Notes to the Financial Statements.
19
<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,
2000* 1999
----------- ------------
<S> <C> <C>
Operations:
Net investment income (loss) $ 42,225 $ 24,762
Net realized gain (loss) on investments and for-
eign currency 7,105,196 1,734,624
Net change in unrealized appreciation (deprecia-
tion) (4,233,549) 5,359,007
----------- ------------
Net increase (decrease) in net assets resulting
from operations 2,913,872 7,118,393
Dividends and Distributions to shareholders:
Net investment income (66,697) (238,237)
Net realized gains (1,486,526) (4,560,528)
----------- ------------
Total dividends and distributions (1,553,223) (4,798,765)
Capital share transactions
Shares sold 5,339,334 8,187,740
Shares issued to holders in reinvestment of divi-
dends 1,405,537 4,262,666
Shares redeemed (6,783,363) (18,534,793)
----------- ------------
Net increase (decrease) (38,492) (6,084,387)
----------- ------------
Net increase (decrease) in net assets 1,322,157 (3,764,759)
Net Assets:
Beginning of period 57,800,748 61,565,507
----------- ------------
End of period* 59,122,905 57,800,748
----------- ------------
Including undistributed net investment income
(loss) of: $ (24,472) $ 0
----------- ------------
</TABLE>
--------
*Unaudited
See Notes to the Financial Statements.
20
<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 For the
Ended Ended Ended Ended Ended Year Ended
April 30, October 31, April 30, October 31, April 30, October 31,
2000* 1999 2000* 1999 2000* 1999
---------- ------------ ---------- ------------ ---------- -----------
<S> <C> <C> <C> <C> <C>
$ (117,016) $ (213,458) $ 576,341 $ 459,494 $ (33,327) $ (38,220)
8,551,363 4,198,622 (3,063,043) 15,171,572 231,340 (118,514)
2,910,892 1,365,126 (3,726,871) 11,892,139 (4,071,449) 2,648,194
----------- ------------ ------------ ------------ ----------- -----------
11,345,239 5,350,290 (6,213,573) 27,523,205 (3,873,436) 2,491,460
0 0 (426,979) 0 0 (1,480)
(4,181,025) 0 (10,418,276) 0 0 0
----------- ------------ ------------ ------------ ----------- -----------
(4,181,025) 0 (10,845,255) 0 0 (1,480)
7,878,768 9,717,101 8,621,245 38,925,782 3,050,279 17,085,937
3,954,837 0 10,630,921 0 0 1,413
(9,802,395) (10,488,928) (6,917,347) (37,188,145) (1,796,536) (8,612,264)
----------- ------------ ------------ ------------ ----------- -----------
2,031,210 (771,827) 12,334,819 1,737,637 1,253,743 8,475,086
----------- ------------ ------------ ------------ ----------- -----------
9,195,424 4,578,463 (4,724,009) 29,260,842 (2,619,693) 10,965,066
26,188,350 21,609,887 97,675,761 68,414,919 19,193,794 8,228,728
----------- ------------ ------------ ------------ ----------- -----------
35,383,774 26,188,350 92,951,752 97,675,761 16,574,101 19,193,794
----------- ------------ ------------ ------------ ----------- -----------
$ (117,016) $ 0 $ 149,362 $ 0 $ (33,327) $ 0
----------- ------------ ------------ ------------ ----------- -----------
</TABLE>
See Notes to the Financial Statements.
21
<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 Gold
Fund are being amortized on a straight-line basis over a five-year period from
the Fund's commencement of operations.
22
<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.
23
<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
March 24, 2000. For its services, Tocqueville receives a fee from: (1) both the
Tocqueville Fund and the Small Cap Value Fund, calculated daily and payable
monthly, at an annual rate of .75% on the first $500 million of the average
daily net assets of each Fund, and .65% of average daily net assets in excess
of $500 million; (2) both the International Value Fund and the Gold Fund,
calculated daily and payable monthly, at an annual rate of 1.00% on the first
$500 million of the average daily net assets of 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 months ended April 30, 2000,
the Adviser has made payments of $14,107, $9,573, $22,543 and $10,573 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 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,
2000, the Distributor received net commissions of $678 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.
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, 2000, were
$26,820, $79,572, $17,456 and $9,600, respectively.
24
<PAGE>
--------------------------------------------------------------------------------
4. INVESTMENT TRANSACTIONS
Purchases and sales of investment securities (excluding short-term instru-
ments) for the six months ended April 30, 2000 were as follows:
<TABLE>
<CAPTION>
The Small Cap International
Tocqueville Value Value Gold
Fund Fund Fund Fund
----------- ----------- ------------- -----------
<S> <C> <C> <C> <C>
Purchases $15,164,942 $15,985,033 $ 41,615,101 $ 3,719,702
----------- ----------- ------------ -----------
Sales $16,077,683 $19,488,669 $ 19,640,971 $ 2,360,393
----------- ----------- ------------ -----------
There were no purchases or sales of U.S. Government Securities for the six
months ended April 30, 2000.
Unrealized appreciation (depreciation) at April 30, 2000 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 $18,377,592 $ 7,664,126 $ 12,315,041 $ 1,661,836
Gross unrealized depre-
ciation (5,675,402) (2,470,413) (26,387,962) (2,679,651)
----------- ----------- ------------ -----------
Net unrealized
appreciation
(depreciation) $12,702,190 $ 5,193,713 $(14,072,921) $(1,017,815)
----------- ----------- ------------ -----------
Cost of investments $47,013,873 $30,240,381 $105,057,652 $17,514,401
----------- ----------- ------------ -----------
</TABLE>
At October 31, 1999, The Tocqueville Gold Fund had tax basis capital losses
of $105,000 which may be carried over to offset future capital gains through
October 31, 2007. Net realized capital gain (loss) differ for financial state-
ment and tax purposes primarily due to differing treatments of wash sales.
25
<PAGE>
--------------------------------------------------------------------------------
5. FUND SHARE TRANSACTIONS
The Fund currently offers only one class of shares of beneficial interest.
<TABLE>
<CAPTION>
The Tocqueville
Fund
------------------------
Amount Shares
------------ ----------
<S> <C> <C>
Six Months Ended April 30, 2000
Shares sold $ 5,339,334 308,706
Shares issued to owners in reinvestment of dividends 1,405,537 81,339
Shares redeemed (6,783,363) (383,374)
------------ ----------
Net Increase (decrease) $ (38,492) 6,671
------------ ----------
Year ended October 31, 1999
Shares sold $ 8,187,740 464,043
Shares issued to owners in reinvestment of dividends 4,262,666 276,258
Shares redeemed (18,534,793) (1,065,867)
------------ ----------
Net Increase (decrease) $ (6,084,387) (325,566)
------------ ----------
</TABLE>
26
<PAGE>
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Small Cap Value International Value
Fund Fund Gold Fund
----------------------- ------------------------ ----------------------
Amount Shares Amount Shares Amount Shares
------------ -------- ------------ ---------- ----------- ---------
<S> <C> <C> <C> <C> <C>
$ 7,878,768 451,605 $ 8,621,245 852,160 $ 3,050,279 246,358
3,954,837 257,477 10,630,921 1,043,270 0 0
(9,802,395) (524,668) (6,917,347) (676,079) (1,796,536) (148,709)
------------ -------- ------------ ---------- ----------- ---------
$ 2,031,210 184,414 $ 12,334,819 1,219,351 $ 1,253,743 97,649
------------ -------- ------------ ---------- ----------- ---------
$ 9,717,101 668,128 $ 38,925,782 3,419,548 $17,085,937 1,485,405
0 0 0 0 1,413 109
(10,488,928) (720,354) (37,188,145) (3,258,146) (8,612,264) (770,273)
------------ -------- ------------ ---------- ----------- ---------
$ (771,827) (52,226) $ 1,737,637 161,402 $ 8,475,086 715,241
------------ -------- ------------ ---------- ----------- ---------
</TABLE>
27
<PAGE>
--------------------------------------------------------------------------------
Results of Meeting of Shareholders
March 24, 2000
--------------------------------------------------------------------------------
On March 24, 2000, a Special Meeting of Shareholders of the Funds was held
(1) to approve an amendment to the maximum fee payable under the advisory
agreements for The Tocqueville Fund, The Tocqueville Small Cap Value Fund and
The Tocqueville International Value Fund (2) approve of an amendment to each
Fund's rule 12b-1 plan (3) election of 8 trustees (4) ratification or rejection
of selection of independent accountants.
(1) The results of the voting for or against the approval of the amendment to
the maximum fee payable under the advisory agreement by The Tocqueville Fund,
The Tocqueville Small Cap Value Fund and The Tocqueville International Value
Fund were as follows:
<TABLE>
<CAPTION>
Number of Shares
----------------------------------
For Against Abstain Broker non-votes
-----------------------------------------------------------------------------
<S> <C> <C> <C> <C>
The Tocqueville Fund 1,726,392 73,045 24,856 976,150
The Tocqueville Small Cap Value
Fund 1,168,612 23,076 12,273 718,859
The Tocqueville International
Value Fund 8,562,522 5,447 12,921 576,487
</TABLE>
(2) The results of the voting for or against the approval of the amendment to
each Funds' Rule 12b-1 plan were as follows:
<TABLE>
<CAPTION>
Number of Shares
----------------------------------
For Against Abstain Broker non-votes
-----------------------------------------------------------------------------
<S> <C> <C> <C> <C>
The Tocqueville Fund 1,728,146 73,084 23,062 976,151
The Tocqueville Small Cap Value
Fund 1,169,904 22,956 11,101 718,859
The Tocqueville International
Value Fund 8,566,022 5,605 9,063 576,487
The Tocqueville Gold Fund 889,300 1,234 476 651,886
</TABLE>
28
<PAGE>
--------------------------------------------------------------------------------
(3) The results of the voting for the election of Trustees of The Tocqueville
Trust follows:
<TABLE>
<CAPTION>
For Withold
Nominees Election Authority Status
----------------------------------------------------------------
<S> <C> <C> <C>
Lucille G. Bono 13,134,833 17,894 Incumbent Trustee
James B. Flaherty 13,133,747 78,970 Incumbent Trustee
Inge Heckel 13,133,757 78,970 Incumbent Trustee
Robert W. Kleinschmidt 13,180,670 32,057 Incumbent Trustee
Francois Letaconnoux 13,192,477 20,250 Incumbent Trustee
Guy A. Main 13,192,677 20,250 New Trustee
Larry M. Senderhauf 13,192,477 20,250 Incumbent Trustee
Francois D. Sicart 13,197,449 15,278 Incumbent Trustee
</TABLE>
(4) The results of the voting for the ratification or rejection of
PricewaterhouseCoopers, LLC as independent accountants were as follows:
<TABLE>
<CAPTION>
Number of Shares
-----------------------
For Against Abstain
---------------------------------------------------------------------
<S> <C> <C> <C>
The Tocqueville Fund 2,796,677 1,082 2,684
The Tocqueville Small Cap Value Fund 1,920,247 0 2,573
The Tocqueville International Value Fund 9,156,563 408 416
The Tocqueville Gold Fund 1,542,819 0 77
</TABLE>
29
<PAGE>
[This page intentionally left blank]
<PAGE>
Investment Adviser
Tocqueville Asset Management L.P.
1675 Broadway
New York, NY 10019
(212) 698-0800
www.tocquevillefunds.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, N.A.
425 Walnut Street
Cincinnati, Ohio 45202
Board of Trustees
Francois Sicart - Chairman
Lucille G. Bono
James B. Flaherty
Inge Heckel
Robert W. Kleinschmidt
Francois Letaconnoux
Guy A. Main
Larry M. Senderhauf
