Fund News- Redemption Fee Announcement

Effective October 1^st, 1999, each portfolio of the Tocqueville Trust will impose a redemption fee to be assessed on the redemption of shares held less than 90 days.  The fee is applicable to shares purchased on or after October 1, 1999.

The fee amounts to 1.5% of the total redemption, if applicable, and is maintained in the Fund to offset transaction costs.  No portion of the fee is paid to the Investment Adviser, Distributor, or other service provider to the Trust.  This fee does not apply to shares purchased through reinvested dividends, nor to clients of Tocqueville Securities who hold shares in retirement plans, including IRA accounts.

This fee has been adopted for the benefit of long-term investors.  The investment objective of each of the Funds is long-term capital appreciation.  Thus, the Funds are not managed or designed for short-term traders whose nature is to make frequent purchases and the redemption of shares of the Fund.  The cash flows this trading generates disrupt the portfolio manager’s investment strategy, and increases transaction costs to long-term shareholders.

For any further questions that you might have please contact Mr. Kieran Lyons at the above e-mail or call 1-800-626-9402 ext. 848.