N-Q 1 tocqueville_nq.htm QUARTERLY NOTICE OF PORTFOLIO HOLDINGS tocqueville_nq.htm
 


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:  January 31, 2011
 
 
 
 
 
 
Item 1. Schedule of Investments.
 
The Tocqueville Fund
Schedule of Investments as of January 31, 2011
(Unaudited)
       
 
Shares
  
Value
COMMON STOCKS - 99.7%
      
Automobiles & Components - 1.2%
      
Toyota Motor Corp. - ADR
75,000
$
6,163,500
Banks - 3.2%
      
Banco Santander SA - ADR
500,000
  
6,120,000
East West Bancorp, Inc.
250,000
  
5,427,500
Mitsubishi UFJ Financial Group, Inc. - ADR
1,000,000
  
5,200,000
     
16,747,500
Capital Goods - 12.0%
      
3M Co.
50,000
  
4,396,000
The Boeing Co.
75,000
  
5,211,000
General Electric Co.
1,000,000
  
20,140,000
Illinois Tool Works, Inc.
150,000
  
8,023,500
ITT Corp.
100,000
  
5,892,000
Masco Corp.
500,000
  
6,660,000
Northrop Grumman Corp.
100,000
  
6,930,000
Tyco International Ltd. (a)
125,000
  
5,603,750
     
62,856,250
Commercial  & Professional Services - 1.9%
      
Steelcase, Inc.
1,000,000
  
10,220,000
Consumer Services - 0.9%
      
Yum! Brands, Inc.
100,000
  
4,676,000
Diversified Financials - 1.8%
      
The Bank of New York Mellon Corp.
300,000
  
9,369,000
Energy - 9.6%
      
Anadarko Petroleum Corp.
50,000
  
3,854,000
Chesapeake Energy Corp.
250,000
  
7,382,500
Exxon Mobil Corp.
200,000
  
16,136,000
Murphy Oil Corp.
150,000
  
9,945,000
Schlumberger Ltd. (a)
150,000
  
13,348,500
     
50,666,000
Food & Staples Retailing - 0.8%
      
Safeway, Inc.
215,000
  
4,448,350
Food, Beverage & Tobacco - 6.3%
      
Campbell Soup Co.
250,000
  
8,535,000
The Coca-Cola Co.
150,000
  
9,427,500
Kraft Foods, Inc.
300,000
  
9,171,000
Unilever NV - ADR
100,000
  
2,963,000
Zhongpin, Inc. (a)(b)
150,000
  
2,835,000
     
32,931,500
Health Care Equipment & Services - 1.0%
      
St. Jude Medical, Inc. (b)
125,000
  
5,062,500
Household & Personal Products - 3.3%
      
Colgate-Palmolive Co.
100,000
  
7,677,000
Kimberly-Clark Corp.
150,000
  
9,709,500
     
17,386,500
Insurance - 2.7%
      
Aflac, Inc.
75,000
  
4,318,500
The Allstate Corp.
150,000
  
4,671,000
Fidelity National Financial, Inc.
400,000
  
5,380,000
     
14,369,500
Materials - 12.3%
      
BHP Billiton Ltd. - ADR
75,000
  
6,677,250
Cliffs Natural Resources, Inc.
125,000
  
10,682,500
EI du Pont de Nemours & Co.
300,000
  
15,204,000
Minefinders Corp. (a)(b)
90,000
  
872,100
Newmont Mining Corp.
300,000
  
16,521,000
Owens-Illinois, Inc. (b)
250,000
  
7,372,500
 
 
 
 
 
 
Sonoco Products Co.
200,000
  
7,110,000
     
64,439,350
Media - 1.0%
      
The Washington Post Co.
12,500
  
5,354,375
Pharmaceuticals, Biotechnology & Life Sciences - 6.0%
      
Johnson & Johnson
150,000
  
8,965,500
Myriad Genetics, Inc. (b)
300,000
  
5,988,000
Pfizer, Inc.
900,000
  
16,398,000
     
31,351,500
Real Estate - 2.3%
      
CB Richard Ellis Group, Inc. (b)
200,000
  
4,438,000
Weyerhaeuser Co.
320,000
  
7,417,600
     
11,855,600
Retailing - 1.4%
      
Home Depot, Inc.
200,000
  
7,354,000
Semiconductors & Semiconductor Equipment - 5.2%
      
Applied Materials, Inc.
750,000
  
11,767,500
Intel Corp.
500,000
  
10,730,000
LSI Corp. (b)
750,000
  
4,642,500
     
27,140,000
Software & Services - 11.6%
      
Adobe Systems, Inc. (b)
150,000
  
4,957,500
Automatic Data Processing, Inc.
150,000
  
7,185,000
Bio-key International, Inc. (b)(c)(d)(e)
47,090
  
                    -
Google, Inc. (b)
16,000
  
9,605,760
Mastercard, Inc.
40,000
  
9,460,400
Microsoft Corp.
600,000
  
16,635,000
Symantec Corp. (b)
450,000
  
7,924,500
Total Systems Services, Inc.
300,000
  
5,223,000
     
60,991,160
Technology Hardware & Equipment - 7.1%
      
Canon, Inc. - ADR
60,000
  
2,949,600
Cisco Systems, Inc. (b)
500,000
  
10,575,000
Corning, Inc.
450,000
  
9,994,500
Hitachi Ltd. - ADR
175,000
  
9,700,250
Nokia OYJ - ADR
400,000
  
4,280,000
     
37,499,350
Telecommunication Services - 3.0%
      
Alaska Communications Systems Group, Inc.
500,000
  
4,600,000
Verizon Communications, Inc.
150,000
  
5,343,000
Vodafone Group PLC - ADR
200,000
  
5,672,000
     
15,615,000
Transportation - 2.0%
      
United Parcel Service, Inc.
150,000
  
10,743,000
Utilities - 3.1%
      
NextEra Energy, Inc.
300,000
  
16,038,000
TOTAL COMMON STOCKS (Cost $465,395,208)
    
523,277,935
       
WARRANTS - 0.0%
      
Communication Equipment - 0.0%
      
EMCORE Corp.
      
    Expires: 02/19/13, Exercise Price: $15.06 (b)(d)
39,375
  
558
Capital Goods - 0.0%
      
Raytheon Co.
      
    Expires: 06/16/11, Exercise Price: $37.50 (b)
1,581
  
20,158
TOTAL WARRANTS (Cost $0)
    
20,716
 
Principal
    
 
Amount
    
SHORT-TERM INVESTMENTS - 0.9%
      
Repurchase Agreement - 0.9%
      
Repurchase Agreement with U.S. Bank, N.A., 0.01%
      
dated 01/31/2011, due 02/01/2011, collateralized by:
      
Freddie Mac Giant Conventional 15 Year Fixed (Pool #E99143)
      
 
 
 
 
 
 
valued at $4,566,714.
      
Repurchase proceeds of $4,477,001.
 $     4,477,000
  
        4,477,000
TOTAL SHORT-TERM INVESTMENTS (Cost $4,477,000)
    
        4,477,000
       
Total Investments  (Cost $469,872,208) - 100.6%
    
527,775,651
Liabilities in Excess of Other Assets - 0.6%
    
      (2,916,650)
TOTAL NET ASSETS - 100.0%
  
$
524,859,001
       
The accompanying footnotes are an integral part of these Schedules of Investments
      
       
Percentages are stated as a percent of net assets.
      
ADR - American Depository Receipt
      
(a) Foreign issued security.  Foreign concentration (including ADRs) was as follows:  Australia 1.3%; Britian 1.1%; Canada 0.2%; China 0.5%; Finland 0.8%; Japan 4.6%; Netherlands 0.6%; Netherlands Antilles 2.5%; Spain 1.2%; Switzerland 1.1%
(b) Non-income producing security.
      
(c) Denotes a security is either fully or partially restricted to resale.  The aggregate value of restricted securities at January 31, 2011 was $0 which represented 0.0% of net assets.
(d) Fair valued security.  The aggregate value of fair valued securities as of January 31, 2011 was $559 which represented 0.0% of net assets.
(e) Security is considered illiquid and may be difficult to sell.
      
       
The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor Financial Services LLC (“S&P”).
GICS is a service mark of MSCI and S&P and has been licensed for use by U.S. Bancorp Fund Services, LLC.
 
 
 
 
 
 
 
The Tocqueville Opportunity Fund
Schedule of Investments as of January 31, 2011
(Unaudited)
       
 
Shares
  
Value
COMMON STOCKS - 94.3%
      
Automobiles & Components - 1.4%
      
BorgWarner, Inc. (a)
5,500
$
370,700
Gentex Corp.
4,500
  
144,315
     
515,015
Banks - 1.5%
      
Huntington Bancshares, Inc.
20,000
  
144,800
Pinnacle Financial Partners, Inc. (a)
5,000
  
68,800
Umpqua Holdings Corp.
30,000
  
329,100
     
542,700
Capital Goods - 2.2%
      
Alliant Techsystems, Inc.
2,000
  
151,520
Ceradyne, Inc. (a)
5,000
  
177,150
Citrix Systems, Inc. (a)
1,500
  
94,770
Esterline Technologies Corp. (a)
2,500
  
177,950
Harbin Electric, Inc. (a)
10,500
  
200,550
     
801,940
Commercial  & Professional Services - 1.2%
      
Clean Harbors, Inc. (a)
3,500
  
315,140
EnergySolutions, Inc.
20,000
  
118,400
     
433,540
Consumer Durables & Apparel - 4.0%
      
Deckers Outdoor Corp. (a)
3,500
  
256,865
Harman International Industries, Inc.
3,000
  
129,960
Lululemon Athletica, Inc. (a)
5,500
  
377,740
Polo Ralph Lauren Corp.
1,000
  
107,180
Tempur-Pedic International, Inc. (a)
7,000
  
305,480
Tupperware Brands Corp.
6,000
  
274,500
     
1,451,725
Consumer Services - 5.6%
      
China Lodging Group Ltd. - ADR (a)
10,700
  
214,321
Chipotle Mexican Grill, Inc. (a)
1,600
  
350,272
Choice Hotels International, Inc.
3,500
  
132,755
Ctrip.com International Ltd. - ADR (a)
6,000
  
246,960
Gaylord Entertainment Co. (a)
3,500
  
116,690
Hyatt Hotels Corp. (a)
5,000
  
242,950
MGM Resorts International (a)
8,500
  
126,055
Panera Bread Co. (a)
1,000
  
95,560
Royal Caribbean Cruises Ltd. (a)(b)
2,500
  
112,250
Sotheby's
4,000
  
161,200
Texas Roadhouse, Inc. (a)
9,600
  
159,552
Wyndham Worldwide Corp.
3,500
  
98,455
     
2,057,020
Diversified Financials - 4.1%
      
Blackstone Group LP
16,500
  
259,545
Green Dot Corp. (a)
1,000
  
62,910
KKR & Co. LP
14,000
  
209,860
Lazard Ltd. (b)
8,000
  
333,760
MSCI, Inc. (a)
8,000
  
273,840
Netspend Holdings, Inc. (a)
12,500
  
178,750
Portfolio Recovery Associates, Inc. (a)
2,500
  
180,350
     
1,499,015
 
 
 
 
 
 
Energy - 10.2%
      
Bill Barrett Corp. (a)
3,500
  
143,430
Brigham Exploration Co. (a)
16,500
  
488,565
Cameron International Corp. (a)
2,500
  
133,250
CARBO Ceramics, Inc.
3,000
  
345,480
Core Laboratories NV (b)
3,000
  
273,780
Dril-Quip, Inc. (a)
6,500
  
501,280
Noble Corp.(b)
4,000
  
153,000
Northern Oil and Gas, Inc. (a)
14,000
  
385,980
Oceaneering International, Inc. (a)
8,000
  
617,840
Plains Exploration & Production Co. (a)
2,000
  
70,800
Pride International, Inc. (a)
6,500
  
211,250
SM Energy Co.
3,000
  
186,480
Tetra Technologies, Inc. (a)
18,000
  
204,300
     
3,715,435
Food & Staples Retailing - 1.0%
      
The Fresh Market, Inc. (a)
10,000
  
367,700
Food, Beverage & Tobacco - 2.1%
      
Boston Beer Co., Inc. (a)
3,000
  
270,030
Green Mountains Coffee Roasters, Inc. (a)
5,500
  
184,690
The Hain Celestial Group, Inc. (a)
12,000
  
319,560
     
774,280
Health Care Equipment & Services - 6.2%
      
Allscripts Healthcare Solutions, Inc. (a)
45,000
  
949,950
Bio-Reference Labs, Inc. (a)
6,500
  
150,085
Greatbatch, Inc. (a)
4,000
  
94,200
HMS Holdings Corp. (a)
2,000
  
128,680
Magellan Health Services, Inc. (a)
4,000
  
193,640
Patterson Companies., Inc.
3,500
  
115,710
Sirona Dental Systems, Inc. (a)
7,000
  
306,670
Thoratec Corp. (a)
10,000
  
235,900
Wright Medical Group, Inc. (a)
5,000
  
74,300
     
2,249,135
Household & Personal Products - 1.4%
      
Church & Dwight Co., Inc.
2,500
  
172,025
Herbalife Ltd. (b)
5,500
  
359,315
     
531,340
Materials - 4.4%
      
Albemarle Corp.
2,000
  
112,320
Allied Nevada Gold Corp. (a)
6,000
  
158,640
Brush Engineered Materials, Inc. (a)
20,000
  
699,600
Fronteer Gold, Inc. (a)(b)
7,000
  
69,020
Minerals Technologies, Inc. (c)
9,000
  
567,180
     
1,606,760
Media - 0.4%
      
DreamWorks Animation SKG, Inc. (a)
5,000
  
140,350
Pharmaceuticals, Biotechnology & Life Sciences - 7.3%
      
Alexion Pharmaceuticals, Inc. (a)
5,000
  
419,100
Alkermes, Inc. (a)
15,000
  
193,650
Auxilium Pharmaceuticals, Inc. (a)
10,000
  
226,900
BioMarin Pharmaceutical, Inc. (a)
5,500
  
139,810
Incyte Corp. Ltd. (a)
18,500
  
272,690
Inspire Pharmaceuticals, Inc. (a)
20,000
  
79,000
Myriad Genetics, Inc. (a)
15,000
  
299,400
Pharmaceutical Product Development, Inc.
20,000
  
582,800
United Therapeutics Corp. (a)
5,000
  
339,900
Vertex Pharmaceuticals, Inc. (a)(b)
2,500
  
97,225
     
2,650,475
 
 
 
 
 
 
Retailing - 8.1%
      
Advance Auto Parts, Inc.
2,000
  
127,880
CarMax, Inc. (a)
9,500
  
310,175
Dick's Sporting Goods, Inc. (a)
6,000
  
216,540
LKQ Corp. (a)
8,000
  
193,280
PetSmart, Inc.
8,000
  
321,920
priceline.com, Inc. (a)
1,400
  
599,928
Sally Beauty Holdings, Inc. (a)
8,000
  
105,280
Tractor Supply Co.
14,500
  
743,995
Ulta Salon Cosmetics & Fragrance, Inc. (a)
6,500
  
240,760
Urban Outfitters, Inc. (a)
2,700
  
91,314
     
2,951,072
Semiconductors & Semiconductor Equipment - 5.3%
      
Broadcom Corp.
2,500
  
112,725
Cavium Networks, Inc. (a)
7,500
  
296,550
Cirrus Logic, Inc. (a)
7,500
  
157,725
Marvell Technology Group Ltd. (a)(b)
6,500
  
123,565
Netlogic Microsystems, Inc. (a)
8,000
  
278,880
Silicon Image, Inc. (a)
40,000
  
274,400
Skyworks Solutions, Inc. (a)
9,000
  
285,930
Ultratech, Inc. (a)(c)
12,000
  
270,420
Veeco Instruments, Inc. (a)
3,000
  
129,780
     
1,929,975
Software & Services - 17.6%
      
Akamai Technologies, Inc. (a)
1,500
  
72,480
Baidu, Inc. - ADR (a)
3,800
  
412,794
Concur Technologies, Inc. (a)
3,000
  
153,090
Equinix, Inc. (a)
2,000
  
176,840
Fair Isaac Corp.
6,000
  
152,280
GSI Commerce, Inc. (a)
12,500
  
288,000
MercadoLibre, Inc. (a)
3,500
  
237,230
MICROS Systems, Inc. (a)
3,700
  
169,238
NetFlix, Inc. (a)
1,300
  
278,304
Parametric Technology Corp. (a)
20,000
  
444,600
RealD, Inc. (a)
20,500
  
485,235
Rosetta Stone, Inc. (a)
4,000
  
75,240
Rovi Corp. (a)
4,500
  
277,920
Salesforce.com, Inc. (a)
2,700
  
348,678
Sonic Solutions, Inc. (a)
13,500
  
196,898
SuccessFactors, Inc. (a)
5,500
  
160,160
TeleCommunication Systems, Inc. (a)(c)
30,000
  
122,700
TeleTech Holdings, Inc. (a)
20,000
  
428,200
TIBCO Software, Inc. (a)
45,000
  
989,100
Total Systems Services, Inc.
4,000
  
69,640
ValueClick, Inc. (a)
9,000
  
126,090
VanceInfo Technologies, Inc. - ADR (a)
4,500
  
157,050
VeriFone Systems, Inc. (a)
4,500
  
179,730
VMware, Inc. (a)
3,600
  
307,872
Vocus, Inc. (a)
4,500
  
116,685
     
6,426,054
Technology Hardware & Equipment - 7.5%
      
Acme Packet, Inc. (a)
4,500
  
242,010
Apple, Inc. (a)
2,400
  
814,368
Dolby Laboratories, Inc. (a)
3,500
  
208,950
F5 Networks, Inc. (a)
700
  
75,866
FLIR Systems, Inc.
6,500
  
201,760
Informatica Corp. (a)
6,000
  
278,400
LogMein, Inc. (a)
3,000
  
115,590
 
 
 
 
 
 
Motorola Mobility Holdings, Inc. (a)
4,500
  
125,415
Netgear, Inc. (a)
5,600
  
194,068
RightNow Technologies, Inc. (a)
4,500
  
116,685
Riverbed Technology, Inc. (a)
10,000
  
358,700
     
2,731,812
Transportation - 2.8%
      
Arkansas Best Corp.
13,000
  
332,150
JetBlue Airways Corp. (a)
14,500
  
87,000
Kansas City Southern (a)
7,500
  
374,850
TRW Automotive Holdings Corp. (a)
4,000
  
238,640
     
1,032,640
TOTAL COMMON STOCKS (Cost $27,747,932)
    
34,407,983
       
EXCHANGE TRADED FUNDS - 5.6%
      
Diversified Financials - 5.6%
      
Ishares Russell 2000 Growth Index Fund
18,800
  
1,632,780
Ishares Russell 2000 Index Fund
5,000
  
389,750
TOTAL EXCHANGE TRADED FUNDS (Cost $1,926,897)
    
2,022,530
       
Total Investments  (Cost $29,674,829) - 99.9%
    
36,430,513
Other Assets in Excess of Liabilities - 0.1%
    
44,626
TOTAL NET ASSETS - 100.0%
  
$
36,475,139
       
The accompanying footnotes are an integral part of these Schedules of Investments
      
       
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: Bermuda 1.3%; Canada 0.2%; Cayman Islands 3.8%; Liberia 0.3%; Netherlands 0.8%; Switzerland 0.4%
(c) Affiliated company.  See Footnote 3.
      
       
The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor Financial Services LLC (“S&P”).
GICS is a service mark of MSCI and S&P and has been licensed for use by U.S. Bancorp Fund Services, LLC.
 
 
 
 
 
 
The Tocqueville International Value Fund
Schedule of Investments as of January 31, 2011
(Unaudited)
       
 
Shares
  
Value
COMMON STOCKS - 93.5%
      
Australia - 2.1%
      
BHP Billiton Ltd. - ADR
20,000
$
1,780,600
Spotless Group Ltd.
775,000
  
1,730,014
     
3,510,614
Belgium - 8.0%
      
Bekaert SA
30,000
  
3,005,832
Groupe Bruxelles Lambert SA
30,063
  
2,705,909
Mobistar SA
37,500
  
2,341,504
Solvay SA
24,000
  
2,510,474
Umicore SA
56,000
  
2,871,382
     
13,435,101
Brazil - 3.0%
      
Petroleo Brasileiro SA - ADR
70,000
  
2,571,100
Vale SA - ADR
70,000
  
2,438,100
     
5,009,200
France - 13.9%
      
Bollore
12,000
  
2,661,628
Cie de St-Gobain
56,928
  
3,298,547
Haulotte Group SA (a)
158,065
  
2,473,621
Nexans SA
31,055
  
2,491,611
Sanofi-Aventis SA
50,000
  
3,414,319
Total SA - ADR
80,000
  
4,701,600
Vivendi SA
150,000
  
4,299,474
     
23,340,800
Germany - 6.3%
      
Kloeckner & Co. SE (a)
120,000
  
3,838,824
Siemens AG - ADR
25,000
  
3,210,250
Wacker Neuson SE (a)
210,000
  
3,533,640
     
10,582,714
Greece - 0.9%
      
Titan Cement Co. SA
75,000
  
1,585,476
Hong Kong - 5.1%
      
Clear Media Ltd. (a)
3,800,000
  
2,471,061
Power Assets Holdings Ltd.
375,000
  
2,376,021
PYI Corp. Ltd. (a)
25,370,000
  
1,350,394
Television Broadcasts Ltd.
452,750
  
2,433,125
     
8,630,601
Ireland - 2.5%
      
DCC PLC
138,105
  
4,150,449
Italy - 3.8%
      
Interpump Group SpA (a)
488,732
  
3,847,599
Sogefi SpA (a)
834,400
  
2,596,147
     
6,443,746
Japan - 20.2%
      
Amada Co. Ltd.
234,000
  
2,038,377
Bridgestone Corp.
160,000
  
3,072,125
Canon, Inc. - ADR
70,000
  
3,441,200
Hitachi Ltd.
900,000
  
4,912,281
Kyoto Kimono Yuzen Co. Ltd.
343,500
  
3,845,961
Makita Corp.
75,000
  
3,248,355
MISUMI Group, Inc.
92,500
  
2,377,863
 
 
 
 
 
 
Omron Corp.
137,000
  
3,523,477
SMC Corp.
24,000
  
4,061,404
Takata Corp.
110,000
  
3,371,832
     
33,892,875
Mexico - 1.9%
      
Fomento Economico Mexicano S.A.B. de C.V. - ADR
60,000
  
3,184,200
Netherlands - 3.8%
      
Nutreco NV
31,256
  
2,224,868
Unilever NV - ADR
140,000
  
4,148,200
     
6,373,068
South Africa - 0.9%
      
Gold Fields Ltd. - ADR
100,000
  
1,587,000
Spain - 5.1%
      
Banco Santander SA - ADR
267,435
  
3,273,404
Indra Sistemas SA
94,200
  
1,773,392
Sol Melia SA
325,000
  
3,428,524
     
8,475,320
Switzerland - 2.2%
      
Nestle SA
68,000
  
3,677,331
United Kingdom - 9.4%
      
3i Group PLC
470,000
  
2,333,889
Experian PLC
270,000
  
3,351,861
Interserve PLC
800,000
  
3,476,004
Invensys PLC
600,000
  
3,231,242
Vodafone Group PLC - ADR
120,000
  
3,403,200
     
15,796,196
United States - 4.4%
      
Newmont Mining Corp.
70,000
  
3,854,900
Schlumberger Ltd.
40,000
  
3,559,600
     
7,414,500
TOTAL COMMON STOCKS (Cost $121,666,057)
    
157,089,191
       
SHORT-TERM INVESTMENTS - 6.4%
      
Money Market Fund - 1.4%
      
AIM STIT-Treasury Portfolio, 0.04%  (b)
2,292,850
  
2,292,850
 
Principal
    
 
Amount
    
Repurchase Agreement - 5.0%
      
Repurchase Agreement with U.S. Bank, N.A., 0.01%
      
dated 01/31/2011, due 02/01/2011, collateralized by:
      
Freddie Mac Giant Conventional 15 Year Fixed (Pool #EO1424)
      
valued at $8,517,206.
      
Repurchase proceeds of $8,350,002.
 $     8,350,000
  
8,350,000
TOTAL SHORT-TERM INVESTMENTS (Cost $10,642,850)
    
10,642,850
       
Total Investments  (Cost $132,308,907) - 99.9%
    
167,732,041
Other Assets in Excess of Liabilities - 0.1%
    
173,015
TOTAL NET ASSETS - 100.0%
  
$
167,905,056
       
The accompanying notes are an integral part of these Schedules of Investments
      
       
Percentages are stated as a percent of net assets.
      
ADR - American Depository Receipt
      
(a) Non-income producing security.
      
(b) Variable rate security.  The rate shown is as of January 31, 2011.
      
 

 
 
 
 
 
The Tocqueville Gold Fund
Schedule of Investments as of January 31, 2011
(Unaudited)
       
 
Shares
  
 Value
COMMON STOCKS - 77.8%
      
Gold & Gold Related - 69.7%
      
Australia - 2.9%
      
Centamin Egypt Ltd. (a)
2,638,900
$
           5,765,778
Centamin Egypt Ltd. (a)
7,191,100
  
         16,158,161
Eldorado Gold Corp.
1,544,785
  
         25,247,119
Ivanhoe Australia Ltd. (a)
6,464,000
  
         21,128,814
     
         68,299,872
Canada - 49.1%
      
Agnico Eagle Mines Ltd.
502,000
  
         34,356,880
Agnico Eagle Mines Ltd.
210,837
  
         14,431,286
Alamos Gold, Inc.
2,615,100
  
         39,539,236
Allied Gold Ltd. (a)
23,860,000
  
         14,058,421
Atac Resources Ltd. (a)(b)
7,800,000
  
         49,852,699
Banro Corp. (a)
5,181,100
  
         16,091,497
Barrick Gold Corp.
716,200
  
         34,026,662
Corvus Gold, Inc. (a)(b)
2,079,901
  
           1,620,136
Detour Gold Corp. (a)
280,000
  
           7,306,536
East Asia Minerals Corp. (a)
3,823,400
  
         24,513,135
Eldorado Gold Corp.
100,000
  
           1,612,000
Eldorado Gold Corp.
2,026,800
  
         32,567,246
European Goldfields Ltd. (a)
4,035,500
  
         60,450,891
Franco-Nevada Corp.
1,535,900
  
         42,686,470
Goldcorp, Inc.
718,050
  
         28,872,790
Goldcorp, Inc.
2,138,010
  
         85,810,777
Golden Star Resources Ltd. (a)
5,812,122
  
         21,446,730
IAMGOLD Corp. (a)
3,416,796
  
         64,968,089
International Tower Hill Mines Ltd. (a)(b)
1,666,667
  
         15,329,308
International Tower Hill Mines Ltd. (a)(b)
2,493,136
  
         22,961,783
International Tower Hill Mines Ltd. (a)(b)(c)(d)
4,000,000
  
         36,171,968
Ivanhoe Mines Ltd. (a)
5,137,050
  
       142,668,758
Minefinders Corp. - ADR (a)
1,041,000
  
         10,063,295
Nevsun Resources Ltd. (a)
1,441,400
  
           8,607,951
Novagold Resources, Inc. (a)
500,000
  
           6,661,008
Orezone Gold Corp. (a)
2,145,462
  
           7,177,608
Osisko Mining Corp. (a)
7,934,500
  
       105,465,816
Primero Mining Corp. (a)
4,621,000
  
         18,828,262
Richfield Ventures Corp. (a)(b)(c)(d)
2,800,000
  
         13,783,712
Romarco Minerals, Inc. (a)
15,387,800
  
         31,195,121
Scorpio Mining Corp. (a)(b)
16,699,542
  
         15,176,093
SEMAFO, Inc. (a)
4,900,000
  
         49,912,618
Strategic Metals Ltd. (a)(b)(c)(d)
10,350,000
  
         32,515,135
Torex Gold Resources, Inc. (a)
5,000,000
  
           7,240,226
Yamana Gold, Inc.
4,117,500
  
         46,527,750
     
    1,144,497,893
Peru - 1.5%
      
Cia de Minas Buenaventura SA - ADR
853,600
  
         34,997,600
South Africa - 1.9%
      
AngloGold Ashanti Ltd. - ADR
300,000
  
         12,912,000
Gold Fields Ltd.
166,249
  
           2,609,206
Gold Fields Ltd. - ADR
1,511,500
  
         23,987,505
Harmony Gold Mining Co. Ltd.
1
  
                       11
 
 
 
 
 
 
Harmony Gold Mining Co., Ltd. - ADR
200,000
  
           2,182,000
Witwatersrand Consolidated Gold Resources Ltd. (a)
335,000
  
           2,558,016
     
         44,248,738
United Kingdom - 3.2%
      
Copper Development Corp. (a)
12,512,000
  
           5,561,735
Randgold Resources Ltd. - ADR (a)
883,200
  
         67,555,968
     
         73,117,703
United States - 11.1%
      
Allied Nevada Gold Corp. (a)
1,129,848
  
         29,873,181
Electrum Ltd. (a)(c)(d)(e)
2,127,287
  
         11,912,807
Freeport-McMoRan Copper & Gold, Inc.
150,000
  
         16,312,500
Gold Bullion International LLC (a)(c)(d)(e)
5,000,000
  
           5,000,000
Gold Resource Corp. (b)
3,800,797
  
         86,468,132
I-Pulse, Inc. (a)(c)(d)(e)
37,266
  
                78,259
Newmont Mining Corp.
1,364,800
  
         75,159,536
Royal Gold, Inc.
741,765
  
         34,417,896
     
       259,222,311
Total Gold & Gold Related
    
    1,624,384,117
Oil, Gas & Consumable Fuels - 0.1%
      
Canada - 0.1%
      
Geomark Exploration Ltd. (a)
1,337,800
  
           1,603,196
Total Oil, Gas & Consumable Fuels
    
           1,603,196
Precious Metals & Related - 8.0%
      
Australia - 0.0%
      
Panoramic Resources Ltd.
153,660
  
              358,324
Canada - 7.3%
      
Cameco Corp.
200,000
  
           8,294,000
Pan American Silver Corp.
1,299,466
  
         42,635,480
Pan American Silver Corp.
61,536
  
           2,015,045
Silver Wheaton Corp. (a)
2,714,875
  
         83,749,427
Tahoe Resources, Inc. (a)
2,406,600
  
         32,541,433
     
       169,235,385
South Africa - 0.5%
      
Ivanhoe Nickel & Platinum Ltd. (a)(c)(d)(e)
997,833
  
         11,973,996
United States - 0.2%
      
GoviEx Uranium, Inc. (a)(c)(d)(e)
1,750,000
  
           5,250,000
Total Precious Metals & Related
    
       186,817,705
TOTAL COMMON STOCKS (Cost $902,956,014)
    
    1,812,805,018
       
CLOSED-END MUTUAL FUND - 0.7%
      
Gold & Gold Related - 0.7%
      
Canada - 0.7%
      
Sprott Physical Gold Trust (a)
1,400,000
  
         16,443,000
Total Gold & Gold Related
    
         16,443,000
Total Closed-Ended Funds (Cost $14,500,000)
    
         16,443,000
       
GOLD BULLION - 5.6%
      
Gold Bullion (a)
98,032
  
       130,656,658
TOTAL GOLD BULLION (Cost $44,609,242)
    
       130,656,658
       
WARRANTS - 0.5%
      
Financial - 0.0%
      
Cayman Islands - 0.0%
      
Endeavour Financial Corp.
      
    Expires: 01/30/14, Exercise Price: CAD $2.50 (a)
1,000,000
  
              948,719
Total Financial
    
              948,719
Gold & Gold Related - 0.4%
      
Canada - 0.4%
      
 
 
 
 
 
 
Kinross Gold Corp.
      
    Expires: 09/03/13, Exercise Price: CAD $32.00 (a)
108,032
  
              183,407
Minefinders Corp.
      
    Expires: 12/31/11, Exercise Price: CAD $5.00 (a)
125,000
  
              587,956
Primero Mining Corp.
      
    Expires: 07/20/15, Exercise Price: CAD $8.00 (a)
1,848,400
  
           2,399,681
Richfield Ventures
      
    Expires: 03/17/12, Exercise Price: CAD $2.50 (a)(b)(d)
1,400,000
  
           4,593,950
Torex Gold Resources, Inc.
      
    Expires: 11/12/11, Exercise Price: CAD $1.30 (a)
1,250,000
  
              436,910
Yukon-Nevada Gold Corp.
      
    Expires: 05/30/12, Exercise Price: CAD $3.00 (a)(d)
4,175,000
  
              328,930
     
           8,530,834
United States - 0.0%
      
I-Pulse, Inc.
      
    Expires: 03/15/11, Exercise Price: $2.80 (a)(d)
37,266
  
                       -
U.S. Gold Corp.
      
    Expires: 02/22/11, Exercise Price: $10.00 (a)
111,500
  
                  5,567
     
                  5,567
Total Gold & Gold Related
    
           8,536,401
Precious Metals & Related - 0.1%
      
Canada - 0.1%
      
Pan American Silver Corp.
      
    Expires: 01/04/15, Exercise Price: CAD $35.00 (a)(d)
133,333
  
           1,449,753
South Africa - 0.0%
      
Ivanhoe Nickel & Platinum Ltd.
      
    IPO Warrants, Expires: 12/31/11, (a)(d)
97,500
  
                       -
Total Precious Metals & Related
    
           1,449,753
TOTAL WARRANTS (Cost $1,314,861)
    
         10,934,873
       
PURCHASED OPTIONS - 0.0%
      
Gold & Gold Related - 0.0%
      
United States - 0.0%
      
Los Gatos Ltd.
      
    Expires: 10/02/19, Exercise Price: $0.36 (a)(d)
2,369,755
  
                       -
Total Gold & Gold Related
    
                       -
TOTAL PURCHASED OPTIONS (Cost $0)
    
                       -
 
Principal
    
SHORT-TERM INVESTMENTS - 15.3%
Amount
    
U.S. Treasury Bills - 13.9%
      
    0.091%, 02/03/2011 (f)
 $ 100,000,000
  
         99,999,476
    0.115%, 02/24/2011 (f)
50,000,000
  
         49,996,325
    0.135%, 03/03/2011 (f)
100,000,000
  
         99,988,707
    0.142%, 03/17/2011 (f)
75,000,000
  
         74,986,944
     
       324,971,452
Repurchase Agreement - 1.4%
      
Repurchase Agreement with U.S. Bank, N.A., 0.01%
      
dated 01/31/11, due 02/01/11, collateralized by:
      
Freddie Mac Giant 15 Year Fixed (Pool #G11440)
      
valued at $14,201,276.
      
Repurchase proceeds of $13,923,711.
      
Freddie Mac Giant 15 Year Fixed (Pool #G11649)
      
valued at $116,583.
      
Repurchase proceeds of $114,166.
      
Freddie Mac Giant Conventional 15 Year Fixed (Pool #EO1424)
      
valued at $18,213,107.
      
Repurchase proceeds of $17,857,132.
      
(Cost $31,895,000)
      31,895,000
  
         31,895,000
TOTAL SHORT-TERM INVESTMENTS (Cost $356,866,452)
    
       356,866,452
 
 
 
 
 
 
       
Total Investments  (Cost $1,320,246,569) - 99.9%
    
    2,327,706,001
Other Assets in Excess of Liabilities - 0.1%
    
           3,200,010
TOTAL NET ASSETS - 100.0%
  
$
    2,330,906,011
       
       
The accompanying footnotes are an integral part of these Schedules of Investments.
      
       
Percentages are stated as a percent of net assets.
      
ADR - American Depository Reciept
      
(a) Non-income producing security.
      
(b) Affiliated company.  See Footnote 3.
      
(c) Denotes a security is either fully or partially restricted to resale.
      
The aggregate value of restricted securites at January 31, 2011 was $116,685,877, which represented 5.0% of net assets.
(d) Fair valued security.  The aggregate value of fair valued securities as of January 31, 2011 was $123,058,510, which represented 5.3% of net assets.
(e) Security is considered illiquid an may be difficult to sell.
      
(f) Rate shown is the effective yield based on purchase price.  The calculation assumes the security is held to maturity.
 

 
 
 
 
 
The Delafield Fund
Schedule of Investments as of January 31, 2011
(Unaudited)
       
 
Shares
  
Value
COMMON STOCKS - 77.5%
      
Aerospace & Defense - 2.1%
      
Honeywell International, Inc.
450,000
$
25,204,500
Building Products - 2.7%
      
Griffon Corp. (a)
1,250,000
  
14,550,000
NCI Building Systems, Inc. (a)
500,000
  
6,635,000
Trex Co., Inc. (a)
475,000
  
11,058,000
     
32,243,000
Chemicals - 16.7%
      
A Schulman, Inc.
550,000
  
11,742,500
Ashland, Inc.
325,000
  
18,869,500
Cytec Industries, Inc.
400,000
  
21,816,000
Eastman Chemical Co.
255,000
  
23,679,300
Ferro Corp. (a)
1,600,000
  
24,672,000
FMC Corp.
300,000
  
22,818,000
Lubrizol Corp.
150,000
  
16,119,000
Minerals Technologies, Inc. (c)
425,000
  
26,783,500
PolyOne Corp. (a)
875,000
  
11,506,250
Solutia, Inc. (a)
675,000
  
15,808,500
Spartech Corp. (a)
800,000
  
6,680,000
     
200,494,550
Commercial Services & Supplies - 0.7%
      
RR Donnelley & Sons Co.
500,000
  
8,860,000
Communications Equipment - 0.9%
      
Harris Corp.
240,000
  
11,169,600
Construction & Engineering - 1.0%
      
Insituform Technologies, Inc. (a)
450,000
  
12,379,500
Containers & Packaging - 5.0%
      
Owens-Illinois, Inc. (a)
1,025,000
  
30,227,250
Sealed Air Corp.
450,000
  
12,010,500
Sonoco Products Co.
500,000
  
17,775,000
     
60,012,750
Electrical Equipment - 6.1%
      
Acuity Brands, Inc.
475,000
  
26,220,000
AMETEK, Inc.
285,000
  
11,622,300
Belden, Inc.
335,000
  
11,644,600
Brady Corp.
400,000
  
13,100,000
Hubbell, Inc.
180,000
  
11,023,200
     
73,610,100
Electronic Equipment, Instruments & Components - 8.2%
      
Checkpoint Systems, Inc. (a)(c)
1,375,000
  
28,421,250
Corning, Inc.
775,000
  
17,212,750
Flextronics International Ltd. (a)(b)
5,500,000
  
43,945,000
Plexus Corp. (a)
345,362
  
9,338,588
     
98,917,588
Energy Equipment & Services - 0.4%
      
Weatherford International Ltd. (a)(b)
200,000
  
4,744,000
Health Care Equipment & Supplies - 0.3%
      
Teleflex, Inc. (a)
60,000
  
3,439,200
Household Durables - 3.8%
      
Ethan Allen Interiors, Inc.
500,000
  
11,200,000
Stanley Black & Decker, Inc.
475,000
  
34,523,000
     
45,723,000
 
 
 
 
 
 
Industrial Conglomerates - 3.4%
      
Carlisle Companies, Inc.
300,000
  
11,313,000
Tyco International Ltd. (b)
650,000
  
29,139,500
     
40,452,500
Life Sciences Tools & Services - 1.7%
      
Thermo Fisher Scientific, Inc. (a)
350,000
  
20,044,500
Machinery - 12.9%
      
Albany International Corp. (c)
1,020,183
  
23,005,127
Barnes Group, Inc.
650,000
  
12,883,000
Crane Co.
250,000
  
11,102,500
Dover Corp.
425,000
  
27,242,500
Federal Signal Corp.
1,900,000
  
13,224,000
Harsco Corp.
175,000
  
5,647,250
IDEX Corp.
235,000
  
9,320,100
Ingersoll-Rand PLC (b)
575,000
  
27,140,000
Kennametal, Inc.
550,000
  
22,330,000
Lydall, Inc. (a)
400,000
  
3,200,000
     
155,094,477
Metals & Mining - 0.2%
      
Commercial Metals Co.
150,000
  
2,508,000
Oil, Gas & Consumable Fuels - 2.3%
      
El Paso Corp.
825,000
  
13,101,000
Southern Union Co.
525,000
  
14,028,000
     
27,129,000
Semiconductors & Semiconductor Equipment - 3.8%
      
Fairchild Semiconductor International, Inc. (a)
700,000
  
12,460,000
International Rectifier Corp. (a)
275,000
  
8,808,250
LTX-Credence Corp. (a)
1,400,000
  
12,411,000
Teradyne, Inc. (a)
750,000
  
12,510,000
     
46,189,250
Specialty Retail - 3.5%
      
Collective Brands, Inc. (a)
1,525,000
  
31,049,000
Foot Locker, Inc.
250,000
  
4,465,000
GameStop Corp. (a)
300,000
  
6,321,000
     
41,835,000
Trading Companies & Distributors - 1.8%
      
Rush Enterprises, Inc. (a)
610,000
  
11,632,700
WESCO International, Inc. (a)
175,000
  
9,808,750
     
21,441,450
TOTAL COMMON STOCKS (Cost $700,108,304)
    
931,491,965
 
Principal
    
 
Amount
    
CORPORATE BONDS - 0.9%
      
Aerospace & Defense - 0.1%
      
BAE Systems Holdings, Inc.
      
    4.950%, 06/01/2014
 $        500,000
  
537,302
Honeywell International, Inc.
      
    3.875%, 02/15/2014
1,000,000
  
1,074,019
     
1,611,321
Chemicals - 0.3%
      
The Dow Chemical Co.
      
    7.600%, 05/15/2014
2,500,000
  
2,906,928
    5.900%, 02/15/2015
1,000,000
  
1,110,387
     
4,017,315
Diversified Financial Services - 0.1%
      
JPMorgan Chase & Co.
      
    4.650%, 06/01/2014
1,000,000
  
1,078,246
 
 
 
 
 
 
Electric Utilities - 0.1%
      
Duke Energy Corp.
      
    3.950%, 09/15/2014
1,000,000
  
1,057,997
Health Care Equipment & Supplies - 0.1%
      
St. Jude Medical, Inc.
      
    3.750%, 07/15/2014
1,000,000
  
1,061,250
Oil, Gas & Consumable Fuels - 0.1%
      
El Paso Corp.
      
    7.875%, 06/15/2012
517,000
  
547,561
Software - 0.1%
      
Oracle Corp.
      
    3.750%, 07/08/2014
1,000,000
  
1,066,544
TOTAL CORPORATE BONDS (Cost $9,495,207)
    
10,440,234
       
FOREIGN CORPORATE BONDS - 0.3%
      
Diversified Telecommunication Services - 0.3%
      
Deutsche Telekom International Finance BV (b)
      
    4.875%, 07/08/2014
3,000,000
  
3,250,281
TOTAL FOREIGN CORPORATE BONDS (Cost $2,988,207)
    
3,250,281
 
Shares
    
REAL ESTATE INVESTMENT TRUSTS (REITs) - 0.9%
      
Real Estate - 0.9%
      
Kimco Realty Corp.
600,000
  
10,854,000
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $5,536,617)
    
10,854,000
 
Principal
    
 
Amount
    
U.S. TREASURY OBLIGATIONS - 0.8%
      
United States Treasury Notes - 0.8%
      
    1.000%, 07/31/2011
 $   10,000,000
  
10,041,410
TOTAL U.S. TREASURY OBLIGATIONS (Cost $9,985,333)
    
10,041,410
 
Shares
    
WARRANTS - 0.0%
      
Air Freight & Logistics - 0.0%
      
Clark Holdings, Inc.
      
    Expires: 02/15/11, Exercise Price: $6.00 (a)
410,000
  
164
TOTAL WARRANTS (Cost $465,970)
    
164
       
SHORT-TERM INVESTMENTS - 19.4%
      
Money Market Fund - 19.4%
      
AIM STIT-Treasury Portfolio, 0.04% (d)
233,403,743
  
233,403,743
TOTAL SHORT-TERM INVESTMENTS (Cost $233,403,743)
    
233,403,743
       
Total Investments  (Cost $961,983,382) - 99.8%
    
1,199,481,797
Other Assets in Excess of Liabilities - 0.2%
    
2,736,991
TOTAL NET ASSETS - 100.0%
  
$
1,202,218,788
       
The accompanying footnotes are an integral part of these Schedules of Investments
      
       
Percentages are stated as a percent of net assets.
      
(a) Non-income producing security.
      
(b) Foreign issued security.  Foreign concentration was as follows: Ireland 2.3%; Netherlands 0.3%; Singapore 3.7%; Switzerland 2.9%
    
(c) Affiliated company.  See Footnote 3.
      
(d) Variable rate security.  The rate listed is as of January 31, 2011.
      
       
The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor Financial Services LLC (“S&P”).
GICS is a service mark of MSCI and S&P and has been licensed for use by U.S. Bancorp Fund Services, LLC.

 
 
 
 
 
The Tocqueville Select Fund
Schedule of Investments as of January 31, 2011
(Unaudited)
       
 
Shares
  
Value
COMMON STOCKS - 80.1%
      
Building Products - 1.9%
      
Griffon Corp. (a)
100,000
$
1,164,000
Chemicals - 9.8%
      
Ashland, Inc.
35,600
  
2,066,936
Cytec Industries, Inc.
27,300
  
1,488,942
Minerals Technologies, Inc. (c)
38,000
  
2,394,760
     
5,950,638
Containers & Packaging - 7.5%
      
Owens-Illinois, Inc. (a)
70,400
  
2,076,096
Sonoco Products Co.
69,300
  
2,463,615
     
4,539,711
Diversified Consumer Services - 3.6%
      
Summer Infant, Inc. (a)
285,833
  
2,179,477
Electrical Equipment - 3.3%
      
Acuity Brands, Inc.
36,500
  
2,014,800
Electronic Equipment, Instruments & Components - 7.2%
      
Checkpoint Systems, Inc. (a)(c)
99,200
  
2,050,464
Flextronics International Ltd. (a)(b)
287,000
  
2,293,130
     
4,343,594
Hotels, Restaurants & Leisure - 2.1%
      
Ruby Tuesday, Inc. (a)
94,800
  
1,277,904
Household Durables - 6.6%
      
Ethan Allen Interiors, Inc.
95,500
  
2,139,200
Stanley Black & Decker, Inc.
25,500
  
1,853,340
     
3,992,540
Industrial Conglomerates - 2.0%
      
Carlisle Companies, Inc.
32,800
  
1,236,888
Internet Software & Services - 2.5%
      
j2 Global Communications, Inc. (a)
54,700
  
1,509,720
IT Services - 0.9%
      
Tier Technologies, Inc. (a)
90,000
  
521,100
Machinery - 17.7%
      
Albany International Corp. (c)
113,500
  
2,559,425
Barnes Group, Inc.
83,000
  
1,645,060
Ingersoll-Rand PLC (b)
41,500
  
1,958,800
Kennametal, Inc.
55,000
  
2,233,000
Trimas Corp. (a)
124,500
  
2,370,480
     
10,766,765
Software - 3.1%
      
Monotype Imaging Holdings, Inc. (a)
167,000
  
1,876,245
Specialty Retail - 7.7%
      
Collective Brands, Inc. (a)
153,000
  
3,115,080
Foot Locker, Inc.
86,000
  
1,535,960
     
4,651,040
Textiles, Apparel & Luxury Goods - 1.7%
      
Maidenform Brands, Inc. (a)
40,100
  
1,032,174
Trading Companies & Distributors - 2.5%
      
WESCO International, Inc. (a)
27,000
  
1,513,350
TOTAL COMMON STOCKS (Cost $34,805,516)
    
48,569,946
       
 
 
 
 
 
 
SHORT-TERM INVESTMENTS - 19.4%
      
Money Market Fund - 19.4%
      
AIM STIT-Treasury Portfolio, 0.04% (d)
11,787,202
  
11,787,202
TOTAL SHORT-TERM INVESTMENTS (Cost $11,787,202)
    
11,787,202
       
Total Investments  (Cost $46,592,718) - 99.5%
    
60,357,148
Other Assets in Excess of Liabilities - 0.5%
    
324,401
TOTAL NET ASSETS - 100.0%
  
$
60,681,549
       
The accompanying footnotes are an integral part of these Schedules of Investments
      
       
Percentages are stated as a percent of net assets.
      
(a) Non-income producing security.
      
(b) Foreign issued security.  Foreign concentration was as follows: Ireland 3.2%; Singapore 3.8%.
    
(c) Affiliated company.  See Footnote 3.
      
(d) Variable rate security.  The rate shown is as of January 31, 2011.
      
       
The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor Financial Services LLC (“S&P”).
GICS is a service mark of MSCI and S&P and has been licensed for use by U.S. Bancorp Fund Services, LLC.

 
 
 
 

1)  Fair Valuation Pricing Inputs
              
                 
 
The Trust has adopted authoritative fair valuation accounting standards which establish an authoritative definition of fair value and set out a hierarchy for measuring fair value.  These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value and a discussion in changes in valuation techniques and related inputs during the period.  These inputs are summarized in the three broad levels listed below.
  
                 
 
• Level 1 - Quoted prices in active markets for identical securities.
        
 
• Level 2 - Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
 
• Level 3 - Significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments).
  
                 
 
Equity investments, including common stocks, foreign issued common stocks, exchange-traded funds, closed end mutual funds and real estate investments trusts, which are traded on an exchange are valued at the last sale price reported by the exchange on which the securities are primarily traded on the day of valuation.  If there are no sales on a given day for securities traded on an exchange, the latest bid quotation will be used.  If there is no Nasdaq Official Closing Price for a Nasdaq-listed security or sale price available for an over-the-counter security, the mean of the latest bid and asked quotations from Nasdaq will be used.  When using the market quotations or closing price provided by the pricing service and when the market is considered active, the security will be classified as a Level 1 security.
  
                 
 
Investment in mutual funds, including money market funds, are generally priced at the ending net asset value (NAV) provided by the service agent of the funds and will be classified as Level 1 securities.
  
                 
 
Debt securities, such as corporate bonds, convertible bonds and U.S. government agency issues for which market quotations are not readily available may be valued based on information supplied by independent pricing services using matrix pricing formulas and/or independent broker bid quotations.  Debt securities with remaining maturities of 60 days or less may be valued on an amortized cost basis, which involves valuing an instrument at its cost and thereafter assuming a constant amortization to maturity of any discount or premium, regardless of the impact of fluctuating rates on the fair value of the instrument.  On days when the closing price of the S&P 500 moves more than 1% from its previous close, common stocks of the International Value Fund which are traded on non-North American exchanges may be valued using matrix pricing formulas provided by and independent pricing service.  These securities will generally be classified as Level 2 securities.
  
                 
 
Any securities or other assets for which market quotations are not readily available are valued at fair value as determined in good faith by the Advisor pursuant to procedures established under the general supervision and responsibility of the Funds' Board of Trustees and will be classified as Level 3 securities.  In determining fair value, a Fund will seek to assign a value to the security which it believes represents the amount that the Fund could reasonably expect to receive upon its current sale.  With respect to securities that are actively traded on U.S. exchanges, the Funds expect that market quotations will generally be available and that fair value might be used only in limited circumstances, such as when trading for a security is halted during the trading day.
  
 
For securities traded principally on foreign exchanges, the Funds may use fair value pricing if an event occurs after the close of trading of the principal foreign exchange on which a security is traded, but before calculation of a Fund's NAV, which a Fund believes affects the value of the security since its last market quotation.  Such events may involve situations relating to a single issuer (such as news related to the issuer announced after the close of the principal foreign exchange), or situations relating to sectors of the market or the markets in generals (such as significant fluctuations in the U.S. or foreign markets or significant changes in exchange rates, natural disasters, armed conflicts, or governmental actions).
  
 
In determining whether a significant event has occurred with respect to securities traded principally in foreign markets, the Funds may engage a third party fair value servcie provider to systematically recommend the adjustment of closing market prices of non-U.S. securities based upon changes in a designated U.S. securities market index occuring from the time of close of the relevant foreign market and the close of the NYSE.  Fair value pricing may also be used to value restricted securities held by the Funds or securities with little or no trading activity for extended periods of time.  Fair value pricing involves judgements that are inherently subjective and inexact and it is not possible to determine with certainty when, and to what extent, an event will affect a market price.  As a result, there can be no assurance that fair value pricing will reflect actual market value and it is possible that the fair value determined for a security may differ materially from the value that could be realized upon the sale of the security.
  
                 
 
The following is a summary of the inputs used, as of January 31, 2011, involving the Funds' assets carried at value.  The inputs of methodology used for valuing securities may not be an indication of the risk associated with investing in those securities.
  
 
                 
 
Description
  
Level 1
Level 2
Level 3
Total
    
                 
 
The Tocqueville Fund
              
 
Common Stocks*
 $
     523,277,935
 $                      -
 $                     -
 $     523,277,935
    
                 
 
Warrants*
  
                          -
               20,716
                        -
                 20,716
    
                 
 
Repurchase Agreement
  
                          -
          4,477,000
                        -
            4,477,000
    
 
Total Fund
 $
    523,277,935
 $       4,497,716
 $                     -
 $     527,775,651
    
                 
                 
 
The Tocqueville Opportunity Fund
  
Level 1
Level 2
Level 3
Total
    
 
Common Stocks*
 $
      34,407,983
 $                      -
 $                     -
 $       34,407,983
    
                 
 
Exchange Traded Funds*
  
           2,022,530
                         -
                        -
            2,022,530
    
                 
 
Total Fund
 $
     36,430,513
 $                      -
 $                     -
 $       36,430,513
    
                 
                 
 
The Tocqueville International Value Fund
  
Level 1
Level 2
Level 3
Total
    
 
Common Stocks*
 $
     157,089,191
 $                      -
 $                     -
 $     157,089,191
    
 
Money Market Fund
  
           2,292,850
                         -
                        -
            2,292,850
    
 
Repurchase Agreement
  
                          -
          8,350,000
                        -
            8,350,000
    
 
Total Fund
 $
    159,382,041
 $       8,350,000
 $                     -
 $     167,732,041
    
                 
                 
 
The Tocqueville Gold Fund
  
Level 1
Level 2
Level 3
Total
    
 
Common Stocks
              
 
Gold & Gold Related
 $
 1,524,922,236
 $     82,470,815
 $     16,991,066
 $  1,624,384,117
    
 
Oil, Gas and Consumable Fuels
  
           1,603,196
                         -
                        -
            1,603,196
    
 
Precious Metals & Related
  
       169,593,709
                         -
        17,223,996
        186,817,705
    
 
Total Common Stocks
  
    1,696,119,141
        82,470,815
        34,215,062
     1,812,805,018
    
                 
 
Closed End Mutual Funds*
  
         16,443,000
                         -
                        -
          16,443,000
    
                 
 
Warrants*
  
                          -
        10,934,873
                        -
          10,934,873
    
                 
 
Purchased Call Options*
  
                   -
                  -
                  -
                    -
    
                 
 
U.S. Treasury Bills
  
                          -
      324,971,452
                        -
        324,971,452
    
                 
 
Gold Bullion
  
                          -
      130,656,658
                        -
        130,656,658
    
                 
 
Repurchase Agreement
  
                          -
        31,895,000
                        -
          31,895,000
    
                 
 
Total Fund
 $
 1,712,562,141
 $   580,928,798
 $     34,215,062
 $  2,327,706,001
    
                 
                 
 
The Delafield Fund
  
Level 1
Level 2
Level 3
Total
    
 
Common Stocks*
 $
     931,491,965
 $                      -
 $                     -
 $     931,491,965
    
                 
 
Corporate Bonds*
  
                          -
        10,440,234
                        -
          10,440,234
    
                 
 
Foreign Government Bonds*
  
                          -
          3,250,281
                        -
            3,250,281
    
                 
 
Real Estate Investment Trust (REIT)
  
         10,854,000
                         -
                        -
          10,854,000
    
                 
 
Warrants*
  
                          -
                    164
                        -
                      164
    
                 
 
U.S. Treasury Notes
  
                          -
        10,041,410
                        -
          10,041,410
    
                 
 
Money Market Funds
  
       233,403,743
                         -
                        -
        233,403,743
    
 
Total Fund
 $
 1,175,749,708
 $     23,732,089
 $                     -
 $  1,199,481,797
    
                 
                 
 
The Tocqueville Select Fund
  
Level 1
Level 2
Level 3
Total
    
 
Common Stocks*
 $
      48,569,946
 $                      -
 $                     -
 $       48,569,946
    
                 
 
Money Market Funds
  
         11,787,202
                         -
                        -
          11,787,202
    
 
Total Fund
 $
       60,357,148
 $                      -
 $                     -
 $       60,357,148
    
                 
 
* For further information regarding portfolio characteristics, please see the accompanying Schedules of Investments.
    
                 
     
The Tocqueville
Fund
The Tocqueville
Small Cap Fund
The Tocqueville International
Value Fund
The Tocqueville
Gold Fund
The Delafield
Fund
The Tocqueville Select Fund
 
Tranfers Into Level 1
 $
                        -
 $                      -
 $                     -
 $       34,125,000
 $                     -
 $              -
 
Tranfers Out of Level 1
  
                          -
                         -
                        -
                           -
                        -
                 -
 
Net Transfers Into/(Out of ) Level 1
  
                          -
                         -
                        -
          34,125,000
                        -
                 -
 
Tranfers Into Level 2
  
                          -
                         -
                        -
                           -
                        -
                 -
 
Tranfers Out of Level 2
  
                          -
                         -
                        -
        (34,125,000)
                        -
                 -
 
Net Transfers Into/(Out of ) Level 2
  
                          -
                         -
                        -
        (34,125,000)
                        -
                 -
                 
 
The movement from Level 2 to Level 1 was due to the release of restrictions on the security.
      
                 
 
Below is a reconciliation that details the activity of securities in Level 3 during the current fiscal period:
  
     
The Tocqueville
Fund
The Tocqueville
Small Cap Fund
The Tocqueville International
Value Fund
The Tocqueville
Gold Fund
The Delafield
Fund
The Tocqueville Select Fund
 
Beginning Balance - November 1, 2010
 $
                        -
 $                      -
 $                     -
 $       30,842,633
 $                     -
 $              -
 
Purchases
  
                          -
                         -
                        -
               177,716
                        -
                 -
 
Sales
  
                          -
                         -
                        -
                           -
                        -
                 -
 
Realized gains
  
                          -
                         -
                        -
                           -
                        -
                 -
 
Realized losses
  
                          -
                         -
                        -
                           -
                        -
                 -
 
Change in unrealized appreciation
  
                          -
                         -
                        -
            3,194,713
                        -
                 -
 
Transfers in/(out) of level 3
  
                          -
                         -
                        -
                           -
                        -
                 -
 
Ending Balance - January 31, 2011
 $
                       -
 $                      -
 $                     -
 $       34,215,062
 $                     -
 $              -
 
 
 
 
 
 
                 
2)
Federal Tax Information
              
                 
 
The cost basis of investments for federal income tax purposes at January 31, 2011 for The Tocqueville Fund, The Tocqueville Opportunity Fund, The Tocqueville International Value Fund, The Tocqueville Gold Fund, The Delafield Fund, and The Tocqueville Select Fund (collectively the "Funds"), were as follows*:
                 
     
The Tocqueville
Fund
The Tocqueville Opportunity Fund
The Tocqueville International
Value Fund
The Tocqueville
Gold Fund
The Delafield
Fund
The Tocqueville Select Fund
 
Cost of Investments
 $
    469,872,208
 $     29,674,829
 $   132,308,907
 $ 1,320,246,569
 $ 961,983,382
 $ 46,592,718
 
Gross unrealized appreciation
 $
      88,510,145
 $       7,668,214
 $     37,850,461
 $ 1,039,268,612
 $ 255,898,704
 $ 14,017,006
 
Gross unrealized depreciation
  
      (30,606,702)
            (912,530)
        (2,427,327)
       (31,809,180)
    (18,400,289)
       (252,576)
 
Net unrealized appreciation (depreciation)
 $
      57,903,443
 $       6,755,684
 $     35,423,134
 $ 1,007,459,432
 $ 237,498,415
 $ 13,764,430
                 
 
*Because tax adjustments are calculated annually, the above table does not reflect tax adjustments. For the previous fiscal year’s federal income tax information, please refer to the Notes to Financial Statements section in the Fund’s most recent semi-annual or annual report.
 
 
 
 
 
 
3)  Transactions with affiliates
                            
The following issuers are affiliated with the Funds; that is, the Adviser had control of 5% or more of the outstanding voting securities during the period from November 1, 2010 through January 31, 2011.  As defined in Section (2)(a)(3) of the Investment Company Act of 1940; such issues are:
                             
The Tocqueville Fund
                            
   
Share Balance
          
Share Balance
  
Dividend
  
Realized
  
Value at
Issuer Name
  
at Nov. 1, 2010
  
Additions
  
Reductions
  
at January 31, 2011
  
Income
  
Gain/(Loss)
  
January 31, 2011
Alaska Communication Systems Group, Inc. (a)
                 550,000
  
                   -
  
         (50,000)
  
                  500,000
  
 $      107,500
  
 $         (44,624)
  
 $        4,600,000
                   
 $      107,500
  
 $         (44,624)
  
 $        4,600,000
                             
The Tocqueville Opportunity Fund
                            
   
Share Balance
          
Share Balance
  
Dividend
  
Realized
  
Value at
Issuer Name
  
at Nov. 1, 2010
  
Additions
  
Reductions
  
at January 31, 2011
  
Income
  
Gain/(Loss)
  
January 31, 2011
1-800 Flowers.com, Inc. (a)
  
                   50,000
  
                   -
  
         (50,000)
  
                            -
  
 $              -
  
 $       (187,368)
  
 $                      -
Landec Corp. (a)
  
                   15,000
  
                   -
  
         (15,000)
  
                            -
  
                 -
  
            (48,132)
  
                         -
Minerals Technologies, Inc.
  
                   13,000
  
                   -
  
           (4,000)
  
                      9,000
  
             650
  
           108,426
  
              567,180
Silicon Image, Inc. (a)
  
                   75,000
  
                   -
  
         (35,000)
  
                    40,000
  
                 -
  
           133,956
  
              274,400
TeleCommunication Systems, Inc.
  
                   30,000
  
                   -
  
                     -
  
                    30,000
  
                 -
  
                       -
  
              122,700
Ultratech, Inc.
  
                   20,000
  
                   -
  
           (8,000)
  
                    12,000
  
                 -
  
             51,517
  
              270,420
                   
 $          650
  
 $          58,399
  
 $        1,234,700
                             
The Tocqueville Gold Fund
                            
   
Share Balance
          
Share Balance
  
Dividend
  
Realized
  
Value at
Issuer Name
  
at Nov. 1, 2010
  
Additions
  
Reductions
  
at January 31, 2011
  
Income
  
Gain/(Loss)
  
January 31, 2011
Atac Resources Ltd.
  
              7,000,000
  
       800,000
  
                     -
  
               7,800,000
  
 $              -
  
 $                    -
  
 $      49,852,699
Banro Corp. (a)
  
              5,181,100
  
                   -
  
                     -
  
               5,181,100
  
                 -
  
                       -
  
         16,091,497
Corvus Gold, Inc.
  
              2,079,902
  
                   -
  
                     -
  
               2,079,902
  
                 -
  
                       -
  
           1,620,136
Gold Resource Corp.
  
              3,800,797
  
                   -
  
                     -
  
               3,800,797
  
      297,072
  
                       -
  
         86,468,132
International Tower Hill Mines Ltd.
  
              2,493,136
  
                   -
  
                     -
  
               2,493,136
  
                 -
  
                       -
  
         22,961,783
International Tower Hill Mines Ltd.
  
              1,666,667
  
                   -
  
                     -
  
               1,666,667
  
                 -
  
                       -
  
         15,329,308
International Tower Hill Mines Ltd.
  
                             -
  
    4,000,000
  
                     -
  
               4,000,000
  
                 -
  
                       -
  
         36,171,968
Primero Mining Corp. (a)
  
              4,621,000
  
                   -
  
                     -
  
               4,621,000
  
                 -
  
                       -
  
         18,828,262
Primero Mining Corp. Warrants (a)
  
              1,848,400
  
                   -
  
                     -
  
               1,848,400
  
                 -
  
                       -
  
           2,399,681
Richfield Ventures Corp.
  
              2,800,000
  
                   -
  
                     -
  
               2,800,000
  
                 -
  
                       -
  
         13,783,712
Richfield Ventures Corp. Warrants
  
              1,400,000
  
                   -
  
                     -
  
               1,400,000
  
                 -
  
                       -
  
           4,593,950
Romarco Minerals (a)
  
            15,387,800
  
                   -
  
                     -
  
             15,387,800
  
                 -
  
                       -
  
         31,195,121
Scorpio Mining Corp.
  
            16,699,542
  
                   -
  
                     -
  
             16,699,542
  
                 -
  
                       -
  
         15,176,093
Strategic Metals Ltd.
  
            10,350,000
  
                   -
  
                     -
  
             10,350,000
  
                 -
  
                       -
  
         32,515,135
Torex Gold Resources, Inc. (a)
  
              5,000,000
  
                   -
  
                     -
  
               5,000,000
  
                 -
  
                       -
  
           7,240,226
Torex Gold Resources, Inc., Warrants (a)
  
              1,250,000
  
                   -
  
                     -
  
               1,250,000
  
                 -
  
                       -
  
              436,910
                   
 $   297,072
  
 $                    -
  
 $    354,664,613
                             
The Delafield Fund
                            
   
Share Balance
          
Share Balance
  
Dividend
  
Realized
  
Value at
Issuer Name
  
at Nov. 1, 2010
  
Additions
  
Reductions
  
at January 31, 2011
  
Income
  
Gain/(Loss)
  
January 31, 2011
Albany International Corp.
  
              1,050,000
  
                   -
  
         (29,817)
  
               1,020,183
  
 $   125,187
  
 $       (237,818)
  
 $      23,005,127
Checkpoint Systems, Inc.
  
              1,300,000
  
         75,000
  
                     -
  
               1,375,000
  
                 -
  
                       -
  
         28,421,250
Minerals Technologies, Inc.
  
                 334,800
  
         90,200
  
                     -
  
                  425,000
  
        16,740
  
                       -
  
         26,783,500
                   
 $   141,927
  
 $       (237,818)
  
 $      78,209,877
                             
The Select Fund
                            
   
Share Balance
          
Share Balance
  
Dividend
  
Realized
  
Value at
Issuer Name
  
at Nov. 1, 2010
  
Additions
  
Reductions
  
at January 31, 2011
  
Income
  
Gain/(Loss)
  
January 31, 2011
Albany International Corp.
  
                 108,000
  
           5,500
  
                     -
  
                  113,500
  
 $     12,960
  
 $                    -
  
 $        2,559,425
Checkpoint Systems, Inc.
  
                   79,000
  
         20,200
  
                     -
  
                    99,200
  
                 -
  
                       -
  
           2,050,464
Minerals Technologies, Inc.
  
                   29,500
  
           8,500
  
                     -
  
                    38,000
  
          1,475
  
                       -
  
           2,394,760
                   
 $     14,435
  
 $                    -
  
 $        7,004,649
                             
(a)  Security is no longer an affiliated company at January 31, 2011.
                      
                             
 
 
 
 
 
 
 
 
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        March 23, 2011                                                                                    



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         March 23, 2011                                                                                   

 
By (Signature and Title)*       /s/ John Cassidy                                              
John Cassidy, Treasurer

Date        March 22, 2011                                                                                    

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