<PAGE>
ANNUAL REPORT
October 31, 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
<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.tocquevillefunds.com
<PAGE>
Dear Tocqueville Shareholder,
By and large, the year 2000 was a successful one for the Tocqueville family
of funds.
In the United States, the bursting of the speculative bubble in high-tech
stocks, around the middle of our fiscal year, brought to light the undervalua-
tion of a majority of other equities, which became the receptacle for monies
seeking sanity, if not guaranteed safety. As a result, both the Tocqueville
Fund and the Tocqueville Small Cap Value Fund did particularly well in the sec-
ond half of the year, just as the collapse of previous stock market favorites
began gaining momentum.
The Tocqueville International Value Fund continued to suffer from the relent-
less rise of the US dollar. In addition, the fund's relatively high exposure to
small, value companies in several emerging markets left many of its holdings
outside the mainstream of large international capital flows. Nevertheless, it,
too, began to notice a renewed interest in value by international investors,
which makes us cautiously optimistic for the coming year.
Finally, in a very difficult market for gold equities, which also suffered
from the idolization of the dollar by global investors, the Tocqueville Gold
Fund outperformed its benchmark index by a significant margin.
The coming year will present a challenge for all investors, because it is
likely to mark a break with the trends that have characterized the bull markets
of recent years--high GDP growth; subdued inflation; large gains in productiv-
ity and record profit margins; and an apparently unstoppable dollar. With a
likely reversal in several of the trends that have underlined the growth and
profit performances of companies in recent years, it is important to identify
stocks that are likely to provide insurance against negative surprises. This
involves a fresh look at both share valuations and fundamental company pros-
pects, two areas that have kept our managers and analysts busy in recent weeks.
With our best wishes in the coming year ahead.
Respectfully,
Francois Sicart
Chairman, Tocqueville Trust
1
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The Tocqueville Fund
--------------------------------------------------------------------------------
Dear Fellow Shareholder:
Fiscal 2000 will be remembered by mutual fund investors as perhaps the most
volatile twelve months in the history of investing. Not only did the markets
soar to unprecedented heights in the first five months of the fiscal year, only
to crash by almost 50% in the months that followed. The period also saw daily
volatility that had never been seen before in modern financial circles. Eight
out of the top ten percentage daily gains or losses in the history of the
Nasdaq composite index occurred in the twelve-month period ended October 31,
2000. Nor does this tell the whole story. During this time period a number of
technology and internet stocks catapulted to valuations in the tens of billions
of dollars, far larger than all but the very largest "old economy" companies,
only to return to hat size prices (at best) by the end of the period. Obvi-
ously, this was not a year for the faint of heart.
During this extraordinary period the Tocqueville Fund registered a solid per-
formance, gaining 9.9% while the S&P 500, the index against which we are most
often compared, was up 6.1%.
Although the fund's contarian value style served shareholders well over the
period, it was, ironically, our position in two long held technology oriented
equities that provide most of the good relative performance. Adobe Systems, a
leading software company and our largest position for much of the period, con-
tributed almost half of our positive results. 3Com spin-off, Palm computer,
maker of the popular Palm Pilot, also was a significant contributor to our re-
sults. Both of these equities were purchased in prior years at cheap valua-
tions, which gave no credit for emerging products that the companies had under
development. When we can purchase quality technology companies at value prices
we have no problem doing so. For much of the past couple of years that has not
been an easy task. Other large winners for the fund were more traditional value
names like Allstate, Boeing, and Citigroup all of whom added more than 1% to
the fund's returns. On the negative side, the fund's biggest loser was AT&T,
which cost the find just over 2% in performance. We have just recently turned
more positive on the company and have begun adding to the fund's position. Also
impairing the fund's performance were two long time holdings, Burlington Indus-
tries and Kmart, which combined deducted just over 3% to our annual perfor-
mance. Negative developments at these companies convinced us to liquidate these
positions by the end of the year, but not before much damage had been done.
Looking ahead, we see the turn in investor sentiments toward value investing
that began this year to continue for the foreseeable future. Sadder but wiser,
most investors will either remain on the sidelines or be far more skeptical of
the wild promises for huge gains than they were at the start of fiscal 2000.
Rather we expect to see a period in which investors will value a company's cur-
rent earnings, cash flow and dividends more highly than in the past and dis-
count more heavily future prospects. Under these conditions we hope to continue
to generate for our investors steady returns and low volatility. Investing for
the long term alongside our fellow shareholders, we are pleased that the mad-
ness of the past few years has come to an end. In the years ahead, we are con-
fident that value investing will reassert itself as the safest and most sensi-
ble way to participate in equity markets.
As ever, we thank you for your continued support.
Robert Kleinschmidt
Portfolio Manager
2
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The Tocqueville Fund
[LINE GRAPH]
Tocqueville
Fund Tocqueville
(Net Asset Value) Fund (Load) S&P 500
----------------- ----------- -------
10/31/90 10,000 9,600 10,000
10/31/91 11,770 11,299 13,350
10/31/92 13,527 12,986 14,680
10/31/93 16,732 16,063 16,873
10/31/94 18,020 17,299 17,526
10/31/95 20,905 20,069 22,160
10/31/96 25,647 24,621 27,500
10/31/97 34,484 33,105 36,330
10/31/98 32,902 31,585 44,319
10/31/99 37,070 35,587 55,696
10/31/00 40,748 39,118 59,088
This chart assumes an initial investment of $10,000 made on 10/31/90. Perfor-
mance reflects fee waivers in effect. In the absence of fee waivers, total re-
turn would be reduced. Returns shown include the reinvestment of all dividends
and other distributions. Past performance is not predictive of future perfor-
mance. Investment return and principal value will fluctuate, so that your
shares, when redeemed, may be worth more or less than their original cost.
AVERAGE ANNUAL RATE OF RETURN (%)
FOR PERIODS ENDED OCTOBER 31, 2000
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
1 10
Year 3 Year 5 Year Year
-------------------------------------------------------------
<S> <C> <C> <C> <C>
Tocqueville Fund--Net Asset Value 9.92% 5.72% 14.28% 15.08%
Tocqueville Fund--Load 5.53% 4.29% 13.34% 14.61%
Standard & Poor's 500 Stock Index 6.09% 16.15% 20.94% 18.71%
</TABLE>
-------------------------------------------------------------------------------
3
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The Tocqueville Small Cap Value Fund
--------------------------------------------------------------------------------
Dear Fellow Shareholder:
I am pleased to report that the Tocqueville Small Cap Value Fund has contin-
ued its excellent performance. For the fiscal year ended October 31, 2000 your
portfolio of value stocks posted a 28.63% increase in Net Asset Value to $17.51
per share. These excellent results in an admittedly very difficult general mar-
ket environment are well above the 17.41% return of the Russell 2000 Index,
which is the most widely accepted benchmark for small cap stocks. The Fund's
17.64% annualized return since inception has remained consistently above the
comparable 13.63% return of that index. While our value-based investment strat-
egy is not necessarily to outperform any index, I will nevertheless try my best
to maintain that performance in the future.
Dividends Declared
Shareholders of the Fund on the record date of December 11, 2000 received
long-term and short-termcapital gains distributions of $1.71 and $1.61 per
share, respectively. The reasons behind these large capital gains distributions
partly mirror our good returns. In addition, we were forced to liquidate 7 of
our 34 starting positions, because these out-of-favor value-stocks were ac-
quired as the year progressed. Lastly, we also made some well-timed sales as we
started to position the portfolio for a more tepid economy and a possibly dif-
ferent market environment in 2001.
Cautious Optimism Maintained
As other investors liquidated their old economy investments during the recent
absurd phase of earnings momentum investing, we started to find irresistible
good values in these sectors. As a result, we have recently emphasized more
traditional old-economy sectors with solid long-term fundamentals at the ex-
pense of growth and technology. Overall, I remain cautiously optimistic, and
fully invested. Compared to where we stood a year ago, I would summarize
changes to my investment positioning strategy for the year 2001 as follows:
First, we completely eliminated the Fund's exposure to precious metals,
cut in half its exposure to specialty chemicals, and sharply reduced the
Fund's exposure to personnel and business services. These declined from 32%
to 4% of assets. Also eliminated from the portfolio were technology stocks
where valuations seemed to have moved far ahead of business prospects. We
also eliminated some portfolio laggards. Proceeds from these sales were re-
invested in price-depressed providers of futuristic telephone hardware and
software for the delivery of data services to the home office or to the
place of business.
Second, the Fund's exposure to late-cycle deep-waters oil and gas off-
shore exploration and production services has risen to 15% of assets from
2% a year ago. The Fund's investment exposure to healthcare related sectors
has more than doubled, increasing from 8% to 19% of assets.
Lastly, we increased the Fund's exposure to severely price-depressed old
economy and consumer non-durable sectors from 6% to 26% of assets.
To be more specific, 46% of assets are invested in broadly defined old econ-
omy sectors: 17% in manufacturing and specialty chemicals, 15% in oil and gas
production hardware producers, and 14% in foods and consumer non-durable sec-
tors. Healthcare and drug distributors represent 19% of assets. The Fund's next
largest areas of exposure
4
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are telephone hardware at 16% and software computer services at 12%. Personnel
and business service sectors represent 4% of assets, and cash equivalents 3%.
Following is a listing of the Fund's ten largest positions, which account for
52% of assets.
Ten Largest Positions
<TABLE>
<S> <C>
Henry Schein (9.5%) Dental supplies distributor
Input/Output (8.2%) Seismic exploration products and services
Owens & Minor (4.9%) Medical/surgical supplies distributor
AVT Corporation (4.7%) Enterprise Facsimile Hardware & Software
Systems & Computer Technology
(4.7%) Universities & public utilities software
Baldor Electric (4.7%) Electric motor manufacturer
Active Voice Corporation (4.2%) Interactive Voice Response Software
American Management Systems,
Incorporated (3.9%) Software Application Provider
Federal Signal Corporation (3.8%) Manufactures Fire Truck & Safety Equipment
Anixter International (3.5%) Telephone hardware distributor
</TABLE>
In closing, let me express my gratitude for your selection of the Tocqueville
Small Cap Value Fund to achieve your long-term investment goals.
Jean-Pierre Conreur
Portfolio Manager
5
<PAGE>
The Tocqueville Small Cap Value Fund
[LINE GRAPH]
Small Cap Small Cap
Value Fund Value Fund
(Net Asset Value) (Load) Russell 2000
----------------- ---------- ------------
8/1/94 10,000 9,600 10,000
10/31/94 10,220 9,811 10,479
10/31/95 12,184 11,697 12,400
10/31/96 14,586 14,002 14,458
10/31/97 19,840 19,046 18,699
10/31/98 17,187 16,500 16,485
10/31/99 21,501 20,641 18,936
10/31/00 27,640 26,534 22,233
This chart assumes an initial investment of $10,000 made on 8/1/94 (incep-
tion). Performance reflects fee waivers in effect. In the absence of fee waiv-
ers, total return would be reduced. Returns shown include the reinvestment of
all dividends and other distributions. Past performance is not predictive of
future performance. Investment return and principal value will fluctuate, so
that your shares, when redeemed, may be worth more or less than their original
cost.
AVERAGE ANNUAL RATE OF RETURN (%) FOR PERIODS ENDED OCTOBER 31, 2000
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Since Inception
1 Year 3 Year 5 Year 8/01/94
----------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Tocqueville Small Cap Value Fund--Net
Asset Value 28.63% 11.68% 17.80% 17.64%
Tocqueville Small Cap Value Fund--Load 23.38% 10.45% 16.83% 16.87%
Russell 2000 Index 17.41% 5.94% 12.39% 13.63%
----------------------------------------------------------------------------
</TABLE>
6
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The Tocqueville International Value Fund
-------------------------------------------------------------------------------
Dear Fellow Shareholder:
After a buoyant fiscal year 1999, the Tocqueville International Value Fund
again faced a challenging environment in Fiscal 2000. For the 12 months ending
October 2000, the Fund's total return was -15.92%. In the same period, the
Morgan Stanley EAFE Index had a total return of -2.90%.
To an extent not widely recognized, our performance reflects the extraordi-
nary strength of the US dollar against the currencies of many of the countries
in which our fund is invested.
In emerging Asia, currency declines ranged from 31% for the Indonesian ru-
piah to 22% for the Philippine peso, 13% for the Thai baht and 4% even for
"virtuous" Singapore. The only significant exceptions were the Hong Kong dol-
lar, which is essentially pegged to the US currency, and the Korean Won.
Korea's currency rose 5% on premature hopes of a solution to the country's re-
structuring problems and those gains have since been essentially erased.
Major currencies, too, experienced marked weakness, with both the Yen and
the Euro losing about 19%, while even the British pound depreciated 12%.
In this context, corrections in stock prices that were to be expected after
last years' gains were significantly aggravated. Japan's Nikkei index, for ex-
ample, declined less than 5% in yens, but more than 22% when measured in dol-
lars. Meanwhile, good gains in stock prices were often erased by currency
weakness. France's CAC 40 index, for example, was up more than 30% in francs,
but only a little over 5% in dollars. The Amsterdam index's 19% guilder gain
was transformed into a dollar loss.
In Europe and particularly in Asia, many companies are now selling at prices
close to the lows reached at the bottom of the 1997-1998 crisis, with histori-
cally low valuation ratios, while they often have become much stronger and re-
silient from both a financial and operating point of view.
We are increasingly convinced that the US dollar is in the process of
peaking, along with the rate of growth of the American economy and the profit-
ability of US businesses. As these new trends become more obvious, they will
trigger a reversal of the speculative investment flows that have contributed
to the "dollar bubble". Foreign markets are highly sensitive to international
investment flows and should benefit accordingly.
Except for various fine-tuning measures, there have been no radical changes
to the complexion of the Fund's portfolio, which is well positioned to benefit
from these emerging trends.
Respectfully,
Francois Sicart
Portfolio Manager
7
<PAGE>
The Tocqueville International Value Fund
[LINE GRAPH]
International
Value Fund International
(Net Asset Value) Value Fund (Load) EAFE Index
----------------- ----------------- ----------
8/1/94 10,000 9,600 10,000
10/31/94 10,020 9,619 10,244
10/31/95 10,830 10,396 10,206
10/31/96 12,570 12,067 11,275
10/31/97 10,770 10,339 11,797
10/31/98 8,679 8,332 12,935
10/31/99 12,169 11,682 15,914
10/31/00 10,231 9,822 15,453
This chart assumes an initial investment of $10,000 made on 8/1/94 (incep-
tion). Performance reflects fee waivers in effect. In the absence of fee waiv-
ers, total return would be reduced. Returns shown include the reinvestment of
all dividends and other distributions. Past performance is not predictive of
future performance. Investment return and principal value will fluctuate, so
that your shares, when redeemed, may be worth more or less than their original
cost.
AVERAGE ANNUAL RATE OF RETURN (%) FOR PERIODS ENDED OCTOBER 31, 2000
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Since Inception
1 Year 3 Year 5 Year 8/1/94
--------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Tocqueville International Value
Fund--Net Asset Value (15.92%) (1.70%) (1.13%) 0.37%
Tocqueville International Value
Fund--Load (19.26%) (3.01%) (1.93%) (0.29%)
Morgan Stanley EAFE Index (2.90%) 9.42% 8.65% 7.21%
--------------------------------------------------------------------------
</TABLE>
8
<PAGE>
The Tocqueville Gold Fund
--------------------------------------------------------------------------------
Dear Fellow Shareholder:
Fiscal 2000 was not kind to gold investors. The Tocqueville Gold Fund de-
clined 22.7% versus our benchmark index, the Philadelphia Stock Exchange Gold
and Silver Index (XAU) which fell 36.9%. The bright side is that we have
outperformed our benchmark and peers since inception. What this means is that
we have not lost money since the fund's inception in 1998 while keeping expo-
sure to the potential upside represented by gold.
When we formed the Tocqueville Gold Fund in 1998, our rationale was that this
out of favor sector would provide a safe haven from the perils of an over val-
ued stock market. As it turns out, our concerns that stocks were overvalued
were not misplaced. There has been a high profile destruction of capital in the
technology, internet, telecommunications and media groups, which in our opinion
has not run its course. Less visible has been the withering erosion of capital
in other market sectors. Still, gold has not responded, and that is disap-
pointing.
Gold shares trade at the cheapest valuations in twenty years, a sign that in-
vestors have given up any hope of substantial upside. The gold price, however,
appears to have bottomed out over a year ago, in August of 1999 at $252/oz. The
fact that gold shares continued to decline for more than a year after the metal
itself bottomed is symptomatic of turning points in secular market trends. The
valuation of gold shares consists of a high component of sentiment and it is
not unusual to see sentiment bottom out after a market has passed the turning
point.
Why should gold do better from this point on? It performs inversely to finan-
cial assets, and the evidence is growing that a bear market is well underway in
paper versus tangible assets. The unquestioned supremacy of the US dollar is
emblematic of the over valuation of financial assets. There is no better anec-
dotal evidence of the dollar's idolization than the recent biography of Alan
Greenspan authored by Robert Woodward. Its title is""Maestro: Alan Greenspan's
Fed and The American Economic Boom". In our view, the dollar is over owned and
over valued, similar to a dot com or high tech stock prior to a negative earn-
ings announcement. Woodward's book is like the countless puff pieces one can
find in the financial media precedent to the subject's fall from grace. A de-
cline in the dollar versus other currencies and gold will, in our opinion, lead
to higher inflation and interest rates, a liquidity squeeze, and a continuing
decline in corporate profits.
For these reasons, I anticipate that the gold sector will emerge as an asset
class of choice next year and thereafter for several years. A small allocation
to this sector in a diversified portfolio may preserve capital and purchasing
power in an adverse market climate. Should these concerns prove unfounded or
over stated, the unprecedented low valuations in the gold sector should protect
against additional downside.
Sincerely,
John Hathaway
Portfolio Manager
9
<PAGE>
The Tocqueville Gold Fund
[LINE GRAPH]
Philadelphia
Gold Fund Gold Fund Stock Exchange
(Net Asset Value) (Load) Gold and Silver Index
----------------- --------- ---------------------
6/29/98 10,000 9,600 10,000
10/31/98 10,760 10,330 10,217
10/31/99 12,971 11,952 9,425
10/31/00 10,031 9,626 5,945
This chart assumes an initial investment of $10,000 made on 6/29/98 (incep-
tion). Performance reflects fee waivers in effect. In the absence of fee waiv-
ers, total return would be reduced. Returns shown include the reinvestment of
all dividends and other distributions. Past performance is not predictive of
future performance. Investment return and principal value will fluctuate, so
that your shares, when redeemed, may be worth more or less than their original
cost.
AVERAGE ANNUAL RATE OF RETURN (%)
FOR PERIODS ENDED OCTOBER 31, 2000
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Since Inception
1 Year 6/29/98
---------------------------------------------------------------------------
<S> <C> <C>
Tocqueville Gold Fund--Net Asset Value (22.67%) 0.13%
Tocqueville Gold Fund--Load (25.76%) (1.61%)
Philadelphia Stock Exchange Gold and Silver Index (36.92%) (18.93%)
---------------------------------------------------------------------------
</TABLE>
10
<PAGE>
The Tocqueville Fund
Financial Highlights
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Year Ended
October 31,
-----------------------------------------------
Per share operating
performance
(For a share outstanding 2000 1999 1998 1997 1996
throughout the year) ------- ------- ------- ------- -------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning
of year $ 17.54 $ 17.00 $ 20.21 $ 15.85 $ 14.07
------- ------- ------- ------- -------
Income from investment oper-
ations:
Net investment income 0.05 0.01 0.06 0.06 0.07
Net realized and unrealized
gain (loss) 1.65 1.94 (0.93) 5.15 2.92
------- ------- ------- ------- -------
Total from investment opera-
tions 1.70 1.95 (0.87) 5.21 2.99
------- ------- ------- ------- -------
Less distributions
Dividends from net invest-
ment income (0.02) (0.07) (0.06) (0.06) (0.15)
Distributions from net real-
ized gains (0.45) (1.34) (2.28) (0.79) (1.06)
------- ------- ------- ------- -------
Total distributions (0.47) (1.41) (2.34) (0.85) (1.21)
------- ------- ------- ------- -------
Change in net asset value
for the year 1.23 0.54 (3.21) 4.36 1.78
------- ------- ------- ------- -------
Net asset value, end of year $ 18.77 $ 17.54 $ 17.00 $ 20.21 $ 15.85
------- ------- ------- ------- -------
Total Return 9.9 % 12.6 % (4.6)% 34.5 % 22.7 %
Ratios/supplemental data
Net assets, end of year
(000) $57,379 $57,801 $61,566 $64,998 $42,414
Ratio to average net assets:
Expenses (a) 1.40 % 1.36 % 1.39 % 1.40 % 1.49 %
Net investment income (a) 0.28 % 0.04 % 0.35 % 0.34 % 0.44 %
Portfolio turnover rate 38 % 26 % 35 % 48 % 48 %
</TABLE>
--------
(a) Net of fees waived amounting 0.03%, 0.25% and 0.16% of average net assets
for the years ended October 31, 2000, 1997 and 1996, respectively.
11
<PAGE>
The Tocqueville Small Cap Value Fund
Financial Highlights
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Year Ended
October 31,
-----------------------------------------------
Per share operating
performance
(for a share outstanding 2000 1999 1998 1997 1996
throughout the year) ---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of
year $ 15.74 $ 12.59 $ 16.30 $ 13.37 $ 11.91
------- ------- ------- ------- -------
Income from investment
operations
Net investment income (loss) (0.12) (0.13) (0.15) (0.05) (0.10)
Net realized and unrealized
gain (loss) 4.29 3.28 (1.83) 4.44 2.33
------- ------- ------- ------- -------
Total from investment
operations 4.17 3.15 (1.98) 4.39 2.23
------- ------- ------- ------- -------
Less distributions
Dividends from net investment
income -- -- -- -- --
Distributions from net
realized gains (2.40) -- (1.73) (1.46) (0.77)
------- ------- ------- ------- -------
Total distributions (2.40) -- (1.73) (1.46) (0.77)
------- ------- ------- ------- -------
Change in net asset value for
the year 1.77 3.15 (3.71) 2.93 1.46
------- ------- ------- ------- -------
Net asset value, end of year $ 17.51 $ 15.74 $ 12.59 $ 16.30 $ 13.37
------- ------- ------- ------- -------
Total Return 28.6 % 25.0 % (13.4)% 36.0 % 19.7 %
Ratios/supplemental data
Net assets, end of year (000) $30,827 $26,188 $21,610 $20,587 $11,545
Ratio to average net assets:
Expenses (a) 1.45 % 1.52 % 1.67 % 1.75 % 2.36 %
Net investment income (loss)
(a) (0.63)% (0.87)% (1.12)% (0.81)% (1.18)%
Portfolio turnover rate 87 % 72 % 62 % 95 % 107 %
</TABLE>
--------
(a) Net of fees waived amounting 0.35% and 0.33% of average net assets for the
years ended October 31, 1997 and 1996, respectively.
12
<PAGE>
The Tocqueville International Value Fund
Financial Highlights
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Year Ended October 31,
----------------------------------------------
Per share operating
performance
(for a share outstanding 2000 1999 1998 1997 1996
throughout the year) ---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of
year $ 11.37 $ 8.11 $ 10.19 $ 12.57 $ 10.83
------- ------- ------- ------- -------
Income from investment
operations:
Net investment income (loss) 0.11 0.05 0.10 (0.03) 0.16
Net realized and unrealized
gain (loss) (1.71) 3.21 (2.07) (1.67) 1.58
------- ------- ------- ------- -------
Total from investment
operations (1.60) 3.26 (1.97) (1.70) 1.74
------- ------- ------- ------- -------
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 year (2.87) 3.26 (2.08) (2.38) 1.74
------- ------- ------- ------- -------
Net asset value, end of year $ 8.50 $ 11.37 $ 8.11 $ 10.19 $ 12.57
------- ------- ------- ------- -------
Total Return (15.9)% 40.2% (19.4)% (14.3)% 16.1%
Ratios/supplemental data
Net assets, end of year (000) $85,098 $97,676 $68,415 $60,963 $23,932
Ratio to average net assets:
Expenses (a) 1.72 % 1.67% 2.00 % 1.99 % 1.98%
Net investment income (a) 1.06 % 0.52% 0.64 % 0.16 % 1.45%
Portfolio turnover rate 45 % 78% 77 % 70 % 135%
</TABLE>
--------
(a) Net of fees waived amounting 0.11% and 0.55% of average net assets for the
years ended October 31, 1997 and 1996, respectively.
13
<PAGE>
The Tocqueville Gold Fund
Financial Highlights
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Year Ended
October 31, Period from
----------------- June 29, 1998 to
2000 1999 October 31, 1998
------- ------- ----------------
<S> <C> <C> <C>
Per share operating performance
(for a share outstanding throughout the
period)
Net asset value, beginning of period $ 12.97 $ 10.76 $10.00
------- ------- ------
Income from investment operations:
Net investment income (loss) (0.02) (0.03) 0.00
Net realized and unrealized gain (loss) (2.92) 2.24 0.76
------- ------- ------
Total from investment operations (2.94) 2.21 0.76
------- ------- ------
Less distributions
Dividends from net investment income -- -- --
Distributions from net realized gains -- -- --
------- ------- ------
Total distributions -- -- --
------- ------- ------
Change in net asset value for the period (2.94) 2.21 0.76
------- ------- ------
Net asset value, end of period $ 10.03 $ 12.97 $10.76
------- ------- ------
Total Return (22.7%) 20.6% 7.6%(c)
Ratios/supplemental data
Net assets, end of period (000) $16,049 $19,194 $8,229
Ratio to average net assets
Expenses (a) 1.96% 1.98% 1.98%(b)
Net investment income (loss) (a) (0.21) (0.33) 0.64%(b)
Portfolio turnover rate 31% 44% 1%
</TABLE>
--------
(a) Net of fees waived amounting 0.36% and 2.25% of average net assets for the
periods ended October 31, 1999 and 1998, respectively.
(b) Annualized
(c) Not annualized
14
<PAGE>
The Tocqueville Fund
Investments as of October 31, 2000
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Market
Common Stocks--99.1% Shares Value
--------------------------------------------------
<S> <C> <C>
Business Services--6.2%
Deluxe Corporation 50,000 $1,128,125
H&R Block, Inc. 40,000 1,427,500
Waste Management, Inc. 50,000 1,000,000
--------------------------------------------------
3,555,625
--------------------------------------------------
Consumer Non-Durables--8.4%
American Home Products Corp. 20,000 1,270,000
Clorox Company 20,000 892,500
Procter & Gamble Company 15,000 1,071,563
Sara Lee Corp 75,000 1,617,187
--------------------------------------------------
4,851,250
--------------------------------------------------
Energy--14.5%
Baker Huges, Inc. 50,000 1,718,750
Ivanhoe Energy Inc. 150,000 785,700
Murphy Oil Corporation 30,000 1,738,125
Texaco, Inc. 40,000 2,362,500
Varco International, Inc. 100,000 1,725,000
--------------------------------------------------
8,330,075
--------------------------------------------------
Entertainment--1.6%
The Walt Disney Company 25,000 895,312
--------------------------------------------------
895,312
--------------------------------------------------
Finance--6.2%
BankAmerica Corporation 30,000 1,441,875
Citigroup, Inc. 40,000 2,105,000
--------------------------------------------------
3,546,875
--------------------------------------------------
Insurance--4.2%
Allstate Corporation 60,000 2,415,000
--------------------------------------------------
2,415,000
--------------------------------------------------
Lumber and Wood Products--4.9%
Longview Fibre Company 100,000 1,362,500
Westvaco 50,000 1,425,000
--------------------------------------------------
2,787,500
--------------------------------------------------
Manufacturing--6.7%
Litton Industries, Inc. * 40,000 2,077,500
Olin Corporation 100,000 1,775,000
--------------------------------------------------
3,852,500
--------------------------------------------------
Medical Services--2.0%
McKesson HBOC, Inc. 40,000 1,122,500
--------------------------------------------------
1,122,500
--------------------------------------------------
Metals & Minerals--11.3%
ALCOA, Inc. 75,000 2,151,563
Barrick Gold Corporation 65,000 869,375
Inco, Limited 100,000 1,543,750
Phelps Dodge Corporation 25,000 1,168,750
Stillwater Mining Company * 25,000 725,000
--------------------------------------------------
6,458,438
--------------------------------------------------
</TABLE>
* Non-income producing security.
<TABLE>
<CAPTION>
Common Stocks Market
(continued) Shares Value
---------------------------------------------------------------------------
<S> <C> <C>
Photo Equipment & Supplies--2.3%
Eastman Kodak Company 30,000 $ 1,346,250
---------------------------------------------------------------------------
1,346,250
---------------------------------------------------------------------------
Publishing--2.6%
Readers Digest Association, Inc. 40,000 1,467,500
---------------------------------------------------------------------------
1,467,500
---------------------------------------------------------------------------
Technology--16.2%
Adobe Systems, Inc. 40,000 3,042,500
Autodesk, Inc. 50,000 1,103,125
The Boeing Company 40,000 2,712,500
International Business Machines Corporation 20,000 1,970,000
3 Com Corporation * 25,000 443,750
---------------------------------------------------------------------------
9,271,875
---------------------------------------------------------------------------
Toys--1.1%
Mattel Inc. 50,000 646,875
---------------------------------------------------------------------------
646,875
---------------------------------------------------------------------------
Transportation & Public Utilities--6.4%
AT&T Corporation 50,000 1,159,375
Alexander & Baldwin, Inc. 50,000 1,246,875
FPL Group, Inc. 20,000 1,320,000
---------------------------------------------------------------------------
3,726,250
---------------------------------------------------------------------------
Wireless Equipment--4.5%
Motorola Inc. 25,000 623,438
Palm Inc. 37,080 1,986,098
---------------------------------------------------------------------------
2,609,536
---------------------------------------------------------------------------
Total Common Stocks (Cost $40,314,204) 56,883,361
---------------------------------------------------------------------------
Principal
Short-Term Investments--0.1% Amount
---------
Repurchase Agreement with Firstar Bank 4.25%, dated
10/31/2000, due 11/1/2000, collateralized by U.S.
Treasury Notes valued at $11,053. Repurchase
proceeds of $10,001. (Cost $10,000) 10,000 10,000
---------------------------------------------------------------------------
Total Short-Term Investments (Cost $10,000) 10,000
---------------------------------------------------------------------------
Total Investments (Cost $40,324,204)--99.2% 56,893,361
Other Assets and Liabilities--0.8% 485,443
---------------------------------------------------------------------------
Total Net Assets--100.0% $57,378,804
-----------
</TABLE>
See Notes to the Financial Statements.
15
<PAGE>
The Tocqueville Small Cap Value Fund
Investments as of October 31, 2000
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Market
Common Stocks--97.6% Shares Value
--------------------------------------------------------------
<S> <C> <C>
Business Support Services--7.3%
American Management Systems, Incorporated* 56,000 $1,211,000
Ultrak, Incorporated* 100,000 437,500
United Stationers, Incorporated* 20,000 601,250
--------------------------------------------------------------
2,249,750
--------------------------------------------------------------
Communications Software--8.8%
Active Voice Corporation* 105,000 1,279,687
AVT Corporation* 230,000 1,444,688
--------------------------------------------------------------
2,724,375
--------------------------------------------------------------
Computer Software & Services--8.4%
Hyperion Solutions Corporation 50,000 700,000
Informix Corporation* 100,000 425,000
Systems & Computer Technology Corporation* 100,000 1,443,750
--------------------------------------------------------------
2,568,750
--------------------------------------------------------------
Consumer Non Durables--4.7%
Dial Corporation 95,000 1,062,813
Long Drug Stores Corporation 18,000 393,750
--------------------------------------------------------------
1,456,563
--------------------------------------------------------------
Film Processing--1.2%
Photoworks, Incorporated* 150,000 351,562
--------------------------------------------------------------
351,562
--------------------------------------------------------------
Foods--Misc/Diversified--4.7%
Corn Products International, Incorporated 15,000 376,875
International Multifoods Corporation 30,000 508,125
Lance, Incorporated 35,000 352,187
Smucker, J.M. Company 10,000 222,500
--------------------------------------------------------------
1,459,687
--------------------------------------------------------------
Health Care--18.9%
Bindley Western Industries, Incorporated 25,000 898,437
Henry Schein, Incorporated* 120,000 2,925,000
Owens & Minor, Incorporated Holding
Company 100,000 1,512,500
Perrigo Company 75,000 496,875
--------------------------------------------------------------
5,832,812
--------------------------------------------------------------
Home Furnishings--2.3%
Bush Industries, Incorporated 30,000 348,750
La-Z-Boy, Incorporated 22,000 346,500
--------------------------------------------------------------
695,250
--------------------------------------------------------------
</TABLE>
* Non-income producing security.
<TABLE>
<CAPTION>
Common Stocks Market
(continued) Shares Value
-----------------------------------------------------------------------------
<S> <C> <C>
Manufacturing & Related--17.4%
Albany International Corporation* 30,000 $ 322,500
Baldor Electric Corporation 72,500 1,440,937
Federal Signal Corporation 50,000 1,168,750
Global Industries, Ltd. 100,000 1,050,000
Oceaneering International, Incorporated* 75,000 1,054,688
Worthington Industries, Incorporated 35,000 334,688
-----------------------------------------------------------------------------
5,371,563
-----------------------------------------------------------------------------
Personnel Placement Services--9.0%
Analysts International Corporation 45,000 240,625
Input/Output, Incorporated * 300,000 2,531,250
-----------------------------------------------------------------------------
2,771,875
-----------------------------------------------------------------------------
Restaurants--3.4%
IHOP Corporation 50,000 1,056,250
-----------------------------------------------------------------------------
1,056,250
-----------------------------------------------------------------------------
Specialty Chemicals--3.8%
Arch Chemicals, Incorporated 15,000 291,563
A.Schulman, Incorporated 40,000 437,500
Osmonics, Incorporated* 55,000 422,812
-----------------------------------------------------------------------------
1,151,875
-----------------------------------------------------------------------------
Telephone Infrastructure--6.7%
Anixter International, Incorporated* 45,000 1,091,250
Intervoice-Brite, Incorporated* 100,000 978,125
-----------------------------------------------------------------------------
2,069,375
-----------------------------------------------------------------------------
Water Treatment Syatems--1.0%
Ionics, Incorporated* 15,000 314,063
-----------------------------------------------------------------------------
314,063
-----------------------------------------------------------------------------
Total Common Stocks (Cost $25,098,168) 30,073,750
-----------------------------------------------------------------------------
Principal
Short-Term Investments--2.9% Amount
---------
Repurchase Agreement with Firstar Bank 4.25%, dated
10/31/2000, due 11/01/2000, collateralized by U.S.
Treasury Notes valued at $915,377. Repurchase
proceeds of $897,106. (Cost $897,000) $ 897,000 897,000
-----------------------------------------------------------------------------
Total Short-Term Investments
(Cost $897,000) 897,000
-----------------------------------------------------------------------------
Total Investments
(Cost $25,995,168)--100.5% 30,970,750
Liabilities Less Other Assets--(0.5%) (143,406)
-----------------------------------------------------------------------------
Total Net Assets--100.0% $30,827,344
-----------
</TABLE>
See Notes to the Financial Statements.
16
<PAGE>
The Tocqueville International Value Fund
Investments as of October 31, 2000
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Market
Common Stocks--92.7% Shares Value
----------------------------------------------------------------
<C> <S> <C> <C>
Australia--1.7%
Normandy Mining Limited 3,000,000 $ 1,445,820
----------------------------------------------------------------
1,445,820
----------------------------------------------------------------
Belgium--3.0%
Carestel 80,372 885,604
Dexia Belgium 11,000 1,651,212
----------------------------------------------------------------
2,536,816
----------------------------------------------------------------
Brazil--2.3%
Tele Norte Leste Participacoes 33,512 741,453
Uniao de Banco Brasileiros SA-GDR 50,000 1,262,500
----------------------------------------------------------------
2,003,953
----------------------------------------------------------------
Canada--0.4%
Inco, Limited 20,000 308,750
----------------------------------------------------------------
308,750
----------------------------------------------------------------
France--11.4%
Accor SA 35,000 1,415,070
Actilec Technologies 785,000 731,904
Andre Trigano SA 50 763
Banque Transatlantique 5,000 262,756
Europeanne De Casinos 17,000 1,264,409
Generali France Assurances 2,200 899,729
Manitou B.F. SA 15,000 1,308,273
Mecathern 37,150 1,033,134
Suez Lyonnaise Des Faux 12,000 1,828,784
Vivendi 14,000 1,005,086
----------------------------------------------------------------
9,749,908
----------------------------------------------------------------
Germany--3.6%
Bayerische Hypo-Vereinsbank* 20,000 1,096,796
ProSieben Media AG 32,000 1,003,560
Sogecable SA* 40,500 988,642
----------------------------------------------------------------
3,088,998
----------------------------------------------------------------
Hong Kong--12.7%
Brillaiance China Automotive 2,670,000 860,147
Elec & Eltek International Holdings
Limited 21,220,000 2,312,703
Gold Peak Industrial 6,300,000 1,676,155
Guangdong Kelon Electrical Holdings
Limited 1,970,000 367,523
Qingling Motors Company 19,000,000 2,338,731
Techtronic Industries 3,960,000 974,882
VTech Holdings Limited 899,885 1,690,364
Yue Yuen Industrial Holdings 300,000 556,795
----------------------------------------------------------------
10,777,300
----------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Market
Common Stocks (continued) Shares Value
-----------------------------------------------------------------
<C> <S> <C> <C>
Indonesia--9.5%
PT Astra International Tbk 2,600,000 $ 597,222
PT Cahaya Kalbar Tbk 9,937,750 387,530
PT Darya Varia Laboratoria Tbk 8,901,500 582,497
PT Indofood Sukses 3,000,000 248,397
PT Indosat (Persero) Tbk 2,999,500 2,147,078
PT International Nickel Incorporated 847,500 615,705
PT Telekomunikasi Indonesia 3,850,000 987,180
PT Tempo Scan Pacific Tbk 1,808,000 579,487
PT Tunas Ridean Tbk 2,352,000 282,692
PT Unilever 106,000 1,622,276
-----------------------------------------------------------------
8,050,064
-----------------------------------------------------------------
Ireland--0.5%
Allied Irish Banks plc. 40,000 406,849
-----------------------------------------------------------------
406,849
-----------------------------------------------------------------
Japan--9.5%
The Bank of Tokyo--
Mitsubishi, Limited 250 2,997
Kyokuto Kaihatsu Kogyo Co., Limited 105,700 501,444
Nissin Food Products Company Limited 60,000 1,574,321
Tenma Corporation 330,000 3,315,417
Tokyo Style Co., Limited 328,000 2,700,543
-----------------------------------------------------------------
8,094,722
-----------------------------------------------------------------
Lebanon--0.3%
Banque Liban et D'outre-GDR 10,000 213,500
-----------------------------------------------------------------
213,500
-----------------------------------------------------------------
Mexico--1.7%
Grupo Radio Centro SA--ADR 32,500 310,781
Panamerican Beverages 46,000 759,000
Penole Industrias 345,000 402,299
-----------------------------------------------------------------
1,472,080
-----------------------------------------------------------------
Netherlands--4.4%
Draka Holding NV 30,000 1,753,263
Vedior 134,000 1,993,304
-----------------------------------------------------------------
3,746,567
-----------------------------------------------------------------
Philippines--2.9%
Ionics Circuit, Inc. 5,681,000 1,166,188
Solid Group, Inc. 36,773,000 488,869
Universal Robina Corporation 11,178,000 797,648
-----------------------------------------------------------------
2,452,705
-----------------------------------------------------------------
Poland--0.7%
Telekomunikacja Polska-GDR 110,000 552,750
-----------------------------------------------------------------
552,750
-----------------------------------------------------------------
</TABLE>
See Notes to the Financial Statements.
17
<PAGE>
The Tocqueville International Value Fund
Investments as of October 31, 2000
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Market
Common Stocks (continued) Shares Value
-----------------------------------------------------------------------------
<C> <S> <C> <C>
Singapore--18.1%
Clipsal Industries, Limited 4,862,951 $ 9,141,406
Fraser & Neave, Limited 1,054,000 3,662,432
GP Batteries International, Limited 2,322,000 2,566,038
-----------------------------------------------------------------------------
15,369,876
-----------------------------------------------------------------------------
South Africa--1.3%
AngloGold, Limited 32,500 467,188
Gold Fields Limited 225,000 667,969
-----------------------------------------------------------------------------
1,135,157
-----------------------------------------------------------------------------
Spain--1.4%
Indra Sistemas SA 120,000 1,206,306
-----------------------------------------------------------------------------
1,206,306
-----------------------------------------------------------------------------
Switzerland--1.6%
Cie Finance Richemont 500 1,390,356
-----------------------------------------------------------------------------
1,390,356
-----------------------------------------------------------------------------
Thailand--0.4%
Thai Rung Union Car Public Company, Limited--For-
eign 494,900 337,547
-----------------------------------------------------------------------------
337,547
-----------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Market
Common Stocks (continued) Shares Value
-----------------------------------------------------------------------------
<C> <S> <C> <C>
United Kingdom--4.6%
Cable & Wireless PLC 55,000 $ 778,754
Devro PLC 650,000 514,450
Rolls Royce PLC 475,000 1,234,752
Scot & Newcastle 200,000 1,370,897
-----------------------------------------------------------------------------
3,898,853
-----------------------------------------------------------------------------
Venezuela--0.7%
Mavesa SA 150,500 630,219
-----------------------------------------------------------------------------
630,219
-----------------------------------------------------------------------------
Total Common Stocks (Cost $93,479,749) 78,869,096
-----------------------------------------------------------------------------
<CAPTION>
Number of
Options--0.2% Contracts
-----------------------------------------------------------------------------
<C> <S> <C> <C>
Euro Spot Currency Call Options, Strike Price 90,
Expiration 6/16/01 (Cost $231,250) 125 163,281
-----------------------------------------------------------------------------
Total Options (Cost $231,250) 163,281
-----------------------------------------------------------------------------
Total Investments (Cost $93,710,999)--92.9% 79,032,377
Cash**--6.0% 5,138,014
Other Assets & Liabilities--1.1% 927,870
-----------------------------------------------------------------------------
Total Net Assets--100.0% $85,098,261
-----------------------------------------------------------------------------
</TABLE>
* Non-income producing security.
** Cash balance is interest earning.
See Notes to the Financial Statements.
18
<PAGE>
The Tocqueville Gold Fund
Investments as of October 31, 2000
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Common Stocks and Market
Warrants--98.2% Shares Value
----------------------------------------------------------------------------
<S> <C> <C>
Diamonds--5.9%
Aber Diamond Corporation* 40,000 $ 345,000
Canabrava Diamond Corporation (CN)* 50,000 19,642
Dia Met Minerals Limited * 35,000 459,375
Diamond Fields International, Ltd. (CN) * 200,000 124,403
----------------------------------------------------------------------------
948,420
----------------------------------------------------------------------------
Energy Exploration & Production--1.6%
Ivanhoe Energy Incorporated (CN)* 50,000 261,900
----------------------------------------------------------------------------
261,900
----------------------------------------------------------------------------
Gold & Gold Related--67.5%
Agnico-Eagle Mines Limited 141,000 749,063
Anglo American Platinum--ADR 10,000 390,024
AngloGold Limited--ADR 42,000 603,750
Aquarius Platinum Limited (AU)* 50,000 207,286
ASA Limited 27,500 393,594
Ashanti Goldfields Company, Ltd. 125,000 351,562
Barrick Gold Corporation 46,650 623,944
Brancote Holdings plc (LN)* 50,000 94,394
Emperor Mines Limited (AU) * 100,000 15,546
Francisco Gold Corporation * 50,000 173,509
Franco-Nevada Mining Corporation Limited (CN) 49,050 449,617
Gencor Limited (SJ) 75,000 255,996
Glamis Gold Limited 184,000 253,000
Gold Fields Limited (SJ) 116,623 331,723
Gold Fields Limited--ADR 100,000 296,875
Goldcorp Incorporated 129,000 790,125
Harmony Gold Mining Company Limited 170,000 648,125
Homestake Mining Company 70,000 288,750
IAMGOLD Corporation (CN)* 130,000 229,817
Ivanhoe Mines Limited (CN) * 200,000 104,760
Meridian Gold Incorporated * 150,000 750,000
Minas Buenaventura-Spon ADR 52,500 675,938
Miramar Mining Corporation* 150,000 124,500
Moydow Mines International, Inc (CN) * 106,600 92,829
Newmont Mining Corporation 28,500 386,531
Normandy Mining Limited (AU) 1,541,512 742,917
Pacific Rim Mining--Special Warrants Series A Expires
6/15/01 35,000 7,104
Placer Dome Incorporated 99,245 806,366
----------------------------------------------------------------------------
10,837,645
----------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Common Stocks and Market
Warrants (continued) Shares Value
-------------------------------------------------------------------------------
<S> <C> <C>
Precious Metals & Related--23.2%
Apex Silver Mines Limited * 50,000 $ 456,250
Cameco Corporation 15,000 221,250
Impala Platinum Holdings Limited 30,000 1,285,968
Industrias Penoles S.A.(MM) 25,000 29,152
Kroondal Platinum Mines Limited (SJ) * 50,000 185,217
North American Palladium Ltd. (CN)* 75,000 466,510
Northam Platinum Limited (SJ) 8,222 15,120
Stillwater Mining Company * 36,250 1,051,250
-------------------------------------------------------------------------------
3,710,717
-------------------------------------------------------------------------------
Total Common Stocks & Warrants
(Cost $16,987,168) 15,758,682
-------------------------------------------------------------------------------
Principal
Short-Term Investments--0.5% Amount
---------
Repurchase Agreement with Firstar Bank 4.25%, dated
10/31/00, due 11/01/00, collateralized by U.S. Treasury
Notes valued at $86,413. Repurchase
proceeds of $85,010.
(Cost $85,000) $ 85,000 $ 85,000
-------------------------------------------------------------------------------
Total Short Term Investments
(Cost $85,000) 85,000
-------------------------------------------------------------------------------
Total Investments
(Cost $17,072,168)--98.7% 15,843,682
Other Assets and Liabilities--1.3% 204,973
-------------------------------------------------------------------------------
Total Net Assets--100.0% $16,048,655
-----------
</TABLE>
* Non-income producing security.
(AU) Australia--(CN) Canada--(SJ) South Africa-- (LN) Great Britain--(MM)
Mexico
ADR: American Depository Receipt
See Notes to the Financial Statements.
19
<PAGE>
The Tocqueville Trust
Statements of Assets and Liabilities
October 31, 2000
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
The Small Cap International
Tocqueville Value Value Gold
Fund Fund Fund Fund
----------- ----------- ------------- -----------
<S> <C> <C> <C> <C>
Assets
Investments, at value* $56,893,361 $30,970,750 $ 79,032,377 $15,843,682
Foreign Currencies** 0 0 1,044,562 4,495
Cash*** 0 0 5,138,014 240,748
Receivable for investments
sold 1,030,940 0 377,713 0
Receivable for fund shares
sold 0 100 0 0
Dividends, interest and
other receivables 22,451 9,356 281,795 10,257
Prepaid Assets 7,914 9,320 6,833 8,427
Deferred Organization
Expense 0 0 0 18,491
----------- ----------- ------------ -----------
Total Assets 57,954,666 30,989,526 85,881,294 16,126,100
----------- ----------- ------------ -----------
Liabilities
Funds advanced by
custodian 31,031 65,344 0 0
Payable for investments
purchased 415,331 0 542,671 0
Payable for fund shares
repurchased 29,886 25,000 0 0
Payable to Investment
Adviser 29,275 26,496 93,612 19,616
Accrued distribution fee 23,215 12,725 37,494 5,204
Accrued expenses and other
liabilities 47,124 32,617 109,256 52,625
----------- ----------- ------------ -----------
Total Liabilities 575,862 162,182 783,033 77,445
----------- ----------- ------------ -----------
Net Assets $57,378,804 $30,827,344 $ 85,098,261 $16,048,655
----------- ----------- ------------ -----------
Net assets consisted of:
Paid in capital $34,887,347 $20,336,544 $112,018,398 $17,761,771
Undistributed net
investment income 96,343 0 28,513 (45,698)
Accumulated net realized
gain (loss) 5,825,957 5,515,218 (12,254,450) (436,798)
Net unrealized
appreciation
(depreciation) 16,569,157 4,975,582 (14,694,200) (1,230,620)
----------- ----------- ------------ -----------
Net assets $57,378,804 $30,827,344 $ 85,098,261 $16,048,655
----------- ----------- ------------ -----------
Shares outstanding
(unlimited shares of
$0.01 par value
authorized) 3,056,280 1,760,518 10,012,110 1,600,854
Net asset value, offering
and redemption price per
share $ 18.77 $ 17.51 $ 8.50 $ 10.03
----------- ----------- ------------ -----------
*Cost of Investments $40,324,204 $25,995,168 $ 93,710,999 $17,072,168
**Cost of Foreign
Currencies $ 0 $ 0 $ 1,047,163 $ 5,578
</TABLE>
*** Cash balances in the International Fund and the Gold Fund are interest
earning balances.
See Notes to the Financial Statements.
20
<PAGE>
The Tocqueville Trust
Statements of Operations
Year Ended October 31, 2000
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
The Small Cap International
Tocqueville Value Value Gold
Fund Fund Fund Fund
----------- ---------- ------------- -----------
<S> <C> <C> <C> <C>
Investment Income:
Dividends* $ 884,013 $ 241,378 $ 2,385,870 $ 318,552
Interest 100,882 40,046 302,507 4,485
---------- ---------- ------------ -----------
984,895 281,424 2,688,377 323,037
---------- ---------- ------------ -----------
Expenses:
Investment Adviser's
fee 441,302 256,592 917,595 184,506
Custody fees 9,678 6,548 167,700 24,452
Fund accounting fees 24,658 22,006 46,418 22,848
Transfer agent and
shareholder services 27,458 17,306 24,792 10,852
Professional fees 50,436 23,190 72,096 14,634
Distribution fees 147,101 85,531 241,968 46,126
Administration fee 88,260 51,319 145,180 27,676
Printing and mailing
expense 20,866 8,444 7,052 3,010
Registration fees 13,360 13,570 13,830 12,014
Trustee fees and
expenses 8,340 8,106 8,160 8,652
Insurance expense 4,680 2,538 7,988 876
Amortization of
organization costs 0 595 0 4,150
Other 4,236 1,066 9,934 1,544
---------- ---------- ------------ -----------
Total expenses before
waiver 840,375 496,811 1,662,713 361,340
Less: Fees waived (18,519) 0 0 0
---------- ---------- ------------ -----------
Net expenses 821,856 496,811 1,662,713 361,340
---------- ---------- ------------ -----------
Net Investment Income
(Loss) 163,039 (215,387) 1,025,664 (38,303)
---------- ---------- ------------ -----------
Realized and
Unrealized Gain
(Loss):
Net realized gain
(loss) on:
Investments 5,880,663 5,887,866 (12,054,145) (294,610)
Foreign currency
transactions 0 0 (485,038) (7,395)
---------- ---------- ------------ -----------
5,880,663 5,887,866 (12,539,183) (302,005)
---------- ---------- ------------ -----------
Net change in
unrealized
appreciation or
depreciation on:
Investments (401,953) 2,609,207 (4,475,064) (4,310,949)
Foreign currency
translation -- -- (7,114) (2,097)
---------- ---------- ------------ -----------
(401,953) 2,609,207 (4,482,178) (4,313,046)
Net gain(loss) on
investments and
foreign currency 5,478,710 8,497,073 (17,021,361) (4,615,051)
---------- ---------- ------------ -----------
Net Increase
(Decrease) in Net
Assets Resulting from
Operations $5,641,749 $8,281,686 $(15,995,697) $(4,653,354)
---------- ---------- ------------ -----------
* Net of Foreign Taxes
Withheld $ 23 $ 35 $ 228,819 $ 13,558
---------- ---------- ------------ -----------
</TABLE>
See Notes to the Financial Statements.
21
<PAGE>
The Tocqueville Trust
Statements of Changes in Net Assets
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
The Tocqueville Fund
--------------------------
For the Year For the Year
Ended Ended
October 31, October 31,
2000 1999
------------ ------------
<S> <C> <C>
Operations:
Net investment income (loss) $ 163,039 $ 24,762
Net realized gain (loss) on investments and for-
eign currency 5,880,663 1,734,624
Net change in unrealized appreciation or depre-
ciation (401,953) 5,359,007
------------ ------------
Net increase (decrease) in net assets resulting
from operations 5,641,749 7,118,393
Dividends and Distributions to shareholders:
Net investment income (66,696) (238,237)
Net realized gains (1,486,527) (4,560,528)
------------ ------------
Total dividends and distributions (1,553,223) (4,798,765)
Fund share transactions
Shares sold 6,602,424 8,187,740
Shares issued to holders in reinvestment of div-
idends 1,405,537 4,262,666
Shares redeemed (12,518,431) (18,534,793)
------------ ------------
Net increase (decrease) (4,510,470) (6,084,387)
------------ ------------
Net increase (decrease) in net assets (421,944) (3,764,759)
Net Assets:
Beginning of year 57,800,748 61,565,507
------------ ------------
End of year* 57,378,804 57,800,748
------------ ------------
Including undistributed net investment income
(loss) of: $ 96,343 $ 0
------------ ------------
</TABLE>
See Notes to the Financial Statements.
22
<PAGE>
The Tocqueville Trust
Statements of Changes in Net Assets
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Small Cap Value Fund International Value Fund Gold Fund
--------------------------- -------------------------- --------------------------
For the Year For the Year For the Year For the Year For the Year For the Year
Ended Ended Ended Ended Ended Ended
October 31, October 31, October 31, October 31, October 31, October 31,
2000 1999 2000 1999 2000 1999
------------ ------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C>
$ (215,387) $ (213,458) $ 1,025,664 $ 459,494 $ (38,303) $ (38,220)
5,887,866 4,198,622 (12,539,183) 15,171,572 (302,005) (118,514)
2,609,207 1,365,126 (4,482,178) 11,892,139 (4,313,046) 2,648,194
------------ ------------ ------------ ------------ ----------- -----------
8,281,686 5,350,290 (15,995,697) 27,523,205 (4,653,354) 2,491,460
0 0 (426,979) 0 0 (1,480)
(4,181,025) 0 (10,418,277) 0 0 0
------------ ------------ ------------ ------------ ----------- -----------
(4,181,025) 0 (10,845,256) 0 0 (1,480)
11,447,055 9,717,101 15,804,801 38,925,782 4,022,317 17,085,937
3,954,838 0 10,610,133 0 0 1,413
(14,863,560) (10,488,928) (12,151,481) (37,188,145) (2,514,102) (8,612,264)
------------ ------------ ------------ ------------ ----------- -----------
538,333 (771,827) 14,263,453 1,737,637 1,508,215 8,475,086
------------ ------------ ------------ ------------ ----------- -----------
4,638,994 4,578,463 (12,577,500) 29,260,842 (3,145,139) 10,965,066
26,188,350 21,609,887 97,675,761 68,414,919 19,193,794 8,228,728
------------ ------------ ------------ ------------ ----------- -----------
30,827,344 26,188,350 85,098,261 97,675,761 16,048,655 19,193,794
------------ ------------ ------------ ------------ ----------- -----------
$ 0 $ 0 $ 28,513 $ 0 $ (45,698) $ 0
------------ ------------ ------------ ------------ ----------- -----------
</TABLE>
See Notes to the Financial Statements.
23
<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.
24
<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, enter 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 trading,
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 investments.
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 accounting princi-
ples generally accepted in the United States of America requires management to
make estimates and assumptions that effect the reported amounts of assets and
liabilities and disclosure of contingent assets and liabilities at the date of
the financial statements 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-div-
idend date or at the time the Fund becomes aware. Interest income is recognized
on the accrual basis and market discount is accounted for on a yield to matu-
rity basis from settlement date. The Trust uses the first-in, first-out method
for determining realized gain or loss on investments sold for both financial
reporting and federal tax purposes. Distributions to shareholders are recorded
on the ex-dividend date. Expenses incurred by the Trust not specifically iden-
tified 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 securi-
ties as collateral under repurchase agreements and to determine on a daily ba-
sis that the value of such securities are sufficient to cover the value of the
repurchase agreements.
25
<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 fees from The
Tocqueville Fund and The Tocqueville Small Cap Value Fund, payable monthly, at
an annual rate of .75% on the first $500 million of each Fund's average daily
net assets, and .65% of average daily net assets in excess of $500 million.
Tocqueville receives fees from The Tocqueville International Value Fund and
The Tocqueville 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 each
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.
Prior to March 24, 2000 Tocqueville received 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 received 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
received 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; and Tocqueville received 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 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 year ended October 31, 2000, the
Adviser has made payments of $28,659, $19,398, $45,658 and $21,148 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 fees of $18,519 from The Tocqueville Fund, for the year
ended October 31, 2000.
Tocqueville Securities L.P. (the "Distributor") acts as distributor for
shares of the Trust and purchases shares of the Fund at net asset value to fill
orders as received from investment dealers. For the period from November 1,
1999 to January 31, 2000, the Distributor received net commissions of $25,634
from the sale of the Trust's shares. Effective February 1, 2000 the Trust
eliminated commissions on the sale of Fund shares.
Effective March 24, 2000, each Fund adopted a distribution and service plan
pursuant to Rule 12b-1 of the Investment Company Act of 1940. Pursuant to the
plans, each Fund pays to the Distributor distribution and service fees of .25%
per annum of its average daily net assets.
26
<PAGE>
--------------------------------------------------------------------------------
Pursuant to distribution plans in effect prior to March 24, 2000 each Fund
reimbursed to the Distributor up to 0.25% per annum of its average daily net
assets for distribution expenses. Under such distribution plans, the
Distributor was permitted to carry forward expenses not reimbursed to
subsequent fiscal years for submission to the Fund for payment, subject to the
continuation of the plan. These plans were terminated March 24, 2000 and there
are no unreimbursed expenses as of October 31, 2000.
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 year ended October 31, 2000, were $69,463,
$147,782, $21,806 and $32,490, respectively.
27
<PAGE>
--------------------------------------------------------------------------------
4. FUND SHARE TRANSACTIONS
The Funds currently offer only one class of shares of beneficial interest.
Effective October 1, 1999 a redemption fee of 1.50% is imposed on redemptions
of shares held less than 90 days. This fee is retained by each Fund and is
credited to paid in capital.
<TABLE>
<CAPTION>
The
Tocqueville
Fund
-------------------------
Amount Shares
------------ -----------
<S> <C> <C>
Year ended October 31,
2000
Shares sold $ 6,602,424 377,577
Shares issued to owners
in reinvestment of
dividends 1,405,537 81,339
Shares redeemed * (12,518,431) (698,000)
------------ -----------
Net Increase (decrease) $ (4,510,470) (239,084)
------------ -----------
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>
--------
* Net of redemption fees of $6,222, $41,743, $84,164 and $9,318 for The
Tocqueville Fund, The Tocqueville Small Cap Value Fund, The Tocqueville In-
ternational Value Fund and The Tocqueville Gold Fund, respectively, for the
year ended October 31, 2000.
28
<PAGE>
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Small Cap
Value International Value
Fund Fund Gold Fund
----------------------- ------------------------ ----------------------
Amount Shares Amount Shares Amount Shares
------------ -------- ------------ ---------- ----------- ---------
<S> <C> <C> <C> <C> <C>
$ 11,447,055 642,849 $ 15,804,801 1,616,585 $ 4,022,317 334,128
3,954,838 257,476 10,610,133 1,041,230 0 0
(14,863,560) (803,878) (12,151,481) (1,238,226) (2,514,102) (213,160)
------------ -------- ------------ ---------- ----------- ---------
$ 538,333 96,447 $ 14,263,453 1,419,589 $ 1,508,215 120,968
------------ -------- ------------ ---------- ----------- ---------
$ 9,717,101 668,128 $ 38,925,782 3,419,548 $17,085,937 1,485,404
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 $ 8,475,086 715,240
------------ -------- ------------ ---------- ----------- ---------
</TABLE>
29
<PAGE>
--------------------------------------------------------------------------------
5. INVESTMENT TRANSACTIONS
Purchases and sales of investment securities (excluding short-term instru-
ments) for the year ended October 31, 2000 were as follows:
<TABLE>
<CAPTION>
The Small Cap International
Tocqueville Value Value Gold
Fund Fund Fund Fund
----------- ----------- ------------- -----------
<S> <C> <C> <C> <C>
Purchases $21,309,791 $28,410,957 $ 60,623,978 $ 7,111,633
----------- ----------- ------------ -----------
Sales $24,612,532 $32,965,685 $ 40,041,058 $ 5,476,060
----------- ----------- ------------ -----------
Unrealized appreciation (depreciation) at October 31, 2000 based on cost of
securities 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 $18,952,674 $ 6,334,240 $ 10,732,553 $ 1,526,128
Gross unrealized depre-
ciation (2,418,889) (1,444,083) (25,414,649) (2,992,012)
----------- ----------- ------------ -----------
Net unrealized
appreciation
(depreciation) $16,533,785 $ 4,890,157 $(14,682,096) $(1,465,884)
----------- ----------- ------------ -----------
Cost of investments $40,359,576 $26,080,593 $ 93,714,473 $17,309,566
----------- ----------- ------------ -----------
</TABLE>
At October 31, 2000, certain funds had tax basis capital losses which may be
carried over to offset future capital gains as shown below. Net realized gain
(loss) differ for financial statement and tax purposes primarily due to differ-
ing treatments of wash sales.
<TABLE>
<CAPTION>
International
Value Gold
Fund Fund
------------- --------
<S> <C> <C>
Capital losses expiring in:
2007............................................. $ -- $104,557
2008............................................. 12,250,976 94,843
----------- --------
$12,250,976 $199,400
----------- --------
</TABLE>
30
<PAGE>
The Tocqueville Trust
--------------------------------------------------------------------------------
Report of Independent Accountant
To the Board of Trustees and Shareholders of
The Tocqueville Trust
In our opinion, the accompanying statements of assets and liabilities, in-
cluding the investment portfolios, and the related statements of operations and
of changes in net assets and the financial highlights present fairly, in all
material respects, the financial position of the The Tocqueville Fund, The
Tocqueville Small Cap Value Fund, The Tocqueville International Value Fund, and
The Tocqueville Gold Fund (constituting The Tocqueville Trust, hereafter re-
ferred to as the "Trust") at October 31, 2000, the results of each of their op-
erations for the year then ended, and the changes in each of their net assets
and the financial highlights for each of the two years in the period then end-
ed, in conformity with accounting principles generally accepted in the United
States of America. These financial statements and financial highlights (hereaf-
ter referred to as "financial statements") are the responsibility of the
Trust's management; our responsibility is to express an opinion on these finan-
cial statements based on our audits. We conducted our audits of these financial
statements in accordance with auditing standards generally accepted in the
United States of America, which require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements, assessing
the accounting principles used and significant estimates made by management,
and evaluating the overall financial statement presentation. We believe that
our audits, which included confirmation of securities at October 31, 2000 by
correspondence with the custodian and brokers, provide a reasonable basis for
our opinion. The financial highlights for each of the periods prior to November
1, 1998 were audited by other independent accountants whose report dated Decem-
ber 4, 1998 expressed an unqualified opinion on those statements.
PricewaterhouseCoopers LLP
New York, New York
December 7, 2000
31
<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, 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