The Tocqueville Trust › sites › default › files › ... · 2020-02-28 · The Tocqueville Trust Prospectus February 28, 2020 The Tocqueville Fund (TOCQX) The Tocqueville Opportunity

The Tocqueville TrustProspectus

February 28, 2020

The Tocqueville Fund (TOCQX) The Tocqueville Opportunity Fund (TOPPX)

The Tocqueville Phoenix Fund (TOPHX)

Beginning on January 1, 2021, as permitted by regulations adopted by the U.S. Securities and Exchange Commission, paper copies of the Funds’ annual and semi-

annual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Funds’ website

(http://tocquevillefunds.com/mutual-funds/download-information-literature-center)( p q ), and you will be notified by mail each time a report is posted and provided with a website

link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive

shareholder reports and other communications from the Funds electronically anytime by contacting your financial intermediary (such as a broker-dealer or a bank) or, if you are a direct investor, by calling 1-800-697-3863, or by enrolling at www.tocquevillefunds.comq .

You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with the Funds, you can call 1-800-697-3863 to let the Funds know you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held in your account if you invest through your financial

intermediary or all Funds held with the Fund complex if you invest directly with the Funds.

The Securities and Exchange Commission (“SEC”) has not approved or disapproved the shares described in this Prospectus or determined whether this Prospectus is accurate or

complete. Any representation to the contrary is a criminal offense.

This Prospectus covers three different Funds of The Tocqueville Trust. You willfind specific information in this Prospectus about each of the Funds plus generalinformation on the Funds. You may find additional information in the Funds’

Statement of Additional Information (“SAI”), which is incorporated by referenceinto this Prospectus. Please read this Prospectus carefully before you invest or

send money.

Investment AdvisorTocqueville Asset Management L.P. (the “Advisor”)

40 West 57th Street, 19th FloorNew York, NY 10019

(212) 698-0800www.tocqueville.com

Table of Contents

Summary Section . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

The Tocqueville Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

The Tocqueville Opportunity Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6

The Tocqueville Phoenix Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12

Purchase and Sale of Fund Shares, Taxes and Financial IntermediaryCompensation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18

Investment Objectives and Principal Investment Strategies, Related Risks andDisclosure of Portfolio Holdings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18

Management of the Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27

Shareholder Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30

Dividends, Distributions and Tax Matters . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42

Index Descriptions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 44

Financial Highlights . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45

SUMMARY SECTIONTHE TOCQUEVILLE FUND

Investment Objective

The Tocqueville Fund’s investmentobjective is long-term capital appreciation.

Fees and Expenses of the Fund

This table describes the fees and expensesthat you may pay if you buy and holdshares of the Tocqueville Fund.

TocquevilleFund

Shareholder Fees (fees paid directlyfrom your investment) None

Annual Fund Operating Expenses(expenses that you pay each year asa percentage of the value of yourinvestment)

Management Fees . . . . . . . . . . . . . . . . 0.75%Distribution and Service (12b-1)

Fee . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%Other Expenses . . . . . . . . . . . . . . . . . . 0.30%

Total Annual Fund OperatingExpenses . . . . . . . . . . . . . . . . . . . . . 1.30%

Less: Fee Waiver/ExpenseReimbursement . . . . . . . . . . . . . . . –0.05%

Total Annual Fund OperatingExpenses after Fee Waiver/ ExpenseReimbursement(1) . . . . . . . . . . . . . . 1.25%

(1) The Advisor has contractually agreed to waive theTocqueville Fund’s management fees and/orreimburse expenses in order to ensure that theTocqueville Fund’s Total Annual Fund OperatingExpenses after Fee Waiver/ExpenseReimbursement do not exceed 1.25% of itsaverage daily net assets (excluding taxes, interestexpense, acquired fund fees and expenses, orextraordinary expenses such as litigation). TheExpense Limitation Agreement will remain ineffect until at least March 1, 2021 and may not beterminated by the Advisor before such time.

Example

This example is intended to help youcompare the cost of investing in the

Tocqueville Fund with the cost of investingin other mutual funds. The Exampleassumes that you invest $10,000 in theTocqueville Fund for the time periodsindicated and then redeem all of yourshares at the end of those periods. TheExample also assumes that your investmenthas a 5% return each year and that theTocqueville Fund’s operating expensesremain the same (taking into account theexpense limitation for one year). Althoughyour actual costs may be higher or lower,based on these assumptions, your costswould be:

1 Year 3 Years 5 Years 10 Years

$127 $407 $708 $1,563

Portfolio Turnover

The Tocqueville Fund pays transactioncosts, such as commissions, when it buysand sells securities (or “turns over” itsportfolio). A higher portfolio turnover ratemay indicate higher transaction costs andmay result in higher taxes when theTocqueville Fund shares are held in ataxable account. These costs, which are notreflected in the annual fund operatingexpenses or in the Example affect theTocqueville Fund’s performance. Duringits most recent fiscal year, the TocquevilleFund’s portfolio turnover rate was 13% ofthe average value of its portfolio.

Principal Investment Strategies

The Tocqueville Fund seeks to achieve itsinvestment objective by investing primarilyin common stocks of U.S. companies. TheTocqueville Fund may also invest up to25% of its net assets in non-U.S.

1 Prospectus

companies, including in AmericanDepositary Receipts (“ADRs”), in bothdeveloped and emerging markets.

The investment strategy of the TocquevilleFund is value oriented and contrarian. TheTocqueville Fund seeks to invest incompanies that have good long-termbusiness fundamentals but are temporarilyout of favor with investors, and hence havea market value lower than their intrinsicvalue. The fundamental research basedvalue orientation of the Advisor helps theportfolio manager find companies whichhave good businesses; the Advisor’scontrarian orientation enables the portfoliomanager to buy them at what the portfoliomanager believes to be attractive prices.

Value oriented means that the portfoliomanager seeks to invest in companies thatare selling at a discount to their intrinsicvalue, and where business fundamentals areimproving or expected to improve. Inassessing intrinsic value, the portfoliomanager’s judgments will be based on acomparison of a company’s stock marketvalue with various financial parameters,including historical and projected cashflow, book earnings, and net asset value.

Contrarian means that the portfoliomanager seeks investment opportunities instocks and sectors that are out of favor withinvestors. The portfolio manager considersa stock to be out of favor when its price hasdeclined significantly or has lagged therelevant market index for an extendedperiod of time and the consensus amonginvestors does not expect improvement.

In general, the portfolio manager acquireshis investment ideas by identifyingcompanies whose stock prices are down, orhave lagged the market. The portfoliomanager then analyzes the quality of their

business franchise and long-termfundamentals and makes a judgmentregarding their intrinsic value.

Alternatively, the portfolio manager mayidentify companies with strong long-termbusiness fundamentals and then wait forthem to fall out of favor with investors inorder to buy them at a discount to intrinsicvalue.

The portfolio manager will purchase stocksfor the Tocqueville Fund’s portfolio whenthey meet the above criteria and when theportfolio manager believes that they have alimited risk of further decline. Theportfolio manager will sell stocks whenthey are no longer considered to be goodvalues.

Principal Risks

You may lose money by investing in theTocqueville Fund. The Tocqueville Fundis subject to the following risks:

‰ the price of equity securities may riseor fall because of changes in the broadmarket or changes in a company’sfinancial condition, sometimes rapidlyor unpredictably;

‰ a stock or stocks selected for theTocqueville Fund’s portfolio may failto perform as expected;

‰ a value stock may decrease in price ormay not increase in price asanticipated by the portfolio managerif other investors fail to recognize thecompany’s value or the factors thatthe portfolio manager believes willcause the stock price to increase donot occur; and

‰ the Fund, from time to time, mayfocus its exposure on specific sectorsof the market. Such focus may be as a

February 28, 2020 2

result of the portfolio manager’sperception of available investmentopportunities. If the Fund focuses ona particular sector, the Fund may facean increased risk that the value of itsportfolio will decrease because ofevents disproportionately affecting thespecific sector. Furthermore,investments in a particular sector maybe more volatile than the broadermarket as a whole.

The Tocqueville Fund may be subject torisks particular to its investments in sharesof information technology companies,including:

‰ information technology companiesface intense competition andpotentially rapid productobsolescence;

‰ information technology companiesare heavily dependent on intellectualproperty rights and may be adverselyaffected by loss or impairment ofthose rights.

In addition, there are special risksassociated with investing in non-U.S.securities, including:

‰ the value of foreign currencies maydecline relative to the U.S. dollar;

‰ a foreign government may expropriatethe Tocqueville Fund’s assets;

‰ political, social or economicinstability in a foreign country inwhich the Tocqueville Fund invests

may cause the value of theTocqueville Fund’s investments todecline; and

‰ the above listed risks associated withnon-U.S. securities are more likely inthe securities of companies located inemerging markets.

Who may want to invest in theTocqueville Fund?

‰ investors who want a diversifiedportfolio;

‰ long-term investors with a particulargoal, such as saving for retirement;

‰ investors who want potential growthover time;

‰ investors who can tolerate short-termfluctuations in net asset value(“NAV”) per share; and

‰ investors who are willing to assumemarket risk of U.S. securities in theshort-term for potentially higher gainsin the long-term.

Keep in mind that mutual fund shares:

‰ are not deposits of any bank;

‰ are not insured by the FederalDeposit Insurance Corporation(“FDIC”) or any other governmentagency; and

‰ are subject to investment risks,including the possibility that youcould lose money.

3 Prospectus

Bar Chart and Performance Table

The following chart and table below provide some indication of the risks of investing inthe Tocqueville Fund by showing changes in the Tocqueville Fund’s performance fromyear to year (on a calendar year basis) and by showing how the Tocqueville Fund’s averageannual returns for the 1 year, 5 years and 10 years ended December 31, 2019 comparewith those of the S&P 500® Total Return Stock Index. Please note that the TocquevilleFund’s performance (before and after taxes) is not an indication of how the TocquevilleFund will perform in the future. Updated performance information is available atwww.tocquevillefunds.com.

-20%

0%

20%

40%

60%

2010 2011 2012 2013 2014 2015 2016 2017 20192018

-7.27%

14.92%

-0.48%

10.19%

33.60%

12.75%

-2.55%

8.55%

20.35%

29.25%

During this period, the best performance for a quarter was 12.77% (for the quarter endedDecember 31, 2011). The worst performance was –15.49% (for the quarter ended 9/30/11).

Average Annual Total ReturnsFor the periods ended December 31, 2019

OneYear

FiveYears

TenYears

The Tocqueville FundReturn Before Taxes 29.25% 8.82% 11.22%

Return After Taxes onDistributions 27.19% 7.20% 10.16%

Return After Taxes onDistributions andSale of Fund Shares 18.75% 6.74% 9.15%

S&P 500® Total Return Stock Index(reflects no deduction for

fees, expenses or taxes) 31.49% 11.70% 13.56%

After-tax returns are calculated using thehistorical highest individual federalmarginal income tax rates and do notreflect the impact of state and local taxes.

Actual after-tax returns depend on aninvestor’s tax situation and may differ fromthose shown. After-tax returns shown arenot relevant to investors who hold theirshares through tax-deferred arrangements,such as 401(k) plans or individualretirement accounts. If the TocquevilleFund incurs a loss, which generates a taxbenefit if you sell your shares, the ReturnAfter Taxes on Distributions and Sale ofFund Shares may exceed the TocquevilleFund’s other return figures.

February 28, 2020 4

Management

Investment Advisor

Tocqueville Asset Management, L.P. servesas the investment advisor to theTocqueville Fund.

Portfolio Manager

Robert W. Kleinschmidt, Chairman of theBoard of Trustees and President of theTocqueville Trust, Chief Executive Officerand Chief Investment Officer ofTocqueville Asset Management, L.P. and adirector of Tocqueville ManagementCorporation, the general partner of theinvestment advisor, has been the portfoliomanager of the Tocqueville Fundsince 1992.

For important information about thepurchase and sale of Fund shares, taxinformation and financial intermediarycompensation, please turn to “Purchase andSale of Fund Shares, Taxes and FinancialIntermediary Compensation” on page 18.

5 Prospectus

THE TOCQUEVILLE OPPORTUNITY FUND


The Tocqueville Opportunity Fund’s (the“Opportunity Fund”) investment objectiveis long-term capital appreciation.

Fees and Expenses of the Fund

This table describes the fees and expensesthat you may pay if you buy and holdshares of the Opportunity Fund.

OpportunityFund

Shareholder Fees (fees paid directlyfrom your investment) None

Annual Fund Operating Expenses(expenses that you pay each yearas a percentage of the value ofyour investment)

Management Fees . . . . . . . . . . . . . . . 0.75%Distribution and Service (12b-1)

Fee . . . . . . . . . . . . . . . . . . . . . . . . 0.25%Other Expenses . . . . . . . . . . . . . . . . . 0.41%

Total Annual Fund OperatingExpenses(1) . . . . . . . . . . . . . . . . . . 1.41%

Less: Fee Waiver/ExpenseReimbursement . . . . . . . . . . . . . . . –0.13%

Total Annual Fund OperatingExpenses after Fee Waiver/Expense Reimbursement(1)(2) . . . . 1.28%

(1) Please note that the Total Annual Fund OperatingExpenses in the table above does not correlate tothe ratio of expenses to average net assets foundwithin the “Financial Highlights” section of thisprospectus, because the “Financial Highlights”include only the direct operating expense incurredby the Fund and exclude acquired fund fees andexpenses.

(2) The Advisor has contractually agreed to waive theOpportunity Fund’s management fees and/ orreimburse expenses in order to ensure that theOpportunity Fund’s Total Annual FundOperating Expenses after Fee Waiver/ExpenseReimbursement do not exceed 1.25% of itsaverage daily net assets (excluding taxes, interestexpense, acquired fund fees and expenses, or

extraordinary expenses such as litigation). TheExpense Limitation Agreement will remain ineffect until at least March 1, 2021 and may not beterminated by the Advisor before such time.

Example

This example is intended to help youcompare the cost of investing in theOpportunity Fund with the cost ofinvesting in other mutual funds. TheExample assumes that you invest $10,000in the Opportunity Fund for the timeperiods indicated and then redeem all ofyour shares at the end of those periods.The Example also assumes that yourinvestment has a 5% return each year andthat the Opportunity Fund’s operatingexpenses remain the same. Although youractual costs may be higher or lower, basedon these assumptions, your costs would be:


$130 $433 $759 $1,680

Portfolio Turnover

The Opportunity Fund pays transactioncosts, such as commissions, when it buysand sells securities (or “turns over” itsportfolio). A higher portfolio turnover ratemay indicate higher transaction costs andmay result in higher taxes whenOpportunity Fund shares are held in ataxable account. These costs, which are notreflected in the annual fund operatingexpenses or in the Example affect theOpportunity Fund’s performance. Duringits most recent fiscal year, the OpportunityFund’s portfolio turnover rate was 133% ofthe average value of its portfolio.

February 28, 2020 6


The Opportunity Fund seeks to achieve itsinvestment objective by investing primarilyin the common stocks of small and midcap companies which have the potential todeliver above-average long-term earningsgrowth. Such companies may include, butnot limited to, information technology,and health care companies. TheOpportunity Fund defines small capcompanies as companies with a marketcapitalization of less than $3 billion andmid cap companies as companies with amarket capitalization between $3 billionand $30 billion. In addition, theOpportunity Fund may invest in large capcompanies. Market capitalization ismeasured at the time of initial purchase.

The portfolio manager will invest incommon stocks that he believes willachieve the Opportunity Fund’s objectiveof long-term capital appreciation. Inaccordance with the portfolio manager’sinvestment discipline, he evaluates anumber of key attributes and searches forcompanies which are market leaders ingrowth industries. The portfolio managerbelieves that a strong brand name and theability to raise the prices of their service orproduct can be an equally significantconsideration in research of the companies.The Opportunity Fund seeks to invest incompanies whose sales and earnings haveincreased at a consistent rate. The portfoliomanager’s investment approach includesthe analysis of company financialstatements in addition to meeting withcorporate managements. The portfoliomanager believes that companies should beevaluated through the analysis of variousfundamental stock characteristics and hefocuses on earnings and sales growth,valuation, and profitability.

The Opportunity Fund seeks to achievesignificant portfolio diversification byinvesting in a number of sectors andindustries in the U.S. In addition, theOpportunity Fund may invest up to 20%of its net assets in non-U.S. securities,including in ADRs, in both developed andemerging markets.

While the Opportunity Fund is growthoriented, the portfolio manager does notdistinguish between growth and valuecommon stocks in his process of selectingthe Opportunity Fund’s portfolio holdings.

Under normal conditions, the OpportunityFund will reduce or liquidate its holdingsin companies which reach the portfoliomanager’s price objective, lose theircompetitive advantage or fail to sustainreasonable profitability.

Principal Risks

You may lose money by investing in theOpportunity Fund. The OpportunityFund is subject to the following risks:


‰ growth stocks may be more volatilethan other types of stocks and mayperform differently from the marketas a whole;

‰ a stock or stocks selected for theOpportunity Fund’s portfolio mayfail to perform as expected; and

‰ the Fund, from time to time, mayfocus its exposure on specific sectorsof the market. Such focus may be as aresult of the portfolio manager’sperception of available investment

7 Prospectus

opportunities. If the Fund focuses ona particular sector, the Fund may facean increased risk that the value of itsportfolio will decrease because ofevents disproportionately affecting thespecific sector. Furthermore,investments in a particular sector maybe more volatile than the broadermarket as a whole.

The Opportunity Fund may also be subjectto risks particular to its investments in thecommon stocks of small cap companiesand mid cap companies, including:

‰ small and mid cap companies rely onlimited product lines, financialresources and business activities thatmay make them more susceptiblethan larger companies to setbacks ordownturns; and

‰ small and mid cap companies aretypically less liquid and more thinlytraded which may make them morevolatile than stocks of largercompanies.

The Opportunity Fund may be subject torisks particular to its investments in theinformation technology sector, including:

‰ information technology companiesface intense competition andpotentially rapid productobsolescence; and

‰ information technology companiesare heavily dependent on intellectualproperty rights and may be adverselyaffected by the loss or impairment ofthose rights.

The Opportunity Fund may be subject torisks particular to its investments in thehealthcare sector, including:

‰ healthcare companies may be affectedby government regulations and

government healthcare programs,increases or decreases in the cost ofmedical products and services, andproduct liability claims, among otherfactors;

‰ many healthcare companies areheavily dependent on patentprotection, and the expiration of apatent may adversely affectprofitability; and

‰ healthcare companies are subject tocompetitive forces that may result inprice discounting, and may be thinlycapitalized and susceptible to productobsolescence.



‰ a foreign government may expropriatethe Opportunity Fund’s assets;

‰ political, social or economicinstability in a foreign country inwhich the Opportunity Fund investsmay cause the value of theOpportunity Fund’s investments todecline; and

‰ the above listed risks associated withnon-U.S. securities are more likely inthe securities of companies located inemerging markets.

Who may want to invest in theOpportunity Fund?

‰ investors who want a diversifiedportfolio;

‰ long-term investors with a particulargoal, such as saving for retirement;

‰ investors who want potential growthover time;

February 28, 2020 8


‰ investors who are comfortable withassuming the added risks associatedwith small cap and mid cap stocks inreturn for the possibility of long-termrewards.





9 Prospectus


The following chart and table below provide some indication of the risks of investing inthe Opportunity Fund by showing changes from year to year (on a calendar year basis)and by showing how the Opportunity Fund’s average annual returns for the 1 year, 5years and 10 years ended December 31, 2019 compare with those of the Russell 2500®

Growth Total Return Index. Please note that the Opportunity Fund’s performance(before and after taxes) is not an indication of how the Opportunity Fund will perform inthe future. Updated performance information is available at www.tocquevillefunds.com.

-20%

0%

20%

40%

60%

201920182010 2011 2012 2013 2014 2015 2016

-6.83%

24.42%

-1.31%

12.18%

40.97%

10.48%

2.59%

-6.63%

34.66%

44.77%

2017

During this period, the best performance for a quarter was 26.04% (for the quarter endedMarch 31, 2019). The worst performance was –25.00% (for the quarter ended12/31/18).


OneYear

FiveYears

TenYears

The Tocqueville Opportunity FundReturn Before Taxes 44.77% 11.71% 14.08%

Return After Taxes onDistributions 42.89% 10.73% 13.05%


Russell 2500® Growth Total Return Index(reflects no deduction for


After-tax returns are calculated using thehistorical highest individual federalmarginal income tax rates and do notreflect the impact of state and local taxes.

Actual after-tax returns depend on aninvestor’s tax situation and may differ fromthose shown. After-tax returns shown arenot relevant to investors who hold theirshares through tax-deferred arrangements,such as 401(k) plans or individualretirement accounts. If the OpportunityFund incurs a loss, which generates a taxbenefit if you sell your shares, the ReturnAfter Taxes on Distributions and Sale ofFund Shares may exceed the OpportunityFund’s other return figures.

February 28, 2020 10

Management

Investment Advisor

Tocqueville Asset Management, L.P. servesas the investment advisor to theOpportunity Fund.

Portfolio Manager

Paul Lambert is the portfolio manager ofthe Fund. Mr. Lambert has been theportfolio manager of the OpportunityFund since 2019.


11 Prospectus

THE TOCQUEVILLE PHOENIX FUND


The Tocqueville Phoenix Fund’s (formerly,the Delafield Fund) (the “Phoenix Fund”)investment objectives are to seek long-termpreservation of capital (sufficient growth tooutpace inflation over an extended periodof time) and growth of capital.

Fees and Expenses

This table describes the fees and expensesthat you may pay if you buy and holdshares of the Phoenix Fund.

PhoenixFund

Shareholder Fees (fees paid directly fromyour investment) None

Annual Fund Operating Expenses(expenses that you pay each year as apercentage of the value of yourinvestment)

Management Fees . . . . . . . . . . . . . . . . . . . 0.80%Distribution and Service (12b-1) Fee . . . . 0.25%Other Expenses . . . . . . . . . . . . . . . . . . . . 0.35%

Total Annual Fund OperatingExpenses(1) . . . . . . . . . . . . . . . . . . . . . . 1.40%

Less: Fee Waiver/ExpenseReimbursement . . . . . . . . . . . . . . . . . . –0.14%

Total Annual Fund Operating Expensesafter Fee Waiver/ExpenseReimbursement(1)(2) . . . . . . . . . . . . . . . 1.26%

(1) Please note that the Total Annual Fund OperatingExpenses in the table above does not correlate tothe ratio of expenses to average net assets foundwithin the “Financial Highlights” section of thisprospectus, because the “Financial Highlights”include only the direct operating expense incurredby the Fund and exclude acquired fund fees andexpenses.

(2) The Advisor has contractually agreed to waive thePhoenix Fund’s management fees and/ orreimburse expenses in order to ensure that thePhoenix Fund’s Total Annual Fund OperatingExpenses after Fee Waiver/Expense Reimbursement

do not exceed 1.25% of its average daily net assets(excluding taxes, interest expense, acquired fundfees and expenses, or extraordinary expenses such aslitigation). The Expense Limitation Agreement willremain in effect until at least March 1, 2021 andmay not be terminated by the Advisor before suchtime.

Example

This example is intended to help youcompare the cost of investing in ThePhoenix Fund with the cost of investing inother mutual funds. The Example assumesthat you invest $10,000 in the PhoenixFund for the time periods indicated andthen redeem all of your shares at the end ofthose periods. The Example also assumesthat your investment has a 5% return eachyear and that the Phoenix Fund’s operatingexpenses remain the same. Although youractual costs may be higher or lower, basedon these assumptions, your costs would be:


$128 $429 $752 $1,668

Portfolio Turnover

The Phoenix Fund pays transaction costs,such as commissions, when it buys andsells securities (or “turns over” itsportfolio). A higher portfolio turnover ratemay indicate higher transaction costs andmay result in higher taxes when PhoenixFund shares are held in a taxable account.These costs, which are not reflected in theannual fund operating expenses or in theExample affect the Phoenix Fund’sperformance. During its most recent fiscalyear, the Phoenix Fund’s portfolio turnoverrate was 40% of the average value of itsportfolio.



The Phoenix Fund seeks to achieve itsobjectives by investing primarily in theequity securities (i.e., common stocks,securities convertible into common stocksor rights or warrants to subscribe for orpurchase common stocks) of domesticcompanies which may include industrial,materials or information technologycompanies. Specifically, the Phoenix Fundwill primarily invest in equity securities ofdomestic companies which the portfoliomanagers believe to be undervalued or torepresent special situations. An example ofa special situation is a company undergoingchange that might cause its market value togrow at a rate faster than the marketgenerally.

Under normal circumstances the PhoenixFund will have more than 65% of its assetsinvested in equity securities. The PhoenixFund, however, may also invest not morethan 35% of its total assets in debtsecurities and preferred stocks that theportfolio managers believe offer asignificant opportunity for priceappreciation. In addition, the PhoenixFund may invest up to 25% of its netassets in non-U.S. securities, including inADRs, in both developed and emergingmarkets.

The Phoenix Fund may also invest in:

(i) U.S. Government Securities: The U.S.Government securities in which thePhoenix Fund may invest includeobligations issued or guaranteed bythe U.S. Government, its agencies orinstrumentalities or by privatelyowned corporations that are federallychartered by the U.S. Government.

(ii) Money Markets Funds: Money marketfunds are registered investment

companies that invest in high-quality,short-term debt instruments of aspecified nature. The money marketfunds in which the Phoenix Fundmay invest seek to maintaininvestment portfolios with a dollar-weighted average maturity of 60 daysor less, to value their investmentportfolios at amortized cost and tomaintain a net asset value of $1.00per share.

Principal Risks

You may lose money by investing in thePhoenix Fund. The Phoenix Fund issubject to the following risks:


‰ a stock or stocks selected for thePhoenix Fund’s portfolio may fail toperform as expected;

‰ a value stock may decrease in price ormay not increase in price asanticipated by the portfolio managersif other investors fail to recognize thecompany’s value or the factors thatthe portfolio managers believe willcause the stock price to increase donot occur; and

‰ the Fund, from time to time, mayfocus its exposure on specific sectorsof the market. Such focus may be as aresult of the portfolio manager’sperception of available investmentopportunities. If the Fund focuses ona particular sector, the Fund may facean increased risk that the value of itsportfolio will decrease because ofevents disproportionately affecting the

13 Prospectus

specific sector. Furthermore,investments in a particular sector maybe more volatile than the broadermarket as a whole.

The Phoenix Fund also may be subject torisks particular to its investments in smallcap companies and mid cap companies,including:

‰ small and mid cap companies rely onlimited product lines, financialresources and business activities thatmay make them more susceptiblethan larger companies to setbacks ordownturns; and

‰ small and mid cap companies are lessliquid and more thinly traded whichmake them more volatile than stocksof larger companies.

The Phoenix Fund may be subject to risksparticular to its investments in theindustrials sector, including:

‰ the stock prices of companies in theindustrials sector may be affected bysupply and demand, both for theirspecific product or service and forindustrials sector products in general;

‰ the products of manufacturingcompanies may face obsolescence dueto rapid technological developmentsand frequent new productintroduction; and

‰ companies in the industrials sectormay be adversely affected by liabilityfor environmental damage andproduct liability claims.

The Phoenix Fund may be subject to risksparticular to its investments in shares ofmaterials companies, including:

‰ companies in the materials sector maybe adversely affected by commodityprice volatility, exchange rates, import

controls, increased competition,depletion of resources, technicaladvances, labor relations, over-production, litigation andgovernment regulations, among otherfactors;

‰ companies in the materials sector arealso at risk of liability forenvironmental damage and productliability claims. Production ofmaterials may exceed demand as aresult of market imbalances oreconomic downturns, leading to poorinvestment returns.

The Phoenix Fund may be subject to risksparticular to its investments in shares ofinformation technology companies,including:

‰ information technology companiesface intense competition andpotentially rapid productobsolescence;

‰ information technology companiesare heavily dependent on intellectualproperty rights and may be adverselyaffected by loss or impairment ofthose rights.



‰ a foreign government may expropriatethe Phoenix Fund’s assets;

‰ political, social or economicinstability in a foreign country inwhich the Phoenix Fund invests maycause the value of the Phoenix Fund’sinvestments to decline; and

‰ the above listed risks associated withnon-U.S. securities are more likely in


the securities of companies located inemerging markets.

Who may want to invest in the PhoenixFund?

‰ investors who want a diversifiedportfolio

‰ long-term investors with a particulargoal, such as saving for retirement

‰ investors who want potential growthover time


‰ investors seeking long-termpreservation of capital (sufficientgrowth to outpace inflation over anextended period of time) and growthof capital.





15 Prospectus


The following chart and table below provide some indication of the risks of investing inthe Phoenix Fund by showing changes in the Phoenix Fund’s performance from year toyear (on a calendar year basis) and by showing how the Phoenix Fund’s average annualreturns for the 1 year, 5 years and 10 years ended December 31, 2019, compare withthose of the Russell 2000® Total Return Index and the S&P 500® Total Return StockIndex. Please note that the Phoenix Fund’s performance (before and after taxes) is not anindication of how the Phoenix Fund will perform in the future. Updated performanceinformation in available at www.tocquevillefunds.com.

-40%

-20%

0%

20%

40%

20162010 201920182011 2012 2013 2014 2015

7.21%

22.26%26.03%

-7.17%

20.21%

29.06%

-4.21%

-18.12%

22.87%

-16.29%

2017

During this period, the best performance for a quarter was 17.10% (for the quarter endedDecember 31, 2011). The worst performance was –24.15% (for the quarter ended 9/30/11).


OneYear

FiveYears

TenYears

The Phoenix FundReturn Before Taxes 22.26% 2.00% 6.74%

Return After Taxes onDistributions 21.60% –0.45% 4.99%


Russell 2000® Total Return Index(reflects no deduction for


S&P 500® Total Return Stock Index(reflects no deduction for


After-tax returns are calculated using thehistorical highest individual federal

marginal income tax rates and do notreflect the impact of state and local taxes.Actual after-tax returns depend on aninvestor’s tax situation and may differ fromthose shown. After-tax returns shown arenot relevant to investors who hold theirshares through tax-deferred arrangements,such as 401(k) plans or individualretirement accounts.

In certain cases, the figure representing“Return After Taxes on Distributions andSale of Fund Shares” may be higher thanthe other return figures for the sameperiod. A higher after-tax return resultswhen a capital loss occurs uponredemption and provides an assumed taxdeduction that benefits the investor.


Management

Investment Advisor

Tocqueville Asset Management, L.P. servesas the investment advisor to The PhoenixFund.

Portfolio Managers

J. Dennis Delafield, Joshua Kaufthal andJames Maxwell are co-portfolio managersof the Phoenix Fund. Mr. Delafield hasbeen a portfolio manager of the Fund (andthe Predecessor Delafield Fund) sinceNovember 1993. Messrs. Kaufthal andMaxwell have been portfolio managers ofthe Fund (and the Predecessor DelafieldFund) since June 2016.


17 Prospectus

PURCHASE AND SALE OF FUND SHARES, TAXES ANDFINANCIAL INTERMEDIARY COMPENSATION

Purchase and Sale of Fund Shares

You may purchase, redeem or exchangeFund shares by mail (The TocquevilleTrust [name of Fund], c/o U.S. BankGlobal Fund Services, P.O. Box 701 (forregular mail) or 615 East Michigan Street,3rd Floor (for overnight or express mail),Milwaukee, WI 53201-0701), or bytelephone at 1-800-697-3863, on any daythe New York Stock Exchange (“NYSE”) isopen for trading. Investors who wish topurchase, redeem or exchange Fund sharesthrough a financial intermediary shouldcontact the financial intermediary directly.The minimum initial amount ofinvestment in a Fund is $250 forretirement accounts and $1,000 for allother accounts. Subsequent investments forall types of accounts may be made with aminimum investment amount of $100.

Tax Information

Fund distributions are taxable, and will betaxed as ordinary income or capital gains,

unless you are investing through atax-deferred arrangement, such as a 401(k)plan or an individual retirement account,that does not employ borrowed funds.

Payments to Broker-Dealers and OtherFinancial Intermediaries

If you purchase Fund shares through abroker-dealer, or other financialintermediary (such as a bank), the Fundsand their related companies may pay theintermediary for the sale of Fund sharesand related services. These payments maycreate conflicts of interest by influencingthe broker-dealer or other intermediary andyour salesperson to recommend the Fundsover another investment. Ask yoursalesperson or visit your financialintermediary’s website for moreinformation.

INVESTMENT OBJECTIVES AND PRINCIPALINVESTMENT STRATEGIES, RELATED RISKS AND

DISCLOSURE OF PORTFOLIO HOLDINGS

Investment Objectives

The investment objective of theTocqueville Fund and the OpportunityFund is long-term capital appreciation.The investment objectives of the PhoenixFund are long-term preservation of capital(sufficient growth to outpace inflation overan extended period of time) and growth ofcapital.

The Funds’ investment objectives arefundamental and cannot be changedwithout a shareholder vote. The Funds’investment policies are not fundamentaland thus can be changed without ashareholder vote. Where an investmentpolicy or restriction has a percentagelimitation, such limitation is applied at thetime of investment, unless otherwise


provided in the Prospectus or SAI.Changes in the market value of securities ina Fund’s portfolio after they are purchasedby the Fund will not cause the Fund to bein violation of such limitation.

Investment Strategies

The Tocqueville Fund

The investment strategy of the TocquevilleFund is value oriented and contrarian. TheFund seeks companies that have goodlong-term business fundamentals but aretemporarily out of favor with investors, andhence have a market value lower than theirintrinsic value. The fundamental researchbased value orientation of the Advisorhelps the portfolio managers findcompanies which have good businesses; theAdvisor’s contrarian orientation enables theportfolio managers to buy them at what theportfolio managers believe to be attractiveprices.

Value oriented means that the portfoliomanagers seek to invest in companies thatare selling at a discount to their intrinsicvalue, and where business fundamentals areimproving or expected to improve. Inassessing intrinsic value, the portfoliomanagers’ judgments will be based on acomparison of a company’s stock marketvalue with various financing parameters,including, historical and projected cashflow, book earnings, and net asset value. Ingeneral, the portfolio managers seekcompanies that are characterized by strongmanagement, business franchise,competitive position and financialstructure, clear strategy, free cash flow,large insider ownership, and shareholderoriented policies, among other things.

Contrarian means that the portfoliomanagers seek investment opportunities instocks and sectors that are out of favor with

investors. We consider a stock to be out offavor when its price has declinedsignificantly or has lagged the relevantmarket index for an extended period oftime and the consensus among investorsdoes not expect improvement.

In general, the portfolio managers acquiretheir investment ideas by identifyingcompanies whose stock prices are down, orhave lagged the market. The portfoliomanagers then analyze the quality of theirbusiness franchise and long-termfundamentals and make a judgmentregarding their intrinsic value.Alternatively, the portfolio managers mayidentify companies with strong long-termbusiness fundamentals and then wait forthem to fall out of favor with investors inorder to buy them at a discount to intrinsicvalue.

The Tocqueville Fund will seek to achieveits investment objective by investingprimarily in common stocks of U.S.companies.

While the Tocqueville Fund will primarilyinvest in common stocks of U.S.companies, the Fund may also invest:

‰ up to 25% of its total assets incommon stocks of non-U.S.companies located outside the U.S.,which may include developed andemerging market countries, incommon stocks of non-U.S.companies traded in the U.S. or inADRs;

‰ up to 10% of its total assets in goldbullion from U.S. institutions;

‰ in repurchase agreements, which arefully collateralized by U.S.government securities, includingsecurities of U.S. government

19 Prospectus

agencies, or other collateral that theAdvisor deems appropriate;

‰ up to 5% of its total assets in debtinstruments convertible into commonstock; and

‰ in warrants issued by U.S. and foreignissuers.

The Opportunity Fund

The Opportunity Fund seeks to achieve itsinvestment objective by investing primarilyin the common stocks of small capcompanies and mid cap companies whichhave the potential to deliver superior long-term earnings growth. The OpportunityFund defines small cap companies ascompanies with a market capitalization ofless than $3 billion and mid cap companiesas companies with a market capitalizationbetween $3 billion and $30 billion. Inaddition, the Opportunity Fund mayinvest in large cap companies. Marketcapitalization is measured at the time ofinitial purchase.

The portfolio manager will invest incommon stocks that he believes willachieve the Opportunity Fund’s objectiveof long-term capital appreciation. Inaccordance with the portfolio manager’sinvestment discipline, he evaluates anumber of key attributes and searches forcompanies which are market leaders ingrowth industries. The portfolio managerbelieves that a strong brand name and theability to raise the prices of their service orproduct can be an equally significantconsideration in research of the companies.The Opportunity Fund seeks to invest incompanies whose sales and earnings haveincreased at a consistent rate. The portfoliomanager’s investment approach includesthe analysis of company financialstatements in addition to meeting with

corporate managements. The portfoliomanager believes that companies should beevaluated through the analysis of variousfundamental stock characteristics and hefocuses on earnings and sales growth,valuation, and profitability.

The portfolio manager believes that theprimary advantages of investing in smallerand mid-capitalization companies include:(1) the potential for capital appreciationand (2) these companies are oftenundiscovered by mainstream Wall Street.The portfolio manager believes that a midcap mandate which also has the ability toinvest in small cap companies is betterpositioned to outperform over a longerperiod of time.

The Opportunity Fund seeks to achievesignificant portfolio diversification byinvesting in a number of sectors andindustries in the U.S. In addition, theOpportunity Fund may invest up to 20%of its net assets in non-U.S. securities,including in ADRs, in both developed andemerging markets.

While the Opportunity Fund is growthoriented, the portfolio manager does notdistinguish between growth and valuecommon stocks in his process of selectingthe Opportunity Fund’s portfolio holdings.

Under normal conditions, the OpportunityFund will reduce or liquidate its holdingsin companies which reach the portfoliomanager’s price objective, lose theircompetitive advantage or fail to sustainreasonable profitability.

The Phoenix Fund

The Phoenix Fund will seek to achieve itsobjectives by investing primarily in theequity securities of domestic companies.Specifically, the Phoenix Fund will


primarily invest in equity securities ofdomestic companies which the portfoliomanagers believe to be undervalued or torepresent special situations. An example ofa special situation is a company undergoingchange that might cause its market value togrow at a rate faster than the marketgenerally.

Under normal circumstances the PhoenixFund will have more than 65% of its assetsinvested in equity securities, includingcommon stocks, securities convertible intocommon stocks or rights or warrants tosubscribe for or purchase common stocks.The Phoenix Fund, however, may alsoinvest not more than 35% of its total assetsin debt securities and preferred stocks thatthe portfolio managers believe offer asignificant opportunity for priceappreciation. In addition, the PhoenixFund may invest up to 25% of its netassets in non-U.S. securities, including inADRs, in both developed and emergingmarkets.

Critical factors that will be considered inthe selection of any securities in which thePhoenix Fund may invest will include thevalues of individual securities relative toother investment alternatives, trends in thedeterminants of corporate profits,corporate cash flow, balance sheet changes,management capability and practices, andthe economic and political outlook.Although the balance sheet of a company isimportant to the portfolio managers’analysis, the Phoenix Fund may invest infinancially troubled companies if theportfolio managers have reason to believethat the underlying assets are worth farmore than the market price of the shares.In addition, companies generating free cashflow (defined as earnings, depreciation, anddeferred income tax in excess of need for

capital expenditures and dividends) will beconsidered attractive. Investment securitieswill also be assessed upon their earningpower, stated asset value and off thebalance sheet values. The portfoliomanagers intend to invest in companiesthat are managed for the benefit of theirshareholders and not by management thatbelieves the most important measure of acompany’s success is its size.

The Phoenix Fund will not seek to realizeprofits by anticipating short-term marketmovements and intends to purchasesecurities for long-term capital appreciationunder ordinary circumstances.

The Phoenix Fund seeks to attain itsinvestment objectives principally throughinvestments in the following securities.

‰ Common Stock: The portfoliomanagers intend to invest primarily inequity securities of domesticcompanies in order to seek to achievethe Phoenix Fund’s investmentobjectives. Since the Phoenix Fundprimarily contains common stocks ofdomestic issuers, an investment in thePhoenix Fund should be made withan understanding of the risks inherentin an investment in common stockswhich may include a susceptibility togeneral stock market movements andvolatile changes in value.

‰ U.S. Government Securities: TheU.S. Government securities in whichthe Phoenix Fund may invest includeobligations issued or guaranteed bythe U.S. Government, its agencies orinstrumentalities or by privatelyowned corporations that are federallychartered by the U.S. Government.

‰ Money Market Funds: Money marketfunds are registered investment

21 Prospectus

companies that invest in high-quality,short-term debt instruments of aspecified nature. The money marketfunds in which the Phoenix Fundmay invest seek to maintaininvestment portfolios with a dollar-weighted average maturity of 60 daysor less, to value their investmentportfolios at amortized cost and tomaintain a net asset value of $1.00per share.

The Phoenix Fund’s portfolio managersconsider the following factors when buyingand selling securities for the Phoenix Fund:(i) the value of individual securities relativeto other investment alternatives; (ii) trendsin the determinants of corporate profits;(iii) corporate cash flow; (iv) balance sheetchanges; (v) management capability andpractices; and (vi) the economic andpolitical outlook.

Diversification Status

The Funds are classified as diversifiedinvestment companies. As diversifiedinvestment companies, 75% of the assets ofeach Fund are subject to the followinglimitations: (i) no more than 5% of eachFund’s total assets may be invested in thesecurities of any one issuer, exceptobligations of the U.S. government and itsagencies and instrumentalities and (ii) eachFund may not own more than 10% of theoutstanding voting securities of any oneissuer. The classification of these Funds asdiversified is a fundamental policy of eachFund and can only be changed uponapproval of the vote of a majority of theoutstanding shares of each Fund.

Borrowing

Each Fund, from time to time, mayborrow from banks at prevailing interest

rates as a temporary measure forextraordinary or emergency purposes. Anysuch borrowings will be consistent with therestrictions set out in this Prospectus andapplicable 1940 Act rules and regulations.

Temporary Investments

When current market, economic, orpolitical conditions are unsuitable for aFund’s investment objective, or in otherappropriate circumstances, each Fund maytemporarily invest up to 100% of its assetsin cash, cash equivalents or high qualityshort-term money market instruments.The result of employing this type oftemporary defensive strategy is that a Fundmay not achieve its investment objective.

Additional Investment Techniques

In addition to the techniques describedabove, each Fund may employ investmenttechniques that are not principalinvestment strategies of the Fund. EachFund may enter into repurchaseagreements, invest in illiquid and restrictedsecurities and invest in other investmentcompanies. Each Fund may sell securitiesshort “against the box” and the PhoenixFund may make short sales of securities.The Opportunity Fund may invest inoptions on securities, indices andcurrencies and use such securities to hedgerisk. Each of these investment techniquesand other non-principal investmentstrategies is subject to certain limitationsand restrictions and involves additionalrisks which are described in more detail inthe SAI.

Principal Risks of Investing in the Funds

As with all mutual funds, investing in theFunds involves certain risks. There is noguarantee that a Fund will meet its


investment objective or that a Fund willperform as it has in the past. You may losemoney if you invest in one of the Funds.

Some of the investment techniques usedinvolve greater amounts of risk. Theseinvestment techniques are discussed indetail in the SAI. The Funds are alsosubject to certain limitations andrestrictions, which are described in the SAI.

You should consider the risks describedbelow before you decide to invest in any ofthe Funds.

Risks of Investing in Mutual Funds

The following risks are common to theFunds:

Common Stock Risk. In the event anissuer is liquidated or declaresbankruptcy, the claims of owners of theissuer’s bonds and preferred stock takeprecedence over the claims of those whoown common stock. It is possible thatall assets of that issuer will be exhaustedbefore any payments are made to thecommon stockholders.

Market Risk. The market value of asecurity a Fund holds will fluctuate,sometimes rapidly and unpredictably.These fluctuations may cause a securityto be worth less than it was at the timeof purchase. Market risk may affect anindividual security, a particular sector orthe entire market.

Manager Risk. A Fund’s portfoliomanager may use an investment strategythat does not achieve the Fund’sobjective or may fail to execute a Fund’sinvestment strategy effectively. Inaddition, a portfolio manager’s strategymay produce returns that are differentfrom other mutual funds that invest insimilar securities.

Materials Sector Risk (applicable onlyto the Phoenix Fund). Companies inthe materials sector may be adverselyaffected by commodity price volatility,exchange rates, import controls,increased competition, depletion ofresources, technical progress, laborrelations and government regulations,among other factors. Also, companies inthe materials sector are at risk of liabilityfor environmental damage and productliability claims. Production of materialsmay exceed demand as a result of marketimbalances or economic downturns,leading to poor investment returns.

Portfolio Turnover Risk. Active tradingby a Fund will result in higher Fundexpenses and may also result in anincrease in a Fund’s distributions oftaxable income.

Information Risk. Key informationabout an issuer, security or market maybe inaccurate or unavailable. Securitiesissued in initial public offerings, orIPOs, involve greater information riskthan other equity securities due to thelack of public information.

Opportunity Risk. The risk of missingout on an investment opportunitybecause the assets necessary to takeadvantage of it are invested in lessprofitable investments.

Valuation Risk. The risk that the Fundhas valued certain securities at a higherprice than the price at which they can besold. This risk may be especiallypronounced for investments, such asderivatives, which may be illiquid orwhich may become illiquid.

Growth Stock Risk (applicable only tothe Opportunity Fund). Different typesof stocks tend to shift into and out of

23 Prospectus

favor with stock market investorsdepending on market and economicconditions. Growth stocks may be morevolatile than other stocks because theyare generally more sensitive to investorperceptions of the issuing company’sgrowth of earnings potential. Also, sincegrowth companies usually invest a highportion of earnings in their business,growth stocks may lack the dividends ofvalue stocks that can cushion stockprices in a falling market.

Sector Risk. A Fund’s assets invested ina particular sector may increase fromtime to time based on the portfoliomanagers’ perception of availableinvestment opportunities. If a Fundinvests a significant portion of its assetsin a particular sector, the Fund will besubject to the risk that companies in thesame sector are likely to react similarly tolegislative or regulatory changes, adversemarket conditions, increasedcompetition, or other factors affectingthat sector. In such cases, a Fund wouldbe exposed to an increased risk that thevalue of its overall portfolio will decreasebecause of events that disproportionatelyand negatively affect that sector. Inaddition, investments in a particularsector may be more volatile than thebroader market as a whole, and a Fund’sinvestments in such a sector may bedisproportionately susceptible to losses.

Healthcare Sector Risk (applicable onlyto the Opportunity Fund). Thehealthcare sector may be affected bygovernment regulations and governmenthealthcare programs, increases ordecreases in the cost of medical productsand services and product liability claims,among other factors. Many healthcarecompanies are heavily dependent on

patent protection and the expiration of apatent may adversely affect profitability.Healthcare companies are subject tocompetitive forces that may result inprice discounting, and may be thinlycapitalized and susceptible to productobsolescence.

Information Technology Sector Risk.Information technology companies faceintense competition, both domesticallyand internationally, which may have anadverse effect on profit margins. Likeother technology companies,information technology companies mayhave limited product lines, markets,financial resources or personnel. Theproducts of information technologycompanies may face obsolescence due torapid technological developments andfrequent new product introduction,unpredictable changes in growth rates,and competition for the services ofqualified personnel. Companies in theinformation technology sector areheavily dependent on patent andintellectual property rights. The loss orimpairment of these rights may adverselyaffect the profitability of thesecompanies.

Industrials Sector Risk (applicable onlyto the Phoenix Fund). The value ofsecurities issued by companies in theindustrials sector may be adverselyaffected by supply and demand relatedto their specific products or services andindustrials sector products in general.The products of manufacturingcompanies may face obsolescence due torapid technological developments andfrequent new product introduction.Government regulations, world events,economic conditions and exchange ratesmay adversely affect the performance of


companies in the industrials sector.Companies in the industrials sector maybe adversely affected by liability forenvironmental damage and productliability claims. Companies in theindustrials sector, particularly aerospaceand defense companies, may also beadversely affected by governmentspending policies because companiesinvolved in this sector rely to asignificant extent on governmentdemand for their products and services.

Value Stock Risk (applicable only tothe Tocqueville Fund and PhoenixFund). Value stocks involve the risk thatthey may never reach their expected fullmarket value, either because the marketfails to recognize the stock’s intrinsicworth, or the expected value wasmisgauged. They also may decline inprice even though they are alreadyundervalued.

Risks of Investing in Non-U.S.Securities. Each Fund may invest aportion of its assets in non-U.S. securitiesand may directly hold foreign currenciesand purchase and sell foreign currencies.The following risks are common tomutual funds that invest in non-U.S.securities and hold foreign currencies:

Legal and Regulatory Risk. The lawsand regulations of foreign countries mayprovide investors with less protection ormay be less favorable to investors thanthe U.S. legal system. For example, theremay be less publicly availableinformation about a foreign companythan there would be about a U.S.company. The auditing and reportingrequirements that apply to foreigncompanies may be less stringent thanU.S. requirements. Additionally,government oversight of foreign stock

exchanges and brokerage industries maybe less stringent than in the U.S.

Currency Risk. Currencies andsecurities denominated in foreigncurrencies may be affected by changes inexchange rates between those currenciesand the U.S. dollar. Currency exchangerates may be volatile and may fluctuatein response to interest rate changes, thegeneral economic conditions of acountry, the actions of the U.S. andforeign governments, central banks, orsupranational entities such as theInternational Monetary Fund, theimposition of currency controls, otherpolitical or regulatory conditions in theU.S. or abroad, speculation, or otherfactors. A decline in the value of aforeign currency relative to the U.S.dollar reduces the value in U.S. dollarsof a Fund’s investments in that foreigncurrency and investments denominatedin that foreign currency.

Liquidity Risk. Foreign stock exchangesgenerally have less volume than U.S.stock exchanges. Therefore, it may bemore difficult to buy or sell shares offoreign securities, which increases thevolatility of share prices on suchmarkets. Additionally, trading onforeign stock markets may involvelonger settlement periods and highertransaction costs.

Expropriation Risk. Foreigngovernments may expropriate a Fund’sinvestments either directly by restrictingthe Fund’s ability to sell a security orimposing exchange controls that restrictthe sale of a currency, or indirectly bytaxing the Fund’s investments at suchhigh levels as to constitute confiscationof the security. There may be limitationson the ability of a Fund to pursue and

25 Prospectus

collect a legal judgment against a foreigngovernment.

Political Risk. Political or socialinstability or revolution in certaincountries in which a Fund invests, inparticular, emerging market countries,may result in the loss of some or all ofthe Fund’s investment in thesecountries.

Emerging Markets Risk. Emergingmarket securities bear various foreigninvestment risks discussed above. Inaddition, there are greater risks involvedin investing in emerging marketscompared to developed foreign markets.Specifically, the economic structures inemerging market countries are lessdiverse and mature than those indeveloped countries, and their politicalsystems are less stable. Investments inemerging market countries may beaffected by national policies that restrictforeign investment. Emerging marketcountries may have less developed legalstructures, and the small size of theirsecurities markets and low tradingvolumes can make investments illiquidand more volatile than investments indeveloped countries. A Fund investingin emerging market countries may berequired to establish special custody orother arrangements before investing,which may result in additional risks andcosts to a Fund.

Risks of Investing in Debt Securities

Each Fund may invest a portion of itsassets in debt securities. The following risksare common to mutual funds that invest indebt securities:

Interest Rate Risk. This risk refers tothe decline in the prices of fixed-incomesecurities that may accompany a rise in

the overall level of interest rates. A sharpand unexpected rise in interest ratescould cause a money market fund’s shareprice to drop below a dollar. A lowinterest rate environment may preventthe Fund from providing a positive yieldor paying fund expenses out of fundassets and could impair the Fund’sability to maintain a stable net assetvalue. This risk may be greater in thecurrent market environment becausecertain interest rates are near historicallylow levels. It is likely that there will beless governmental action in the nearfuture to maintain low interest rates.The negative impact on fixed-incomesecurities from the resulting rateincreases for that and other reasons maybe swift and significant.

Credit (or default) Risk. The issuer of adebt security may be unable to maketimely payments of principal or interest,or may default on the debt. Prices of aFund’s investments may be adverselyaffected if any of the issuers orcounterparties it is invested in are subjectto an actual or perceived deterioration intheir credit quality. Credit spreads mayincrease, which may reduce the marketvalues of a Fund’s securities. Creditspread risk is the risk that economic andmarket conditions or any actual orperceived credit deterioration may lead toan increase in the credit spreads (i.e., thedifference in yield between two securitiesof similar maturity but different creditquality) and a decline in price of theissuer’s securities.

Inflation Risk. Inflation will erode thepurchasing power of the cash flowsgenerated by debt securities held by aFund. Fixed-rate debt securities are moresusceptible to this risk than floating ratedebt securities.


Reinvestment Risk. When interestincome is reinvested, interest rates willhave declined so that income must bereinvested at a lower interest rate.Generally, interest rate risk andreinvestment risk have offsetting effects.

Risks of Investing in Restricted Securities

Each Fund may invest in restrictedsecurities, although the Funds do notcurrently intend to invest more than 5% oftheir assets in such securities. Restrictedsecurities have contractual or legalrestrictions on their resale. They mayinclude private placement securities that aFund buys directly from the issuer. Privateplacement and other restricted securitiesmay not be listed on an exchange and mayhave no active trading market. Restrictedsecurities may be illiquid. A Fund may beunable to sell them on short notice or maybe able to sell them only at a price belowcurrent value. A Fund may get only limitedinformation about the issuer, so it may beless able to predict a loss.

Risks of Investing in Gold Bullion(applicable only to the Tocqueville Fund)

The Tocqueville Fund may invest up to10% of its total assets in gold bullion. TheTocqueville Fund is subject to the risk thatit could fail to qualify as a regulatedinvestment company under the InternalRevenue Code if they derive more than

10% of its gross income from investmentsin gold bullion or other precious metals.Failure to qualify as a regulated investmentcompany would result in adverse taxconsequences to the Tocqueville Fund andits shareholders.

Disclosure of Portfolio Holdings

Each Fund discloses its calendar quarter endportfolio holdings on the Funds’ website,http:// www.tocquevillefunds.com, noearlier than 15 calendar days after the end ofeach quarter. Each Fund also discloses itstop ten holdings on its website no earlierthan 15 calendar days after the end of eachmonth. The top ten and quarter-endportfolio schedules will remain available onthe Funds’ website at least until it is updatedfor the next month or quarter, respectively,or until the Funds file with the SEC theirsemi-annual or annual shareholder reportsor Form N-PORT that includes suchperiod. The most recent portfolio schedulesare available on the Funds’ website, as notedabove, or by calling toll free at1-800-697-3863. Each Fund may terminateor modify this policy at any time withoutfurther notice to shareholders. A descriptionof the Funds’ policies and procedures withrespect to the disclosure of the Funds’portfolio securities is available in the SAI.Form N-PORT is available on the SEC’swebsite at www.sec.gov.

MANAGEMENT OF THE FUNDS

Investment Advisor

Tocqueville Asset Management L.P., 40West 57th Street, 19th Floor, New York,New York 10019, acts as the investmentadvisor (the “Advisor”) to each Fund underseparate investment advisory agreementswhich provide that the Advisor identify

and analyze possible investments for eachFund, and determine the amount, timing,and form of those investments. TheAdvisor has the responsibility ofmonitoring and reviewing each Fund’s

27 Prospectus

portfolio, on a regular basis, andrecommending when to sell theinvestments. All purchases and sales by theAdvisor of securities in each Fund’sportfolio are subject at all times to thepolicies set forth by the Board of Trustees.The Advisor has been in the assetmanagement business since 1990 and as ofDecember 31, 2019, had approximately$9.3 billion in assets under management.

For the performance of its services underthe investment advisory agreements, theAdvisor receives a fee from each Fund,calculated daily and payable monthly, at anannual rate of: (1) for the TocquevilleFund, 0.75% on the first $1 billion of theaverage daily net assets of the TocquevilleFund, and 0.65% of the average daily netassets in excess of $1 billion; (2) for theOpportunity Fund, 0.75% on the first$500 million of the average daily net assetsof the Opportunity Fund, and 0.65% ofthe average daily net assets in excess of$500 million; and (3) for The PhoenixFund, 0.80% on the first $250 million ofnet assets of the Phoenix Fund; 0.75% onthe next $250 million of net assets of thePhoenix Fund; 0.70% on the next$500 million of net assets of the PhoenixFund; and 0.65% on all net assets of thePhoenix Fund over $1 billion. In addition,with respect to the Funds, the Advisor hascontractually agreed to waive itsmanagement fees and/or reimburseexpenses in order to ensure that eachFund’s total annual operating expenses donot exceed 1.25% of their average daily netassets (excluding taxes, interest expense,acquired fund fees and expenses, orextraordinary expenses such as litigation).These Expense Limitation Agreements willremain in effect until at least March 1,2021, and may not be terminated by theAdvisor before such time. For the fiscal

year ended October 31, 2019, the Fundspaid the Advisor advisory fees, as apercentage of each Fund’s average daily netassets, equal to: 0.70% for the TocquevilleFund, 0.62% for the Opportunity Fundand 0.66% for The Phoenix Fund.

The Funds’ annual report to shareholdersfor the period ended October 31, 2019,contained a discussion of the basis of theBoard of Trustees’ determination regardingwhether to continue the investmentadvisory agreements as described above forthe Funds. The Funds’ annual report isavailable on the Funds’ website athttp://www.tocquevillefunds.com.

The Funds do not hold themselves out asrelated to any other series of the Trust forpurposes of investment and investorservices, nor do they share the sameinvestment adviser with any other series ofthe Trust.

Portfolio Management

The following individuals serve as portfoliomanagers for the Funds and are primarilyresponsible for the day-to-day managementof the Funds’ portfolios. The SAI has moredetailed information about the portfoliomanagers’ compensation, other accountsmanaged by the portfolio managers, andthe portfolio managers’ ownership ofsecurities in their respective Fund.

Robert W. Kleinschmidt has been theportfolio manager of the Tocqueville Fundsince 1992. Mr. Kleinschmidt is theChairman of the Board of Trustees andPresident of the Tocqueville Trust, ChiefExecutive Officer and Chief InvestmentOfficer of Tocqueville Asset Managementand a director of Tocqueville ManagementCorporation. He previously held executivepositions at the investment management


firm David J. Greene & Co. andMr. Kleinschmidt has a BBA in accountingfrom the University of Wisconsin and anMA in economics from the University ofMassachusetts.

Paul Lambert has been the portfoliomanager for The Tocqueville OpportunityFund since 2019. Prior to joiningTocqueville in 2010, Mr. Lambert was ananalyst with Key Bank within its AssetRecovery Group where he worked withdistressed middle companies as theyrestructured their debt. Mr. Lambertreceived his A.A. from Dean College and aB.S. from Babson College. He also holdsthe CFA designation.

J. Dennis Delafield has been a co-leadportfolio manager or co-portfolio managerof the Phoenix Fund since September2009. Mr. Delafield also serves as a SeniorPortfolio Manager of the Advisor.Mr. Delafield joined the Advisor inSeptember 2009. Prior to joining theAdvisor, Mr. Delafield was a ManagingDirector of the Predecessor Delafield’sadvisor, Reich & Tang Asset ManagementLLC. Mr. Delafield was the Chairman andDirector and a portfolio manager of thePredecessor Delafield Fund (and LimitedPartnership) since 1993 and 2005,respectively. Mr. Delafield was associatedwith Reich & Tang Asset ManagementLLC in an investment advisory capacitysince September 1991. Mr. Delafieldreceived a BA from Princeton University in1957 and achieved his Chartered FinancialAnalyst designation in 1968.

Joshua Kaufthal has been a co-portfoliomanager of the Phoenix Fund since June2016. Mr. Kaufthal joined the Advisor in2009. Prior to joining the Advisor,Mr. Kaufthal spent six years at DelafieldAsset Management, a division of Reich &Tang Asset Management LLC, thePredecessor Delafield Fund’s investmentadviser. Prior to that, he spent three yearsas an Associate Analyst in the equityresearch department at UBS. Mr. Kaufthalearned a B.A. in Communications fromthe University of Pennsylvania.

James Maxwell has been a co-portfoliomanager of the Phoenix Fund since June2016. Mr. Maxwell joined the Advisor in2009. Prior to joining the Advisor,Mr. Maxwell spent three years at DelafieldAsset Management, a division of Reich &Tang Asset Management LLC, thePredecessor Delafield Fund’s investmentadviser. Mr. Maxwell graduated CumLaude with a double major in Finance andEconomics from Northern ArizonaUniversity. Mr. Maxwell achieved hisChartered Financial Analyst designation in2011.

Effective February 15, 2019, Mr. VincentSellecchia retired from his position as aportfolio manager for The Phoenix Fund.He continues to serve in an advisory rolewith the Advisor and is the Vice Chairmanof Tocqueville Management Corp.

29 Prospectus

SHAREHOLDER INFORMATION

How the Funds Value Shares

The NAV, multiplied by the number of fundshares you own, gives you the value of yourinvestment.

Each Fund’s share price, called its NAV, iscalculated as of the close of regular tradingon the NYSE (normally at 4:00 p.m.Eastern Time) on each day that the NYSEis open for business (a “Fund BusinessDay”). It is expected that the NYSE will beclosed on Saturdays and Sundays and onNew Year’s Day, Martin Luther King Jr.Day, Presidents’ Day, Good Friday,Memorial Day, Independence Day, LaborDay, Thanksgiving Day and ChristmasDay. The NAV per share is determined bydividing the market value of a Fund’sinvestments as of the close of trading, plusany cash or other assets less all liabilities bythe number of Fund shares outstanding.The Fund will process any shares that youpurchase, redeem or exchange at the nextshare price calculated after it receives yourinvestment instructions. Purchase ordersreceived by the close of regular trading onthe NYSE are priced according to the NAVper share next determined on that day.Purchase orders received after the close ofregular trading on the NYSE are pricedaccording to the NAV per share nextdetermined on the following day. If theNYSE closes early, the Funds will calculatethe NAV at the closing time on that day. Ifan emergency exists as permitted by theSEC, the NAV may be calculated at adifferent time.

Fund securities that are listed primarily onforeign exchanges may trade on weekendsor on other days on which the Funds donot price their shares. In this case, the

NAV of such Fund’s shares may change ondays when you are not able to purchase orredeem your shares.

The Funds generally value short-term fixedincome securities with remainingmaturities of 60 days or less at amortizedcost. The Funds value money marketsecurities at market price. Securities forwhich market quotations are readilyavailable are valued at their current marketvalue, as determined by such quotations.Securities for which market quotations arenot readily available are valued at fair valueas determined in good faith in accordancewith policies and procedures established bythe Board of Trustees. In determining fairvalue, a Fund will seek to assign a value tothe security which it believes represents theamount that the Fund could reasonablyexpect to receive upon its current sale.With respect to securities that are activelytraded on U.S. exchanges, the Fundsexpect that market quotations willgenerally be available and that fair valuemight be used only in limitedcircumstances, such as when trading for asecurity is halted during the trading day.For securities traded principally on foreignexchanges, the Funds may use fair valuepricing if an event occurs after the close oftrading of the principal foreign exchangeon which a security is traded, but beforecalculation of a Fund’s NAV, which aFund believes affects the value of thesecurity since its last market quotation.Such events may involve situations relatingto a single issuer (such as news related tothe issuer announced after the close of theprincipal foreign exchange), or situationsrelating to sectors of the market or themarkets in general (such as significant


fluctuations in the U.S. or foreign marketsor significant changes in exchange rates,natural disasters, armed conflicts, orgovernmental actions). In determiningwhether a significant event has occurredwith respect to securities traded principallyin foreign markets, the Funds may engage athird party fair value service provider tosystematically recommend the adjustmentof closing market prices of non-U.S.securities based upon changes in adesignated U.S. securities market indexoccurring from the time of close of therelevant foreign market and the close of theNYSE. Fair value pricing may also be usedto value restricted securities held by theFunds or securities with little or no tradingactivity for extended periods of time. Fairvalue pricing involves judgments that areinherently subjective and inexact and it isnot possible to determine with certaintywhen, and to what extent, an event willaffect a market price. As a result, there canbe no assurance that fair value pricing willreflect actual market value and it is possiblethat the fair value determined for a securitymay differ materially from the value thatcould be realized upon the sale of thesecurity.

The value of any shares of open-end fundsheld by a Fund will be calculated using theNAV of such funds. The prospectuses forany such open-end funds should explainthe circumstances under which these fundsuse fair value pricing and the effects ofusing fair value pricing.

You can obtain the NAV of the Funds bycalling 1-800-697-3863, or by visiting theFunds’ website atwww.tocquevillefunds.com.

Investment Minimums

Minimum Initial Investment

Regular (non-retirement) $1,000*Retirement Account $ 250

* The $1,000 minimum investment may beallocated among the Funds provided that youinvest at least $250 in each Fund you wish toinvest in.

Minimum Subsequent Investment $100

We may reduce or waive the minimuminvestment requirements in some cases.

Distribution of Fund Shares

Each Fund has adopted a distribution andservice plan pursuant to Rule 12b-1 underthe 1940 Act (each a “Plan”). Pursuant tothe Plans, each Fund will pay Rule 12b-1distribution and service fees of 0.25% perannum of its average daily net assets toTocqueville Securities, L.P. (the“Distributor”). The Plan compensates theDistributor regardless of expenses actuallyincurred by the Distributor. The fees areused to pay for distribution activities andfor providing shareholders with personalservices and maintaining shareholderaccounts. These fees are paid out of theFund’s assets on an on-going basis and,therefore, over time these fees will increasethe cost of your investment and may costyou more than paying other types of salescharges.

The Distributor or an affiliate may, fromtime to time, at its expense and out of itsown resources, (a source of which may bethe 12b-1 fees paid by the Funds under thePlan), make cash payments to some butnot all brokers, dealers or financialintermediaries (“securities dealers”) forshareholder services, as an incentive to sellshares of the Funds and/or to promoteretention of their customers’ assets in the

31 Prospectus

Funds. These payments may be referred toas “revenue sharing,” but do not changethe price paid by investors to purchase aFund’s shares or the amount a Fundreceives as proceeds from such sales.Revenue sharing payments may be made tosecurities dealers that provide services tothe Funds or their shareholders, including(without limitation) shareholder servicing,transaction processing, sub-accounting ormarketing support. The Distributornegotiates the level of payments describedabove to any particular securities dealerswith each firm, based on, among otherthings, the nature and level of servicesprovided by such securities dealers and thesignificance of the overall relationship ofthe securities dealers to the Distributor andits affiliate. The amount of these paymentsmay be significant and may create anincentive for the securities dealers to sellshares of the Funds to you or torecommend one fund complex overanother. Please speak with your securitiesdealer to learn more about payments madeto them by the Distributor or an affiliate.

In addition, in certain cases,intermediaries, such as banks, broker-dealers, financial advisers or other financialinstitutions, may have agreements pursuantto which shares of the Funds owned bytheir clients are held of record on the booksof the Funds in omnibus accountsmaintained by each intermediary, and theintermediaries provide those Fundshareholders with sub-administration andsub-transfer agency services. Pursuant tothe Trust’s transfer agency agreement, theTrust pays the transfer agent a charge foreach shareholder account. As a result, theuse of one omnibus account for multiplebeneficial shareholders can create a costsavings to the Trust. The Board of Trusteesmay, from time to time, authorize the

Trust to pay a portion of the fees chargedby these intermediaries to the extent of anytransfer agency savings to the Trust as aresult of the use of the omnibus account.These payments compensate theseintermediaries for the provision ofsub-administration and sub-transfer agencyservices associated with their clients whoseshares are held of record in this manner.

How to Purchase Shares of the Funds

You may purchase shares of the Fundsthrough:

‰ The Funds’ distributor, TocquevilleSecurities, L.P.

‰ Authorized securities dealers

‰ The Funds’ transfer agent, U.S.Bancorp Fund Services, LLC (the“Transfer Agent”)

Shares of the Funds have not beenregistered for sale outside of the UnitedStates, Puerto Rico, Guam, and the U.S.Virgin Islands. The Funds generally do notsell shares to investors residing outside theUnited States, Puerto Rico, Guam, and theU.S. Virgin Islands, even if they are UnitedStates citizens or lawful permanentresidents, except to investors with UnitedStates military APO or FPO addresses.

Methods of Payment:

By Check: All checks must be drawn onU.S. banks and payable in U.S. dollars.The Funds will not accept payment in cashor money orders. To prevent check fraud,the Funds will not accept third partychecks, Treasury checks, credit card checks,traveler’s checks or starter checks for thepurchase of shares. The Funds are unableto accept postdated checks or anyconditional order or payment. The Fundsmay refuse to accept certain other forms of


payment at their discretion. Note thatthere is a $25 fee for any returnedpayment. To purchase by check, youshould:

‰ Complete and sign the accountapplication

‰ Write a check payable to TheTocqueville Trust—[name of Fund]

‰ Send your account application andcheck or exchange request to one ofthe following addresses:

Regular Mail:

‰ The Tocqueville Trust—[name ofFund]c/o U.S. Bank Global Fund ServicesP.O. Box 701Milwaukee, WI 53201-0701

Overnight Mail or Express:

‰ The Tocqueville Trust—[name ofFund]c/o U.S. Bank Global Fund Services615 East Michigan StreetMutual Fund Services, 3rd FloorMilwaukee, WI 53202-5207

The Funds do not consider the U.S. PostalService or other independent deliveryservices to be its agents. Therefore, depositin the mail or with such services, or receiptat U.S. Bank Global Fund Services postoffice box, of purchase orders orredemption requests does not constitutereceipt by the Transfer Agent of the Funds.Receipt of purchase orders or redemptionrequests is based on when the order isreceived at the Transfer Agent’s offices.

By Wire: To purchase by wire, theTransfer Agent must have received acompleted account application before yourwire is sent. A purchase order will not beaccepted until the Fund has received the

completed application and any requesteddocumentation in proper form. Wiredfunds must be received by the close ofregular trading on the NYSE to be eligiblefor same day pricing. The Fund and U.S.Bank, N.A. are not responsible for theconsequences of delays resulting from thebanking or Federal Reserve wire system, orfrom incomplete wiring instructions. Callthe Transfer Agent at 1-800-697-3863between 9:00 a.m. and 6:00 p.m. EasternTime on any day the NYSE is open forbusiness to advise of your intent to wire.This will ensure proper credit. Instructyour bank to wire funds to:

U.S. Bank, N.A.777 E. Wisconsin Ave.Milwaukee, WI 53202ABA # 075-000022

Credit: U.S. BankGlobal Fund ServicesAccount#: 112952137

Further credit: TheTocqueville Trust—[name of Fund]Shareholder name andaccount number:

By Internet: Log ontowww.tocquevillefunds.com, print andcomplete the application and send it alongwith a check payable to The TocquevilleTrust—[name of Fund]. Please mail yourapplication and your check via regular,overnight or express mail to the addresseslisted under Methods of Payment—ByCheck.

After your account is established, you mayset a User ID and Password by loggingonto www.tocquevillefunds.com. This willenable you to purchase shares by havingthe purchase amount deducted from yourbank account by electronic funds transfervia the Automated Clearing House(“ACH”) network. Please make sure thatyour fund account is set up with bankaccount instructions and that your bank isan ACH member. You must provide avoided check or savings deposit slip with

33 Prospectus

which to establish your bank accountinstructions in order to complete internettransactions.

By Telephone: To purchase additionalshares by telephone, the Transfer Agentmust have received a completed accountapplication where you accepted telephonetransaction privileges. You must also havesubmitted a voided check or a savingsdeposit slip to have banking informationestablished on your account. After youraccount has been open for up to 7 businessdays, you may purchase additional sharesby calling 1-800-697-3863. Telephoneorders will be accepted via electronic fundstransfer from your bank account throughthe ACH network. Each purchase must be$100 or more. You must have bankinginformation established on your accountprior to making a purchase. The Fund willprocess your purchase order for same daypricing if received by the close of regulartrading on the NYSE.

By Automatic Investment Plan: With apre-authorized investment plan, yourpersonal bank account is automaticallydebited at regular intervals to purchaseshares of a Fund. The minimum is $100per transaction. To establish an AutomaticInvestment Account complete and sign theappropriate section of the PurchaseApplication and send it to the TransferAgent. In order to participate in theAutomatic Investment Plan, your bankmust be a member of the ACH network. Ifyour bank rejects your payment, theTransfer Agent will charge a $25 fee toyour account. Any request to change orterminate your Automatic Investment Planshould be submitted to the Transfer Agentat least 5 days prior to the effective date.

The Funds reserve the right to refuse anypurchase or exchange order. In addition,

the Funds and their agents reserve the rightto “freeze” or “block” (that is, disallow anyfurther purchases or redemptions from anyaccount) or suspend account services incertain instances as permitted or requiredby applicable laws and regulations,including applicable anti-moneylaundering regulations. Examples of suchinstances include, but are not limited to:(i) where an accountholder appears on thelist of “blocked” entities and individualsmaintained pursuant to Office of ForeignAssets Control (“OFAC”) regulations;(ii) where a Fund or its agents detectsuspicious activity or suspect fraudulent orillegal activity; or (iii) when notice has beenreceived by a Fund or its agents that thereis a dispute between the registered orbeneficial account owners.

The Funds do not issue certificatesevidencing shares purchased. Instead, theFunds will send investors a writtenconfirmation for all purchases of shares.

Anti-Money Laundering Program: Incompliance with the Uniting andStrengthening America by ProvidingAppropriate Tools Required to Interceptand Obstruct Terrorism Act of 2001 (the“USA PATRIOT Act”), please note thatthe Transfer Agent will verify certaininformation on your account application aspart of the Trust’s Anti-Money LaunderingProgram. As requested on the accountapplication, you must supply your fullname, date of birth, social security numberand permanent street address. If you areopening the account in the name of a legalentity (e.g., partnership, limited liabilitycompany, business trust, corporation, etc.),you must also supply the identity of thebeneficial owners. Accounts opened byentities, such as corporations, limitedliability companies, partnerships or trusts


will require additional documentation.Mailing addresses containing only a P. O.Box will not be accepted. Please contactthe Transfer Agent at 1-800-697-3863 ifyou need additional assistance whencompleting your account application.

Householding: In an effort to decreasecosts, the Funds will reduce the number ofduplicate prospectuses, annual reports, andsemi-annual reports you receive by sendingonly one copy of each to those addressesshared by two or more accounts. Call toll-free 1-800-697-3863 to request individualcopies of these documents or if your sharesare held through a financial institutionplease contact them directly. The Fundswill begin sending individual copies thirtydays after receiving your request. Thispolicy does not apply to accountstatements.

Lost Shareholders, Inactive Accounts andUnclaimed Property: It is important thatthe Funds maintain a correct address foreach shareholder. An incorrect address maycause a shareholder’s account statementsand other mailings to be returned to theFunds. Based upon statutory requirementsfor returned mail, the Funds will attemptto locate the shareholder or rightful ownerof the account. If the Funds are unable tolocate the shareholder, then they willdetermine whether the shareholder’saccount can legally be consideredabandoned. Your mutual fund accountmay be transferred to the state governmentof your state of residence if no activityoccurs within your account during the“inactivity period” specified in your state’sabandoned property laws. The Funds arelegally obligated to escheat (or transfer)abandoned property to the appropriatestate’s unclaimed property administrator inaccordance with statutory requirements.

The shareholder’s last known address ofrecord determines which state hasjurisdiction. Please proactively contact theTransfer Agent toll-free at 1-800-697-3863at least annually to ensure your accountremains in active status.

If you are a resident of the state of Texas,you may designate a representative toreceive notifications that, due to inactivity,your mutual fund account assets may bedelivered to the Texas Comptroller. Pleasecontact the Transfer Agent if you wish tocomplete a Texas Designation ofRepresentative form.

How to Redeem Shares

You may redeem shares by mail, telephone,or internet. Payment for shares redeemedwill typically be sent on the followingbusiness day, but no later than the seventhcalendar day after receipt of theredemption request provided the request isin “good order.” A redemption request is in“good order” if it complies with thefollowing:

‰ if you have not elected to permittelephone redemptions, your requestmust be in writing and sent to theTransfer Agent as described below;and

‰ your request must include anyadditional legal documentsconcerning authority and relatedmatters in the case of estates, trusts,guardianships, custodianships,partnerships and corporations.

If you purchased your shares by check orelectronic funds transfer through the ACHnetwork, the payment of your redemptionproceeds may be delayed for up to 15calendar days or until the purchase amountclears, whichever occurs first. Shareholders

35 Prospectus

can avoid this delay by utilizing the wirepurchase option.

You may receive proceeds of your sale in acheck sent to the address of record,electronically via the ACH network usingthe previously established bank instructionsor federal wire transfer to yourpre-established bank account. The Fundstypically expect that it will take one tothree business days following the receipt ofyour redemption request to pay outredemption proceeds, regardless of whetherthe redemption proceeds are paid by check,ACH transfer or wire. Please note thatwires are subject to a $15 fee. There is nocharge to have proceeds sent via ACH;however, funds are typically credited toyour bank within two to three businessdays after redemption. Proceeds will besent within seven calendar days after theFunds receive your redemption request,unless the Funds have suspended yourright of redemption. A Fund may stopredeeming its shares beyond seven dayswhen the NYSE is closed, when trading onNYSE is restricted (as determined by theSEC), when an emergency exists (asdetermined by the SEC) and a Fundcannot sell its portfolio securities oraccurately determine the values of its assets,or the SEC orders the Fund to suspendredemptions.

The Funds typically expect they will holdcash or cash equivalents to meetredemption requests. The Funds may alsouse the proceeds from the sale of portfoliosecurities to meet redemption requests ifconsistent with the management of theFunds. These redemption methods will beused regularly and may also be used instressed market conditions.

The Funds reserve the right to redeemin-kind as described below. Redemptions

in-kind are typically used to meetredemption requests that represent a largepercentage of the Fund’s net assets in orderto minimize the effect of large redemptionson the Fund and its remainingshareholders. Redemptions in-kind may beused in circumstances as described above,and may also be used during periods ofstressed market conditions. The Funds alsohave in place a line of credit that may beused to meet redemption requests duringperiods of stressed market conditions.

Shareholders who purchase shares of theFunds through financial intermediariesmay be charged a separate redemption feeby those intermediaries.

Shareholders who have a RetirementAccount must indicate on their writtenredemption request whether or not towithhold federal income tax. Redemptionrequests failing to indicate an election notto have tax withheld will generally besubject to 10% withholding. Shares held inIRA accounts may also be redeemed bytelephone at 1-800-697-3863. IRAinvestors will be asked whether or not towithhold taxes from any distribution. Foradditional information regardingRetirement Account redemptions, pleasecall the Transfer Agent at 1-800-697-3863.

The Transfer Agent charges a $15 servicefee for each payment of redemptionproceeds made by wire.

By Mail: To redeem by mail, please:

‰ Provide your name and accountnumber;

‰ Specify the number of shares or dollaramount and the Fund name;

‰ Sign the redemption request (thesignature must be the same as the oneon your account application);


‰ Make sure all parties that are requiredby the account registration sign therequest; and

‰ Send your request to the appropriateaddress above under purchasing bymail.

A signature guarantee, from either aMedallion program member or anon-Medallion program member, of eachowner is required to redeem shares in thefollowing situations:

‰ If ownership is being changed on youraccount;

‰ When redemption proceeds arepayable to or sent to any person,address or bank account not onrecord;

‰ When a redemption request isreceived by the Transfer Agent andthe account address has been changedwithin the last 15 calendar days; and

‰ For all redemptions in excess of$1,000,000 from any shareholderaccount.

Non-financial transactions, includingestablishing or modifying certain services onan account, may require a signatureguarantee, signature verification from aSignature Validation Program member, orother acceptable form of authenticationfrom a financial institution source.

In addition to the situations describedabove, the Funds and/or the Transfer Agentreserve the right to require a signatureguarantee or other acceptable signatureverification in other instances based on thecircumstances relative to the particularsituation. The Funds reserve the right towaive any signature requirement at theirdiscretion. Receipt of purchase orders orredemption requests is based on when the

order is received at the Transfer Agent’soffices.

By Telephone: You may redeem yourshares of a Fund in any amount up to$1,000,000 by telephone if you acceptedtelephone privileges on your accountapplication, or if you provided a writtenrequest for telephone redemption. Asignature guarantee or other acceptablesignature authentication may be requiredto add this service. If an account has morethan one owner or authorized person, theFund will accept telephone instructionsfrom any one owner or authorized person.To redeem by telephone, call the TransferAgent at 1-800-697-3863 and provideyour name and account number, amountof redemption and name of the Fund.Once a telephone transaction has beenplaced, it cannot be canceled or modifiedafter the close of regular trading on theNYSE (generally, 4:00 p.m., Eastern time).For your protection against fraudulenttelephone transactions, the Funds will usereasonable procedures to verify youridentity including requiring you to provideyour account number and recordingtelephone redemption transactions. As longas these procedures were followed, theFunds will not be liable for any loss or costto you if they act on instructions to redeemyour account that are reasonably believedto be authorized by you. You will benotified if a telephone redemption orexchange is refused. Telephone trades mustbe received by or prior to market close toreceive that day’s NAV. Please allowsufficient time to place your telephonetransaction. Telephone exchanges orredemptions may be difficult duringperiods of extreme market or economicconditions. If this is the case, please sendyour exchange or redemption request bymail or overnight courier. Redemption

37 Prospectus

requests exceeding $1,000,000 must bemade in writing (see “By mail” above).

By Internet: If you are set up to performInternet transactions (either through youraccount application or by subsequentarrangements in writing), you may redeemshares in any amount up to $1,000,000through the Funds’ website atwww.tocquevillefunds.com. You mustredeem at least $100 for each Internetredemption. Redemption requests foramounts exceeding $1,000,000 must bemade in writing (see “By mail” above). Asignature guarantee or other acceptablesignature authentication is required of allshareholders in order to change Internetredemption privileges.

Investments Through Securities Dealers.Securities dealers may impose charges,limitations, minimums and restrictions inaddition to or different from thoseapplicable to shareholders who invest inthe Funds directly. Accordingly, the netyield to investors who invest throughsecurities dealers may be less than aninvestor would receive by investing in theFunds directly. Securities dealers may alsoset deadlines for receipt of orders that areearlier than the order deadline of the Funddue to processing or other reasons. Aninvestor purchasing through securitiesdealers should read this Prospectus inconjunction with the materials provided bythe securities dealers describing theprocedures under which Fund shares maybe purchased and redeemed through thesecurities dealers. For any questionsconcerning the purchase or redemption ofFund shares through a securities dealer,please call your securities dealer or theFund (toll free) at 1-800-697-3863.

Certain qualified securities dealers maytransmit an investor’s purchase or

redemption order to the Fund’s TransferAgent after the close of regular trading onthe NYSE on a Fund Business Day, on theday the order is received from the investor,as long as the investor has placed his orderwith the securities dealer by the close ofregular trading on the NYSE on that day.The investor will then receive the net assetvalue of the Fund’s shares determined bythe close of regular trading on the NYSE,on the day he placed his order with thequalified securities dealer. Orders receivedafter such time will not result in executionuntil the following Fund Business Day.Securities dealers are responsible forinstituting procedures to insure thatpurchase orders by their respective clientsare processed expeditiously.

Frequent Trading

The Tocqueville Trust discourages short-term or excessive trading (“frequenttrading”) of its Funds’ shares byshareholders (including by means ofexchanges) and maintains proceduresreasonably designed to detect and detersuch frequent trading. Frequent trading issometimes referred to as market timing.Market timing may take many forms butcommonly refers to arbitrage activityinvolving the frequent buying and sellingof mutual fund shares in order to takeadvantage of the fact that there may be alag between a change in the value of amutual fund’s portfolio securities and thereflection of that change in the fund’s shareprice. Frequent trading may dilute thevalue of fund shares held by long-termshareholders. Frequent trading may alsointerfere with the efficient management ofa fund’s portfolio, as it may result in a fundmaintaining higher cash balances than itotherwise would or cause a fund to sellportfolio securities at a time it otherwise


would not. Frequent trading may furtherresult in increased portfolio transaction (orbrokerage) costs, administrative and otheroperating costs and may cause a fund torealize taxable capital gains or harvestcapital losses at a time that it otherwisewould not. For these reasons, frequenttrading poses the risk of lower returns forlong-term shareholders of a Fund. There isno guarantee that policies and procedureswill be effective in detecting andpreventing frequent trading in whole or inpart.

In addition, to the extent a Fund invests inforeign securities traded primarily onmarkets that close prior to the time theFund determines its NAV, frequent tradingby some shareholders may, in certaincircumstances, dilute the value of Fundshares held by other shareholders. Thismay occur when an event that affects thevalue of the foreign security takes placeafter the close of the primary foreignmarket, but before the time that the Funddetermines its NAV. Certain investors mayseek to take advantage of the fact that therewill be a delay in the adjustment of themarket price for a security caused by thisevent until the foreign market reopens(referred to as price arbitrage). If thisoccurs, market timers who attempt thistype of price arbitrage may dilute the valueof a Fund’s shares to the extent they receiveshares or proceeds based upon NAVs thathave been calculated using the closingmarket prices for foreign securities, if thoseprices have not been adjusted to reflect achange in the fair value of the foreignsecurities. In an effort to prevent pricearbitrage, the Trust has proceduresdesigned to adjust closing market prices offoreign securities before a Fund calculatesits NAV when it believes such an event hasoccurred. Prices are adjusted to reflect what

the Fund believes are the fair values ofthese foreign securities at the time theFund determines its NAV (called fair valuepricing). Fair value pricing, however,involves judgments that are inherentlysubjective and inexact, since it is notpossible to always be sure when an eventwill affect a market price and to whatextent. As a result, there can be noassurance that fair value pricing will alwayseliminate the risk of price arbitrage. Therisk of price arbitrage also exists withthinly-traded securities in the U.S., such ashigh yield bonds and some small capequity securities. A Fund may employ fairvalue pricing to these types of securities if itdetermines that the last quoted marketprice no longer represents the fair value ofthe security.

Shareholders seeking to engage in frequenttrading may deploy a variety of strategies toavoid detection and despite the efforts ofthe Funds, there is no guarantee that theFunds’ procedures will in fact be able toidentify all frequent trading or that suchactivity can be completely eliminated. Theability of a Fund and its agents to detectand curtail frequent trading practices islimited by operational systems andtechnological limitations. For example, asignificant portion of the assets in theFunds may be invested by financialintermediaries on behalf of their clients,often in omnibus accounts whereindividual shareholder investments areaggregated by the intermediary and a singleaccount is opened with a Fund. Omnibusaccounts are common among financialintermediaries and may be established for avariety of legitimate purposes, includingpromoting efficiency of accountadministration and the privacy of customerfinancial information. When a financialintermediary maintains an omnibus

39 Prospectus

account with a Fund, the identity of theparticular shareholders that make up theomnibus account is often not known to theFund.

A Fund does not always know and cannotalways reasonably detect frequent tradingwhich may occur or be facilitated byfinancial intermediaries, particularly withregard to trading by shareholders inomnibus accounts. There may existmultiple tiers of omnibus accounts within afinancial intermediary, which may furthercompound the difficulty to a Fund and itsagents of detecting frequent trading inomnibus accounts. In addition, somefinancial intermediaries, particularly withrespect to group retirement plans, do nothave the ability to apply the Funds’frequent trading policies and procedures tothe underlying shareholders investing inthe Funds, either because they do not havethe systems capability to monitor suchtrades or they do not have access torelevant information concerning theunderlying accounts. In these cases, theFunds will not be able to determinewhether frequent trading by the underlyingshareholders is occurring. Accordingly, theability of the Funds to monitor and detectfrequent trading through omnibusaccounts is extremely limited, and there isno guarantee that the Funds will be able toidentify shareholders who may be engagingin frequent trading through omnibusaccounts or to curtail such trading. Inseeking to identify and prevent frequenttrading in omnibus accounts, the Fundswill consider the information that isactually available to them at the time andattempt to identify suspicious tradingpatterns on the omnibus account level.

As indicated above under “How toPurchase Shares of the Funds,” the Funds

reserve the right to refuse any purchase orexchange order for their shares for anyreason, including transactions deemed bythe Funds to represent frequent tradingactivity. The Trust may change its policiesrelating to frequent trading at any timewithout prior notice to shareholders.

Additional Shareholder Services

Systematic Withdrawal Plan: As anotherconvenience, you may redeem your Fundthrough the Systematic Withdrawal Plan(“Plan”). Under the Plan, you may chooseto receive a specified dollar amount,generated from the redemption of shares inyour account, on a monthly, quarterly orannual basis. In order to participate in thePlan, your account balance must be at least$10,000 and each payment must be aminimum of $500. If you elect thismethod of redemption, the Fund will senda check to your address of record, or willsend the payment via electronic fundstransfer through the ACH network,directly to your bank account. Forpayment through the ACH network, yourbank must be an ACH member and yourbank account information must bemaintained on your Fund account. ThisProgram may be terminated at any time bythe Fund. You may also elect to terminateyour participation in this Plan at any timeby contacting the Transfer Agent inwriting or by telephone at least five daysprior to the effective date.

A withdrawal under the Plan involvesredemption of shares and may result in again or loss for federal income taxpurposes. In addition, if the amountwithdrawn exceeds the dividends creditedto your account, the account ultimatelymay be depleted.


Exchange Privilege. Subject to certainconditions, you may exchange shares of aFund for shares of another Fund of TheTocqueville Trust at that Fund’s thencurrent net asset value. An exchange maybe made only in states where shares of theFunds are qualified for sale. The dollaramount of the exchange must be at leastequal to the minimum investmentapplicable to the shares of the Fundacquired through the exchange. Exchangesmust be made between accounts havingidentical registrations and addresses.Exchanges may be authorized in writing,and if elected on the application, bytelephone and via the internet.

You may also exchange shares of any or allof an investment in the Funds for shares ofthe First American Retail PrimeObligations Fund Class A shares, or theFirst American Government ObligationsFund (each a “First American MoneyMarket Fund” and together the “FirstAmerican Money Market Funds”). ThisExchange Privilege is a convenient way foryou to buy shares in a First AmericanMoney Market Fund in order to respondto changes in your investment goals ormarket conditions. Before exchanging intoa First American Money Market Fund, youshould read the First American MoneyMarket Funds’ Prospectus and confirmthat such shares are offered in your state ofresidence. To obtain the Prospectus andthe necessary exchange authorizationforms, call the Transfer Agent at1-800-697-3863. The First AmericanMoney Market Funds are managed by U.S.Bancorp Asset Management, an affiliate ofU.S. Bank Global Fund Services. The FirstAmerican Money Market Funds are notaffiliated with The Tocqueville Trust.

Because frequent trading can hurt theFunds’ performance and shareholders, theFunds reserve the right to temporarily orpermanently limit the number ofexchanges you may make or to otherwiseprohibit or restrict you from using theExchange Privilege at any time, withoutnotice. The restriction or termination ofthe Exchange Privilege does not affect therights of shareholders to redeem shares.The Transfer Agent charges a $5 fee foreach telephone exchange, which iscurrently paid by the Advisor.

An exchange of shares in a Fund pursuantto the Exchange Privilege is, in effect,redemption of shares in the Fund followedby the purchase of shares of the investmentcompany into which the exchange is madeand generally will result in a shareholderrealizing a taxable gain or loss for federalincome tax purposes.

Check Redemption. You may request onthe Purchase Application or by laterwritten request to establish checkredemption privileges for the FirstAmerican Retail Prime Obligations FundClass A. The redemption checks(“Checks”) will be sent only to theregistered owner(s) and only to the addressof record. Checks may be made payable tothe order of any person in the amount of$250 or more. Dividends are earned untilthe Check clears the Transfer Agent. Youraccount may not be closed by writing aCheck.

Additional Exchange and RedemptionInformation

Small Accounts. A Fund has the right toredeem an account that has dropped below$500 in value for a period of three monthsor more due to redemptions. You will begiven at least 60 days prior written notice

41 Prospectus

of any proposed redemption and you willbe given the option to purchase additionalshares to avoid the redemption.

Redemption Clearance. The proceedsfrom a redemption request may be delayedup to 15 calendar days if any portion of theshares to be redeemed represents a recentinvestment made by check or electronicfunds transfer through the ACH network.U.S. Bancorp Fund Services, LLC, theFunds’ Transfer Agent, will charge a $25fee against a shareholder’s account for anypayment returned. The shareholder willalso be responsible for any losses sufferedby the Funds as a result. This delay can beavoided by purchasing shares by wire.

Exchange Limit. In order to limit expenses,or pursuant to the Funds’ frequent tradingpolicies, we reserve the right to limit thetotal number of exchanges you can make inany calendar year.

Suspension of Redemptions. We maysuspend the right of redemption or

postpone the date at times when the NYSEis closed (other than customary weekendand holiday closings), during whichtrading on the NYSE is restricted or undercertain emergency circumstances or forsuch other periods as determined by theSEC.

Verification of Identity. In accordancewith applicable customer identificationregulations, the Funds reserve the right toredeem the shares of any shareholder andclose the shareholder’s account if a Fundand its agents are unable to verify theshareholder’s identity within a reasonabletime after the shareholder’s account isopened. If a Fund closes a shareholder’saccount in this manner, the shares will bevalued in accordance with the net assetvalue next calculated after the Fund decidesto close the account. The value of theshares at the time of redemption may bemore or less than what the shareholderpaid for such shares.

DIVIDENDS, DISTRIBUTIONS AND TAX MATTERS

Dividends and Capital GainsDistributions. Each Fund distributes all ormost of its net investment income and netcapital gains to shareholders. Dividends ofnet investment income for each Fund arenormally declared and paid at leastannually. Net capital gains (if any) for eachFund are also normally declared and paidat least annually.

Any dividends and/or capital gainsdistributions will be automatically reinvestedat the next determined NAV unless youelect otherwise. These reinvestments will notbe subject to a sales charge. You may chooseto have dividends and capital gains

distributions paid to you in cash. You mayalso choose to reinvest dividends and capitalgains distributions in shares of anotherTocqueville Fund. Dividends and capitalgains distributions generally will be taxableregardless of the manner in which youchoose to receive them. If you elect toreceive distributions and/or capital gainspaid in cash, and the U.S. Postal Servicecannot deliver the check, or if a checkremains outstanding for six months, theFund reserves the right to reinvest thedistribution check in your account, at theFund’s current net asset value, and toreinvest all subsequent distributions. Youmay authorize either of these options by


calling the Transfer Agent at1-800-697-3863. You may also submit awritten request or an account option changeform to change your distribution option tothe Funds’ Transfer Agent at P O Box 701Milwaukee, WI 53201-0701. Any changesshould be received by the Transfer Agent atleast five days before the record date in orderfor the change to be effective for thatdividend or capital gains distribution.

Buying Before a Dividend. If you ownshares of a Fund on the record date, youwill receive a dividend or capital gainsdistribution. The distribution will lowerthe NAV per share on that date and mayrepresent, in substance, a partial return ofbasis (your cost); however the distributionwill be subject to federal, and possibly stateand local income taxes.

Tax Matters

The following tax information is based ontax laws and regulations in effect on thedate of this prospectus. These laws andregulations are subject to change. Youshould consult a tax professionalconcerning the tax consequences ofinvesting in our Funds as well as forinformation on foreign, state and localtaxes which may apply. A statement thatprovides the federal income tax status ofthe Funds’ distributions will be sent toshareholders at the end of each year.

Qualification as a Regulated InvestmentCompany. Each Fund has elected andintends to continue to qualify to be taxedas a regulated investment company underSubchapter M of the Internal RevenueCode of 1986, as amended (the “Code”).As a regulated investment company, theFund will not be subject to federal incometax law if it distributes its income asrequired by the law and satisfies certain

other requirements that are described inthe SAI. If a Fund fails to qualify as aregulated investment company, it will besubject to tax as a regular corporation.There can be no assurance that thedistributions of a Fund will eliminate alltaxes in all periods at the Fund level.

Distributions to Shareholders.Distributions to shareholders may consistof ordinary income distributions, capitalgain distributions and/or returns of capital.Some dividends received by individualsthat consist of reported distributions fromthe Funds’ investment company taxableincome may be eligible for the lower taxrates currently applicable to qualifieddividends under federal income tax law, forwhich the maximum federal tax rate is20 percent if derived from taxable U.S.corporations or certain foreigncorporations and if certain holding periodsand other conditions are met. Short-termcapital gains and foreign currency gainsderived from sales of securities by a Fundare taxed to shareholders as ordinaryincome. Capital gain distributions aredistributions of a Fund’s net long-termcapital gains derived from selling stockswithin its portfolio that have satisfied thelong-term holding period. Such capitalgain distributions qualify for the reducedrate of tax on long-term capital gains fornon-corporate holders regardless how longyou have held your shares. Dividends andnet capital gains generally are subject to the3.8% federal tax on net investment incomefor shareholders in the higher income taxbrackets. You will incur taxable incomefrom distributions even if you have themautomatically reinvested. A distributiondeclared in October, November orDecember to shareholders of record on aspecified date in such a month but made inJanuary will be treated for tax purposes as

43 Prospectus

having been distributed on December 31of the prior year. A Fund may maketaxable distributions even during periods inwhich its share price has declined. Stateand local income taxes also may apply todistributions from the Funds.

Gain or Loss on Sale of Shares of a Fund.You will generally recognize a gain or losswhen you sell your shares of the Fund. Thegain or loss is the difference between theproceeds of the sale (generally the NAV ofthe Fund on the date of sale times thenumber of shares sold) and your adjustedtax basis. Any loss realized on a taxable saleof shares within six months from the dateof their purchase will be treated as a long-term capital loss to the extent of any netcapital gain distributions received withrespect to the shares. If you sell shares of aFund at a loss and repurchase shares of thesame Fund within 30 days before or afterthe sale (a wash sale), a deduction for theloss is generally disallowed. If you holdyour shares as a capital asset, you generallywill be eligible for the tax treatmentapplicable to capital gains with respect toany gain on such sales of shares in theFund. Generally, the current maximum

federal income tax rate on long-termcapital gains for non-corporate holders is20 percent. State and local capital gainstaxes also may apply.

Foreign Source Income and WithholdingTaxes. Some of a Fund’s investmentincome may be subject to foreign incometaxes, some of which may be withheld atthe source. If a Fund qualifies and meetscertain legal requirements (generallyholding more than 50 percent of its assetsin foreign securities subject to exceptionsfor fund of funds structures), it may electto pass-through to shareholders deductionsor credits for foreign taxes paid.Shareholders may then claim a foreign taxcredit or a foreign tax deduction for theirshare of foreign taxes paid. You shouldconsult with your own tax adviserregarding the impact to you of foreignsource income.

Additional information concerningtaxation of each Fund and its shareholdersis contained in the SAI. You should consultyour own tax adviser concerning federal,state and local taxation of distributionsfrom a Fund.

INDEX DESCRIPTIONS

S&P 500® Total Return Stock Index: TheS&P 500® Total Return Stock Index is agood indicator of general stock marketperformance. You may not invest directly inthe S&P 500® Total Return Stock Index.(Tocqueville Fund and Phoenix Fund)

Russell 2500® Growth Total ReturnIndex: The Russell 2500® Growth TotalReturn Index is an unmanaged index thatmeasures the performance of the small tomidcap growth segment of the U.S. equityuniverse. It includes those Russell 2500

companies with higher price-to-book ratiosand higher forecasted growth values. Youmay not invest directly in the Russell2500® Growth Total Return Index.(Opportunity Fund)

Russell 2000® Total Return Index: TheRussell 2000® Total Return Index is agood indicator of small company stockmarket performance. You may not investdirectly in the Russell 2000® Total ReturnIndex. (Phoenix Fund)


FINANCIAL HIGHLIGHTS

The financial highlights tables are intended to help you understand each Fund’s financialperformance for the last five years. Certain information reflects financial results for asingle Fund share. The total returns in the tables represent the rate that an investor wouldhave earned (or lost) on an investment in the Fund, assuming reinvestment of alldividends and distributions. The information for the years ended October 31, 2019,2018, 2017, 2016 and 2015 was audited by Grant Thornton LLP. Grant ThorntonLLP’s report along with further detail on each Fund’s financial statements are included inthe annual report, which is available upon your request by calling 1-800-697-3863, or byvisiting the Funds’ website at http://www.tocquevillefunds.com.

THE TOCQUEVILLE FUND

Years Ended October 31,2019 2018 2017 2016 2015

Per share operating performance(For a share outstanding throughout the year)Net asset value, beginning of year . . . . . . . . . . $ 35.84 $ 38.60 $ 33.72 $ 32.91 $ 34.18

Operations:Net investment income(1) . . . . . . . . . . . . . . . . 0.43 0.35 0.37 0.42 0.37Net realized and unrealized gain (loss) . . . . . . 4.46 0.45 6.40 1.07 (0.19)

Total from investment operations* . . . . . . . . . 4.89 0.80 6.77 1.49 0.18

Distributions to shareholders:Dividends from net investment income . . . . . (0.34) (0.33) (0.39) (0.35) (0.25)Distributions from net realized gains . . . . . . . (2.59) (3.23) (1.50) (0.33) (1.20)

Total distributions . . . . . . . . . . . . . . . . . . . . . (2.93) (3.56) (1.89) (0.68) (1.45)

Change in net asset value for the year . . . . . . . 1.96 (2.76) 4.88 0.81 (1.27)

Net asset value, end of year . . . . . . . . . . . . . . . $ 37.80 $ 35.84 $ 38.60 $ 33.72 $ 32.91

* Includes redemption fees per share of . . . . . N/A N/A N/A N/A 0.00(2)

Total Return . . . . . . . . . . . . . . . . . . . . . . . . . 14.9% 2.0% 20.9% 4.6% 0.5%

Ratios/supplemental data:Net assets, end of year (000) . . . . . . . . . . . . . . $285,070 $272,043 $293,637 $283,126 $309,267

Ratio to average net assets:Expenses before waiver/reimbursement . . . . . 1.30% 1.26% 1.27% 1.27% 1.29%Expenses after waiver/reimbursement . . . . . . . 1.25% 1.25% 1.26%(3) 1.24%(3) 1.25%

Net investment income before waiver/reimbursement . . . . . . . . . . . . . . . . . . . . 1.11% 0.91% 0.97% 1.18% 0.91%

Net investment income after waiver/reimbursement . . . . . . . . . . . . . . . . . . . . 1.16% 0.92% 0.98% 1.21% 0.95%

Portfolio turnover rate . . . . . . . . . . . . . . . . . . 13% 19% 10% 12% 15%

(1) Net investment income per share is calculated using the ending balance prior to consideration or adjustmentfor permanent book-to-tax differences.

(2) Represents less than $0.01.(3) Includes 0.01% of interest expense. Interest expense is not included in the Fund’s waiver/ reimbursement.

45 Prospectus

THE TOCQUEVILLE OPPORTUNITY FUND


Per share operating performance(For a share outstanding throughout the year)Net asset value, beginning of year . . . . . . . . . . . . . . $ 26.60 $ 26.12 $ 19.14 $ 21.41 $ 22.78

Operations:Net investment loss(1) . . . . . . . . . . . . . . . . . . . . . . (0.29) (0.29) (0.37) (0.29) (0.15)Net realized and unrealized gain (loss) . . . . . . . . . . 4.29 1.63 7.35 (1.98) 1.98

Total from investment operations* . . . . . . . . . . . . . 4.00 1.34 6.98 (2.27) 1.83

Distributions to shareholders:Dividends from net investment income . . . . . . . . . — — — — —Distributions from net realized gains . . . . . . . . . . . (2.49) (0.86) — — (3.20)

Total distributions . . . . . . . . . . . . . . . . . . . . . . . . . (2.49) (0.86) — — (3.20)

Change in net asset value for the year . . . . . . . . . . . 1.51 0.48 6.98 (2.27) (1.37)

Net asset value, end of year . . . . . . . . . . . . . . . . . . . $ 28.11 $ 26.60 $ 26.12 $ 19.14 $ 21.41

* Includes redemption fees per share of . . . . . . . . . N/A N/A N/A N/A 0.00(2)

Total Return . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16.9% 5.3% 36.5% (10.6)% 9.1%

Ratios/supplemental data:Net assets, end of year (000) . . . . . . . . . . . . . . . . . . $84,583 $82,106 $77,773 $92,958 $153,456

Ratio to average net assets:Expenses before waiver/reimbursement . . . . . . . . . 1.41% 1.33% 1.38% 1.38% 1.31%Expenses after waiver/reimbursement . . . . . . . . . . . 1.28%(3) 1.26%(3) 1.30%(3)(4) 1.38% 1.31%

Net investment loss before waiver/reimbursement . . . . . . . . . . . . . . . . . . . . . . . . (1.10)% (1.13)% (1.05)% (0.94)% (0.95)%

Net investment income after waiver/reimbursement . . . . . . . . . . . . . . . . . . . . . . . . (0.97)% (1.06)% (0.97)%(4) (0.94)% (0.95)%

Portfolio turnover rate . . . . . . . . . . . . . . . . . . . . . . 133% 151% 133% 108% 101%

(1) Net investment loss per share is calculated using the ending balance prior to consideration or adjustment forpermanent book-to-tax differences.

(2) Represents less than $0.01.(3) Includes interest expense of 0.03% for the year ended October 31, 2019, 0.01% for the year ended

October 31, 2018 and 0.05% for the year ended October 31, 2017. Interest expense is not included in theFund’s waiver/reimbursement.

(4) Expense waiver of 1.25% was implemented on November 1, 2016.


THE TOCQUEVILLE PHOENIX FUND


Per share operating performance(For a share outstanding throughout the year)Net asset value, beginning of year . . . . . . . . . . $ 20.20 $ 26.40 $ 26.47 $ 28.64 $ 36.40

Operations:Net investment loss(1) . . . . . . . . . . . . . . . . . . (0.03) (0.14) (0.15) (0.15) (0.14)Net realized and unrealized gain (loss) . . . . . . 1.16 (2.27) 4.91 0.78 (3.99)

Total from investment operations* . . . . . . . . . 1.13 (2.41) 4.76 0.63 (4.13)

Distributions to shareholders:Dividends from net investment income . . . . . 0.00(2) — — — —Distributions from net realized gains . . . . . . . (1.35) (3.79) (4.83) (2.80) (3.63)

Total distributions . . . . . . . . . . . . . . . . . . . . . (1.35) (3.79) (4.83) (2.80) (3.63)

Change in net asset value for the year . . . . . . . (0.22) (6.20) (0.07) (2.17) (7.76)

Net asset value, end of year . . . . . . . . . . . . . . . $ 19.98 $ 20.20 $ 26.40 $ 26.47 $ 28.64

* Includes redemption fees per share of . . . . . N/A N/A N/A N/A 0.00(2)

Total Return . . . . . . . . . . . . . . . . . . . . . . . . . 6.2% (10.6)% 19.0% 3.3% (12.3)%

Ratios/supplemental data:Net assets, end of year (000) . . . . . . . . . . . . . . $160,433 $237,119 $373,353 $400,827 $674,525

Ratio to average net assets:Expenses before waiver/reimbursement . . . . . 1.39% 1.32% 1.31% 1.29% 1.25%Expenses after waiver/reimbursement . . . . . . . 1.25% 1.25% 1.25%(3) 1.29% 1.25%

Net investment loss before waiver/reimbursement . . . . . . . . . . . . . . . . . . . . (0.24)% (0.55)% (0.55)% (0.33)% (0.15)%

Net investment loss after waiver/reimbursement . . . . . . . . . . . . . . . . . . . . (0.10)% (0.48)%

(0.49)%(3)

(0.33)% (0.15)%Portfolio turnover rate . . . . . . . . . . . . . . . . . . 40% 40% 36% 39% 19%

(1) Net investment loss per share is calculated using the ending balance prior to consideration or adjustment forpermanent book-to-tax differences.

(2) Represents less than $0.01.(3) Expense waiver of 1.25% was implemented on November 1, 2016.

47 Prospectus

THE TOCQUEVILLE TRUSTNotice of Privacy Policy & Practices

The Tocqueville Trust recognizes andrespects the privacy expectations of ourcustomers1. We are providing this notice toyou so that you will know what kinds ofinformation we collect about ourcustomers and the circumstances in whichthat information may be disclosed to thirdparties who are not affiliated with theTocqueville Trust.

We collect nonpublic personal informationabout our customers from the followingsources:

‰ Account Applications and other forms,which may include a customer’sname, address, social security numberand information about a customer’sinvestment goals and risk tolerance;

‰ Account History, includinginformation about the transactionsand balances in a customer’s accounts;and

‰ Correspondence, written, telephone orelectronic between a customer and theTocqueville Trust or service providersto the Tocqueville Trust.

We may disclose all of the informationdescribed above to certain third partieswho are not affiliated with the TocquevilleTrust as permitted by law—for examplesharing information with companies whomaintain or service customer accounts for

the Tocqueville Trust is permitted and isessential for us to provide shareholderswith necessary or useful services withrespect of their accounts. We may alsoshare information with companies thatperform marketing and or mailing serviceson our behalf or to other financialinstitutions with whom we have jointagreements.

We maintain, and require service providersto the Tocqueville Trust to maintainpolicies designed to assure only appropriateaccess to, and use of information about ourcustomers. When information about theTocqueville Trust’s customers is disclosedto nonaffiliated third parties, we requirethat the third party maintain theconfidentiality of the information disclosedand limit the use of information by thethird party solely to the purposes for whichthe information is disclosed or as otherwisepermitted by law.

We will adhere to the policies and practicesdescribed in this notice regardless ofwhether you are a current or formershareholder of the Tocqueville Trust.

1 For purposes of this notice, the terms “customer”or “customers” includes both shareholders of theTocqueville Trust and individuals who providenonpublic personal information to the TocquevilleTrust, but do not invest in shares of theTocqueville Trust.


e-Delivery. Shareholders may choose to receive mutual fund documents electronically.Visit www.tocquevillefunds.com and click on the “Account Access” link on the left side ofthe page to sign up for on-line access or to log into your account. To sign up forelectronic delivery, once logged into your account, click on the “e-Delivery Consent” linkat the bottom of the page, under “View Additional Information”. You can cancel yourenrollment or change your email address at any time.

Statement of Additional Information. The SAI provides a more complete discussionabout the Funds and is incorporated by reference into this Prospectus, which means thatit is considered a part of this Prospectus.

Annual and Semi-Annual Reports. Additional information about each Fund’sinvestments is available in the annual and semi-annual reports to shareholders. In theannual report, you will find a discussion of the market conditions and investmentstrategies that significantly affected each Fund’s performance during its last fiscal year.

To Review or Obtain this Information: The SAI and annual and semi-annual reports, aswell as other information about the Funds, are available without charge upon your requestby calling us at 1-800-697-3863, by visiting the Funds’ website http://www.tocquevillefunds.com, or by calling or writing a broker-dealer or other financialintermediary that sells our Funds. This information may be reviewed and copied at thePublic Reference Room of the SEC or by visiting the SEC’s World Wide Website athttp://www.sec.gov. Information on the operation of the Public Reference Room may beobtained by calling the SEC at 1-202-551-8090. In addition, this information may beobtained for a fee by writing or calling the Public Reference Room of the SEC, 100 FStreet, NE, Washington, DC 20549-1520 or by electronic request at [email protected].

Investment Company Act file no. 811-04840.

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The Tocqueville Trust › sites › default › files › ... · 2020-02-28 · The Tocqueville Trust Prospectus February 28, 2020 The Tocqueville Fund (TOCQX) The Tocqueville Opportunity