As filed with the Securities and Exchange Commission on [date]
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-4840
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The Tocqueville Trust
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(Exact name of registrant as specified in charter)
The Tocqueville Trust
1675 Broadway, 16th Floor
New York, New York 10019
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(Address of principal executive offices) (Zip code)
Robert W. Kleinschmidt, President
The Tocqueville Trust
1675 Broadway
New York, New York 10019
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(Name and address of agent for service)
(212) 698-0800
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Registrant's telephone number, including area code
Date of fiscal year end: October 31
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Date of reporting period: April 30, 2003
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Item 1. Reports to Stockholders.
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SEMI-ANNUAL REPORT
April 30, 2003
The Tocqueville Trust
Mutual Funds
The Tocqueville Fund
The Tocqueville Small Cap Value Fund
The Tocqueville International Value Fund
The Tocqueville Gold Fund
[LOGO]
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This report is not authorized for distribution to prospective investors unless
preceded or accompanied by a currently effective prospectus of The Tocqueville
Trust. Please call 1-800-697-FUND (3863) for a free prospectus. Read it
carefully before you invest.
You are invited to visit our website @ www.tocquevillefunds.com
Dear Fellow Shareholder,
In the first half of our fiscal year, most stock markets inched higher
despite widespread investor anguish and a highly volatile environment.
The Tocqueville contrarian/value approach is a bottom-up process that
focuses primarily on the analysis and evaluation of individual companies.
Macroeconomics and market considerations are thus secondary, except that they
provide an important backdrop to our contrarian analytical work.
Interestingly, the war in Iraq, the SARS epidemic and related disruptions
have caused very little change in our view of the world economy compared with
six months ago.
We remain awed at the extent to which capital markets and financial flows,
having grown exponentially in recent years, now seem to determine trends in the
"real" economies, rather than the opposite, as in the past. For example, the
high-tech financing bubble of the late 1990s was accompanied by huge flows of
global capital into the United States, which starved other economies of
investment capital but boosted economic growth in the United States beyond what
would have been possible without that extra liquidity. Of course, much of that
superfluous capital was wasted in unprofitable investments in
telecommunications and other technology ventures.
Now that the stock market bubble has burst, the American economy is
adjusting, not only to a more modest level of economic activity, but also to
slower (more sustainable) growth prospects from that lower level of economic
activity. In the process, the U.S. dollar's inexorable rise, which was closely
associated with the stock market bubble, has also ended and the dollar faces
several years of underlying weakness.
This view may seem paradoxical, because the United States unquestionably
remains the strongest and most dynamic economy in the world. The problem is
"unquestionably", for that is what is reflected in the prices of global
currencies, stocks and bonds today. From that situation, small changes in
fundamentals or in the consensus view of these fundamentals will cause prices
to move, sometimes widely. This is what we expect to take place in the next few
years. At the end of that period, the United States will still be the
preeminent world economy while Europe and Japan will remain hampered by
bureaucratic and social rigidities ... but less so.
Thus, world stock markets seem poised to struggle through a phase not unlike
the second half of the 1970s, where the place of the dollar and the U.S.
economy in the global environment was being re-assessed by investors worldwide.
Many differences exist between that period and today, but it was a time of
dollar weakness, renewed inflation (which we expect) and consolidation in stock
valuations after the bursting of a major speculative bubble. We can expect
major investment cross-currents in the next few years, but are confident that
alertness to changing global trends and a strict stock selection discipline are
the best tools to handle these challenges profitably.
Respectfully,
/s/ Francois Sicart
Francois Sicart
Chairman and Principal Executive Officer
1
The Tocqueville Fund
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Dear Fellow Shareholder,
As I make my remarks at this mid-point of our fiscal year, I cannot help but
note how many of the difficult challenges we faced just six months ago are now
history. The war in Iraq was prosecuted and won, at least militarily; the third
tax cut of this Presidency, including slashing taxes on dividends to a maximum
of 15%, was passed by Congress; and the Administration has skillfully guided
the U.S. dollar down, weakening it by nearly 14% versus the Euro in just these
six months, with remarkably little protest and disruption to date. However,
also notable is what did not happen. Despite many positive signs, the U.S.
economy remains a sluggish one, only moderately better than the recessionary
lows of two years ago.
In this recent period, The Tocqueville Fund gained 4.17%, in step with the
broad market, which, as measured by the S&P 500, gained 4.48%. However,
mirroring the contentious issues that were processed in this period, this gain
did not come smoothly. After initially moving ahead by 5%-6% during the first
two months of the period, the market experienced a bruising decline of about
14% from those levels as the uncertainty over the war in Iraq took center
stage. It bottomed on March 11/th/ when a clear decision to go to war was
finally made, gaining 11% by the time the shooting actually started a week
later. Thus illustrating the price of uncertainty.
Our activity during these past six months was centered around the investment
themes we have been pursuing for the past two years. We continued to build
exposure to an economic upturn, adding to our industrial and resource
investments. We also added to our healthcare sector holdings which should be a
beneficiary of the aging of the global population. And we were pleased to pick
up a couple of venerated names that had fallen from grace. In the industrial
and resource area we nearly doubled our position in Flowserve and added four
new positions, Federal Signal, Kennametal and Weyerhaeuser. In healthcare we
added to our positions in Bristol Myers and Merck. We partially funded the
healthcare purchases by switching out of Schering Plough. Coca Cola and Home
Depot were the household names we picked up as they were being dismissed by
investors. In financial services we switched out of a couple strong business
franchises that had provided excellent performance during difficult market
conditions, Bank of America and American Express, to another that was deeply
out of favor, Bank of New York. We funded most of these investments using
reserves on hand taking cash down from 7% at the beginning of our fiscal year
to less than 1%. We also trimmed certain positions and sold out some others to
make room for the new investments.
We remain confident that the economy will get out of its current funk and
have positioned the portfolio accordingly. It has clearly taken longer than
expected to shake off the drag caused by the unwinding of the hyperbolic
activity of the last cycle. However, policymakers appear committed to go to any
length and use every tool available to get this expansion on track. There is
little question in our minds that this will occur, but the timing remains
uncertain.
The powerful rally that commenced in mid March continues as of the date of
this writing and The Tocqueville Fund has kept pace with the overall market. We
do not expect this rally to continue its torrid pace for very long, however,
given the sluggish economic outlook and the prospect of raising interest rates.
We view this sharp rebound to be a reaction to the very steep decline of the
previous twelve months. After the reaction is over, we
2
expect a desultory overall market in the period ahead, one in which stock
picking will be key. We are devoting our research efforts to finding stocks
that can do well in this environment. As ever we thank you, our fellow
shareholders, for your continuing support.
Sincerely,
/s/ Robert W. Kleinschmidt
Robert W. Kleinschmidt
Portfolio Manager
3
The Tocqueville Small Cap Value Fund
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Dear Fellow Shareholder,
I am pleased to report that the Tocqueville Small Cap Value Fund has
maintained its overall excellent performance. For the six-month period ended
April 30, 2003 your portfolio of value stocks rose 8.46% to a Net Asset Value
of $13.21 per share. This gain compares favorably with gains posted by most
market indexes and with the 7.55% increase posted by our Russell 2000
benchmark. The Fund's average annual return of 12.54% since inception in 1994
also compares favorably with the 7.26% return of that index over the same
period. While our value-based investment philosophy is not to try to outperform
any index, I will try my best to maintain that performance in the future.
Cautious Optimism Maintained
Since last October it has become quite apparent that many of the basic
tenets that make us the most productive and the most prosperous nation on the
globe have been put to serious new tests. Call it the wall of worry syndrome:
in a cynical sense, fear and confusion have been globalized to unprecedented
scale.
Economists and other self-anointed pundits are warning us daily about
inflation and deflation, about rising interest rates, about a housing bubble,
about the costs of the Iraq war, about the costs of the Iraq peace, about
rising Federal and State budget deficits, about rising unemployment, about a
strong dollar or a weak one, and so on.
All this of course leads me to take the longer view of current events, and
to conclude that 1) we are still in a period of unprecedented change in terms
of scope, scale, and new opportunities, 2) as is usually the case in periods of
rapid change and economic dislocation, the ensuing valuation discrepancies
should present the patient long-term value-investor with unprecedented
opportunities at tolerable levels of risk, 3) prosperity remains a relative
concept, and when realities set in and all uncertainties dissipate as they
usually do, the United States will still be the most productive and prosperous
nation on the globe. As a result, I remain cautiously optimistic, fully
invested, and ready to exploit opportunities as they arise.
We have 41 stocks in our portfolio, up from 40 stocks six months ago, and
48% of our assets are invested in our ten best ideas. Over the past six months
we have significantly shifted our investments to severely depressed,
economically sensitive sectors with attractive long-term recovery prospects in
an economic rebound, and we have reluctantly reduced some of our defensive
holdings.
We have also kept or added to a few telephone wireless equipment and oil
exploration companies with promising long-term futures, but somewhat dismal
near-term prospects. As a result, we now have an acceptable concentration of
assets in well-positioned businesses that are "losing money for the right
reasons". Our theory continues to be that such good businesses that are losing
money can only surprise investors positively when the economic recovery gets
underway.
To be more specific, 43% of assets are invested in broadly defined old
economy sectors: 5% in oil exploration services, 32% in manufacturing and
specialty chemicals, and 6% in automotive parts suppliers. Defensive consumer
4
non-durable and healthcare related sectors account for 28% of assets. Other
areas of concentrated exposure include wireless telephone hardware at 16% and
computer software services at 5%. Personnel and business service sectors
represent 7% of assets, and cash equivalents 2%.
Ten Largest Positions
UNOVA, Inc. (6.8%) Electronic bar code equipment
Westell Technologies, Inc. (6.4%) Telco modems
Flowserve Corporation (4.9%) Pumps & valves
Perrigo Company (4.9%) Store-brand drugs
Rayovac Corporation (4.3%) Consumer batteries
Dendrite International, Inc. (4.3%) Healthcare software
Dana Corporation (4.3%) Automotive axles, parts
A. Schulman, Inc. (4.3%) Automotive plastics, industrial
The Tim Ken Company (4.1%) Industrial roller bearings
Del Monte Foods Company (4.1%) Consumer non-durables
In closing, let me express my gratitude for your selection of the
Tocqueville Small Cap Value Fund to achieve your long-term investment goals.
Sincerely,
/s/ Jean-Pierre Conreur
Jean-Pierre Conreur
Portfolio Manager
5
The Tocqueville International Value Fund
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Dear Fellow Shareholder,
For the six months ending April 30th 2003, the Tocqueville International
Value Fund's total US dollar return was 4.5%. In the same period, the Morgan
Stanley EAFE Index had a total US dollar return of 2.0%.
The fiscal year began on a constructive note. Following two years of
precipitous declines, the major developed markets were trading at valuation
levels that were reasonable, if not cheap. Interest rates globally were low and
promised to be taken lower as Central Banks acted on their concerns about
potential deflation by flooding the markets with liquidity. Many companies in
the U.S., Europe, and Japan were at least a year into cost reduction and
balance sheet restructuring programs that would position them well for profit
recovery in a business upturn. Against this background, investor expectations
were low, still effected by concerns over terrorism, corporate malfeasance, and
economic uncertainty. As such, the presentation of President Bush's stimulus
package, a brief moderation of energy prices, and indications of a modest
economic pickup in the U.S. and Europe caused the global markets to achieve
small gains through mid-January. Then, however, the geopolitical angst
generated by the apparent U.S. determination to wage war on Iraq dashed
investor confidence and led most equity markets worldwide to decline. This
effect was compounded in Asia by the outbreak of SARS. In Japan, the rally that
normally occurs at the end of the March fiscal year also was undermined by
massive selling by banks that are reducing their shareholdings to comply with
new regulations. When the U.S and European markets rallied in March in response
to the initiation and then quick cessation of military conflict in Iraq, Asia
and Japan remained depressed for the abovementioned reasons. In this general
context, the markets that performed best were those of commodity oriented
economies, like Brazil, Russia and Indonesia. This fits with one of our broad
investment themes, which calls for slow but steady growth, reflation and a
concomitant increase in commodity prices, particularly those that are supply
constrained.
During the six-month period, the European markets declined by approximately
6.0% and the Japanese market declined by 9.4%. The Euro increased by 10.0%
against the U.S. dollar as money flows continued out of U.S. assets as the
investment "bubble" of the late 1990s continues to deflate. The Japanese Yen
increased by 3.0% against the U.S. dollar despite capitulation in the local
capital markets. As such, the positive return in the EAFE was generated
principally by currency appreciation against the U.S. dollar. TIVFX's
performance derived from successful stock selection in Asia, Europe and Mexico,
which more than offset the impact of our exposure to Japan.
In terms of the composition of TIVFX's portfolio, we significantly increased
our exposure to industrial Europe during March, when the market declined due to
concerns about Iraq, social unrest, high energy prices, and the possible impact
of the Euro's rise on exports and economic activity. This "perfect storm" of
very negative investor sentiment provided us the opportunity to buy at
extraordinarily cheap valuations several very high quality medium-sized old
economy companies that remain leaders in their global markets. The investment
in Europe was funded through a decrease in our exposure to Japanese and Chinese
shares, which represented less compelling values on a relative basis.
Looking forward, we expect the global economy to continue its slow recovery,
with continued strength in Asia and modest improvement in Japan and the U.S. In
Europe, systemic rigidities continue to hamper economic efficiency, but the
structural issues are understood and beginning to be addressed. The U.S. dollar
may continue to decline against the Euro and other major currencies as
excessive levels of foreign investment in the U.S. markets are unwound and U.S.
policy makers tacitly accept the devaluation's stimulative effects on U.S.
economic activity and inflation, and welcome the pressure it imposes on other
governments to cut interest rates and grow money supply.
6
We believe that the economic and business fundamentals in our Fund's markets
should improve marginally faster than in the U.S. At the same time, the
international markets continue to be cheaper than the U.S. market along various
valuation criteria. We are therefore excited about the prospects for corporate
earnings growth in and money flows into our markets. We continue to employ our
consistent investment discipline to discover fundamentally attractive companies
that are out of favor and undervalued, in order to provide our shareholders
with above average returns with below average risk.
Respectfully,
/s/ Francois Sicart /s/ James Hunt
Francois Sicart James Hunt
Portfolio Manager Portfolio Manager
7
The Tocqueville Gold Fund
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Dear Fellow Shareholder,
For the six months ending April 30, 2003, the Tocqueville Gold Fund return
was 9.6%. Over the same period, the benchmark XAU returned 3.9%.
While the fundamental backdrop for gold and gold shares continues to
improve, the six month period was especially challenging due to the distraction
created by the Gulf War. In anticipation of military action, the gold price ran
up to $390 in early February, reaching a new high since the inception of the
bull market in gold that commenced August 1999. As investors began to unwind
the so called "war trade", gold and gold shares entered a steep correction
along with oil, commodities and related stocks. Nothing could better illustrate
the foolishness of conventional wisdom than the whipsaw created by this
distraction. The correction in the metal and the gold shares was completed in
late March to early April and represented what will most likely prove to be the
best buying opportunity of 2003.
We anticipate new highs in the metal and shares during the balance of 2003
based on the unraveling of the bond market bubble and unrelenting efforts by
the Federal Reserve to fight the specter of deflation with aggressively
inflationary countermeasures. The moment is approaching when investors who are
seeking safety in fixed income instruments begin to realize that they have been
snookered on a scale that rivals the dot com mania. Greenspan has simply
replaced one bubble with another--the first motivated by greed and the second
motivated by a scramble for safety that has quickly evolved into a cycle of
greed.
The next few years will redefine perspectives on what constitutes a safe
haven. Gold will be discovered by process of elimination. Treasury yields are
so low that they offer only return free risk. Sub investment grade debt
defaults are growing and credit spreads are beginning to widen. While the
economy may recover, as it did during the deflationary decade of the 1990's in
Japan, the financial markets will continue to struggle. An allocation to gold
and gold shares makes more sense than ever.
The World Gold Council will launch a Gold Equity Share (symbol GLD-NYSE)
this summer. Each share will represent 1/10th of an ounce of gold and will be
backed by a like amount of physical metal held with HSBC, a major financial
institution and bullion dealer. For the first time, physical gold will be
accessible through brokerage accounts. We expect the advent of this instrument
to attract significant capital flows, thus ending gold's historical isolation
from mainstream financial markets. In time, we anticipate GLD to stimulate
investment demand for gold for its value as a portfolio diversifier during
periods of market stress, in other words, insurance.
An allocation to gold in one's portfolio should be composed of physical gold
as well as mining shares. Both play an important role, and the Tocqueville Gold
fund expects to take advantage of this instrument when it is available for
trading. More detail on this is available on the Tocqueville Web Site under
"The Gold Equity Share--An Idea Whose Time Has Come."
We are pleased to inform you that we have added Doug Groh to our research
group. Doug has enjoyed a long and distinguished investment career, including
positions as portfolio manager of the IDS Precious Metals Fund, and most
recently, as a senior equity analyst with JP Morgan Chase.
8
This June 30th will mark the fifth year of the Tocqueville Gold Fund. We
wish to thank all of you shareholders that joined us at the beginning and all
of those that have joined us since then for your support. With best wishes,
Sincerely,
/s/ John Hathaway
John Hathaway
Portfolio Manager
9
The Tocqueville Fund
Financial Highlights
Six Months
Ended Years Ended October 31,
April 30, -------------------------------------------
Per share operating performance 2003 2002 2001 2000 1999 1998
(For a share outstanding throughout the period) ----------- ------- ------- ------- ------- -------
(unaudited)
Net asset value, beginning of period $ 13.42 $ 14.99 $ 18.77 $ 17.54 $ 17.00 $ 20.21
------- ------- ------- ------- ------- -------
Operations:
Net investment income (loss) 0.03 (0.01) 0.05 0.05 0.01 0.06
Net realized and unrealized gain (loss) 0.53 (1.28) (1.83) 1.65 1.94 (0.93)
------- ------- ------- ------- ------- -------
Total from investment operations 0.56 (1.29) (1.78) 1.70 1.95 (0.87)
------- ------- ------- ------- ------- -------
Dividends and distributions to shareholders:
Dividends from net investment income -- (0.01) (0.07) (0.02) (0.07) (0.06)
Distributions from net realized gains -- (0.27) (1.93) (0.45) (1.34) (2.28)
------- ------- ------- ------- ------- -------
Total dividends and distributions -- (0.28) (2.00) (0.47) (1.41) (2.34)
------- ------- ------- ------- ------- -------
Change in net asset value for the period 0.56 (1.57) (3.78) 1.23 0.54 (3.21)
------- ------- ------- ------- ------- -------
Net asset value, end of period $ 13.98 $ 13.42 $ 14.99 $ 18.77 $ 17.54 $ 17.00
------- ------- ------- ------- ------- -------
Total return 4.2%/(1)/ -8.9% -10.8% 9.9% 12.6% -4.6%
Ratios/supplemental data
Net assets, end of period (000) $69,264 $70,134 $51,089 $57,379 $57,801 $61,566
Ratio to average net assets:
Expenses (2) 1.40%/(3)/ 1.40% 1.40% 1.40% 1.36% 1.39%
Net investment income (loss) (2) 0.40%/(3)/ -0.06% 0.28% 0.28% 0.04% 0.35%
Portfolio turnover rate 18% 62% 50% 38% 26% 35%
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(1)Not annualized.
(2)Net of fees waived amounting to 0.06%, 0.01%, 0.06%, 0.03%, 0.00%, and 0.00%
of average net assets for the six months ended April 30, 2003 and the years
ended October 31, 2002, 2001, 2000, 1999 and 1998, respectively.
(3)Annualized.
See Notes to the Financial Statements.
10
The Tocqueville Small Cap Value Fund
Financial Highlights
Six Months
Ended Years Ended October 31,
April 30, -------------------------------------------
Per share operating performance 2003 2002 2001 2000 1999 1998
(For a share outstanding throughout the period) ----------- ------- ------- ------- ------- -------
(unaudited)
Net asset value, beginning of period $ 12.18 $ 15.09 $ 17.51 $ 15.74 $ 12.59 $ 16.30
------- ------- ------- ------- ------- -------
Operations:
Net investment income (loss) (0.04) (0.08) (0.10) (0.12) (0.13) (0.15)
Net realized and unrealized gain (loss) 1.07 (1.45) 1.00 4.29 3.28 (1.83)
------- ------- ------- ------- ------- -------
Total from investment operations 1.03 (1.53) 0.90 4.17 3.15 (1.98)
------- ------- ------- ------- ------- -------
Distributions to shareholders:
Distributions from net realized gains -- (1.38) (3.32) (2.40) -- (1.73)
------- ------- ------- ------- ------- -------
Total distributions -- (1.38) (3.32) (2.40) -- (1.73)
------- ------- ------- ------- ------- -------
Change in net asset value for the period 1.03 (2.91) (2.42) 1.77 3.15 (3.71)
------- ------- ------- ------- ------- -------
Net asset value, end of period 13.21 12.18 15.09 17.51 15.74 12.59
------- ------- ------- ------- ------- -------
Total return 8.5%/(1)/ -11.7% 6.3% 28.6% 25.0% -13.4%
Ratios/supplemental data
Net assets, end of period (000) $51,932 $50,879 $40,262 $30,827 $26,188 $21,610
Ratio to average net assets:
Expenses 1.51%/(2)/ 1.44% 1.52% 1.45% 1.52% 1.67%
Net investment income (loss) -0.49%/(2)/ -0.62% -0.69% -0.63% -0.87% -1.12%
Portfolio turnover rate 11% 25% 47% 87% 72% 62%
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(1)Not annualized.
(2)Annualized.
See Notes to the Financial Statements.
11
The Tocqueville International Value Fund
Financial Highlights
Six Months
Ended Years Ended October 31,
April 30, -----------------------------------------------
Per share operating performance 2003 2002 2001 2000 1999 1998
(For a share outstanding throughout the period) ----------- ------- ------- ------- ------- -------
(unaudited)
Net asset value, beginning of period $ 7.27 $ 7.24 $ 8.50 $ 11.37 $ 8.11 $ 10.19
------- ------- ------- ------- ------- -------
Operations:
Net investment income (loss) -- 0.01 0.10 0.11 0.05 0.10
Net realized and unrealized gain (loss) 0.32 0.02/(1)/ (1.33) (1.71) 3.21 (2.07)
------- ------- ------- ------- ------- -------
Total from investment operations 0.32 0.03 (1.23) (1.60) 3.26 (1.97)
------- ------- ------- ------- ------- -------
Dividends and distributions to shareholders:
Dividends from net investment income (0.01) -- (0.03) (0.05) -- (0.11)
Distributions from net realized gains -- -- -- (1.22) -- --
------- ------- ------- ------- ------- -------
Total dividends and distributions -- -- (0.03) (1.27) -- (0.11)
------- ------- ------- ------- ------- -------
Change in net asset value for the period 0.32 0.03 (1.26) (2.87) 3.26 (2.08)
------- ------- ------- ------- ------- -------
Net asset value, end of period $ 7.59 $ 7.27 $ 7.24 $ 8.50 $ 11.37 $ 8.11
------- ------- ------- ------- ------- -------
Total return 4.5%/(2)/ 0.4% -14.5% -15.9% 40.2% -19.4%
Ratios/supplemental data
Net assets, end of period (000) $82,560 $78,951 $67,211 $85,098 $97,676 $68,415
Ratio to average net assets:
Expenses 1.92%/(3)/ 1.73% 1.77% 1.72% 1.67% 2.00%
Net investment income 0.12%/(3)/ 0.16% 1.17% 1.06% 0.52% 0.64%
Portfolio turnover rate 30% 61% 54% 45% 78% 77%
- --------
(1)Net realized and unrealized gain (loss) per share includes redemption fees
of $0.03 per share charged on shares redeemed within ninety days of purchase.
(2)Not annualized.
(3)Annualized.
See Notes to the Financial Statements.
12
The Tocqueville Gold Fund
Financial Highlights
Six Months Period from
Ended Years Ended October 31, June 29, 1998(1) to
April 30, --------------------------------------- October 31,
Per share operating performance 2003 2002 2001 2000 1999 1998
(For a share outstanding throughout the period) ----------- -------- ------- ------- ------- -------------------
(unaudited)
Net asset value, beginning of period $ 20.49 $ 13.10 $ 10.03 $ 12.97 $ 10.76 $10.00
-------- -------- ------- ------- ------- ------
Operations:
Net investment income (loss) (0.08) (0.08) 0.01 (0.02) (0.03) --
Net realized and unrealized gain (loss) 2.10 7.53/(2)/ 3.07 (2.92) 2.24 0.76
-------- -------- ------- ------- ------- ------
Total from investment operations 2.02 7.45 3.08 (2.94) 2.21 0.76
-------- -------- ------- ------- ------- ------
Dividends and distributions to shareholders:
Dividends from net investment income -- -- (0.01) -- -- --
Dividends from net investment income (1.05) (0.06) -- -- -- --
-------- -------- ------- ------- ------- ------
Total distributions (1.05) (0.06) (0.01) -- -- --
-------- -------- ------- ------- ------- ------
Change in net asset value for the year 0.97 7.39 3.07 (2.94) 2.21 0.76
-------- -------- ------- ------- ------- ------
Net asset value, end of year $ 21.46 $ 20.49 $ 13.10 $ 10.03 $ 12.97 $10.76
-------- -------- ------- ------- ------- ------
Total return 9.6%/(3)/ 57.2% 30.8% -22.7% 20.6% 7.6%/(3)/
Ratios / supplemental data
Net assets, end of period (000) $194,328 $137,210 $25,057 $16,049 $19,194 $8,229
Ratios to average net assets:
Expenses (4) 1.73%/(5)/ 1.68% 1.94% 1.96% 1.98% 1.98%/(5)/
Net investment income (loss) (4) -0.78%/(5)/ -0.61% 0.09% -0.21% -0.33% 0.64%/(5)/
Portfolio turnover rate 18% 72% 58% 31% 44% 1%
- --------
(1)Commencement of operations.
(2)Net realized and unrealized gain (loss) per share includes redemption fees
of $0.09 per share charged on shares redeemed within ninety days of purchase.
(3)Not annualized.
(4)Net of fees waived amounting to 0.19%, 0.00% and 0.36% and 2.25% of average
net assets for the years ended October 31, 2001, 2000 and 1999,
respectively, and 2.25% of average net assets for the period ended October
31, 1998.
(5)Annualized.
See Notes to the Financial Statements.
13
The Tocqueville Fund
Investment Portfolio as of April 30, 2003
(Unaudited)
Common Stocks--99.2% Shares Value
-----------------------------------------------------------
Advertising--1.6%
The Interpublic Group of Companies, Inc. 100,000 $1,140,000
-----------------------------------------------------------
1,140,000
-----------------------------------------------------------
Beverages--1.2%
The Coca-Cola Company 20,000 808,000
-----------------------------------------------------------
808,000
-----------------------------------------------------------
Chemical/Industrial--4.2%
E. I. Du Pont de Nemours and Company 25,000 1,063,250
Olin Corporation 100,000 1,812,000
-----------------------------------------------------------
2,875,250
-----------------------------------------------------------
Communications--2.2%
Tellabs, Inc. * 250,000 1,545,000
-----------------------------------------------------------
1,545,000
-----------------------------------------------------------
Data Storage--5.2%
EMC Corporation * 400,000 3,636,000
-----------------------------------------------------------
3,636,000
-----------------------------------------------------------
Drilling Equipment--5.6%
Varco International, Inc. * 100,000 1,759,000
Tesco Corporation * 200,000 2,120,000
-----------------------------------------------------------
3,879,000
-----------------------------------------------------------
Eating And Drinking Places--2.5%
McDonald's Corporation 100,000 1,710,000
-----------------------------------------------------------
1,710,000
-----------------------------------------------------------
Electric, Gas, And Sanitary Services--5.3%
FPL Group, Inc. 40,000 2,434,800
Hawaiian Electric Industries, Inc. 30,000 1,240,500
-----------------------------------------------------------
3,675,300
-----------------------------------------------------------
Furniture And Fixtures--1.4%
Steelcase Inc. 100,000 959,000
-----------------------------------------------------------
959,000
-----------------------------------------------------------
Healthcare--3.2%
Humana Inc. * 200,000 2,210,000
-----------------------------------------------------------
2,210,000
-----------------------------------------------------------
Industrial Equipment--3.6%
Federal Signal Corporation 75,000 1,296,000
Honeywell International Inc. 50,000 1,180,000
-----------------------------------------------------------
2,476,000
-----------------------------------------------------------
*Non-income producing security.
Common Stocks (continued) Shares Value
-----------------------------------------------------------
Insurance Carriers--7.9%
The Allstate Corporation 50,000 $1,889,500
IPC Holdings, Ltd. 70,000 2,404,500
Unitrin, Inc. 50,000 1,235,500
-----------------------------------------------------------
5,529,500
-----------------------------------------------------------
Machine Tools & Related Products--1.8%
Kennametal Inc. 40,000 1,259,600
-----------------------------------------------------------
1,259,600
-----------------------------------------------------------
Media--1.9%
Viacom Inc.--Class A* 20,000 868,400
Viacom Inc.--Class B* 10,000 434,100
-----------------------------------------------------------
1,302,500
-----------------------------------------------------------
Metal Mining--11.3%
Alcoa Inc. 75,000 1,719,750
Inco Limited * 100,000 1,838,000
Newmont Mining Corporation 100,000 2,702,000
Phelps Dodge Corporation * 50,000 1,559,500
-----------------------------------------------------------
7,819,250
-----------------------------------------------------------
Money Center Banks--5.9%
The Bank of New York Company, Inc. 100,000 2,645,000
Mitsubishi Tokyo Financial Group, Inc. * 400,000 1,408,000
-----------------------------------------------------------
4,053,000
-----------------------------------------------------------
Oil & Gas Exploration and
Production--3.9%
Devon Energy Corporation 12,420 586,845
Murphy Oil Corporation 50,000 2,082,500
-----------------------------------------------------------
2,669,345
-----------------------------------------------------------
Oil & Gas Extraction--2.2%
Core Laboratories N.V. * 150,000 1,500,000
-----------------------------------------------------------
1,500,000
-----------------------------------------------------------
Paper And Allied Products--4.0%
Temple-Inland Inc. 50,000 2,265,000
Weyerhaeuser Company 10,000 495,900
-----------------------------------------------------------
2,760,900
-----------------------------------------------------------
Petroleum Refining--0.9%
ChevronTexaco Corporation 10,000 628,100
-----------------------------------------------------------
628,100
-----------------------------------------------------------
Pharmaceuticals--4.5%
Bristol-Myers Squibb Company 50,000 1,277,000
Merck & Co. Inc. 25,000 1,454,500
Onyx Pharmaceuticals, Inc. * 40,000 357,600
-----------------------------------------------------------
3,089,100
-----------------------------------------------------------
See Notes to the Financial Statements.
14
The Tocqueville Fund
Investment Portfolio as of April 30, 2003
(Unaudited)
Common Stocks (continued) Shares Value
---------------------------------------------------
Pumps & Valves--1.7%
Flowserve Corporation * 75,000 $ 1,158,000
---------------------------------------------------
1,158,000
---------------------------------------------------
Retail--Building Products--2.0%
The Home Depot, Inc. 50,000 1,406,500
---------------------------------------------------
1,406,500
---------------------------------------------------
Software--5.1%
Autodesk, Inc. 100,000 1,556,000
Microsoft Corporation 50,000 1,278,000
Systems & Computer Technology
Corporation 100,000 717,000
---------------------------------------------------
3,551,000
---------------------------------------------------
Technology--0.7%
Universal Display Corporation * 50,000 489,500
---------------------------------------------------
489,500
---------------------------------------------------
Toy Manufacturing--3.1%
Mattel, Inc. 100,000 2,174,000
---------------------------------------------------
2,174,000
---------------------------------------------------
Transportation Equipment--3.2%
The Boeing Company 50,000 1,364,000
Northrop Grumman Corporation 10,000 879,500
---------------------------------------------------
2,243,500
---------------------------------------------------
Wireless Mobile Computing
Systems--2.3%
Symbol Technologies, Inc. 145,000 1,584,850
---------------------------------------------------
1,584,850
---------------------------------------------------
*Non-income producing security.
Common Stocks (continued) Shares Value
-------------------------------------------------------------
Wireless Networking
Equipment--0.8%
InterDigital Communications
Corporation * 10,000 $ 225,300
Proxim Corporation * 506,325 344,301
-------------------------------------------------------------
569,601
-------------------------------------------------------------
Total Common Stocks (Cost $66,420,813) 68,701,796
-------------------------------------------------------------
Principal
Amount
Short-Term Investments--1.1% ---------
Repurchase Agreement with U.S. Bank,
N.A., 1.05% dated 4/30/03, due
5/1/03, collateralized by a U.S.
Treasury Note valued at $779,027.
Repurchase proceeds of $764,022
(Cost $764,000). $764,000 764,000
-------------------------------------------------------------
Total Short-Term Investments
(Cost $764,000) 764,000
-------------------------------------------------------------
Total Investments
(Cost $67,184,813)--100.3% 69,465,796
-------------------------------------------------------------
Liabilities, less Other Assets--(0.3)% (201,537)
-------------------------------------------------------------
Total Net Assets--100.0% $69,264,259
-----------
See Notes to the Financial Statements.
15
The Tocqueville Small Cap Value Fund
Investment Portfolio as of April 30, 2003
(Unaudited)
Common Stocks--98.5% Shares Value
----------------------------------------------------------
Analytical Equipment--2.7%
Ionics, Incorporated * 75,000 $ 1,425,000
----------------------------------------------------------
1,425,000
----------------------------------------------------------
Business Services--16.1%
American Management Systems,
Incorporated * 40,000 492,000
Analysts International Corporation * 160,000 324,800
Ascential Software Corporation * 250,000 960,000
Captaris Inc. * 125,000 400,000
Computer Horizons Corp. * 220,000 921,800
Dendrite International, Inc. * 220,000 2,252,800
Keane, Inc. * 170,000 1,638,800
PhotoWorks, Inc. * 300,000 60,000
Systems & Computer Technology
Corporation * 135,000 967,950
Technology Solutions Company * 300,000 348,000
----------------------------------------------------------
8,366,150
----------------------------------------------------------
Communications--0.7%
Anixter International Inc. * 15,000 344,700
----------------------------------------------------------
344,700
----------------------------------------------------------
Electronics--23.4%
Avnet, Inc. * 75,000 956,250
Baldor Electric Company 90,000 2,001,600
Evans & Sutherland Computer
Corporation * 65,000 349,050
Intervoice, Inc. * 170,000 294,100
Powerwave Technologies, Inc. * 250,000 997,500
Proxim Corporation * 1,000,000 680,000
Rayovac Corporation * 217,000 2,256,800
Vicor Corporation * 200,000 1,344,000
Westell Technologies, Inc. * 748,800 3,302,208
----------------------------------------------------------
12,181,508
----------------------------------------------------------
Food Products--9.3%
Corn Products International, Inc. 30,000 896,400
Del Monte Foods Company * 270,000 2,146,500
The Dial Corporation 87,000 1,812,210
----------------------------------------------------------
4,855,110
----------------------------------------------------------
Furniture and Fixtures--0.6%
Bush Industries, Inc. * 115,000 293,250
----------------------------------------------------------
293,250
----------------------------------------------------------
Healthcare Products--2.1%
Datascope Corp. 25,000 714,975
Vital Signs, Inc. 12,800 364,800
----------------------------------------------------------
1,079,775
----------------------------------------------------------
*Non-income producing security.
Common Stocks--98.5% Shares Value
--------------------------------------------------------------
Industrial and Commercial Machinery--17.4%
Cummins Inc. 30,000 $ 813,300
Flowserve Corporation * 165,000 2,547,600
The Timken Company 121,000 2,141,700
UNOVA, Inc. * 477,600 3,515,136
--------------------------------------------------------------
9,017,736
--------------------------------------------------------------
Insurance Agents, Brokers & Services--0.6%
Crawford & Company 59,400 292,842
--------------------------------------------------------------
292,842
--------------------------------------------------------------
Miscellaneous Retail--2.7%
Longs Drug Stores Corporation 90,000 1,394,100
--------------------------------------------------------------
1,394,100
--------------------------------------------------------------
Oil & Gas Extraction--5.1%
Global Industries, Ltd. 100,000 444,000
Input/Output, Inc. * 270,000 839,700
Oceaneering International, Inc. * 60,000 1,353,600
--------------------------------------------------------------
2,637,300
--------------------------------------------------------------
Pharmaceuticals--4.9%
Perrigo Company 165,000 2,534,400
--------------------------------------------------------------
2,534,400
--------------------------------------------------------------
Rubber & Plastics--4.2%
A. Schulman, Inc. 135,000 2,208,465
--------------------------------------------------------------
2,208,465
--------------------------------------------------------------
Transportation Equipment--7.7%
Dana Corporation 242,200 2,250,038
Federal Signal Corporation 100,000 1,728,000
--------------------------------------------------------------
3,978,038
--------------------------------------------------------------
Wholesale Trade--Durable Goods--1.0%
Barnes Group Inc. 25,000 526,000
--------------------------------------------------------------
526,000
--------------------------------------------------------------
Total Common Stocks (Cost $54,141,096) 51,134,374
--------------------------------------------------------------
Principal
Amount
Short-Term Investments--1.4% ---------
Repurchase Agreement with U.S. Bank,
N.A., 1.05% dated 4/30/03, due 5/1/03,
collateralized by a U.S. Treasury Note
valued at $746,567. Repurchase proceeds
of $725,021 (Cost $725,000). 725,000 725,000
--------------------------------------------------------------
Total Short-Term Investments
(Cost $725,000) 725,000
--------------------------------------------------------------
Total Investments
(Cost $54,866,096)--99.9% 51,859,374
Other Assets less Liabilities--0.1% 72,322
--------------------------------------------------------------
Total Net Assets--100.0% $51,931,696
-----------
See Notes to the Financial Statements.
16
The Tocqueville International Value Fund
Investment Portfolio as of April 30, 2003
(Unaudited)
Common Stocks and
Warrants--94.9% Shares Value
-------------------------------------------------------------
Austria--1.7%
Andritz AG 55,000 $1,399,554
-------------------------------------------------------------
1,399,554
-------------------------------------------------------------
Belgium--7.4%
Bekaert NV * 43,270 1,987,716
Solvay SA 27,500 1,942,801
Umicore 49,000 2,226,875
-------------------------------------------------------------
6,157,392
-------------------------------------------------------------
Brazil--2.5%
Empresa Brasileira de Aeronautica S.A.
(Embraer) 82,105 1,138,796
Unibanco--Uniao de Bancos Brasileiros
S.A. 50,000 907,500
-------------------------------------------------------------
2,046,296
-------------------------------------------------------------
Finland--1.8%
UPM-Kymmene Oyj 101,700 1,486,908
-------------------------------------------------------------
1,486,908
-------------------------------------------------------------
France--9.9%
Generali France 719 320,180
Manitou BF 35,000 2,041,016
Pechiney SA 62,000 1,788,728
Pinguely-Haulotte 325,000 1,269,531
Rexel SA 36,000 1,149,107
Rhodia SA 260,000 1,625,000
-------------------------------------------------------------
8,193,562
-------------------------------------------------------------
Hong Kong--8.0%
Elec & Eltek International Holdings
Limited 17,464,000 2,530,333
Global Bio-chem Technology Group
Company Limited 2,940,000 712,467
Gold Peak Industries (Holdings) Limited 6,415,000 1,209,120
Yue Yuen Industrial (Holdings) Limited 1,064,275 2,193,615
-------------------------------------------------------------
6,645,535
-------------------------------------------------------------
Indonesia--6.9%
PT Aneka Tambang Tbk 5,092,500 425,672
PT International Nickel Indonesia Tbk 3,017,500 2,261,342
PT Tempo Scan Pacific Tbk 4,838,000 2,984,182
-------------------------------------------------------------
5,671,196
-------------------------------------------------------------
Japan--26.5%
Canon Inc 49,000 1,980,381
Dai Nippon Printing Co., Ltd. 200,000 1,941,977
Disco Corporation 50,000 1,664,432
INES Corporation 180,900 1,078,484
Kurita Water Industries Ltd. 164,000 1,421,903
*Non-income producing security.
Common Stocks and
Warrants (continued) Shares Value
---------------------------------------------------------------
Japan--continued
Mabuchi Motor Co., Ltd. 19,600 1,464,331
Makita Corporation 310,000 $ 2,326,432
Matsushita Electric Industrial Co., Ltd. 20,000 159,316
Matsushita Electric Industrial Co., Ltd.-
ADR 150,000 1,191,000
Mitsubishi Tokyo Financial Group, Inc.
(MTFG) 392,000 1,379,840
Shimano Inc. 131,000 2,079,349
Sony Corporation 63,000 1,531,948
Square Enix Co., Ltd. 104,000 1,675,198
Taiyo Yuden Co., Ltd. 150,000 1,143,301
UFJ Holdings, Inc. * 1,030 829,114
---------------------------------------------------------------
21,867,006
---------------------------------------------------------------
Mexico--2.2%
Cemex S.A. de C.V. 40,000 914,000
Grupo Televisa S.A. * 29,000 879,860
---------------------------------------------------------------
1,793,860
---------------------------------------------------------------
Netherlands--5.0%
Draka Holding N.V. 93,200 803,018
Koninklijke Grolsch N.V. 75,630 1,688,170
Koninklijke (Royal) Philips Electronics
N.V. 88,000 1,643,840
---------------------------------------------------------------
4,135,028
---------------------------------------------------------------
Singapore--11.2%
Clipsal Industries (Holdings) Limited 5,292,951 6,558,060
GP Batteries International Limited 2,322,000 2,667,763
---------------------------------------------------------------
9,225,823
---------------------------------------------------------------
South Africa--4.5%
Gold Fields Limited 200,000 2,030,000
Sappi Limited 134,500 1,661,075
---------------------------------------------------------------
3,691,075
---------------------------------------------------------------
Spain--3.5%
Campofrio Alimentacion SA 170,000 1,855,580
Transportes Azkar, S.A. 200,000 1,015,625
---------------------------------------------------------------
2,871,205
---------------------------------------------------------------
Taiwan--0.4%
United Microelectronics Corporation 115,000 372,600
---------------------------------------------------------------
372,600
---------------------------------------------------------------
See Notes to the Financial Statements.
17
The Tocqueville International Value Fund
Investment Portfolio as of April 30, 2003
(Unaudited)
Common Stocks and
Warrants (continued) Shares Value
----------------------------------------------------------
United Kingdom--3.4%
Pearson plc 90,000 $ 750,240
Scottish & Newcastle plc 200,000 1,142,903
WPP Group plc 26,000 927,160
----------------------------------------------------------
2,820,303
----------------------------------------------------------
Total Common Stocks (Cost $83,631,069) 78,377,343
----------------------------------------------------------
Principal
Short-Term Investments--2.6% Amount Value
-----------------------------------------------------------
Canada Treasury Bill, 0.0%, 7/17/2003 3,000,000 $ 2,082,204
JP Morgan/Chase Demand Note, 0.5% 81,783 81,783
-----------------------------------------------------------
2,163,987
-----------------------------------------------------------
Total Short-Term Investments
(Cost $2,018,465) 2,163,987
-----------------------------------------------------------
Total Investments
(Cost $85,649,534)--97.5% 80,541,330
Other Assets less Liabilities--2.5% 2,018,875
-----------------------------------------------------------
Total Net Assets--100.0% $82,560,205
-----------
See Notes to the Financial Statements.
18
The Tocqueville Gold Fund
Investment Portfolio as of April 30, 2003
(Unaudited)
Common Stocks and
Warrants--91.8% Shares Value
------------------------------------------------------------
Gold & Gold Related--81.9%
African Rainbow Minerals Gold Limited
(SJ)* 100,000 $ 770,996
Agnico-Eagle Mines Limited (CN) 649,000 6,502,980
AngloGold Limited Warrants (SJ) 156,250 46,719
Apollo Gold Corporation (CN)* 1,540,000 3,156,002
Ariane Gold Corp. (CN)* 1,000,000 474,000
Ashanti Goldfields Company Ltd.--
ADR (GH) 1,476,900 7,812,801
Aurizon Mines Ltd. (CN)* 600,000 493,517
Avgold Limited (SJ)* 2,500,000 2,370,710
AXMIN Inc. (CN)* 2,000,000 334,588
Barrick Gold Corporation (CN) 355,000 5,307,250
Chesapeake Gold Corp. (CN)* 100,000 243,971
Compania de Minas Buenaventura
S.A.u.--ADR (PE) 297,900 7,924,140
Crystallex International Corporation
(CN)* 684,000 629,280
Cumberland Resources Ltd. (CN)* 345,000 614,100
Dominion Mining Limited (AU)* 1,250,000 398,811
Durban Roodepoort Deep Limited--
ADR (SJ)* 750,000 1,717,500
Echo Bay Mines Warrant (CN)* 500,000 140,000
Eldorado Gold Corporation (CN)* 1,150,000 1,643,315
Emperor Mines Limited (AU)* 6,600,495 2,394,925
FNX Mining Company Inc. (CN)* 470,000 1,982,086
Gabriel Resources Ltd. (CN)* 315,000 553,325
Glamis Gold Ltd. (CN)* 275,000 3,049,750
Goldcorp Inc. (CN) 733,100 7,646,233
Golden Star Resources Ltd. (CN)* 2,828,000 4,977,280
Golden Star Resources Ltd. Warrants
(CN)* 500,000 264,882
Golden Star Resources Ltd. Warrants
(CN)* 275,000 196,625
Golden Star Resources Ltd. Warrants
(CN)* 275,000 196,625
Gold Fields Limited (SJ) 166,250 1,688,478
Gold Fields Limited--ADR (SJ) 875,500 8,886,325
Harmony Gold Mining Company
Limited (SJ) 40,000 423,292
Harmony Gold Mining Company
Limited--ADR (SJ) 850,000 8,925,000
IAMGOLD Corporation (CN) 1,930,000 9,417,259
Ivanhoe Mines (CN)* 3,079,200 6,997,206
Kenor ASA (Norway)* 3,810,000 2,825,731
Kinross Gold Corporation (CN)* 1,039,766 6,363,368
Lihir Gold Limited (AU)* 3,500,000 2,868,314
Meridian Gold Inc.* 429,900 4,376,382
*Non-income producing security.
#Denotes security is restricted as to resale.
Common Stocks and
Warrants (continued) Shares Value
-------------------------------------------------------------
Gold & Gold Related--continued
Meridian Gold Inc. (CN)* 110,331 $ 1,118,999
Metallica Resources, Inc. (CN)* 50,000 50,000
Nevsun Resources Ltd. (CN)* 2,087,500 5,136,536
Nevsun Resources Ltd. Warrants (CN)* 50,000 55,277
Newcrest Mining Limited (AU) 150,000 614,639
Newmont Mining Corporation 708,982 1,867,260
Newmont Mining Corporation (AU) 268,800 7,262,976
NovaGold Resources Inc. (CN)*#
(Acquired 9/11/02;
Cost $1,308,520) 400,000 1,073,470
Pillar Resources Inc. (CN)* 1,000,000 578,558
Placer Dome Inc. (AU) 70,000 684,016
Placer Dome Inc. 1,099,245 10,871,533
Radius Explorations Ltd. (CN)* 780,100 543,775
Randgold Resources Limited--ADR
(SJ)* 494,600 7,423,946
River Gold Mines Ltd. (CN)* 565,000 984,595
St. Jude Resources Ltd. (CN)* 1,000,000 822,529
St. Jude Resources Ltd. Warrants (CN)* 500,000 63,432
Tanami Gold NL (AU)* 6,500,072 447,299
Troy Resources NL (AU) 1,463,000 1,555,896
Wheaton River Minerals Ltd. (CN)* 3,475,000 3,027,847
Wheaton River Minerals Ltd. Warrants
(CN)* 843,750 312,188
-------------------------------------------------------------
159,108,537
-------------------------------------------------------------
Precious Metals & Related--9.9%
African Minerals (SJ)# (Acquired
8/14/01; Cost $250,000) 83,333 249,999
Anooraq Resources Corporation (CN)* 250,000 95,846
Apex Silver Mines Limited (Cayman
Islands)* 417,800 5,452,290
Impala Platinum Holdings Limited (SJ) 80,000 3,958,056
Impala Platinum Holdings Limited--
ADR (SJ) 70,000 1,731,646
Inmet Mining Corporation (CN)* 150,000 669,176
Minefinders Corporation Ltd. (CN)* 305,500 1,661,020
Miramar Mining Corporation (CN)* 3,039,306 3,464,809
Pan American Silver Warrants (CN)* 61,536 146,698
SouthernEra Resources Limited (CN)* 375,000 1,544,856
Umicore (BB) 5,000 227,232
-------------------------------------------------------------
19,201,628
-------------------------------------------------------------
Total Common Stocks & Warrants
(Cost $168,466,434) 178,310,165
-------------------------------------------------------------
See Notes to the Financial Statements.
19
The Tocqueville Gold Fund
Investment Portfolio as of April 30, 2003
(Unaudited)
Principal
Short-Term Investments--8.6% Amount Value
--------------------------------------------------------------
Repurchase Agreement with U.S. Bank,
N.A., 1.05% dated 4/30/03, due
5/1/03, collateralized by a U.S.
Treasury Note valued at $1,720,350.
Repurchase proceeds of $1,693,049
(Cost $1,693,000). 1,693,000 $ 1,693,000
Gold Coins (CN) 32,500 11,030,500
Silver Coins (CN) 750,000 3,489,675
Canyon Resources Debenture,
6.00%, 2/15/2005 600,000 600,000
--------------------------------------------------------------
16,813,175
--------------------------------------------------------------
Total Short-Term Investments
(Cost $16,854,770) 16,813,175
--------------------------------------------------------------
Total Investments
(Cost $185,321,204)--100.4% 195,123,340
Liabilities, less Other Assets--(0.4)% (795,617)
--------------------------------------------------------------
Total Net Assets--100.0% $194,327,723
------------
*Non-income producing security.
#Denotes security is restricted as to resale.
(AU) Australia--(BB) Belgium--(CN) Canada--(SJ) South Africa--(LN) Great
Britain--(GH) Ghana--(PE) Peru
ADR:American Depository Receipt
See Notes to the Financial Statements.
20
The Tocqueville Trust
Statements of Assets and Liabilities
April 30, 2003
(Unaudited)
The Small Cap International
Tocqueville Value Value Gold
Fund Fund Fund Fund
----------- ----------- ------------- ------------
Assets
Investments, at value (1) $69,465,796 $51,859,374 $ 80,541,330 $195,123,340
Foreign currencies (2) -- -- 254,179 --
Cash 425 18 -- 18,395
Receivable for investments sold 53,370 -- 1,860,546 302,934
Receivable for fund shares sold 103,806 236,366 1,071,508 1,041,363
Dividends, interest and other receivables 58,328 18,246 202,384 48,435
Prepaid assets 59,914 29,414 24,076 38,741
Deferred organization expense -- -- -- 8,160
----------- ----------- ------------ ------------
Total Assets 69,741,639 52,143,418 83,954,023 196,581,368
----------- ----------- ------------ ------------
Liabilities
Funds advanced by custodian -- -- 587,409 --
Payable for investments purchased 307,433 -- 506,669 1,240,638
Payable for fund shares redeemed 58,420 128,379 113,716 696,431
Payable to Adviser 47,654 29,980 64,975 129,746
Accrued distribution fee 12,005 8,748 14,173 31,119
Accrued expenses and other liabilities 51,868 44,615 106,876 155,711
----------- ----------- ------------ ------------
Total Liabilities 477,380 211,722 1,393,818 2,253,645
----------- ----------- ------------ ------------
Net Assets $69,264,259 $51,931,696 $ 82,560,205 $194,327,723
----------- ----------- ------------ ------------
Net assets consist of:
Paid in capital $67,364,315 $54,636,103 $120,838,122 $180,821,061
Accumulated net investment income (loss) 151,685 (415,542) 390,979 (719,363)
Accumulated net realized gain (loss) (532,724) 717,857 (33,813,691) 4,421,866
Net unrealized appreciation (depreciation) on:
Investments and foreign currency related items 2,280,983 (3,006,722) (4,855,205) 9,804,159
----------- ----------- ------------ ------------
Net assets $69,264,259 $51,931,696 $ 82,560,205 $194,327,723
----------- ----------- ------------ ------------
Shares of beneficial interest outstanding
(unlimited shares of $0.01 par value authorized) 4,954,890 3,932,687 10,876,489 9,057,069
Net asset value, offering and redemption price per
share $ 13.98 $ 13.21 $ 7.59 $ 21.46
----------- ----------- ------------ ------------
(1) Cost of Investments $67,184,813 $54,866,096 $ 85,396,903 $185,321,204
(2) Cost of Foreign Currencies $ 0 $ 0 $ 252,631 $ 0
See Notes to the Financial Statements.
21
The Tocqueville Trust
Statements of Operations
For the Six Months Ended April 30, 2003
(Unaudited)
The Small Cap International
Tocqueville Value Value Gold
Fund Fund Fund Fund
----------- ---------- ------------- ----------
Investment Income:
Dividends* $ 598,382 $ 253,602 $ 781,599 $ 779,422
Interest 11,288 5,532 28,134 106,463
---------- ---------- ----------- ----------
609,670 259,134 809,733 885,885
---------- ---------- ----------- ----------
Expenses:
Investment Adviser's fee 253,982 190,362 398,730 932,699
Custody fees 16,131 8,874 111,904 19,827
Fund accounting fees 18,549 11,872 31,453 21,504
Transfer agent and shareholder services fees 28,069 18,696 10,969 110,870
Professional fees 19,258 23,688 31,354 73,735
Distribution fees 84,661 63,454 99,683 233,175
Administration fee 50,796 38,765 59,810 139,905
Printing and mailing expense 1,224 2,715 1,620 25,383
Registration fees 12,614 12,389 12,174 43,822
Trustee fees and expenses 4,524 10,161 2,055 5,030
Insurance expense 3,439 2,781 3,909 7,639
Amortization of organization costs -- -- -- 2,052
---------- ---------- ----------- ----------
Total expenses before waiver 493,247 383,757 763,661 1,615,641
Less: Fees waived (19,190) -- -- --
---------- ---------- ----------- ----------
Net expenses 474,057 383,757 763,661 1,615,641
---------- ---------- ----------- ----------
Net Investment Income (Loss) 135,613 (124,623) 46,072 (729,756)
---------- ---------- ----------- ----------
Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments (486,228) 833,379 (4,709,034) 5,010,636
Foreign currency translation -- -- (129,877) 5,788
---------- ---------- ----------- ----------
(486,228) 833,379 (4,838,911) 5,016,424
Net change in unrealized appreciation (depreciation) on:
Investments 3,199,302 3,342,433 8,294,041 3,595,578
Foreign currency translation -- -- 112 1,916
---------- ---------- ----------- ----------
3,199,302 3,342,433 8,294,153 3,597,494
Net gain on investments and foreign currency 2,713,074 4,175,812 3,455,242 8,613,918
---------- ---------- ----------- ----------
Net Increase in Net Assets Resulting from Operations $2,848,687 $4,051,189 $ 3,501,314 $7,884,162
---------- ---------- ----------- ----------
* Net of foreign taxes withheld $ -- $ -- $ 81,557 $ 34,413
---------- ---------- ----------- ----------
See Notes to the Financial Statements.
22
[THIS PAGE INTENTIONALLY LEFT BLANK]
The Tocqueville Trust
Statements of Changes in Net Assets
(Unaudited)
The Tocqueville Fund
-------------------------
For the Six
Months For the Year
Ended Ended
April 30, October 31,
2003 2002
----------- ------------
Operations:
Net investment income (loss) $ 135,613 $ (36,998)
Net realized gain (loss) on investments and foreign currency (486,228) (46,399)
Net change in unrealized appreciation/depreciation 3,199,302 (10,396,836)
----------- ------------
Net increase (decrease) in net assets resulting from operations 2,848,687 (10,480,233)
Dividends and distributions to shareholders:
Net investment income -- (40,417)
Net realized gains -- (900,863)
----------- ------------
Total dividends and distributions -- (941,280)
Fund share transactions:
Shares sold 3,541,367 19,131,144
Shares issued in acquisition (see Note 6) -- 15,928,833
Shares issued to holders in reinvestment of dividends -- 812,917
Shares redeemed* (7,259,697) (5,406,494)
----------- ------------
Net increase (decrease) (3,718,330) 30,466,400
----------- ------------
Net increase (decrease) in net assets (869,643) 19,044,887
Net Assets:
Beginning of period 70,133,902 51,089,015
----------- ------------
End of period** $69,264,259 $ 70,133,902
----------- ------------
** Including undistributed net investment income (loss) of: $ 151,685 $ --
----------- ------------
Change in shares outstanding:
Shares sold 259,497 1,091,060
Shares issued in acquisition (see Note 6) -- 1,036,399
Shares issued to holders in reinvestment of dividends -- 51,224
Shares redeemed (531,540) (359,143)
----------- ------------
Net increase (decrease) (272,043) 1,819,540
----------- ------------
* Net of redemption fees of: $ 605 $ 53,152
----------- ------------
See Notes to Financial Statements.
24
The Tocqueville Trust
Statements of Changes in Net Assets
(Unaudited)
Small Cap Value Fund International Value Fund Gold Fund
- ------------------------- --------------------------- ---------------------------
For the Six
Months For the Year For the Six For the Year For the Year
Ended Ended Months Ended For the Six Ended
April 30, October 31, Ended October 31, Months Ended October 31,
2003 2002 April 30, 2003 2002 April 30, 2003 2002
- ----------- ------------ -------------- ------------ -------------- ------------
$ (124,623) $ (325,378) $ 46,072 $ 137,568 $ (729,756) $ (536,229)
833,379 (66,976) (4,838,911) (3,796,077) 5,016,424 7,387,007
3,342,433 (8,684,078) 8,294,153 522,396 3,597,494 2,951,593
- ----------- ------------ ------------ ------------ ------------ ------------
4,051,189 (9,076,432) 3,501,314 (3,136,113) 7,884,162 9,802,371
-- -- (86,751) -- 16 --
-- (3,647,634) -- -- (7,996,144) (117,655)
- ----------- ------------ ------------ ------------ ------------ ------------
-- (3,647,634) (86,751) -- (7,996,128) (117,655)
5,796,468 40,899,690 12,250,773 52,682,138 116,742,358 193,028,502
-- -- -- -- --
-- 3,347,657 75,693 -- 7,706,433 110,877
(8,795,357) (20,906,383) (12,132,090) (37,805,312) (67,219,072) (90,671,118)
- ----------- ------------ ------------ ------------ ------------ ------------
(2,998,889) 23,340,964 194,376 14,876,826 57,229,719 102,468,261
- ----------- ------------ ------------ ------------ ------------ ------------
1,052,300 10,616,898 3,608,939 11,740,713 57,117,753 112,152,977
50,879,396 40,262,498 78,951,266 67,210,553 137,209,970 25,056,993
- ----------- ------------ ------------ ------------ ------------ ------------
$51,931,696 $ 50,879,396 $ 82,560,205 $ 78,951,266 $194,327,723 $137,209,970
- ----------- ------------ ------------ ------------ ------------ ------------
$ (415,542) $ -- $ 390,979 $ 137,568 $ (719,363) $ --
- ----------- ------------ ------------ ------------ ------------ ------------
467,473 2,771,721 1,632,429 6,076,467 4,997,698 9,079,888
-- -- -- -- -- --
-- 227,114 10,174 -- 331,033 8,589
(711,481) (1,490,653) (1,621,535) (4,501,129) (2,966,788) (4,305,626)
- ----------- ------------ ------------ ------------ ------------ ------------
(244,008) 1,508,182 21,068 1,575,338 2,361,943 4,782,851
- ----------- ------------ ------------ ------------ ------------ ------------
$ 2,512 $ 34,459 $ 7,635 $ 275,903 $ 271,191 $ 584,765
- ----------- ------------ ------------ ------------ ------------ ------------
See Notes to Financial Statements.
25
The Tocqueville Trust
The Tocqueville Fund
The Tocqueville Small Cap Value Fund
The Tocqueville International Value Fund
The Tocqueville Gold Fund
Notes to Financial Statements
1. ORGANIZATION
The Tocqueville Trust (the "Trust") was organized as a Massachusetts
business trust registered under the Investment Company Act of 1940 as amended,
as a diversified, open-end management investment company. The Trust consists of
four separate Funds: The Tocqueville Fund, The Tocqueville Small Cap Value
Fund, The Tocqueville International Value Fund and The Tocqueville Gold Fund
(the "Funds"). The objective of The Tocqueville Fund is long-term capital
appreciation, primarily through investments in securities of United States
issuers. The objective of The Tocqueville Small Cap Value Fund is long-term
capital appreciation primarily through investments in securities of small
capitalization United States issuers. The objective of The Tocqueville
International Value Fund is long-term capital appreciation primarily through
investment in securities of issuers located outside the United States. The
objective of The Tocqueville Gold Fund is to provide long-term capital
appreciation through investments in Gold and Securities or companies located
throughout the world that are engaged in mining or processing gold, and through
investments in other precious metals and securities of companies located
throughout the world that are engaged in mining or processing such other
precious metals. The following is a summary of significant accounting
principles followed by the Trust in the preparation of its financial statements.
- --------------------------------------------------------------------------------
2. SIGNIFICANT ACCOUNTING POLICIES
a) Security valuation
Investments in securities, including foreign securities, traded on an
exchange or quoted on the over-the-counter market are valued at the last sale
price or, if no sale occurred during the day, at the mean between closing bid
and asked prices, as last reported by a pricing service approved by the
Trustees. When market quotations are not readily available, or when restricted
securities or other assets are being valued, such assets are valued at fair
value as determined in good faith by or under procedures established by the
Trustees. Short-term investments are stated at cost which, together with
accrued interest, approximates market value.
- --------------------------------------------------------------------------------
b) Federal income tax
Provision for federal income taxes or excise taxes has not been made since
the Funds have elected to be taxed as "regulated investment companies" and
intend to distribute substantially all taxable income to shareholders and
otherwise comply with the provisions of the Internal Revenue Code applicable to
regulated investment companies. Distributions from net realized gains for book
purposes may include short-term capital gains which are included as ordinary
income to shareholders for tax purposes. Accounting principles generally
accepted in the United States of America ("GAAP") requires that permanent
differences between financial reporting and tax reporting be reclassified
between various components of net assets.
26
At April 30, 2003, the cost of investments, gross unrealized appreciation
and depreciation of investments and distributable income for tax purposes were
as follows:
The
Tocqueville Small Cap International Gold
Fund Value Fund Value Fund Fund
----------- ------------ ------------- ------------
Cost of Investments $67,184,813 $ 54,866,096 $ 83,860,206 $185,321,204
----------- ------------ ------------ ------------
Appreciation $ 9,197,146 $ 8,189,411 $ 9,664,212 $ 27,764,841
Depreciation (6,916,163) (11,196,133) (14,519,417) (17,960,682)
----------- ------------ ------------ ------------
Net unrealized appreciation (depreciation) $ 2,280,983 $ (3,006,722) $ (4,855,205) $ 9,804,159
----------- ------------ ------------ ------------
At October 31, 2002, certain funds had tax basis capital losses which may be
carried over to offset future capital gains as shown below.
The
Tocqueville Small Cap International
Fund Value Fund Value Fund
----------- ----------- -------------
Capital losses expiring in:
2008 $ -- $ -- $12,250,978
2009 5,839,853 -- 12,735,470
2010 46,399 74,763 3,738,110
---------- ----- -----------
$5,886,252 $74,763 $28,724,558
---------- ------- -----------
- --------------------------------------------------------------------------------
c) Deferred organization expenses
Expenses incurred in connection with the organization of the Tocqueville
Gold Fund are being amortized on a straight-line basis over a five-year period
from the Fund's commencement of operations.
- --------------------------------------------------------------------------------
d) Foreign currency translation
Investments and other assets and liabilities denominated in foreign
currencies are translated to U.S. dollars at the prevailing rates of exchange.
The Tocqueville International Value Fund and The Tocqueville Gold Fund are
engaged in transactions in securities denominated in foreign currencies and, as
a result, enter into foreign exchange contracts. These Funds are exposed to
additional market risk as a result of changes in the value of the underlying
currency in relation to the U.S. dollar. Risks include potential inability of
counterparties to meet the terms of their contracts. The value of foreign
currency contracts are marked-to-market on a daily basis, which reflects the
changes in the market value of the contract at the close of each day's trading,
resulting in daily unrealized gains and/or losses. When the contracts are
closed, the Funds recognize a realized gain or loss.
27
The Funds do not isolate that portion of the results of operations resulting
from changes in foreign exchange rates on investments from the fluctuations
arising from changes in market prices of securities held. Such fluctuations are
included with the net realized and unrealized gain or loss from investments.
Reported net realized foreign exchange gains or losses arise from sales of
foreign currencies, currency gains or losses realized between the trade and
settlement dates on securities transactions, the differences between the
amounts of dividends, interest, and foreign withholding taxes recorded on the
Fund's books, and the U.S. dollar equivalent of the amounts actually received
or paid. Net unrealized foreign exchange gains and losses arise from changes in
the value of assets and liabilities other than investments in securities at the
end of the fiscal period, resulting from changes in the exchange rates.
- --------------------------------------------------------------------------------
e) Written option accounting
The Funds may write (sell) covered call options to hedge portfolio
investments. When the Funds write (sell) an option, an amount equal to the
premium received by the Funds are included in the Statements of Assets and
Liabilities as an asset and an equivalent liability. The amount of the
liability is subsequently marked-to-market to reflect the current value of the
option written. By writing an option, the Funds may become obligated during the
term of the option to deliver or purchase the securities underlying the option
at the exercise price if the option is exercised. Option contracts are valued
at the last sales price reported on the date of valuation. If no sale is
reported, the option contract written is valued at the average of the current
bid and asked price reported on the day of valuation. When an option expires on
its stipulated expiration date or the Funds enter into a closing purchase
transaction, the Funds realize a gain or loss if the cost of the closing
purchase transaction differs from the premium received when the option was sold
without regard to any unrealized gain or loss on the underlying security, and
the liability related to such option is eliminated. When an option is
exercised, the premium originally received decreases the cost basis of the
security (or increases the proceeds on a sale of the security), and the Funds
realize a gain or loss from the sale of the underlying security.
- --------------------------------------------------------------------------------
f) Use of Estimates
The preparation of financial statements in conformity with accounting
principles generally accepted in the United States of America requires
management to make estimates and assumptions that effect the reported amounts
of assets and liabilities and disclosure of contingent assets and liabilities
at the date of the financial statements and the reported amounts of increases
and decreases in net assets from operations during the reporting period. Actual
results could differ from those estimates.
- --------------------------------------------------------------------------------
28
g) Other
Investments and shareowner transactions are recorded no later than the first
business day after the trade date. Dividend income is recognized on the
ex-dividend date or at the time the Fund becomes aware. Interest income is
recognized on the accrual basis and market discount is accounted for on a yield
to maturity basis from settlement date. The Trust uses the first-in, first-out
method for determining realized gain or loss on investments sold for both
financial reporting and federal tax purposes. Distributions to shareholders are
recorded on the ex-dividend date. Expenses incurred by the Trust not
specifically identified to a Fund are allocated on a basis relative to the size
of each Fund's daily net asset value. It is the Trust's policy to take
possession of securities as collateral under repurchase agreement and to
determine on a daily basis that the value of such securities are sufficient to
cover the value of the repurchase agreements.
- --------------------------------------------------------------------------------
3. INVESTMENT ADVISORY AND OTHER AGREEMENTS
Tocqueville Asset Management L.P. ("Tocqueville"), is the investment adviser
to the trust under an Investment Advisory Agreement approved by shareholders on
March 24, 2000. For its services, Tocqueville receives fees from The
Tocqueville Fund and the Tocqueville Small Cap Value Fund, payable monthly, at
an annual rate .75% on the first $500 million of each Fund's average daily net
assets, and .65% of average daily net assets in excess of $500 million.
Tocqueville receives fees from The Tocqueville International Value Fund and The
Tocqueville Gold Fund calculated daily and payable monthly at an annual rate of
1.00% on the first $500 million of the average daily net assets of each Fund,
..75% of average daily net assets in excess of $500 million but not exceeding $1
billion, and .65% of the average daily net assets in excess of $1 billion.
Pursuant to an Administrative Services Agreement, each Fund pays to the
Adviser a fee computed and paid monthly at an annual rate of 0.15% of the
average daily net assets of the Fund. For the six months ended April 30, 2003,
the Adviser has made payments of $17,068, $12,788, $20,099 and $47,087 to U.S.
Bancorp Fund Services, LLC for services provided under a Sub-Administration
agreement for the Tocqueville Fund, The Tocqueville Small Cap Value Fund, The
Tocqueville International Value Fund and The Tocqueville Gold Fund,
respectively.
For the six months ended April 30, 2003, Tocqueville waived fees of $19,190
from The Tocqueville Fund.
Lepercq, de Neuflize/Tocqueville Securities, L.P. (the "Distributor") acts
as distributor for shares of the Trust. Each Fund adopted a distribution and
service plan pursuant to Rule 12b-1 of the Investment Company Act of 1940.
Pursuant to the plans, each Fund pays to the Distributor distribution and
service fees of .25% per annum of its average daily net assets.
Commissions earned by the Distributor for services rendered as a registered
broker-dealer in securities transactions for The Tocqueville Fund, The
Tocqueville Small Cap Value Fund, The Tocqueville International Value Fund and
The Tocqueville Gold Fund for the six months ended April 30, 2003, were
$33,488, $29,130, $18,948 and $121,499, respectively.
29
4. FUND SHARE TRANSACTIONS
The Funds currently offer only one class of shares of beneficial interest.
Effective October 1, 1999 a redemption fee of 1.50% is imposed on redemptions
of shares held less than 120 days. This fee is retained by each Fund and is
credited to paid in capital.
- --------------------------------------------------------------------------------
5. INVESTMENT TRANSACTIONS
Purchases and sales of investment securities (excluding short-term
instruments) for the six months ended April 30, 2003 are summarized below.
There were no purchases or sales of long-term U.S. government securities.
The
Tocqueville Small Cap International Gold
Fund Value Fund Value Fund Fund
----------- ---------- ------------- -----------
Purchases $12,678,615 $5,356,818 $23,469,108 $82,972,130
----------- ---------- ----------- -----------
Sales $11,878,293 $8,857,477 $22,937,123 $30,815,922
----------- ---------- ----------- -----------
- --------------------------------------------------------------------------------
6. ACQUISITION INFORMATION
Effective at the close of business on July 8, 2002, The Tocqueville Fund
acquired, through a non-taxable reorganization, substantially all of the net
assets of the Lepercq-Istel Fund, the single series of the Lepercq-Istel Trust.
The Tocqueville Fund issued 1,036,399 shares (valued at $15,928,833) for the
1,240,708 shares outstanding of the Lepercq-Istel Fund. The net assets of the
Lepercq-Istel Fund, $15,928,833, included net unrealized depreciation on
investments of $2,968,061 and accumulated net realized losses of $7,917,312.
The Lepercq-Istel Fund also had capital loss carryforwards which were combined
with those of The Tocqueville Fund. Subject to IRS regulations, The Tocqueville
Fund may use capital loss carryforwards of $5,839,853.
30
ADDITIONAL DISCLOSURE REGARDING FUND TRUSTEES AND OFFICERS (UNAUDITED)
Independent Trustees
# of
Portfolios
Term of in Fund
Position(s) Office and Complex
Held with Length of Principal Occupation Overseen Other Directorships
Name, Age and Address the Trust Time Served During Past Five Years By Trustee Held by Trustee
- --------------------- ----------- ----------- ---------------------- ---------- -------------------
James B. Flaherty (67) Trustee Indefinite Term, President and Partner, Troutbeck 4 None
1675 Broadway 15 Years Served Conference Center and Country
New York, NY 10019 Inn from October, 1979 to
present; Vice President, Leedsville
Realty and Construction Corp.
from 1980 to present.
Inge Heckel (62) Trustee Indefinite Term, President, New York School of 4 None
1675 Broadway 15 Years Served Interior Design, 1996 to present.
New York, NY 10019
Lucille G. Bono (69) Trustee Indefinite Term, Retired. Formerly, 1997 to 2000; 4 None
1675 Broadway 4 Years Served Operations and administrative
New York, NY 10019 manager, Tocqueville Asset
Management L.P. and Tocqueville
Securities L.P. from January 1995
to November 1997.
Larry M. Senderhauf (54) Trustee Indefinite Term, Retired. 4 None
1675 Broadway 4 Years Served
New York, NY 10019
Guy A. Main (66) Trustee Indefinite Term, Retired. Formerly, Chairman and 4 None
1675 Broadway 2 Years Served President, Condor Insurance
New York, NY 10019 Company, September 1986 to
April 1999; Executive Vice
President and Director, Amwest
Insurance Group, Inc., March
1996 to April 1999.
James W. Gerard (41) Trustee Indefinite Term, Managing Director, The Chart 4 None
1675 Broadway 1 Year Served Group since January 2001,
New York, NY 10019 Managing Principal, Ironbound
Partners October 1998 to
December 2000; Director of Sales
and Marketing, Tocqueville Asset
Management 1993 to 1998; Vice
Chairman and Treasurer, ASPCA,
since 1997.
31
Interested Trustees (and Officers)
# of
Portfolios
Term of in Fund
Position(s) Office and Complex
Held with Length of Principal Occupation Overseen Other Directorships
Name, Age and Address the Trust Time Served During Past Five Years By Trustee Held by Trustee
- --------------------- ----------- ----------- ---------------------- ---------- -------------------
Francois D. Sicart (59) Chairman, Principal Indefinite Term, Chairman and Director, 4 None
1675 Broadway Executive Officer and 15 Years Served Tocqueville Management
New York, NY 10019 Trustee Corporation, the General
Partner of Tocqueville Asset
Management L.P. and
Tocqueville Securities L.P.
("TMC") from January, 1990
to present; Chairman and
Chief Executive Officer,
Tocqueville Asset Management
Corp. from December, 1985
to January, 1990; Vice
Chairman of Tucker Anthony
Management Corporation,
from 1981 to October 1986;
Vice President (formerly
general partner) and other
positions with Tucker
Anthony, Inc. from 1969 to
January, 1990.
Robert Kleinschmidt (53) President, Principal Indefinite Term, President, TAM from January, 4 None
1675 Broadway Operating Officer, 11 Years Served 1994 to present and Managing
New York, NY 10019 Principal Financial Director from July, 1991 to
Officer, and Trustee January, 1994. Partner, David
J. Greene & Co., May, 1978 to
July, 1991.
Francois Letaconnoux (51) Trustee Indefinite Term, Director, President and Chief 4 Lepercq Inc.,
1675 Broadway 12 Years Served Executive Officer, Lepercq Lepercq, de Neuflize
New York, NY 10019 Inc., Lepercq, de Neuflize & & Co Incorporated
Co Incorporated and Lepercq, and Lepercq, de
de Neuflize Securities Inc. Neuflize Securities
since 1993. Inc. since 1993.
32
Investment Adviser
Tocqueville Asset Management L.P.
1675 Broadway
New York, NY 10019
(212) 698-0800
www.tocqueville.com
Distributor
Lepercq, de Neuflize/Tocqueville Securities, L.P.
1675 Broadway
New York, NY 10019
(212) 698-0800
Shareholders' Servicing and Transfer Agent
U.S. Bancorp Fund Services, LLC
P.O. Box 701
Milwaukee, WI 53201-0701
(800) 697-3863
Custodian
U.S. Bank, N.A.
425 Walnut Street
Cincinnati, Ohio 45202
Board of Trustees
Francois Sicart - Chairman
Lucille G. Bono
James B. Flaherty
James W. Gerard
Inge Heckel
Robert W. Kleinschmidt
Francois Letaconnoux
Guy A. Main
Larry M. Senderhauf
Item 2. Code of Ethics.
- ----------------------
Not applicable (disclosure required in annual report on N-CSR only).
Item 3. Audit Committee Financial Expert.
- ----------------------------------------
Not applicable (disclosure required in annual report on N-CSR only).
Item 4. Principal Accountant Fees and Services.
- ----------------------------------------------
Not applicable (disclosure required in annual report on N-CSR only).
Item 5. Audit Committee of Listed Registrants.
- ---------------------------------------------
Not applicable.
Item 6. Reserved
- ----------------
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End
- -------------------------------------------------------------------------
Management Investment Companies
-------------------------------
Not applicable to open-end investment companies.
Item 8. Reserved
- ----------------
Item 9. Controls and Procedures.
- -------------------------------
(a) The registrant's Principal Executive Officer and Principal Financial
Officer have evaluated the registrant's disclosure controls and procedures
within 90 days of this filing and have concluded that the registrant's
disclosure controls and procedures were effective in ensuring that
information required to be disclosed by the registrant in this Form N-CSR
was recorded, processed, summarized and reported on a timely basis.
(b) There were no significant changes in the registrant's internal controls or
in other factors that could significantly affect these controls subsequent
to the date of their evaluation, including any corrective actions with
regard to significant deficiencies and material weaknesses.
Item 10. Exhibits.
- -----------------
(a) Any code of ethics or amendment thereto. Not applicable (exhibit required
for annual report on N-CSR only).
(b) Certifications of Principal Executive Officer and Principal Financial
Officer, under Rule 30a-2 of the Investment Company Act of 1940. Filed
herewith.
(c) Certifications of Principal Executive Officer and Principal Financial
Officer, under Section 906 of the Sarbanes-Oxley Act of 2002 and 18 U.S.C.
ss. 1350. Filed herewith.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) The Tocqueville Trust
By (Signature and Title) /s/ Robert W. Kleinschmidt
---------------------------------
Robert W. Kleinschmidt, President
Date 6/30/03
-------
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By (Signature and Title) /s/ Robert W. Kleinschmidt
---------------------------------
Robert W. Kleinschmidt, President
Date 6/30/03
-------
By (Signature and Title) /s/ Roger Cotta
----------------------
Roger Cotta, Treasurer
Date 6/30/03
-------