33-8746
497(e)
THE TOCQUEVILLE TRUST
SUPPLEMENT DATED JANUARY 21, 2000
TO PROSPECTUS DATED FEBRUARY 28, 1999
1. Effective February 1, 2000 each Fund's sales charge will be eliminated.
Accordingly, the fee table on page 9 is revised to reflect that,
effective February 1, 2000, there is no sales charge imposed on
purchases and page 17 is revised to delete the section "How the Funds
Calculate Sales Charges."
2. At a meeting of the Board of Trustees of The Tocqueville Trust held on
December 14, 1999, management proposed, and the Trustees approved,
changes to the Funds' Investment Advisory Agreements and Rule 12b-1
Plans, to take effect upon approval by shareholders. With respect to the
Investment Advisory Agreements, changes to the fee breakpoints were
approved as follows:
(1) The Tocqueville Fund and The Tocqueville Small Cap Value
Fund: an annual rate of .75% on the first $500 million of average
daily net assets of each Fund; and .65% of average daily net
assets in excess of $500 million; and
(2) The Tocqueville International Value Fund: an annual rate
of 1.00% on the first $500 million of 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 average daily
net assets in excess of $1 billion.
Currently the Funds' Rule 12b-1 Plans are "reimbursement" plans which
provide that each Fund may incur distribution expenses related to the sale of
its shares of up to .25% per annum of a Fund's average daily net assets. In
addition, the Distributor may carry forward and be reimbursed for amounts
incurred, but not paid, in prior years. At the board meeting, the Trustees
approved amending the Rule 12b-1 Plans to allow for distribution and service
payments of up to .25% per annum of a Fund's average daily net assets. It is
anticipated that a meeting of shareholders will be held on or about February 24,
2000.
903257.1
