N-Q 1 tocquevilletrust_nq.htm QUARTERLY NOTICE OF PORTFOLIO HOLDINGS Quarterly Notice of Portfolio Holdings

As filed with the Securities and Exchange Commission on September 27, 2006
 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549


 
FORM N-Q
 
 
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY
 

 
Investment Company Act file number 811-4840



The Tocqueville Trust
(Exact name of registrant as specified in charter)

The Tocqueville Trust
40 W. 57th Street, 19th Floor
New York, NY 10019 
(Address of principal executive offices) (Zip code)

Robert W. Kleinschmidt
The Tocqueville Trust
40 W. 57th Street, 19th Floor
New York, NY 10019
(Name and address of agent for service)

 
212-698-0800
Registrant's telephone number, including area code



Date of fiscal year end: October 31

 
Date of reporting period: July 31, 2006 


 
Item 1. Schedule of Investments.
 
 
The Tocqueville Fund
Schedule of Investments as of July 31, 2006
(Unaudited)
             
       
Shares
  
Value
Common Stocks - 87.7%
          
Aerospace & Defense - 1.5%
        
Boeing Co.
     
50,000
 $
 3,871,000
Airlines - 0.3%
          
SkyWest, Inc.
     
30,000
  
727,500
Automobiles - 0.9%
          
Tata Motors Ltd. ADR (b)
    
150,000
  
2,367,000
Beverages - 2.8%
          
Anheuser-Busch Companies, Inc.
 
75,000
  
3,611,250
The Coca-Cola Co.
   
75,000
  
3,337,500
           
6,948,750
Biotechnology - 0.7%
          
Pharmion Corp. (a)
    
100,000
  
1,722,000
Capital Markets - 1.3%
          
The Bank of New York Co., Inc.
 
100,000
  
3,361,000
Chemicals - 3.1%
          
EI Du Pont de Nemours & Co.
 
150,000
  
5,949,000
W.R. Grace & Co. (a)
    
200,000
  
1,832,000
           
7,781,000
Commercial Banks - 2.8%
        
Mitsubishi Ufj Financial Group, Inc. ADR (b)
  
500,000
  
6,975,000
Commercial Services & Supplies - 2.7%
        
Avery Dennison Corp.
   
30,000
  
1,758,900
DeVry, Inc. (a)
    
100,000
  
2,110,000
Steelcase, Inc.
   
200,000
  
2,938,000
           
6,806,900
Communications Equipment - 5.2%
        
Cisco Systems, Inc. (a)
    
350,000
  
6,247,500
Nokia Oyj ADR (b)
    
150,000
  
2,977,500
Nortel Networks Corp. (a)(b)
  
2,000,000
  
3,920,000
           
13,145,000
Computers & Peripherals - 0.9%
        
Dell, Inc. (a)
      
100,000
  
2,168,000
Construction & Engineering - 1.0%
        
Chicago Bridge & Iron Co., N.V. ADR (b)
  
100,000
  
2,426,000
Construction Materials - 1.2%
        
Cemex S.A. de C.V. ADR (b)
  
102,832
  
2,912,202
Containers & Packaging - 1.0%
        
Sonoco Products Co.
   
75,000
  
2,439,750
Diversified Financial Services - 1.4%
        
Citigroup, Inc.
     
75,000
  
3,623,250
Diversified Telecommunication Services - 4.0%
        
Alaska Communications Systems Group, Inc.
 
400,000
  
4,956,000
Verizon Communications, Inc.
 
150,000
  
5,073,000
           
10,029,000
Electric Utilities - 3.3%
          
FPL Group, Inc.
   
150,000
  
6,471,000
Korea Electric Power Corp. - ADR (b)
  
100,000
  
1,914,000
           
8,385,000
Electrical Appliances, Television And Radio Sets - 1.2%
      
Samsung Electronics Co., Ltd. ADR (b)
  
9,300
  
2,958,251
Energy Equipment & Services - 2.8%
        
Schlumberger Ltd.
   
105,000
  
7,019,250
Food & Staples Retailing - 1.8%
        
Wal-Mart Stores, Inc.
   
100,000
  
4,450,000
Food Products - 0.9%
          
Unilever NV ADR (b)
    
100,000
  
2,368,000
Health Care Equipment & Supplies - 1.9%
        
Boston Scientific Corp. (a)
    
151,500
  
2,577,015
Thoratec Corp. (a)
    
150,000
  
2,070,000
           
4,647,015
Industrial Conglomerates - 3.1%
        
3M Co.
     
25,000
  
1,760,000
General Electric Co.
   
125,000
  
4,086,250
Tyco International Ltd. (b)
    
75,000
  
1,956,750
           
7,803,000
Insurance - 5.6%
          
The Allstate Corp.
   
50,000
  
2,841,000
American International Group, Inc.
 
75,000
  
4,550,250
Conseco, Inc. (a)
    
170,000
  
3,876,000
IPC Holdings Ltd. (b)
    
100,000
  
2,875,000
           
14,142,250
Internet Software & Services - 1.4%
        
webMethods, Inc. (a)
    
300,000
  
2,232,000
Yahoo! Inc. (a)
    
50,000
  
1,357,000
           
3,589,000
Machinery - 2.6%
          
Illinois Tool Works, Inc.
   
15,500
  
708,815
The Manitowoc Co., Inc.
   
75,000
  
2,944,500
Parker Hannifin Corp.
   
40,000
  
2,889,600
           
6,542,915
Media - 2.5%
            
Clear Channel Communications, Inc.
 
100,000
  
2,895,000
Dow Jones & Co, Inc.
   
100,000
  
3,504,000
           
6,399,000
Metals & Mining - 10.2%
          
Alcoa, Inc.
     
150,000
  
4,492,500
Cleveland-Cliffs, Inc.
   
60,000
  
2,169,000
Inco Ltd. (b)
      
75,000
  
5,832,750
Newmont Mining Corp.
   
100,000
  
5,123,000
Phelps Dodge Corp.
   
35,000
  
3,056,900
Teck Cominco Ltd. (b)
    
75,000
  
4,959,000
           
25,633,150
Oil & Gas - 3.8%
          
Devon Energy Corp.
   
50,000
  
3,232,000
Murphy Oil Corp.
   
125,000
  
6,432,500
           
9,664,500
Paper & Forest Products - 1.8%
        
Weyerhaeuser Co.
   
75,000
  
4,399,500
Pharmaceuticals - 2.1%
          
Pfizer, Inc.
     
200,000
  
5,198,000
Prepackaged Software - 0.5%
        
Bio-key International, Inc. (a)(c)(e)(f)
  
47,090
  
-
Bio-key International, Inc. (a)
  
32,783
  
13,113
Indus International, Inc. (a)
    
500,000
  
1,180,000
           
1,193,113
Semiconductor & Semiconductor Equipment - 6.1%
        
Applied Materials, Inc.
   
250,000
  
3,935,000
Intel Corp.
     
367,250
  
6,610,500
International Rectifier Corp. (a)
  
50,000
  
1,782,500
Ultratech, Inc. (a)
    
200,000
  
3,028,000
           
15,356,000
Software - 4.9%
          
Activision, Inc. (a)
    
100,000
  
1,195,000
Mentor Graphics Corp. (a)
    
120,000
  
1,653,600
Microsoft Corp.
   
300,000
  
7,209,000
Oracle Corp. (a)
    
150,000
  
2,245,500
           
12,303,100
Water Supply - 0.4%
          
Purecycle Corp. (a)
    
100,000
  
904,000
Total Common Stocks (Cost $179,720,590)
      
220,258,396
Exchange Traded Funds - 3.8%
        
SPDR Trust Series 1
    
200,000
  
6,374,000
STREETtracks Gold Trust (a)
  
50,000
  
3,158,000
Total Exchange Traded Funds (Cost $8,885,640)
      
9,532,000
Preferred Stock - 0.4%
          
Biotechnology - 0.4%
          
Zymequest, Inc. (a)(c)(e)(f)
    
400,000
  
960,000
Total Preferred Stock (Cost $960,000)
      
960,000
Warrants - 0.0%
          
Bio-key Warrants, $1.35 strike price, expires 4/14/09 (a)(e)
262,500
  
-
Bio-key Warrants, $1.55 strike price, expires 9/29/09 (a)(e)
111,111
  
-
Raytheon Co. Warrants, $37.50 strike price, expires 6/16/11 (a)
1,581
  
20,395
Total Warrants (Cost $0)
        
20,395
       
Shares or
    
       
Principal
    
       
Amount
  
Value
U.S. Government Agency Bonds - 1.5%
        
Freddie Mac, 3.70%, 08/25/2009 (d)
  $ 
2,000,000
 
$ 1,963,892
Freddie Mac, 3.90%, 08/27/2009 (d)
  
2,000,000
  
1,961,844
Total U.S. Government Agency Bonds (Cost $4,043,263)
    
3,925,736
Convertible Bond - 0.2%
          
Bio-key International
          
15.00%, due 1/01/09 (e)
    
390,625
  
390,625
Total Convertible Bond (Cost $390,625)
      
390,625
Short-Term Investments - 6.1%
        
U.S. Treasury Bills - 4.7%
        
4.54%, due 8/17/06
    
3,000,000
  
2,993,593
4.82%, due 9/21/06
   
3,000,000
  
2,979,218
4.74%, due 10/19/06
   
3,000,000
  
2,967,990
4.15%, due 12/28/06
   
3,000,000
  
2,939,442
Total U.S. Treasury Bills (Cost $11,877,475)
      
11,880,243
Repurchase Agreement - 1.4%
        
Repurchase Agreement with U.S. Bank, N.A., 4.00%,
        
dated 7/31/06, due 8/1/06, collateralized by a
       
Freddie Mac 15-Year Fixed (Pool #1138)
        
valued at $3,463,371.
          
Repurchase proceeds of $3,395,472 (Cost $3,395,000)
  
3,395,000
  
3,395,000
Total Short-Term Investments (Cost $15,272,475)
      
15,275,243
Total Investments (Cost $209,272,593) - 99.7%
      
250,362,395
Other Assets in Excess of Liabilities - 0.3%
      
761,878
Total Net Assets - 100.0%
        $
251,124,273
             
Percentages are stated as a percent of net assets.
        
ADR  
American Depository Receipt
        
GDR  
Gobal Depository Receipt
        
(a)  
Non-income producing security.
        
(b)  
Foreign issued security. Foreign concentration was as follows: Bermuda 1.9%; Canada
     
 
5.9%; Finland 1.2%; India 0.9%; Japan 2.8%; Mexico 1.2%; Netherlands 1.9%; South
     
 
Korea 1.9%.
          
(c)  
Denotes security is fully or partially restricted as to resale. The aggregate value of
     
 
restricted securities at July 31, 2006 was $960,000 which represented 0.4% of net assets.
      
(d)  
Security is a "step-up" bond where the coupon rate increases or steps up at a
     
 
predetermined rate. Rate shown reflects the original rate.
      
(e)  
Fair valued security. The aggregate value of fair valued securities at July 31, 2006 was
      
 
$1,350,625 which represents 0.5% of net assets.
      
(f)  
Security is considered illiquid and may be difficult to sell.
      
             
             
 
The Tocqueville Small Cap Value Fund
Schedule of Investments as of July 31, 2006
(Unaudited)
             
       
Shares
  
Value
Common Stocks - 99.9%
            
Aerospace & Defense - 2.3%
          
Cubic Corp.
     
60,000
 $
 1,203,600
Auto Components - 0.7%
            
Cooper Tire & Rubber Co.
     
40,000
  
399,600
Biotechnology - 2.1%
            
Pharmion Corp. (a)
      
65,000
  
1,119,300
Chemicals - 14.2%
            
A. Schulman, Inc.
     
65,000
  
1,422,200
Arch Chemicals, Inc.
     
39,000
  
1,382,160
Cambrex Corp.
     
35,000
  
745,850
Hercules, Inc. (a)
      
180,200
  
2,504,780
Sensient Technologies Corp.
   
75,000
  
1,495,500
           
7,550,490
Commercial Services & Supplies - 3.6%
          
ABM Industries, Inc.
     
80,000
  
1,320,000
Educate, Inc. (a)
      
100,000
  
578,000
           
1,898,000
Communications Equipment - 8.7%
          
3Com Corp. (a)
      
450,000
  
2,133,000
Plantronics, Inc.
      
30,000
  
466,800
Powerwave Technologies, Inc. (a)
    
115,000
  
913,100
Westell Technologies, Inc. (a)
    
500,000
  
1,140,000
           
4,652,900
Computers & Peripherals - 3.1%
          
Intermec, Inc. (a)
      
68,500
  
1,671,400
Electrical Equipment - 7.0%
          
Baldor Electric Co.
     
65,000
  
1,924,000
Power-One, Inc. (a)
      
140,200
  
886,064
Vicor Corp.
     
82,200
  
941,190
           
3,751,254
Electronic Equipment & Instruments - 1.9%
          
Keithley Instruments, Inc.
     
50,000
  
564,500
Methode Electronics, Inc.
     
55,154
  
441,232
           
1,005,732
Energy Equipment & Services - 10.1%
          
Global Industries Ltd. (a)
      
195,000
  
3,252,600
Input/Output, Inc. (a)
      
215,000
  
2,113,450
           
5,366,050
Food Products - 2.0%
            
Del Monte Foods Co.
     
100,000
  
1,048,000
Health Care Equipment & Supplies - 4.9%
          
Datascope Corp.
     
35,000
  
1,075,550
Wright Medical Group, Inc. (a)
    
70,000
  
1,542,100
           
2,617,650
Health Care Providers & Services - 2.8%
          
Bioscrip, Inc. (a)
      
60,000
  
238,200
Dendrite International, Inc. (a)
    
140,000
  
1,275,400
           
1,513,600
Hotels Restaurants & Leisure - 2.6%
          
Bob Evans Farms, Inc.
     
50,000
  
1,377,000
Internet & Catalog Retail - 1.0%
          
Insight Enterprises, Inc. (a)
    
30,000
  
508,200
IT Services - 8.4%
            
Ceridian Corp. (a)
      
60,000
  
1,440,600
Computer Horizons Corp. (a)
    
180,000
  
819,000
Convergys Corp. (a)
      
85,000
  
1,621,800
Keane, Inc. (a)
      
40,000
  
576,800
           
4,458,200
Leisure Equipment & Products - 2.4%
          
Leapfrog Enterprises, Inc. (a)
    
130,000
  
1,297,400
Machinery - 2.2%
            
Federal Signal Corp.
     
80,000
  
1,194,400
Orthopedic, Prosthetic, And Surgical Appliances And Supplies - 2.1%
        
Synovis Life Technologies, Inc. (a)
    
125,000
  
1,107,500
Pharmaceuticals - 4.2%
            
Perrigo Co.
     
115,000
  
1,821,600
Salix Pharmaceuticals, Ltd. (a)
    
40,000
  
408,000
           
2,229,600
Software - 13.6%
            
Agile Software Corp. (a)
      
400,000
  
2,348,000
Informatica Corp. (a)
      
221,200
  
3,090,164
Intervoice, Inc. (a)
      
50,000
  
316,000
Mentor Graphics Corp. (a)
      
110,000
  
1,515,800
           
7,269,964
Total Common Stocks (Cost $47,584,849)
        
53,239,840
Short-Term Investments - 1.0%
          
Repurchase Agreement with U.S. Bank, N.A., 4.50%,
          
dated 7/31/06, due 8/1/06, collateralized by a
          
Fannie Mae 15-Year Fixed (Pool #4924)
          
valued at $573,724.
           
Repurchase proceeds of $562,078 (Cost $562,000)
    
562,000
  
562,000
Total Short-Term Investments (Cost $562,000)
        
562,000
Total Investments (Cost $48,146,849) - 100.9%
        
53,801,840
Liabilities in Excess of Other Assets - (0.9)%
        
(502,812)
Total Net Assets - 100.0%
       $
 53,299,028
             
Percentages are stated as a percent of net assets.
          
(a)  
Non-income producing security.
        
 
The Tocqueville International Value Fund
Schedule of Investments as of July 31, 2006
(Unaudited)
             
       
Shares
  
Value
Common Stocks - 89.3%
            
Belgium - 0.7%
            
Umicore
     
14,000
 $
1,771,371
Canada - 1.4%
            
Alcan, Inc.
     
76,208
  
3,489,959
Finland - 4.7%
            
Nokia Oyj ADR
     
290,000
  
5,756,500
UPM-Kymmene Oyj
     
256,700
  
5,692,494
           
11,448,994
France - 6.7%
            
M6 Metropole Television
     
190,000
  
5,858,924
Sanofi-Aventis
     
65,000
  
6,181,659
Vivendi SA
     
125,000
  
4,232,985
           
16,273,568
Greece - 1.8%
            
Titan Cement Co., SA
      
90,000
  
4,391,702
Hong Kong - 0.6%
            
Gold Peak Industries Holding Ltd.
   
10,243,000
  
1,397,336
Indonesia - 1.0%
            
Tempo Scan Pacific Tbk PT
   
3,438,000
  
2,331,169
Italy - 5.6%
            
Benetton Group SpA
     
379,064
  
5,529,752
Interpump SpA
     
598,300
  
5,151,170
Sogefi SpA
     
409,500
  
2,738,404
           
13,419,326
Japan - 23.6%
            
Aderans Company Ltd.
     
183,000
  
5,155,829
Amano Corp.
     
280,000
  
3,553,578
Capcom Co., Ltd.
     
130,000
  
1,547,822
Dai Nippon Printing Co., Ltd.
   
150,000
  
2,362,946
Fuji Photo Film Co., Ltd.
     
160,000
  
5,387,064
Matsushita Electric Industrial Co., Ltd. ADR
   
200,000
  
4,148,000
Mitsubishi Tokyo Financial Group, Inc. ADR
    
407,000
  
5,677,650
Nintendo Co., Ltd.
     
31,500
  
5,882,638
Nissin Healthcare Food Service Co., Ltd.
   
150,000
  
2,139,212
Omron Corp.
     
220,000
  
5,536,221
Secom Co., Ltd.
     
77,000
  
3,754,459
Square Enix Co., Ltd.
      
150,000
  
3,107,419
Tecmo Ltd.
      
379,200
  
2,940,458
Tokyo Broadcasting System, Inc.
   
200,000
  
4,213,005
Tsubakimoto Chain Co.
   
265,000
  
1,562,563
           
56,968,864
Malaysia - 1.1%
            
KLCC Property Holdings Berhad
    
4,700,000
  
2,762,816
Mexico - 1.9%
            
Cemex S.A. de C.V. ADR
      
161,032
  
4,560,426
Netherlands - 10.5%
            
Akzo Nobel NV
     
50,200
  
2,793,306
Boskalis Westminster
     
95,009
  
6,031,817
CSM NV
     
210,000
  
6,097,415
Nutreco Holding NV
     
75,184
  
4,675,230
Unilever NV ADR
     
240,000
  
5,683,200
           
25,280,968
Singapore - 1.6%
            
CIH Ltd. (b)
      
3,087,792
  
3,911,444
South Korea - 7.7%
            
Halla Climate Control
      
385,000
  
3,607,360
Hyundai Motor Co.
     
35,000
  
2,678,497
Kook Soon Dang Brewery Co., Ltd.
   
385,000
  
3,534,809
Pulmuone Co., Ltd.
     
90,190
  
2,931,742
Samsung Electronics Co., Ltd.
   
12,000
  
5,709,799
           
18,462,207
Switzerland - 5.7%
            
Ciba Specialty Chemicals AG
   
100,800
  
5,578,384
Kudelski SA
      
156,000
  
3,410,182
Lonza Group AG
     
70,000
  
4,752,753
           
13,741,319
Taiwan - 6.4%
            
AU Optronics Corp. ADR
      
305,600
  
4,504,544
Chunghwa Telecom Co., Ltd. ADR
   
320,000
  
5,942,400
Merrill Taiwan Secom Co., Ltd. (a)
    
2,831,660
  
4,963,051
           
15,409,995
Thailand - 1.8%
            
BEC World Pcl
     
10,287,200
  
4,320,298
United Kingdom - 4.8%
            
Bodycote International
     
1,341,250
  
5,681,139
GlaxoSmithKline Plc ADR
     
107,100
  
5,925,843
           
11,606,982
United States - 1.7%
            
Freeport-McMoRan Copper & Gold, Inc.
     
73,200
  
3,993,792
Total Common Stocks (Cost $169,185,117)
        
215,542,536
Warrants - 0.8%
            
Pihsiang Machinery Warrants
     
975,000
  
1,938,300
Total Warrants (Cost $1,912,432)
        
1,938,300
       
Shares or
    
       
Principal
    
       
Amount
  
Value
Short-Term Investments - 2.1%
          
U.S. Treasury Bill - 1.2%
          
4.90%, due 10/12/06
    $
 3,000,000
$
 2,970,885
Total U.S. Treasury Bill (Cost $2,971,314)
        
2,970,885
Variable Rate Demand Notes - 0.9%
          
JP Morgan Chase Demand Deposits, 2.00%
    
2,015,952
  
2,015,952
Total Variable Rate Demand Notes (Cost $2,015,952)
        
2,015,952
Total Short-Term Investments (Cost $4,987,266)
        
4,986,837
Total Investments (Cost $176,084,815) - 92.2%
        
222,467,673
Other Assets in Excess of Liabilities - 7.8%
        
18,908,050
Total Net Assets - 100.0%
       $
241,375,723
             
Percentages are stated as a percent of net assets.
          
ADR  
American Depository Receipt
        
(a)  
Non-income producing security.
        
(b)  
Fair valued security. The value at July 31, 2006 was
$3,911,444 which represented
      
 
1.6% of net assets.
          
 
The Tocqueville Gold Fund
Schedule of Investments as of July 31, 2006
(Unaudited)
             
       
Shares
  
Value
Common Stocks - 88.3%
          
Gold & Gold Related - 74.0%
          
Agnico-Eagle Mines Ltd. (b)
    
502,000
 $
 17,966,580
Alamos Gold, Inc. (a)(b)
    
2,615,100
  
21,490,174
Almaden Minerals Ltd. (a)(b)
    
800,000
  
2,014,668
Anatolia Minerals Development (a)
    
350,000
  
1,005,125
Apollo Gold Corp. (a)(b)
    
733,000
  
304,418
Aquiline Resources, Inc. (a)(b)
    
1,333,333
  
5,502,046
Aurizon Mines Ltd. (a)(b)
    
600,000
  
1,500,398
Banro Corp. (a)(b)
    
631,400
  
6,165,035
Barrick Gold Corp. (b)
    
743,615
  
22,898,040
Cambior, Inc. (a)(b)
    
1,000,000
  
2,930,000
Chesapeake Gold Corp. (a)(b)
    
339,000
  
1,524,706
Cia de Minas Buenaventura SA ADR (b)
    
613,800
  
17,867,718
Crystallex International Corp. (a)(b)
    
2,555,600
  
7,232,348
Dominion Mining Ltd. (a)(b)
    
1,428,571
  
1,204,187
Eldorado Gold Corp. (a)(b)
    
1,000,000
  
4,718,565
FNX Mining Co, Inc. (a)(b)
    
300,000
  
3,101,529
Fury Explorations Ltd. (a)(b)
    
1,130,800
  
649,483
Gabriel Resources Ltd. (a)(b)
    
250,000
  
706,901
Gammon Lake Resources, Inc. (a)(b)
    
1,699,000
  
23,600,141
Glamis Gold Ltd. (a)(b)
    
389,000
  
14,319,090
Gold Fields Ltd. (b)
    
166,249
  
3,426,400
Gold Fields Ltd. ADR (b)
    
2,111,500
  
44,024,775
Goldcorp, Inc. (b)
    
1,693,950
  
49,581,916
Golden Star Resources Ltd. (a)
    
5,139,000
  
16,061,447
Harmony Gold Mining Co., Ltd. (b)
    
106,667
  
1,513,127
Harmony Gold Mining Co., Ltd. ADR (b)
    
784,400
  
11,216,920
Iamgold Corp. (b)
    
1,485,700
  
13,823,823
Ivanhoe Mines Ltd. (a)(b)
    
3,892,000
  
23,041,796
Lihir Gold Ltd. (a)(b)
    
3,325,000
  
7,057,825
Meridian Gold, Inc. (a)(b)
    
650,531
  
17,570,666
Mexgold Resources, Inc. (a)(b)
    
730,000
  
4,747,548
Minefinders Corp. (a)(b)
    
663,000
  
5,419,060
Miramar Mining Corp. (a)(b)
    
4,331,306
  
15,982,519
New Gold, Inc. (a)(b)
    
516,500
  
4,312,775
Newcrest Mining Ltd. (b)
    
954,240
  
14,010,471
Newmont Mining Corp.
   
439,800
  
22,530,955
Orezone Resources, Inc. (a)(b)
    
6,063,700
  
9,001,516
Osisko Exploration Ltd. (a)(b)
    
1,155,000
  
5,000,884
Oxiana Ltd. (a)(b)
    
5,000,000
  
11,686,092
Pacific Rim Mining Corp. (a)(b)
    
35,000
  
25,550
Polyus Gold Co., Zao ADR (a)(b)
    
851,616
  
37,896,912
Radius Gold, Inc. (a)(b)
    
1,329,544
  
716,640
Randgold Resources Ltd. ADR (a)(b)
    
1,663,200
  
36,972,936
Royal Gold, Inc.
     
147,765
  
4,378,277
Semafo, Inc. (a)(b)
    
4,900,000
  
8,962,623
Sino Gold Ltd. (a)(b)
    
2,941,500
  
11,044,967
SouthernEra Diamonds, Inc. (a)(b)
    
375,000
  
135,858
Strongbow Exploration, Inc. (a)(b)
    
1,800,000
  
731,643
Sunridge Gold Corp. (a)(b)
    
500,000
  
883,626
SXR Uranium One, Inc. (a)(b)(d)
    
1,000,000
  
7,687,550
Troy Resources NL (b)
    
1,463,000
  
2,802,746
U.S. Gold Corp. (a)(c)(d)(e)
    
223,000
  
1,003,500
Wesdome Gold Mines Ltd (a)(b)
    
367,250
  
606,837
Wolfden Resources, Inc. (a)(b)
    
1,325,000
  
3,126,049
Yamana Gold, Inc. (a)(b)
    
3,541,532
  
35,956,705
Zijin Mining Group Co., Ltd. (b)
    
30,000,000
  
15,945,536
           
605,589,622
Precious Metals & Related - 14.3%
          
Aber Diamond Corp. (b)
    
100,000
  
3,354,000
African Platinum Plc (a)(b)
    
15,000,000
  
9,947,135
Apex Silver Mines Ltd. (a)
    
1,111,800
  
16,243,398
Brilliant Mining Corp. (a)(b)
    
1,875,000
  
1,656,137
Cameco Corp. (b)
    
261,000
  
10,413,900
Impala Platinum Holdings Ltd. (b)
    
80,000
  
14,747,181
Impala Platinum Holdings Ltd. ADR (b)
    
225,000
  
10,384,740
Ivanhoe Nickel & Platinum Ltd. (a)(b)(c)(d)(e)
  
83,333
  
249,999
MMC Norilsk Nickel ADR (b)
    
100,000
  
13,500,000
Mvelaphanda Resources Ltd. (a)(b)
    
350,000
  
1,769,230
Peru Copper, Inc. (a)(b)
    
1,365,000
  
6,573,518
Sabina Silver Corp. (a)(b)
    
900,000
  
1,081,559
Silver Standard Resources, Inc. (a)(b)
    
457,000
  
9,405,060
Silver Wheaton Corp. (a)(b)
    
1,387,400
  
13,509,895
Stornoway Diamond Corp. (a)(b)
    
1,950,000
  
2,136,608
Trade Winds Ventures, Inc. (a)(b)
    
1,100,000
  
417,955
Uramin, Inc. (a)(b)
    
1,350,000
  
1,210,468
           
116,600,783
Total Common Stocks (Cost $419,696,018)
        
722,190,405
Gold Bullion - 6.8%
          
Gold Bullion (a)
    
87,923
  
55,983,940
Total Gold Bullion (Cost $38,691,957)
        
55,983,940
Warrants - 0.7%
          
Gold & Gold Related - 0.6%
          
Anatolia Mineral Developmnt Ltd. (a)(d)
    
175,000
  
75,385
Nevsun Resources Ltd. (a)(b)(d)
    
202,125
  
-
Northern Orion Resources, Inc. (a)(b)
    
1,005,000
  
3,552,178
Novagold Resources, Inc. (a)(b)
    
75,000
  
829,725
Osisko Exploration Warrants (a)(b)
    
577,500
  
331,691
           
4,788,979
Precious Metals & Related - 0.1%
          
Brilliant Mining Warrants (a)(b)
    
937,500
  
-
PAN American Silver Corp. (a)(b)
    
61,536
  
562,780
           
562,780
Total Warrants (Cost $86,900)
        
5,351,759
       
Shares or
    
       
Principal
    
Corporate Bond - 0.3%
    
Amount
  
Value
Gold & Gold Related - 0.3%
          
Crystallex Intl. Corp.,
          
9.375%, due 12/30/11 (b)
   $
 4,100,000
$
 2,767,500
Total Corporate Bond (Cost $4,100,000)
        
2,767,500
Convertible Bonds - 0.7%
          
Gold & Gold Related - 0.7%
          
Sino Gold Ltd.
            
5.75%, due 3/17/12 (b)
    
3,000,000
  
5,349,000
Total Convertible Bond (Cost $3,000,000)
        
5,349,000
Exchange Traded Fund - 1.8%
          
iShares Silver Trust (a)
    
131,000
  
14,951,030
Total Exchange Traded Fund (Cost $12,982,561)
      
14,951,030
Short-Term Investments - 1.3%
          
Repurchase Agreement - 1.3%
          
Repurchase Agreement with U.S. Bank, N.A., 4.2515%,
        
dated 7/31/06, due 8/1/06, collateralized by a
          
Ginnie Mae (Series 2003-88, Class B)
          
valued at $10,762,874.
          
Repurchase proceeds of $10,552,465 (Cost $10,551,000)
  
10,551,000
  
10,551,000
Total Short-Term Investments (Cost $10,551,000)
      
10,551,000
Total Investments (Cost $489,108,436) - 99.9%
      
817,144,634
Other Assets in Excess of Liabilities - 0.1%
      
791,878
Total Net Assets - 100.0%
       $
817,936,512
             
Percentages are stated as a percent of net assets.
        
ADR  
American Depository Receipt
        
(a)  
Non-income producing security.
        
(b)  
Foreign issued security. Foreign concentration was as follows: Australia 6.5%;
      
 
Canada 55.8%; China 1.9%; Mexico 2.2%; Russia 6.3%; South Africa 10.8%;
     
 
United Kingdom 5.7%. 
      
(c)  
Denotes security is fully or partially restricted to resale. The aggregate value of
     
 
restricted securities at July 31, 2006 was $1,253,499 which represented 0.2% of net
      
 
assets.
          
(d)  
Fair valued security. The aggregate value of fair valued securities at July 31, 2006
      
 
was $9,016,434 which represented 1.1% of net assets.
        
(e)  
Security is considered illiquid and may be difficult to sell.
      
             
             
 
The Tocqueville Genesis Fund
Schedule of Investments as of July 31, 2006
(Unaudited)
             
       
Shares
  
Value
Common Stocks - 62.8%
          
Aerospace & Defense - 2.6%
          
Armor Holdings, Inc. (a)
    
4,000
 $
 206,640
Ladish, Inc. (a)
      
10,000
  
340,000
           
546,640
Airlines - 1.4%
            
SkyWest, Inc.
     
12,000
  
291,000
Automobiles - 1.5%
          
Tata Mtors Ltd. ADR (b)
    
20,000
  
315,600
Biotechnology - 2.9%
          
Kendle International, Inc. (a)
    
9,000
  
261,630
Pharmion Corp. (a)
      
20,000
  
344,400
           
606,030
Building Products - 1.1%
          
PW Eagle, Inc.
     
8,000
  
232,400
Commercial Banks - 1.3%
          
Mitsubishi Ufj Financial Group, Inc. ADR (b)
    
19,000
  
265,050
Commercial Physical And Biological Research - 1.0%
        
Essex Corp. (a)
      
13,000
  
199,680
Commercial Services & Supplies - 3.1%
          
Pico Holdings, Inc. (a)
    
13,500
  
444,690
Steelcase, Inc.
     
14,000
  
205,660
           
650,350
Computers & Peripherals - 4.5%
          
Apple Computer, Inc. (a)
    
3,000
  
203,880
Key Tronics Corp. (a)
    
57,562
  
354,582
Komag, Inc. (a)
      
5,000
  
191,550
Western Digital Corp. (a)
    
11,000
  
192,940
           
942,952
Construction Materials - 2.2%
          
Cemex S.A. de C.V. ADR (b)
    
16,000
  
453,120
Diversified Telecommunication Services - 1.3%
        
Alaska Communications Systems Group, Inc.
   
21,000
  
260,190
Electric Utilities - 1.8%
          
Korea Electric Power Corp. ADR (b)
    
20,000
  
382,800
Electrical Equipment - 2.1%
          
The Lamson & Sessions Co. (a)
    
8,000
  
224,240
Regal-Beloit Corp.
     
5,500
  
218,625
           
442,865
Electronic Equipment & Instruments - 1.1%
          
Itron, Inc. (a)
      
5,000
  
232,700
Energy Equipment & Services - 1.6%
          
Grey Wolf, Inc. (a)
      
12,000
  
91,920
Schlumberger Ltd.
     
3,500
  
233,975
           
325,895
Food Products - 1.2%
          
China Green Holdings Ltd. (b)
    
402,000
  
183,663
Overhill Farms, Inc. (a)
    
18,800
  
63,168
           
246,831
Health Care Equipment & Supplies - 1.3%
          
Thoratec Corp. (a)
      
20,000
  
276,000
Information Retrieval Services - 1.1%
          
The9 Ltd. ADR (a)(b)
    
9,000
  
220,230
Internet Software & Services - 0.5%
          
Click Commerce, Inc. (a)
    
2,000
  
29,820
webMethods, Inc. (a)
    
10,000
  
74,400
           
104,220
Machinery - 3.4%
          
Cummins, Inc.
     
3,000
  
351,000
The Manitowoc Co., Inc.
   
9,000
  
353,340
           
704,340
Metals & Mining - 9.9%
          
Aleris International, Inc. (a)
    
6,500
  
266,110
Allegheny Technologies, Inc.
   
3,500
  
223,615
AM Castle & Co.
     
11,000
  
363,880
Brush Engineered Materials, Inc. (a)
    
4,000
  
92,280
Cleveland-Cliffs, Inc.
   
10,000
  
361,500
Peabody Energy Corp.
   
7,000
  
349,300
Phelps Dodge Corp.
   
2,000
  
174,680
Ryerson Tull, Inc.
     
8,500
  
229,925
           
2,061,290
Motor Vehicles And Passenger Car Bodies - 1.1%
        
Volvo AB ADR (b)
    
4,500
  
238,815
Oil & Gas - 1.8%
            
Valero Energy Corp.
   
5,500
  
370,865
Pharmaceuticals - 1.9%
          
King Pharmaceuticals, Inc. (a)
    
23,500
  
399,970
Prepackaged Software - 0.6%
          
Indus International, Inc. (a)
    
50,000
  
118,000
Semiconductor & Semiconductor Equipment - 5.7%
        
Actions Semiconductor Co., Ltd. ADR (a)(b)
    
14,000
  
106,540
Applied Materials, Inc.
   
14,000
  
220,360
Nvidia Corp. (a)
      
7,000
  
154,910
Standard Microsystems Corp. (a)
    
12,500
  
332,250
Ultratech, Inc. (a)
      
20,000
  
302,800
Vimicro International Corp. ADR (a)(b)
    
7,000
  
75,250
           
1,192,110
Semiconductor Equipment & Products - 0.0%
        
Vitesse Semiconductor Corp. (a)
    
480
  
451
Software - 1.9%
            
Mentor Graphics Corp. (a)
    
15,000
  
206,700
Microsoft Corp.
     
8,000
  
192,240
           
398,940
Wireless Telecommunication Services - 1.4%
        
America Movil S.A. de C.V. ADR (b)
    
8,000
  
286,240
X-ray Apparatus And Tubes And Related Irradiation Apparatus - 1.5%
        
American Science & Engineering, Inc. (a)
    
6,000
  
304,260
Total Common Stocks (Cost $12,319,394)
        
13,069,834
Exchange Traded Fund - 0.5%
          
Semiconductor HOLDRs Trust
   
3,000
  
94,560
Total Exchange Traded Fund (Cost $98,430)
        
94,560
       
Principal
    
       
Amount
  
Value
Short-Term Investments - 31.1%
          
U.S. Treasury Bills - 26.1%
          
4.15%, due 8/24/06
    $
 1,000,000
$
 997,099
4.15%, due 9/07/06
     
1,000,000
  
995,267
4.78%, due 11/02/06
   
1,000,000
  
987,400
4.815%, due 12/07/06
   
1,000,000
  
982,662
4.90%, due 10/12/06
   
500,000
  
495,148
4.915%, due 12/14/06
   
1,000,000
  
981,703
Total U.S. Treasury Bills (Cost $5,438,986)
        
5,439,279
Repurchase Agreement - 5.0%
          
Repurchase Agreement with U.S. Bank, N.A., 4.0%,
        
dated 7/31/06, due 8/1/06, collateralized by a
          
Freddie Mac 15-Year Fixed (Pool #1138)
          
valued at $1,054,935.
          
Repurchase proceeds of $1,034,144 (Cost $1,034,000)
  
1,034,000
  
1,034,000
Total Short-Term Investments (Cost $6,472,986)
      
6,473,279
Total Investments (Cost $18,890,810) - 94.4%
      
19,637,673
Other Assets in Excess of Liabilities - 5.6%
        
1,172,543
Total Net Assets - 100.0%
       $ 
 20,810,216
             
Percentages are stated as a percent of net assets.
        
ADR   
American Depository Receipt
        
(a)   
Non-income producing security.
        
(b)   
Foreign issued security. Foreign concentration was as follows: China 1.9%;
Hong Kong 0.9%;
      
 
India 1.5%; Japan 1.3%; Mexico 3.6%; South Korea 1.8%; Sweden 1.1%.
      
             
             
 
 
The cost basis of investments for federal income tax purposes at July 31, 2006 was as follows*:
 
  Tocqueville Fund  
   
Cost of investments $209,272,593 
   
Gross unrealized appreciation    46,656,393
Gross unrealized depreciation      (5,566,591)
Net unrealized appreciation  $41,089,802
 
   
  Small Cap Value Fund
   
Cost of investments   $48,146,849
   
Gross unrealized appreciation    10,696,994
Gross unrealized depreciation     (5,042,002)
Net unrealized appreciation    $5,654,992
 
  
  International Value Fund 
   
Cost of investments
 $176,084,815
   
Gross unrealized appreciation
    53,504,967
Gross unrealized depreciation 
   (7,187,292)
Net unrealized appreciation   $46,317,675
  
  
   Gold Fund
   
Cost of investments  $489,108,436
   
Gross unrealized appreciation   339,200,772
Gross unrealized depreciation     (11,164,574)
Net unrealized appreciation  $328,036,198

 
  Genesis Fund
   
Cost of investments  $18,890,810
   
Gross unrealized appreciation      1,190,707
Gross unrealized depreciation       (443,792)
Net unrealized appreciation      $746,915
 
 *Because tax adjustments are calculated annually, the above table does not reflect tax adjustments. For the previous fiscal year’s federal income tax information, as well as other information regarding securities valuation, please refer to the Notes to Financial Statements section in the Fund’s most recent semi-annual or annual report.
 
 
Item 2. Controls and Procedures.
 
(a)       
The Registrant’s President/Chief Executive Officer and Treasurer/Chief Financial Officer have concluded that the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “1940 Act”)) are effective as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rules 15d-15(b) under the Securities Exchange Act of 1934, as amended.

(b)         
There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the Registrant's last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting.

 
Item 3. Exhibits.
 
Separate certifications for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)). 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    9/27/06                                                                                                                                
 
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    9/27/06                                                                                                                                     

By (Signature and Title)*      /s/ Steve Tyrrell                                                                          
                                                        Steve Tyrrell, Treasurer

Date   9/27/06                                                                                                                                 
     

* Print the name and title of each signing officer under his or her signature.