The Tocqueville Opportunity Fund | ||||||||||
Schedule of Investments as of July 31, 2020 | ||||||||||
(Unaudited) | ||||||||||
Shares | Value | |||||||||
Common Stocks - 101.5% | ||||||||||
Capital Goods - 4.4% | ||||||||||
Dover Corp. | 2,000 | $ | 205,860 | |||||||
Fortive Corp. | 5,000 | 350,950 | ||||||||
HEICO Corp. | 6,343 | 609,689 | ||||||||
Hubbell, Inc. | 2,500 | 337,425 | ||||||||
Huntington Ingalls Industries, Inc. | 1,000 | 173,710 | ||||||||
IDEX Corp. | 2,500 | 412,050 | ||||||||
Lennox International, Inc. | 1,300 | 348,582 | ||||||||
Masco Corp. | 11,000 | 628,760 | ||||||||
Nordson Corp. | 2,000 | 387,260 | ||||||||
Rockwell Automation, Inc. | 1,700 | 370,838 | ||||||||
Virgin Galactic Holdings, Inc. (a) | 12,500 | 280,625 | ||||||||
4,105,749 | ||||||||||
Commercial & Professional Services - 8.3% | ||||||||||
Cintas Corp. | 3,000 | 905,610 | ||||||||
Copart, Inc. (a) | 7,000 | 652,750 | ||||||||
CoStar Group, Inc. (a) | 1,000 | 849,760 | ||||||||
Equifax, Inc. | 2,500 | 406,400 | ||||||||
Exponent, Inc. | 5,000 | 420,300 | ||||||||
IHS Markit Ltd. (b) | 8,000 | 645,840 | ||||||||
TransUnion | 8,500 | 761,345 | ||||||||
UniFirst Corp. | 3,800 | 708,624 | ||||||||
Verisk Analytics, Inc. | 7,000 | 1,320,970 | ||||||||
Waste Connections, Inc. (b) | 9,500 | 972,515 | ||||||||
7,644,114 | ||||||||||
Consumer Durables & Apparel - 0.4% | ||||||||||
Lululemon Athletica, Inc. (a) | 1,200 | 390,708 | ||||||||
Consumer Services - 0.9% | ||||||||||
Bright Horizons Family Solutions, Inc. (a) | 4,500 | 482,580 | ||||||||
Restaurant Brands International LP | 37 | 2,105 | ||||||||
Shake Shack, Inc. - Class A (a) | 7,500 | 364,125 | ||||||||
848,810 | ||||||||||
Diversified Financials - 3.6% | ||||||||||
Apollo Global Management, Inc. | 5,500 | 270,050 | ||||||||
MarketAxess Holdings, Inc. | 1,250 | 645,875 | ||||||||
MSCI, Inc. | 2,000 | 751,960 | ||||||||
S&P Global, Inc. | 2,500 | 875,625 | ||||||||
Tradeweb Markets, Inc. - Class A | 14,000 | 756,980 | ||||||||
3,300,490 | ||||||||||
Health Care Equipment & Services - 9.1% | ||||||||||
DexCom, Inc. (a) | 7,000 | 3,048,780 | ||||||||
IDEXX Laboratories, Inc. (a) | 2,800 | 1,113,700 | ||||||||
Insulet Corp. (a) | 6,000 | 1,220,160 | ||||||||
Intuitive Surgical, Inc. (a) | 650 | 445,536 | ||||||||
Masimo Corp. (a) | 1,500 | 330,180 | ||||||||
Tandem Diabetes Care, Inc. (a) | 4,500 | 470,070 | ||||||||
Teladoc Health, Inc. (a) | 1,200 | 285,156 | ||||||||
Veeva Systems, Inc. - Class A (a) | 5,500 | 1,455,135 | ||||||||
8,368,717 | ||||||||||
Media & Entertainment - 1.5% | ||||||||||
Pinterest, Inc. - Class A (a) | 27,000 | 925,830 | ||||||||
Roku, Inc. (a) | 1,500 | 232,335 | ||||||||
ZoomInfo Technologies, Inc. - Class A (a) | 6,000 | 245,220 | ||||||||
1,403,385 | ||||||||||
Pharmaceuticals, Biotechnology & Life Sciences - 9.7% | ||||||||||
ACADIA Pharmaceuticals, Inc. (a) | 13,000 | 540,410 | ||||||||
Acceleron Pharma, Inc. (a) | 2,000 | 198,340 | ||||||||
Agios Pharmaceuticals, Inc. (a) | 3,000 | 135,960 | ||||||||
Alnylam Pharmaceuticals, Inc. (a) | 3,000 | 437,280 | ||||||||
Axsome Therapeutics, Inc. (a) | 2,500 | 178,325 | ||||||||
Bio-Techne Corp. | 1,200 | 330,192 | ||||||||
Charles River Laboratories International, Inc. (a) | 2,400 | 477,576 | ||||||||
Esperion Therapeutics, Inc. (a) | 5,500 | 206,965 | ||||||||
Galapagos NV (a)(b) | 5,500 | 1,021,050 | ||||||||
Genmab A/S (a)(b) | 3,000 | 1,024,566 | ||||||||
Iovance Biotherapeutics, Inc. (a) | 35,000 | 1,017,450 | ||||||||
Mirati Therapeutics, Inc. (a) | 2,000 | 242,620 | ||||||||
MyoKardia, Inc. (a) | 11,000 | 991,430 | ||||||||
Neurocrine Biosciences, Inc. (a) | 7,500 | 902,700 | ||||||||
Pacira BioSciences, Inc. (a) | 5,000 | 263,050 | ||||||||
Reata Pharmaceuticals, Inc. (a) | 4,000 | 590,800 | ||||||||
Seattle Genetics, Inc. (a) | 2,500 | 415,675 | ||||||||
8,974,389 | ||||||||||
Retailing - 1.7% | ||||||||||
Pool Corp. | 2,750 | 870,925 | ||||||||
RH (a) | 2,500 | 718,575 | ||||||||
1,589,500 | ||||||||||
Software & Services - 61.2% | ||||||||||
Adobe, Inc. (a) | 4,500 | 1,999,440 | ||||||||
ANSYS, Inc. (a) | 1,500 | 465,900 | ||||||||
Aspen Technology, Inc. (a) | 2,000 | 194,520 | ||||||||
Atlassian Corp. PLC - Class A (a)(b) | 3,500 | 618,275 | ||||||||
Avalara, Inc. (a) | 5,000 | 672,250 | ||||||||
Booz Allen Hamilton Holding Corp. | 6,500 | 531,440 | ||||||||
Broadridge Financial Solutions, Inc. | 4,000 | 537,360 | ||||||||
Cadence Design Systems, Inc. (a) | 5,000 | 546,250 | ||||||||
Coupa Software, Inc. (a) | 15,500 | 4,749,975 | ||||||||
EPAM Systems, Inc. (a) | 2,000 | 580,160 | ||||||||
Euronet Worldwide, Inc. (a) | 2,500 | 240,350 | ||||||||
Fair Isaac Corp. (a) | 1,500 | 658,785 | ||||||||
Fastly, Inc. - Class A (a) | 5,000 | 482,450 | ||||||||
Fidelity National Information Services, Inc. | 14,986 | 2,192,602 | ||||||||
Fiserv, Inc. (a) | 17,075 | 1,703,914 | ||||||||
FleetCor Technologies, Inc. (a) | 1,200 | 310,284 | ||||||||
Fortinet, Inc. (a) | 4,500 | 622,350 | ||||||||
Global Payments, Inc. | 14,031 | 2,497,798 | ||||||||
MongoDB, Inc. (a) | 2,500 | 572,700 | ||||||||
Okta, Inc. (a) | 21,000 | 4,640,580 | ||||||||
Paycom Software, Inc. (a) | 10,500 | 2,985,885 | ||||||||
Paylocity Holding Corp. (a) | 22,500 | 2,997,000 | ||||||||
Proofpoint, Inc. (a) | 2,000 | 231,340 | ||||||||
ServiceNow, Inc. (a) | 17,000 | 7,466,400 | ||||||||
Shopify, Inc. - Class A (a)(b) | 8,500 | 8,704,000 | ||||||||
Splunk, Inc. (a) | 9,000 | 1,888,380 | ||||||||
Twilio, Inc. - Class A (a) | 9,500 | 2,635,490 | ||||||||
Tyler Technologies, Inc. (a) | 1,000 | 357,250 | ||||||||
Workday, Inc. - Class A (a) | 17,000 | 3,075,640 | ||||||||
Zendesk, Inc. (a) | 16,000 | 1,458,400 | ||||||||
56,617,168 | ||||||||||
Technology Hardware & Equipment - 0.7% | ||||||||||
PAR Technology Corp. (a) | 20,000 | 615,200 | ||||||||
Total Common Stocks (Cost $40,433,463) | 93,858,230 | |||||||||
Purchased Call Option - 0.3% | Contracts | Notional Amount | ||||||||
Media & Entertainment - 0.3% | ||||||||||
Pinterest, Inc. - Class A | ||||||||||
Expiration: August 2020, Exercise Price $26.00 (a) | 300 | $ 780,000 | 250,500 | |||||||
Total Purchased Call Option (Cost $70,043) | 250,500 | |||||||||
Short-Term Investment - 0.0% | Shares | |||||||||
Money Market Fund - 0.0% | ||||||||||
STIT-Treasury Portfolio - Institutional Class, 0.076% (c) | 88 | 88 | ||||||||
Total Short-Term Investment (Cost $88) | 88 | |||||||||
Total Investments (Cost $40,503,594) - 101.8% | 94,108,818 | |||||||||
Liabilities in Excess of Other Assets - (1.8)% | (1,670,369 | ) | ||||||||
Total Net Assets - 100.0% | $ | 92,438,449 |
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: Belgium 1.1%; Bermuda 0.7%; Canada 10.5%; Denmark 1.1%; United Kingdom 0.7%. | |||
(c) | Rate listed is the 7-day effective yield. | |||
The Accompanying Footnotes are an Integral Part of these Schedule of Investments. |