Form POS EX TOCQUEVILLE TRUST
As filed with the Securities and Exchange Commission on July 6, 2026
1933 Act Registration File No. 033-08746
1940 Act File No. 811-04840
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-1A
| REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 | [X] | ||||||||||
| Pre-Effective Amendment No. | [ ] | ||||||||||
| Post-Effective Amendment No. | 87 | [X] | |||||||||
and/or
| REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 | [X] | ||||||||||
| Amendment No. | 89 | [X] | |||||||||
THE TOCQUEVILLE TRUST
(Exact Name of Registrant as Specified in Charter)
40 West 57th Street, 19th Floor
New York, New York 10019
(Address of Principal Executive Offices) (Zip Code)
(Registrant’s Telephone Number, including Area Code) (212) 698-0800
Robert Kleinschmidt
President
The Tocqueville Trust
40 West 57th Street, 19th Floor
New York, New York 10019
(Name and Address of Agent for Service)
Copies to:
Michael R. Rosella, Esq.
Paul Hastings LLP
200 Park Avenue
New York, New York 10166
It is proposed that this filing will become effective (check appropriate box)
| [X] | Immediately upon filing pursuant to Rule 485(b). | |||||||
| [ ] | on (date) pursuant to Rule 485(b). | |||||||
| [ ] | 60 days after filing pursuant to Rule 485(a)(1). | |||||||
| [ ] | on (date) pursuant to Rule 485(a)(1). | |||||||
| [ ] | 75 days after filing pursuant to Rule 485(a)(2). | |||||||
| [ ] | on (date) pursuant to Rule 485(a)(2). | |||||||
If appropriate, check the following box:
| [ ] | This post-effective amendment designates a new effective date for a previously filed post-effective amendment. | |||||||
Explanatory Note
This Post-Effective Amendment No. 87 (the “Post-Effective Amendment”) to the Registration Statement on Form N-1A (the “Registration Statement”) of The Tocqueville Trust (the “Registrant”) is being filed solely for the purpose of filing certain exhibits to the Registrant's Registration Statement. Accordingly, the Post-Effective Amendment consists only of a facing page, this explanatory note and Part C of the Registration Statement, including the exhibits listed as "filed herewith" below. The Post-Effective Amendment does not modify any other part of the Registrant's Registration Statement. Pursuant to Rule 462(d) under the Securities Act of 1933, as amended, the Post-Effective Amendment shall become effective immediately upon filing with the U.S. Securities and Exchange Commission. The contents of the Registrant's Registration Statement are hereby incorporated by reference.
THE TOCQUEVILLE TRUST
PART C
OTHER INFORMATION
Item 28. Exhibits
(a) | Declaration of Trust. | ||||||||||
(i) | (A) | ||||||||||
(B) | |||||||||||
(C) | |||||||||||
(b) | |||||||||||
(c) | Instruments Defining Rights of Security Holders. | ||||||||||
(i) | |||||||||||
| (ii) | |||||||||||
| (iii) | |||||||||||
(d) | Investment Advisory Contracts. | ||||||||||
(i) | |||||||||||
(ii) | |||||||||||
(e) | Distribution Contracts. | ||||||||||
(f) | Bonus or Profit Sharing Contracts — Not Applicable. | ||||||||||
(g) | Custodian Agreements. | ||||||||||
(i) | (A) | ||||||||||
(B) | |||||||||||
(C) | |||||||||||
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(D) | |||||||||||
(E) | |||||||||||
(F) | |||||||||||
(ii) | |||||||||||
(h) | Other Material Contracts. | ||||||||||
(i) | (A) | ||||||||||
(B) | |||||||||||
(C) | |||||||||||
(D) | |||||||||||
(ii) | (A) | ||||||||||
(B) | |||||||||||
(C) | |||||||||||
(iii) | (A) | ||||||||||
(B) | |||||||||||
(C) | |||||||||||
(iv) | (A) | ||||||||||
(B) | |||||||||||
(C) | |||||||||||
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(v) | (A) | ||||||||||
(B) | |||||||||||
(vi) | |||||||||||
(vii) | (A) | ||||||||||
(B) | Amended and Restated Expense Limitation Agreement, dated October 1, 2022, by and between The Tocqueville Trust, on behalf of the Tocqueville Fund, and Tocqueville Asset Management L.P. — Filed Herewith. | ||||||||||
| (viii) | (A) | Loan Agreement, dated January 16, 2024, by and between The Tocqueville Trust, on behalf of the Tocqueville Fund, and U.S. Bank National Association — Filed Herewith. | |||||||||
(B) | Omnibus Amendment to the Loan Agreement, dated January 16, 2024, by and between The Tocqueville Trust, on behalf of the Tocqueville Fund, and U.S. Bank National Association — Filed Herewith. | ||||||||||
(i) | Legal Opinions. | ||||||||||
(i) | |||||||||||
(ii) | Consent of Counsel — Not Applicable | ||||||||||
(j) | Other Opinions. | ||||||||||
(i) | Consent of Independent Registered Public Accounting Firm — Not Applicable | ||||||||||
(k) | Omitted Financial Statements — Not Applicable | ||||||||||
(l) | |||||||||||
(m) | Rule 12b-1 Plan. | ||||||||||
(i) | (A) | ||||||||||
(B) | |||||||||||
(n) | Multiple Class Plan (in accordance with Rule 18f-3) of The Tocqueville Trust has been rescinded. | ||||||||||
(o) | Reserved. | ||||||||||
(p) | Codes of Ethics. | ||||||||||
(i) | |||||||||||
(ii) | |||||||||||
(q) | |||||||||||
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Item 29. Persons Controlled by or Under Common Control with Registrant
None.
Item 30. Indemnification
Article VIII of the Registrant’s Agreement and Declaration of Trust provides as follows:
The Trust shall indemnify each of its Trustees and officers (including persons who serve at the Trust’s request as directors, officers or trustees of another organization in which the Trust has any interest as a shareholder, creditor or otherwise) (hereinafter referred to as a “Covered Person”) against all liabilities and expenses, including but not limited to amounts paid in satisfaction of judgments, in compromise or as fines and penalties, and counsel fees reasonably incurred by any Covered Person in connection with the defense or disposition of any action, suit or other proceeding, whether civil or criminal, before any court or administrative or legislative body, in which such Covered Person may be or may have been involved as a party or otherwise or with which such Covered Person may be or may have been threatened, while in office or thereafter, by reason of being or having been such a Covered Person except with respect to any matter as to which such Covered Person shall have been finally adjudicated in any such action, suit or other proceeding (a) not to have acted in good faith in the reasonable belief that such Covered Person’s action was in the best interests of the Trust or (b) to be liable to the Trust or its Shareholders by reason of willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of such Covered Person’s office. Expenses, including counsel fees so incurred by any such Covered Person (but excluding amounts paid in satisfaction of judgments, in compromise or as fines or penalties) shall be paid from time to time by the Trust in advance of the final disposition of any such action, suit or proceeding upon receipt of an undertaking by or on behalf of such Covered Person to repay amounts so paid to the Trust if it is ultimately determined that indemnification of such expenses is not authorized under this Article, provided, however, that either (a) such Covered Person shall have provided appropriate security for such undertaking, (b) the Trust shall be insured against losses arising from any such advance payments or (c) either a majority of the disinterested Trustees acting on the matter (provided that a majority of the disinterested Trustees then in office act on the matter), or independent legal counsel in a written opinion shall have determined, based upon a review of readily available facts (as opposed to a full trial type inquiry) that there is reason to believe that such Covered Person will be found entitled to indemnification under this Article.
As to any matter disposed of (whether by a compromise payment, pursuant to a consent decree or otherwise) without an adjudication by a court, or by any other body before which the proceeding was brought, that such Covered Person either (a) did not act in good faith in the reasonable belief that his or her action was in the best interests of the Trust or (b) is liable to the Trust or its Shareholders by reason of willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his or her office, indemnification shall be provided if (a) approved as in the best interests of the Trust, after notice that it involves such indemnification, by at least a majority of the disinterested Trustees acting on the matter (provided that a majority of the disinterested Trustees then in office act on the matter) upon a determination, based upon a review of readily available facts (as opposed to a full trial type inquiry) that such Covered Person acted in good faith in the reasonable belief that his or her action was in the best interests of the Trust and is not liable to the Trust or its Shareholders by reasons of willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his or her office, or (b) there has been obtained an opinion in writing of independent legal counsel, based upon a review of readily available facts (as opposed to a full trial type inquiry) to the effect that such Covered Person appears to have acted in good faith in the reasonable belief that his or her action was in the best interests of the Trust and that such indemnification would not protect such Covered Person against any liability to the Trust to which he or she would otherwise be subject by reason of willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his or her office. Any approval pursuant to this Section shall not prevent the recovery from any Covered Person of any amount paid to such Covered Person in accordance with this Section as indemnification if such Covered Person is subsequently adjudicated by a court of competent jurisdiction not to have acted in good faith in the reasonable belief that such Covered Person’s action was in the best interests of the Trust or to have been liable to the Trust or its Shareholders by reason of willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of such Covered Person’s office.
Insofar as indemnification for liability arising under the Securities Act of 1933 may be permitted to Covered Persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Act
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and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a Covered Person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such Covered Person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the 1933 Act and will be governed by the final adjudication of such issue.
Item 31. Business and Other Connections of Investment Adviser
Name | Business Activity within the past two fiscal years | ||||
Robert Kleinschmidt Tocqueville Management Corp. 40 West 57th Street, 19th Floor New York, New York 10019 | President, Chief Investment Officer and Director, Tocqueville Management Corporation, the General Partner of Tocqueville Asset Management L.P. | ||||
Item 32. Principal Underwriter
(a) None.
(b) The following information is furnished with respect to the officers and partners of Tocqueville Securities, L.P., the Registrant’s principal underwriter. The business address for all persons listed below is 40 West 57th Street, 19th Floor, New York, New York 10019.
| Name and Principal Business Address | Positions and Offices with Principal Underwriters | Positions and Offices with Registrant | ||||||
Tocqueville Management Corp.* 40 West 57th Street, 19th Floor New York, New York 10019 | General Partner | None | ||||||
| Robert Kleinschmidt | President | Executive Chairman and President | ||||||
(c)Not applicable.
Item 33. Location of Accounts and Records
The accounts, books and other documents required to be maintained by Section 31(a) of the Investment Company Act of 1940 relating to each series of the Trust are held by U.S. Bancorp Fund Services, LLC, 615 East Michigan Street, Milwaukee, WI 53202, the Trust’s transfer agent.
Item 34. Management Services
Not Applicable.
Item 35. Undertakings
Not Applicable.
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SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, as amended, and the Investment Company Act of 1940, as amended, the Registrant certifies that this Post-Effective Amendment No. 87 to its Registration Statement meets all of the requirements for effectiveness pursuant to Rule 485(b) of the Securities Act of 1933, as amended, and the Registrant has duly caused this Post-Effective Amendment No. 87 to its Registration Statement on Form N-1A to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of New York, and State of New York, on July 6, 2026.
THE TOCQUEVILLE TRUST
By: /s/ Robert Kleinschmidt
Robert Kleinschmidt
Executive Chairman and President
Pursuant to the requirements of the Securities Act of 1933, as amended, this Post-Effective Amendment No. 87 to the Registration Statement has been signed below on July 6, 2026, by the following persons in the capacities indicated.
| Signatures | Title | |||||||
| /s/ Robert Kleinschmidt | Executive Chairman and President | |||||||
| Robert Kleinschmidt | ||||||||
| /s/ Jeff Zatkowsky | Treasurer | |||||||
| Jeff Zatkowsky | ||||||||
| James W. Gerard* | Trustee | |||||||
| George Cooke* | Trustee | |||||||
| Vincent Sellecchia* | Trustee | |||||||
| /s/ Cleo Kotis | ||||||||
| Cleo Kotis | ||||||||
| Attorney-in-Fact* | ||||||||
____________________________
* Executed copies of the Powers of Attorney are incorporated herein by reference to Post-Effective Amendment No. 85 to the Registration Statement on Form N-1A filed on February 26, 2025.
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Exhibit List
| Exhibit Number | Description | ||||
| (vii)(B) | |||||
| (viii)(A) | |||||
| (viii)(B) | |||||
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ATTACHMENTS / EXHIBITS
EX-99.(H)(VII)(B) AMEND & RESTATED EXP LIMITATION AGRMT
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