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Tocqueville Select Fund reorganization

edited October 2019 in The Bullpen

497 1 tocqueville_497e.htm SUPPLEMENTARY MATERIALS

Filed Pursuant to Rule 497(e)

Registration No. 033-08746

Supplement dated October 9, 2019

to the Prospectus and Statement of Additional Information (SAI)

dated February 15, 2019

The Tocqueville Select Fund (the “Select Fund”)

The Tocqueville Phoenix Fund (the “Phoenix Fund”) formerly the Delafield Fund

each a series of the Tocqueville Trust (the “Trust”)


We are pleased to announce that the Board of Trustees (the “Board”) of the Trust has approved: (1) an Agreement and Plan of Reorganization (the “Plan”) whereby the Tocqueville Select Fund (the “Select Fund”) will be reorganized into the Tocqueville Phoenix Fund (the “Phoenix Fund”) (each, a “Fund,” and together, the “Funds”); and (2) the subsequent liquidation and dissolution of the Select Fund, effective on or about November 15, 2019. The reorganization, which is expected to be tax free to the shareholders of the Select Fund and which is subject to a number of closing conditions, will entail the transfer of all of the assets and liabilities of the Select Fund to the Phoenix Fund in exchange for shares of the Phoenix Fund, as appropriate. Shareholders of the Select Fund will receive shares of the Phoenix Fund equivalent in aggregate net asset value to the aggregate net asset value of their shares in the Select Fund at the time of the reorganization. The Select Fund will then be liquidated and dissolved. The reorganization is expected to occur on or about November 15, 2019. In accordance with the applicable regulatory requirements, the reorganization only needs to be approved by the Board; consequently, shareholders of each Fund will not be asked to approve the reorganization.

The reorganization will not affect the value of your account in the Select Fund at the time of the reorganization. Tocqueville Asset Management L.P. (the “Advisor”), investment adviser to the Funds, has agreed to assume the costs of the reorganization.

Prior to the reorganization, the Advisor will continue to manage the Select Fund in the ordinary course. The current portfolio managers of the Phoenix Fund, Messrs. J. Dennis Delafield, Joshua Kaufthal and James Maxwell, will remain the portfolio managers after the reorganization. The Select Fund and Phoenix Fund have the same investment objective of capital appreciation, the same investment policies and materially the same investment strategies.

In approving the reorganization, the Board considered detailed information provided by the Advisor. The Board, including all of the Trustees who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Trustees”), carefully considered the reorganization and determined unanimously that: (1) the reorganization is in the best interests of the Select Fund and the Phoenix Fund shareholders; (2) the reorganization should not result in a dilution of the interests of shareholders of either Fund; and (3) shareholders of both Funds may benefit over time from enhanced potential for increased economies of scale associated with increased assets, including the potential for decreased total annual portfolio operating expenses.

Existing shareholders of the Select Fund may redeem shares of the Select Fund in the ordinary course through the closing date of the reorganization, as set forth in the Fund’s prospectus. The Select Fund will no longer accept purchases effective November 1, 2019. Purchase and redemption requests received after the closing date will be treated as purchase and redemption requests for shares of the Phoenix Fund. If you have questions about the reorganization you may contact the Trust at 1-800-697-3863.... (see more in the link)
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