Item 1. Reports to Stockholders.

The Tocqueville Trust

Mutual Funds

Annual Report

October 31, 2019

The Tocqueville Fund

The Tocqueville Opportunity Fund

The Tocqueville Gold Fund

The Tocqueville Phoenix Fund

The Tocqueville Select Fund

Beginning on January 1, 2021, as permitted by regulations adopted by the U.S. Securities and Exchange Commission, paper copies of the Funds’ annual and semiannual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Funds’ website (http://tocquevillefunds.com/mutual-funds/download-information-literature-center), and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Funds electronically anytime by contacting your financial intermediary (such as a broker-dealer or a bank) or, if you are a direct investor, by calling 1-800-697-3863, or by enrolling at www.tocquevillefunds.com.

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

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

Chairman’s Letter

Dear Fellow Shareholders,

In the three fiscal years since the last Presidential election, U.S. equity markets have gained more than fifty percent. Not many financial observers would have predicted that on the night of Donald Trump’s election. Indeed, on election night, when the outcome became obvious, futures markets were off some ten percent. I remember calling our head trader to see if there was some way we could buy the downturn before the market opened. But, equity markets reassessed quickly, and, with few exceptions, most notably the fourth quarter of 2018 (the first quarter of our Funds’ fiscal year), have rallied ever since. Along the way, markets have had to absorb the Mueller investigation, international trade disputes, tariffs, at least one governmental shutdown, Brexit (or not), a prematurely tightening Fed, trillion dollar deficits, North Korea, regulatory harassment of the leading FANG technology companies, the 737 MAX, traces of asbestos in Baby Powder (or not), the revolving door in the White House, #Metoo, the Kavanaugh hearings, the Washington Nationals, and, last, but not least, the impeachment hearings. No doubt I forgot something.

The fact that, to date, markets have survived all this, and more, is a testament to their resiliency, or, equally, an indication of just how depressed they and the economy were prior to the election. Coming off an eight-year run of the slowest growing economy in the post war period, the economy and the markets had plenty of upside in November of 2016, which required nothing more than a change in animal spirits (and a few tax and regulatory changes) to unleash. We said as much at the time in a presentation I gave to the Florida Association of Insurance Brokers in early 2017 entitled “The Economy and Markets in the Age of Trump.”

Compare our optimism with that of this Nobel Prize winner…“It really does look like President Donald J. Trump, and the markets are plunging…So we are very probably looking at a global recession, with no end in sight. I suppose we could get lucky somehow. But on economic, as on everything else, a terrible thing has just happened.”—Paul Krugman, New York Times.

The lesson here, and it is always worth repeating, is that political preferences can lead to poor financial decisions. Separating them is essential and one of the most important tasks of our portfolio managers.

That was then, and this is now, as the saying goes, and the current fiscal year is fraught with political uncertainties which, it would seem, cannot help but impact markets. By the time of this writing next year, we will know if Trump turns out to be more (or less) than one-term President, or if he has been replaced by a Socialist, a small town mayor, a big town mayor, or a holdover from the previous eight year period of anemic growth, or, even, by his Vice President. Regardless of who triumphs, many will be chagrined.

As for the markets, what matters is not, apparently, all of these endless political sideshows, regardless of their entertainment value. Equity markets forecast earnings and how to value them. The valuation issue is intimately tied to interest rates which remain the single most important variable due to the enormity of worldwide and U.S. sovereign debt. Notwithstanding widespread belief, the Fed does not control interest rates, although it certainly makes an effort to appear that it does. Interest rates are determined by market forces and what market forces have been telling us for some time now, is that there is an excess supply of loanable funds, and no inflationary expectations across the developed world. It is hard to imagine a better backdrop for equity markets than that. To the extent politics, Presidential or otherwise, affects interest rates (and it can) it is important for the markets. If it doesn’t, as the last three years of market performance has shown, it doesn’t seem to matter very much.

Sincerely,

Robert W. Kleinschmidt

Chairman

The Tocqueville Fund

Dear Fellow Shareholder,

During the twelve months ended October 31, 2019, U.S. equity markets overcame two bouts of volatility, one at the end of calendar 2018 and the second in early summer 2019, to end the period at close to record highs. These episodes of uncertainty were driven primarily by the ever chaotic Trump administration and its trade disputes with China, signs of economic weakness in domestic industrial sectors, China, Europe and Japan, all exacerbated by the same as well as the strength of the dollar. In addition, there were concerns with an inverted yield curve that the Fed had tightened excessively and/or prematurely and needed to respond to that weakness. Indeed, the rally into the end of the period coincided with the gradual reintroduction of credit monetization ostensibly in response to a seizing up of the bank repo market in the U.S., as well as similar accommodative activity by the ECB and even a change in posture by the PBOC. With corporate earnings performing better than reduced expectations, this fourth quantitative easing by the Fed seemed to eliminate any doubts about its now dovish leanings and was not interpreted as presaging an imminent credit collapse or that central bankers believed easing would necessarily jump start the economy. Rather it seems that that Fed saw the need for additional liquidity in the system and responded.

For the fiscal year ended October 31, 2019, the Tocqueville Fund gained 14.91%, compared with the S&P 500, which returned 14.33% and with the Russell 3000 Value Index which returned 10.65%. Once again growth stocks outperformed value stocks but to a lesser extent than last year. While the S&P’s results were still led by most of the now so-called FANMAG stocks, Procter & Gamble earned the fourth spot in the top five contributors behind Microsoft, Google and Facebook but ahead of Amazon. Sector performance of the Fund was mostly positive with Information Technology, Consumer Staples and Industrials leading the way and Energy, Real Estate and Consumer Discretionary being the biggest detractors. Individually, the top performing names of the Fund were Procter & Gamble, Microsoft, NextEra, Applied Materials and Illinois Tool Works. The laggards in the portfolio were DuPont, Halliburton, Exxon Mobil, Pfizer and Johnson & Johnson.

Applied Materials, which was a laggard last year, rebounded as expectations of a turn in the semiconductor cycle took hold. Procter & Gamble and NextEra benefitted from investors seeking defensive equities in light of economic fears but also in the case of Procter & Gamble reaping its investment in product innovation and marketing spend. Microsoft continues to execute in its growing cloud computing business and Illinois Tool Works is an example of an industrial company beating overly pessimistic expectations. Of the laggards, Halliburton stands out in hindsight as a mistake that was eliminated during the period in that its results have continued to be under pressure as

shale operators reduce activity in response to reduced demand for oil and gas. Of the others laggards, we continue to hold them though have trimmed Johnson & Johnson because of its litigation exposure.

During the period, a few new names were added to the portfolio. One of these was Nvidia, a manufacturer of graphics processing units (GPUs) typically used in video games but increasingly in other applications requiring rapid calculations like machine learning or autonomous vehicles. Nvidia’s shares had fallen out of favor because of concerns about a slowdown in demand for gaming equipment due to new game formats, an inventory overhang from cryptocurrencies where GPUs had been used for “mining” and the overall China trade fears. Our view is that this slowdown is temporary, that inventories will be cleared over time and that the secular trends are likely to continue. Hence, we believed that the shares were trading at a significant discount to intrinsic value.

Another new purchase was Raytheon, the defense contractor. Raytheon’s shares had been under pressure because of concerns that the defense spending would not be as favorable as expected with the Democrats winning in the mid-term elections as well as the Trump administration proposing a budget that was less than expected and likely to pursue policies of military disengagement. Our view is that Raytheon is less vulnerable than the other large defense contractors to budget pressures and was well positioned for the sorts of spending that were likely to be priorities for the military in the future, namely cyber security and missile technology. The business has a strong balance sheet, generates consistent returns on capital and was trading at an attractive valuation considering the overall quality of the company.

Also added was United Technologies, a multi-industry conglomerate with traditionally attractive returns on capital that has seen its valuation compress because of concerns over China and recent performance issues at its Pratt and Whitney aerospace division. Our view is that the pending separation into three distinct companies focused on aerospace, HVAC equipment and elevators with a high service component brought on by investor activism will be value enhancing as the individual businesses receive higher ratings over time.

Another addition is Deere which has come under a great deal of strain as a result of trade tensions, declining soybean prices, flooding in the Midwest and recently, African swine fever. We believe that these are all temporary phenomena that will eventually improve enough to drive renewed demand for farm equipment and in the meantime the replacement cycle suggests that the fleet of currently owned equipment is reaching the point of needing to be refreshed, being closer to trough sales rather than mid-cycle as is perceived by the market. Based on our analysis, this would indicate that Deere’s shares are attractively priced in relation to their intrinsic value

Another new position is Vulcan Materials, an aggregates and cement producer. Vulcan shares appeared out of favor, as investors continued to doubt the ability of the Trump Administration to pass any infrastructure related legislation. As well, poor weather delayed many construction projects. Our view was that the company would benefit from

an infrastructure bill that could be brought back into play following mid-term elections, and that weather delays would eventually resolve themselves.

Aside from Halliburton and Johnson & Johnson mentioned previously, a variety of other positions were sold or trimmed in response to changes in circumstances, price targets being achieved or investor liquidity. These include Apple, Automated Data Processing, Bank of New York, Biogen, Boeing, Brighthouse Financial, Campbell Soup, Corteva, DOW Inc., DuPont, Facebook, Fireeye, Fluor, Goldcorp, Illinois Tool Works, JP Morgan Chase, McDonald’s, Merck, Metlife, Nektar Therapeutics, NextEra, Noble Energy, Pioneer Natural Resources, Schlumberger and Walmart.

With fixed income uncertainty contained for the moment, resolving the trade dispute with China is probably the biggest overhang on the market, but as we move into 2020 election uncertainty will likely come into play. As we look forward, one could not be faulted for believing that the market’s direction might continue to follow the past periods of global coordinated easing; and, that the reintroduction of liquidity might diminish risk aversion and encourage investors to return to equities and shy away from long dated fixed income.

But, of course, not necessarily in an election year, and not with so many of the leading candidates openly espousing socialist policies. Clearly, a socialist regime, and its attendant tax hikes, would not be bullish for the financial markets. Thus far, markets seem to have ignored this possibility, so, as time goes by, if the prospects for a socialist win increase, we would expect the markets to react. So, this is a development that bears close attention. Should those prospects decrease, however, while markets may heave a sigh of relief, we would not expect a major rally on the news. Likewise, with the impeachment drama currently unfolding. Investors seem very much unconcerned, or indifferent to the ongoing partisan machinations in the nation’s capital. Here, too, an unforeseen turn in current expectations holds risk for the markets.

As long-term, value-oriented investors, we tend to look through current events and focus on the long-term health of the economy and the prospects of our portfolio companies. While impeachment and a radical turn to failed socialist policies are cause for concern, we do not think either will have a lasting negative impact on the U.S. economy, albeit both could cause some temporary dislocations and downdrafts. We would attempt to take advantage of these developments, should they come, by adding high quality companies at favorable prices.

Sincerely,

Robert W. Kleinschmidt Portfolio Manager		Peter D. Shawn Director of Research

The Tocqueville Fund

(Unaudited)

This chart assumes an initial gross investment of $10,000 made on 10/31/09. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Performance reflects fee waivers in effect. In the absence of fee waivers, total return would be reduced. Returns shown include the reinvestment of all dividends and other distributions. Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost.

The Standard & Poor’s 500 Total Return Stock Index (S&P 500) is a capital-weighted index, representing the aggregate market value of the common equity of 500 stocks primarily traded on the New York Stock Exchange. Returns assume the reinvestment of all dividends.

The Tocqueville Opportunity Fund

Dear Fellow Shareholder:

We are pleased to provide this investment overview for the 2019 fiscal year for the Tocqueville Opportunity Fund. During the fiscal year ended October 31, 2019, the Fund appreciated 16.94% and outperformed the SMID cap growth benchmark, the Russell 2500 Growth Index, which gained 11.77%.

Over the past year, the Federal Reserve changed its policy and started cutting interest rates. This shift in policy was prompted by negative macro changes in China and Europe but also weakening data here in the U.S. as housing and industrial capex spending stagnated stoking fears of a recession. As we look forward and head into an election year, equity markets seem to have stabilized and have started to discount success on various trade fronts including an initial trade deal with China and a higher probability of the USMCA agreement being ratified by congress. Furthermore, consumer sentiment in the U.S. remains exceptionally strong which combined with low inflation and an accommodative Federal Reserve should support accelerating economic growth. Notwithstanding the economic cycle, the Fund continues to invest in issuers that can withstand an economic shock due to their secular growth opportunities, superior management teams, strong competitive advantages, and a plethora of re-investment opportunities. While changes in investor sentiment can at times be irrational and exacerbated by program related trading it rarely results in dramatic fundamental shifts in the companies, such changes typically give us an opportunity to add to our higher conviction names.

Investments in Information Technology, Energy, and Financials provided the leading contributions on a relative basis versus the benchmark. Information Technology investments were the leading drivers of absolute and relative performance with Shopify, ServiceNow, Coupa Software, OKTA, and Workday representing the top five contributors to performance. We continue to maintain a positive view on the outlook for IT spending over the next year due to CIO spending surveys, CEO commentary, and the ongoing secular shift of IT spending from on-premise and license-based to edge, cloud and SAAS based models. We also remain very constructive on the financial services industry and this is an area where we have increased exposure over the past year. We believe the digitization of cash and the demands by consumers to not only move money seamlessly but also access everything online are undeniable trends. Smaller regional banks are finding themselves in a difficult position to accommodate these demands as the level of investment required is immense. As a result, these smaller banks are increasingly outsourcing these mission critical tasks to companies like Fiserv and Fidelity National which have become top positions in our portfolio, and we remain bullish on the long-term prospects of these companies. Examining other areas of positive relative performance, we maintained an underweighted position in the Energy sector which contributed to our overall performance but we remain skeptical about the sector’s ability

to sustainably generate economic returns for shareholders. During the year the Healthcare sector weighed negatively on performance due to our investment in Sarepta Therapeutics which received a delay from the FDA for one of its drugs.

We are pleased to report that the Fund participated in five takeovers during the fiscal period, and has participated in approximately 95 takeovers since 2010 validating our investment process of investing in issuers with strong barriers to entry and sustainable competitive advantages. Fiscal 2019 takeovers included: Worldpay, Total System Services, Loxo Oncology, Ultimate Software, and Wellcare Health Plans. The Fund’s allocation to its top 10, 50, and 100 positions at the end of the fiscal period comprised 32%, 72%, and 91% respectively. The Fund’s active share relative to its benchmark continues to be high and has ranged from a low of 78% to high of 85% during the past 12 months.

As always, we sincerely appreciate your continued support.

Sincerely,

Paul Lambert

Portfolio Manager

The Tocqueville Opportunity Fund

(Unaudited)

This chart assumes an initial gross investment of $10,000 made on 10/31/09. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Returns shown include the reinvestment of all dividends and other distributions. Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost.

The chart and table reflect The Opportunity Fund’s performance achieved prior to the changes effected in 2010 to its investment strategy.

The Russell 2500 Growth Total Return Index is an unmanaged index that measures the performance of the small to mid-cap growth segment of the U.S. equity universe. It includes those Russell 2500 companies with higher price-to-book ratios and higher forecasted growth values. Returns assume the reinvestment of all dividends.

The Russell 2000 Total Return Index is an unmanaged index that measures the performance of the 2,000 smallest companies in the Russell 3000 Index. Returns include the reinvestment of all dividends.

The Tocqueville Gold Fund

Dear Fellow Shareholder,

The Tocqueville Gold Fund’s fiscal year—November 2018 through October 2019—saw a significant and important change in the precious metals markets. After a multiple year downtrend and extended bottoming process, gold markets broke through price resistance levels that have held for six years. Gold’s steady rise throughout the fiscal year began as financial markets discounted the impact of a global economic slowdown due to trade wars. As the U.S. Federal Reserve raised interests at the end of the 2018 calendar year, and market volatility notably increased along with a weaker U.S. dollar, gold moved higher. By late January, the U.S. Federal Reserve had to backtrack on its interest rate stance, which provided further support for gold prices. During March through May, gold prices traded in a relatively flat and tight range before breaking out in late June, moving above a three-year resistance level of approximately $1350 per ounce. The continuing rhetoric around the China-U.S. trade war supported gold’s advance during July while broader markets swooned in early August with extensive concern over negative interest rates. This enabled gold to break out, above an even longer six-year resistance level of $1550 per ounce—a price last seen when gold prices dramatically corrected in the spring of 2013. The end of the 2019 fiscal year finds broader financial markets and related valuations at unsustainable levels for the trillions of dollars of negative yielding debt trading around the globe. Gold has broken out to new highs in all currencies except in U.S. dollar terms, but we think it just a matter of time before it does. For the 2019 fiscal year, the Fund was up 33.54%, while the Philadelphia Gold and Silver Index was up 50.40% during the period.

In our quarterly investment letters, we have discussed the investment case for precious metal exposure and noted our concerns regarding the stability of broader markets. The main thesis remains our observation that government sponsored currencies will have to be debased when economic growth is insufficient to pay back the mounting obligations that fed that growth. Gold has stood the test of time as a means to preserve value and has demonstrated it can act as a form of portfolio insurance and a hedge to the destruction of financial asset values that could come with enormous debt loads.

The Fund holds physical gold that is vaulted outside the financial system, which we audit on a regular basis. It is the Fund’s largest position, making up approximately 14% of its assets. The Fund’s exposure to physical gold reduced Fund volatility during the period while it was also the second largest contributor to positive performance during the 2019 fiscal year. A small amount of gold was sold during the year for liquidity purposes.

Precious metal equities make up the rest of the Fund with approximately 70% in gold stocks and about 15% in silver stocks, and a small amount in cash. Silver like gold is considered a monetary metal, even though silver is used extensively for various industrial applications. The Fund has emphasized greater exposure to small- and mid-cap precious

metal mining stocks because their valuations offer greater long-term appreciation potential compared to the Philadelphia Gold and Silver Index which is heavily weighted to large precious metal producers.

The precious metal stocks that contributed the most during the period included Detour Gold Corporation, Franco-Nevada Corporation, Wheaton Precious Metals, and Agnico Eagle Mines. Detour Gold Corporation was re-rated by the broader market as it restructured its board of directors in response to investor activism. Franco-Nevada Corporation benefitted from various investments that are now providing significant returns as well as the royalty model it has applied to the oil and gas sector. Wheaton Precious Metals received a favorable court decision regarding its tax status in Canada. As a result, the overhang on the stock lifted and Wheaton is receiving a more complete valuation that is now comparable to other precious metal royalty/streaming stocks. Agnico Eagle Mines is receiving a fuller valuation as it demonstrates that the past few years of mine investment are now yielding significant cash flow.

Corvus Gold, OceanaGold, Gold Standard Ventures Corp. and Jaguar Mining all corrected during the period, which held back Fund performance in a small way. In the case of Corvus Gold and OceanaGold, these stocks corrected from a period of outperformance during calendar 2018. Gold Standard Ventures, in which Goldcorp had a significant position, corrected with the merger of Newmont and Goldcorp. Jaguar Mining experienced challenges at its underground mines that resulted in less gold production. A re-capitalization of its balance sheet was very successful and has allowed the company to get back on track to recover and increase gold production.

Several positions were eliminated because they were either fully valued or presented limited value creation opportunities, such as Alacer Gold which became fully valued with the start of mining operations in Turkey. The Barrick position which resulted from its acquisition of the Fund’s holding in Randgold, was sold after the completion of that merger. The GoGold position was eliminated because of its limited options for value creation. GoldCorp was also sold during the period as its stock fully reflected the value of the Newmont bid for the company. Cia de Minas Buenaventura was sold as copper prices weakened and as operational challenges continued to impede stock price performance.

New names added during the period included Wesdome Gold Mines Ltd., AngloGold Ashanti Limited, Kirkland Lake Gold, Maverix Metals and West African Resources Ltd. Wesdome has identified gold ore zones at its operating Eagle River mine which should extend the mine-life of that operation and which will also provide the capital from its operating cash flow to restart Wesdome’s idled Kiena mine complex where high-grade ore zones are also being discovered. AngloGold Ashanti had been undervalued by the market, however new management has been successfully restructuring the company to improve its geographic and operating risk exposure. Kirkland Lake is benefitting from mining its high-grade gold deposits which are providing significant cash flow. Maverix Metals is a precious metal royalty/streaming company with a well-diversified portfolio of income generating royalties and precious metal streams. West African Resources has been

undervalued by the market, but is getting re-rated, as it undertakes construction of its mine to access its high-grade gold deposit in west Africa.

Precious metal prices and related mining stocks have corrected somewhat from the August high and are consolidating in a relatively narrow trading range. We expect the U.S. Federal Reserve to keep interest rates low and the U.S. dollar to continue on its downward trend of the past couple of months. Low interest rates, a weaker U.S. dollar and continued volatility should be constructive for precious metal markets.

Sincerely,

John C. Hathaway Portfolio Manager		Douglas B. Groh Portfolio Manager		Ryan McIntyre Portfolio Manager

The Tocqueville Gold Fund—Investor Class

(Unaudited)

This chart assumes an initial gross investment of $10,000 made on 10/31/09. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Returns shown include the reinvestment of all dividends and other distributions. Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. The Fund imposes a 2% redemption fee on shares held 90 days or less.

In 2009, 2010, and 2016 the performance of The Tocqueville Gold Fund—Investor Class was achieved during a period of unusually favorable market conditions. Such performance may not be sustainable.

The Philadelphia Stock Exchange Gold and Silver Index is an unmanaged capitalization-weighted index which includes the leading companies involved in the mining of gold and silver. Returns include the reinvestment of all dividends.

The Standard & Poor’s 500 Total Return Stock Index (S&P 500) is a capital-weighted index, representing the aggregate market value of the common equity of 500 stocks primarily traded on the New York Stock Exchange. Returns include the reinvestment of all dividends.

The Tocqueville Gold Fund—Institutional Class

(Unaudited)

This chart assumes an initial gross investment of $1,000,000 made on 4/8/19 (commencement of operations for Institutional Class). Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Returns shown include the reinvestment of all dividends and other distributions. Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. The Fund imposes a 2% redemption fee on shares held 90 days or less.

The Philadelphia Stock Exchange Gold and Silver Index is an unmanaged capitalization-weighted index which includes the leading companies involved in the mining of gold and silver. Returns include the reinvestment of all dividends.

The Standard & Poor’s 500 Total Return Stock Index (S&P 500) is a capital-weighted index, representing the aggregate market value of the common equity of 500 stocks primarily traded on the New York Stock Exchange. Returns include the reinvestment of all dividends.

The Tocqueville Phoenix Fund

Dear Fellow Shareholder,

For the fiscal year ended October 31, 2019, the Fund’s net asset value increased 6.16%, versus an increase of 4.90% for the Russell 2000 Index (“Russell 2000”), and an advance of 14.33% for the larger cap oriented Standard & Poor’s 500 Index (“S&P 500”), each on a total return basis. While domestic equity indices generally finished the fiscal year in the black, geopolitical headlines, particularly those related to U.S. and Chinese trade issues, dictated trading movements throughout and created month-to-month volatility that we have not experienced in several years. After a subdued November 2018, a convergence of negative news drove market declines of historic proportions and the return of hyper-volatility. The federal government experienced a shut down, trade agreement talks between the United States and China deteriorated, and the rate of corporate earnings growth came into question. Markets panicked, with the Russell 2000 dropping 11.88% in December 2018. In what would become a pattern for the entire fiscal year, U.S. stocks would rebound in the following months after President Trump, seemingly spooked himself by the stock market’s drop, reversed course and delayed an anticipated increase in tariffs on Chinese imports. Further, evidence of a deceleration in the rate of growth in the U.S. economy prompted the Federal Reserve Board to delay anticipated rate hikes. The third fiscal quarter however, ushered in a new low in U.S./Chinese relations, with trade talks breaking down and President Trump abruptly naming Chinese telecom giant Huawei a national security threat and banning the sale of American technology to the company. The sudden threat of tariffs on Mexican imports also shocked markets. More of the same tit-for-tat between President Trump and the Chinese government continued into the fourth fiscal quarter, further pressuring equities, though accommodative easing by the Federal Reserve during the quarter was an effective antidote to investors’ blues.

Our style (value) and our market cap sweet spot (small to mid) remained a headwind for most of the fiscal year. The Russell 2000 Value Index generated a 3.22% return for the fiscal year, underperforming the Russell 2000 Growth Index by 318 basis points. The divergence in performance between small and large cap stocks was even more skewed, and evident in the 9.43 percentage point differential in the respective returns of the Russell 2000 and S&P 500. Despite an environment that was not supportive of our investment approach, the Fund managed to outperform the Russell 2000 on solid stock picking. Individual holdings that were top performers included US Concrete Inc, Flex Ltd., Fabrinet, Visteon Corporation and Lumentum Holdings Inc. The laggards in the portfolio included Cars.com Inc., McDermott International Inc., PVH Corp. and Harsco Corporation.

As we have written in the past, sector allocation is a by-product of our bottom-up investment process. Nonetheless, our inadvertent sector weightings also added to the relative return for the period, as the Fund was overweight (and outperformed) the

strongest sector within the Russell 2000, information technology, which contributed about 480 basis points to the absolute return and 160 basis points to performance relative to the Russell 2000. The portfolio also had relatively little exposure to energy, which was a particularly weak component of the Russell 2000 during the fiscal year. The holdings in the materials sector were also strong contributors to both our absolute and relative performance.

A number of new positions were initiated during the fiscal year, the largest of which included DXC Technology Co., Loews Corporation, Louisiana Pacific Corp, Lumentum Holdings Inc, Orion Engineered Carbons, Solaris Oilfield Infrastructure Inc, Stanley Black & Decker Inc, and Visteon Corporation. The largest portfolio deletions included Avnet, Inc., Cars.com Inc., Ducommun Incorporated, Electronics for Imaging Inc., Gentex Corp., Hanesbrands Inc., and Minerals Technologies Inc.

We look ahead with a healthy dose of caution. U.S. leaders continue to meet with their Chinese counterparts in ongoing trade talks, lawmakers have initiated a public impeachment inquiry against President Trump, and the 2020 Presidential race is heating up, with tough to swallow implications anticipated no matter who the eventual winner is. That said, we remain active in searching for new investments, and to the extent that the market creates opportunities for us, we will act on them. We also believe that the portfolio remains well positioned, with companies that are generally generating cash, increasing their earnings and making strategic investment to accelerate their growth. Over time, we are confident that this progress will be reflected in higher market values.

Sincerely,

J. Dennis Delafield Portfolio Manager		Joshua Kaufthal Portfolio Manager		James Maxwell Portfolio Manager

The Tocqueville Phoenix Fund

(Unaudited)

This chart assumes an initial gross investment of $10,000 made on 10/31/09. On February 15, 2019, The Delafield Fund’s name changed to The Tocqueville Phoenix Fund. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Performance reflects fee waivers in effect. In the absence of fee waivers, total return would be reduced. Returns shown include the reinvestment of all dividends and other distributions. Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost.

The Russell 2000 Total Return Index is an unmanaged index that measures the performance of the 2,000 smallest companies in the Russell 3000 Index, which represent approximately 10% of the total market capitalization of the Russell 3000 Index. Returns include the reinvestment of all dividends.

The Standard & Poor’s 500 Total Return Stock Index (S&P 500) is a capital-weighted index, representing the aggregate market value of the common equity of 500 stocks primarily traded on the New York Stock Exchange. Returns include the reinvestment of all dividends.

The Tocqueville Select Fund

Dear Fellow Shareholder,

For the fiscal year ended October 31, 2019, the Fund’s net asset value increased 4.68%, versus an increase of 8.84% for the Russell 2500 Index (“Russell 2500”), and an advance of 4.90% for the Russell 2000 Index (“Russell 2000”), each on a total return basis. Geopolitical headlines, particularly those related to U.S. and Chinese trade issues, dictated trading movements throughout the fiscal year. One month into the fiscal year a convergence of negative news drove market declines of historic proportions and the return of hyper-volatility. The federal government experienced a shut down, trade agreement talks between the United States and China deteriorated, and the rate of corporate earnings growth came into question. In what would become a pattern for the entire fiscal year, U.S. stocks would rebound in the following months after President Trump, seemingly spooked himself by the stock market’s drop, reversed course and delayed an anticipated increase in tariffs on Chinese imports. Further, evidence of a deceleration in the rate of growth in the U.S. economy prompted the Federal Reserve Board to delay anticipated rate hikes. The third fiscal quarter however, ushered in a new low in U.S./Chinese relations, with trade talks breaking down and President Trump abruptly naming Chinese telecom giant Huawei a national security threat and banning the sale of American technology to the company. The sudden threat of tariffs on Mexican imports also shocked markets. More of the same tit-for-tat between President Trump and the Chinese government continued into the fourth fiscal quarter, further pressuring equities, though accommodative easing by the Federal Reserve during the quarter was an effective antidote to investors’ blues.

Stock selection was mixed during the fiscal year and owing to the concentrated nature of the portfolio, performance was disproportionately impacted by the decline of a couple of holdings. To be more specific, Cars.com and Tile Shop Holdings Inc experienced several operational challenges and as a result, their shares were pressured and negatively impacted the absolute return by about 600 basis points in aggregate for the 2019 fiscal year. In contrast, Epam Systems Inc and J2 Global Inc were particularly strong performers, but their combined contribution was more than offset by the laggards.

Sector allocation is a by-product of our bottom-up investment process. Nonetheless, we note that we were overweight in information technology, which contributed favorably to the performance. Among other heavily weighted sectors, industrials and consumer discretionary were a negative, as the Fund’s investments, in aggregate, underperformed the comparable sector holdings in the Russell 2500.

A number of new positions were initiated during the fiscal year. These included Cross Country Healthcare, DXC Technology, Orion Engineered Carbons, PVH Corp. and Solaris Oilfield Infrastructure Inc. Also, several positions were exited, the largest of

which at the time were Apogee Enterprises Inc, Epam Systems Inc, Gentex Corp, ICF International, J2 Global Inc, Minerals Technologies, Team Inc and TrueBlue Inc.

Sincerely,

J. Dennis Delafield Portfolio Manager		Joshua Kaufthal Portfolio Manager

 

Donald Wang Portfolio Manager		James Maxwell Portfolio Manager

The Tocqueville Select Fund

(Unaudited)

This chart assumes an initial gross investment of $10,000 made on 10/31/09. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Performance reflects fee waivers in effect. In the absence of fee waivers, total return would be reduced. Returns shown include the reinvestment of all dividends and other distributions. Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost.

In 2013 the performance of The Tocqueville Select Fund was achieved during a period of unusually favorable market conditions. Such performance may not be sustainable.

The Russell 2500 Total Return Index is an unmanaged index that measures the performance of the 2,500 smallest companies in the Russell 3000 Index. Returns include the reinvestment of all dividends.

The Russell 2000 Total Return Index is an unmanaged index that measures the performance of the 2,000 smallest companies in the Russell 3000 Index. Returns include the reinvestment of all dividends.

Expense Example—October 31, 2019 (Unaudited)

As a shareholder of The Tocqueville Trust (the “Funds”), you incur ongoing costs, including management fees; distribution fees; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held the entire period (May 1, 2019-October 31, 2019).

Actual Expenses

The first line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line of the table below provides information about hypothetical account values and hypothetical expenses based on the Funds’ actual expense ratios and an assumed rate of return of 5% per year before expenses, which is not the Funds’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees, or exchange fees. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

The Accompanying Notes are an Integral Part of these Financial Statements.

The Accompanying Notes are an Integral Part of these Financial Statements.

The Accompanying Notes are an Integral Part of these Financial Statements.

The Accompanying Notes are an Integral Part of these Financial Statements.

The Accompanying Notes are an Integral Part of these Financial Statements.