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TOCQUEVILLE TRUST
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2012-12-27
2012-12-27
2012-02-28
THE TOCQUEVILLE INTERNATIONAL VALUE FUND (the “Fund”)
<p class="MsoNormal" align="center" style="margin-top:0in;margin-right:0in;margin-left:0in;font-size:11.0pt;font-family:'calibri','sans-serif';margin-bottom:0in;margin-bottom:.0001pt; text-align:center;line-height:normal;text-autospace:none"><b><font style='font-size:10.0pt;font-family:"Times New Roman","serif"'> </font></b></p> <p class="MsoNormal" align="center" style="margin-top:0in;margin-right:0in;margin-left:0in;font-size:11.0pt;font-family:'calibri','sans-serif';margin-bottom:0in;margin-bottom:.0001pt; text-align:center;line-height:normal;text-autospace:none"><b><font style='font-size:10.0pt;font-family:"Times New Roman","serif"'>THE TOCQUEVILLE TRUST (the “Trust”)</font></b></p> <p class="MsoNormal" align="center" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:4.5pt;margin-right:0in; margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:center; line-height:normal;text-autospace:none"><b><font style='font-size:10.0pt; font-family:"Times New Roman","serif"'>THE TOCQUEVILLE INTERNATIONAL VALUE FUND (the “Fund”)</font></b></p> <p class="MsoNormal" align="center" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:4.5pt;margin-right:0in; margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:center; line-height:normal;text-autospace:none"><b><font style='font-size:10.0pt; font-family:"Times New Roman","serif"'>Supplement dated December 27, 2012 to the Trust’s Prospectus, dated February 28, 2012</font></b></p> <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:9.0pt;margin-right:0in;margin-bottom:0in; margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none"><font style='font-size:10.0pt;font-family:"Times New Roman","serif"'>Effective January 1, 2013, Tocqueville Asset Management L.P. (the “Advisor”) is implementing an expense limitation agreement with respect to the Fund in order to ensure that the Fund’s total operating expenses (excluding taxes, interest expense, acquired fund fees and expenses, or extraordinary expenses such as litigation) do not exceed 1.25% of the Fund’s average daily net assets. This expense limitation agreement will be in effect until at least March 1, 2014 and may not be terminated by the Advisor before that time.</font></p> <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:9.0pt;margin-right:0in;margin-bottom:0in; margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none"><font style='font-size:10.0pt;font-family:"Times New Roman","serif"'>The fee table on page 7 of the Prospectus is replaced with the below:</font></p> <p class="MsoNormal" style="margin-top:0in;margin-right:0in;margin-left:0in;margin-bottom:10.0pt;line-height:115%;font-size:11.0pt;font-family:'calibri','sans-serif';"> </p>
The Expense Limitation Agreement will remain in effect until at least March 1, 2014 and may not be terminated by the Advisor before such time.
Shareholder Fees (fees paid directly from your investment)
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
The example on page 7 is replaced with the below: Example
<p class="MsoNormal" style="margin-top:0in;margin-right:0in;margin-left:0in;margin-bottom:10.0pt;line-height:115%;font-size:11.0pt;font-family:'calibri','sans-serif';"><font style='font-size:10.0pt;line-height:115%;font-family: "Times New Roman","serif"'>This example is intended to help you compare the cost of investing in the Tocqueville International Value Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Tocqueville International Value Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Tocqueville International Value Fund’s operating expenses remain the same (taking into account the expense limitation for one year).</font></p>
Although your actual costs may be higher or lower, based on these assumptions, your costs would be:
TIVFX
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The Advisor has contractually agreed to waive the Tocqueville International Value Fund’s management fees and/or reimburse expenses in order to ensure that the Tocqueville International Value Fund’s Total Annual Fund Operating Expenses after Fee Waiver/Expense Reimbursement do not exceed 1.25% of its average daily net assets (excluding taxes, interest expense, acquired fund fees and expenses, or extraordinary expenses such as litigation). The Expense Limitation Agreement will remain in effect until at least March 1, 2014 and may not be terminated by the Advisor before such time.