The Tocqueville Phoenix Fund | ||||||||
Schedule of Investments as of July 31, 2020 | ||||||||
(Unaudited) | ||||||||
Shares | Value | |||||||
Common Stocks - 89.8% | ||||||||
Auto Components - 4.9% | ||||||||
Garrett Motion, Inc. (a) | 125,000 | $ | 735,000 | |||||
Lear Corp. | 15,000 | 1,655,700 | ||||||
Visteon Corp. (a) | 57,000 | 4,138,770 | ||||||
6,529,470 | ||||||||
Building Products - 3.3% | ||||||||
Apogee Enterprises, Inc. | 205,000 | 4,425,950 | ||||||
Chemicals - 11.3% | ||||||||
Avient Corp. | 95,000 | 2,270,500 | ||||||
Eastman Chemical Co. | 27,500 | 2,052,325 | ||||||
GCP Applied Technologies, Inc. (a) | 60,000 | 1,369,200 | ||||||
HB Fuller Co. | 60,000 | 2,720,400 | ||||||
Innospec, Inc. | 17,000 | 1,277,890 | ||||||
Orion Engineered Carbons SA (b) | 300,000 | 3,060,000 | ||||||
WR Grace & Co. | 50,000 | 2,306,500 | ||||||
15,056,815 | ||||||||
Commercial Services & Supplies - 7.5% | ||||||||
ABM Industries, Inc. | 80,000 | 2,872,000 | ||||||
Harsco Corp. (a) | 449,200 | 7,169,232 | ||||||
10,041,232 | ||||||||
Communications Equipment - 4.9% | ||||||||
Lumentum Holdings, Inc. (a) | 71,000 | 6,590,930 | ||||||
Construction Materials - 1.4% | ||||||||
U.S. Concrete, Inc. (a) | 77,500 | 1,923,550 | ||||||
Electrical Equipment - 3.3% | ||||||||
Acuity Brands, Inc. | 45,000 | 4,459,500 | ||||||
Electronic Equipment, Instruments & Components - 17.9% | ||||||||
Fabrinet (a)(b) | 92,100 | 6,689,223 | ||||||
Flex Ltd. (a)(b) | 530,000 | 6,089,700 | ||||||
MTS Systems Corp. | 50,000 | 927,500 | ||||||
Plexus Corp. (a) | 60,000 | 4,457,400 | ||||||
TTM Technologies, Inc. (a) | 460,000 | 5,662,600 | ||||||
23,826,423 | ||||||||
Energy Equipment & Services - 0.8% | ||||||||
Solaris Oilfield Infrastructure, Inc. - Class A | 150,000 | 1,089,000 | ||||||
Food Products - 0.7% | ||||||||
Landec Corp. (a) | 93,200 | 879,808 | ||||||
Health Care Equipment & Supplies - 0.4% | ||||||||
Inogen, Inc. (a) | 15,000 | 460,500 | ||||||
Health Care Providers & Services - 1.7% | ||||||||
Cross Country Healthcare, Inc. (a) | 352,000 | 2,282,720 | ||||||
Household Durables - 4.4% | ||||||||
Mohawk Industries, Inc. (a) | 27,000 | 2,155,950 | ||||||
Newell Brands, Inc. | 225,000 | 3,690,000 | ||||||
5,845,950 | ||||||||
Interactive Media & Services - 1.5% | ||||||||
Cars.com, Inc. (a) | 250,000 | 2,030,000 | ||||||
IT Services - 4.1% | ||||||||
DXC Technology Co. | 175,000 | 3,134,250 | ||||||
Unisys Corp. (a) | 200,000 | 2,378,000 | ||||||
5,512,250 | ||||||||
Machinery - 8.7% | ||||||||
Crane Co. | 72,500 | 4,101,325 | ||||||
Lydall, Inc. (a) | 90,000 | 1,458,000 | ||||||
Mayville Engineering Co., Inc. (a) | 96,993 | 736,177 | ||||||
REV Group, Inc. | 205,000 | 1,332,500 | ||||||
Stanley Black & Decker, Inc. | 26,000 | 3,986,320 | ||||||
11,614,322 | ||||||||
Media - 3.2% | ||||||||
TEGNA, Inc. | 361,000 | 4,252,580 | ||||||
Paper & Forest Products - 2.1% | ||||||||
Louisiana-Pacific Corp. | 90,000 | 2,850,300 | ||||||
Professional Services - 0.2% | ||||||||
Mistras Group, Inc. (a) | 80,000 | 282,400 | ||||||
Technology Hardware, Storage & Peripherals - 0.6% | ||||||||
Hewlett Packard Enterprise Co. | 75,000 | 740,250 | ||||||
Textiles, Apparel & Luxury Goods - 3.1% | ||||||||
PVH Corp. | 85,000 | 4,136,100 | ||||||
Trading Companies & Distributors - 3.8% | ||||||||
Rush Enterprises, Inc. - Class A | 105,000 | 4,995,900 | ||||||
Total Common Stocks (Cost $122,763,602) | 119,825,950 | |||||||
Short-Term Investment - 5.0% | ||||||||
Money Market Fund - 5.0% | ||||||||
STIT - Treasury Portfolio - Institutional Class, 0.076% (c) | 6,600,000 | 6,600,000 | ||||||
Total Short-Term Investment (Cost $6,600,000) | 6,600,000 | |||||||
Total Investments (Cost $129,363,602) - 94.8% | 126,425,950 | |||||||
Other Assets in Excess of Liabilities - 5.2% | 6,961,070 | |||||||
Total Net Assets - 100.0% | $ | 133,387,020 |
Percentages are stated as a percent of net assets. | ||||
(a) | Non-income producing security. | |||
(b) | Foreign issued Security. Foreign Concentration (including ADR's) was as follows: Cayman Islands 5.0%; Luxembourg 2.3%; Singapore 4.6%. | |||
(c) | Rate listed is the 7-day effective yield. | |||
The Accompanying Footnotes are an Integral Part of these Schedule of Investments. |