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The Tocqueville Fund PORTFOLIO HOLDINGS December 31_ 2012

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The Tocqueville Fund PORTFOLIO HOLDINGS December 31_ 2012 Powered By Docstoc
					The Tocqueville Fund
PORTFOLIO HOLDINGS
December 31, 2012 (Unaudited)

SECURITY NAME                          SECURITY IDENTIFIER               QUANTITY       MARKET VALUE
EQUITY
Aflac, Inc.                                                  001055102    150,000   $     7,968,000.00
Alkermes PLC                                                 G01767105    200,000         3,704,000.00
Apple, Inc.                                                  037833100      6,850         3,651,255.50
Applied Materials, Inc.                                      038222105    500,000         5,720,000.00
Automatic Data Processing, Inc.                              053015103    100,000         5,701,000.00
Bank of New York Mellon Corp.                                064058100    300,000         7,710,000.00
BHP Billiton Ltd.                                            088606108     63,900         5,012,316.00
Bio-Key International, Inc.                                  99990C103     47,090                  -
Boeing Co.                                                   097023105     75,000         5,652,000.00
Cameco Corp.                                                 13321L108    171,400         3,380,008.00
Campbell Soup Co.                                            134429109    200,000         6,978,000.00
Chesapeake Energy Corp.                                      165167107    300,000         4,986,000.00
Cisco Systems, Inc.                                          17275R102    400,000         7,860,000.00
Cliffs Natural Resources, Inc.                               18683K101     75,000         2,892,000.00
The Coca-Cola Co.                                            191216100    200,000         7,250,000.00
Colgate-Palmolive Co.                                        194162103     50,000         5,227,000.00
DeVry, Inc.                                                  251893103    100,000         2,373,000.00
EI du Pont de Nemours & Co.                                  263534109    250,000        11,242,500.00
EMC Corp.                                                    268648102    125,000         3,162,500.00
Energen Corp.                                                29265N108    125,000         5,636,250.00
Exxon Mobil Corp.                                            30231G102    150,000        12,982,500.00
Fedex Corp.                                                  31428X106     30,000         2,751,600.00
Fidelity National Financial, Inc.                            31620R105    200,000         4,710,000.00
Ford Motor Co.                                               345370860    700,000         9,065,000.00
General Electric Co.                                         369604103    625,000        13,118,750.00
Google, Inc.                                                 38259P508     15,000        10,640,550.00
Hitachi Ltd.                                                 433578507    100,000         5,893,000.00
Illinois Tool Works, Inc.                                    452308109    100,000         6,081,000.00
Intel Corp.                                                  458140100    400,000         8,252,000.00
ISIS Pharmaceuticals, Inc.                                   464330109    360,000         3,765,600.00
Johnson & Johnson                                            478160104    150,000        10,515,000.00
Lazard Ltd.                                                  G54050102    100,000         2,984,000.00
Lowe's Companies, Inc.                                       548661107    150,000         5,328,000.00
M&T Bank Corp.                                               55261F104     11,000         1,083,170.00
Mastercard, Inc.                                             57636Q104     20,000         9,825,600.00
Merck & Co., Inc.                                            58933Y105    150,000         6,141,000.00
Microsoft Corp.                                              594918104    500,000        13,365,000.00
Mitsubishi UFJ Financial Group, Inc.                         606822104    750,000         4,065,000.00
Murphy Oil Corp.                                             626717102    150,000         8,932,500.00
Newmont Mining Corp.                                         651639106    250,000        11,610,000.00
NextEra Energy, Inc.                                         65339F101    175,000        12,108,250.00
PepsiCo, Inc.                                                713448108     50,000         3,421,500.00
Pfizer, Inc.                                                 717081103    500,000        12,540,000.00
Procter & Gamble Co.                                         742718109    150,000        10,183,500.00
Schlumberger Ltd.                                            806857108    150,000        10,393,500.00
Sonoco Products Co.                                                                     835495102          150,000              4,459,500.00
Steelcase, Inc.                                                                         858155203          500,000              6,370,000.00
Verizon Communications, Inc.                                                           92343V104           125,000              5,408,750.00
Wal-Mart Stores, Inc.                                                                   931142103          100,000              6,823,000.00
Weyerhaeuser Co.                                                                        962166104          300,000              8,346,000.00
Xerox Corp.                                                                             984121103        1,000,000              6,820,000.00
XL Group PLC                                                                           G98290102           171,000              4,285,260.00

TOTAL EQUITY                                                                                                         $       348,374,359.50


WARRANTS
EMCORE Corp.                                                                          9AMCS6402              9,844                        -
TOTAL WARRANTS                                                                                                       $                    -


The Fund's holdings are subject to change without notice. The Fund's holdings will vary over time. The mention of specific securities is not a
recommendation or solicitation for any person to buy, sell or hold any mentioned security.
The Tocqueville Opportunity Fund
PORTFOLIO HOLDINGS
December 31, 2012 (Unaudited)

SECURITY NAME                      SECURITY IDENTIFIER               QUANTITY       MARKET VALUE
EQUITY
Abercrombie & Fitch Co.                                  002896207      5,700   $      273,429.00
Achillion Pharmaceuticals, Inc.                          00448Q201     48,500          388,970.00
Acuity Brands, Inc.                                      00508Y102      4,200          284,466.00
Aegerion Pharmaceuticals, Inc.                           00767E102      7,800          198,042.00
Airgas, Inc.                                             009363102      3,700          337,773.00
Albemarle Corp.                                          012653101      4,000          248,480.00
Alexion Pharmaceuticals, Inc.                            015351109     14,500         1,360,245.00
Algeta ASA                                                B1VRDX0      10,500          292,456.48
Align Technology, Inc.                                   016255101      3,400            94,350.00
Alkermes PLC                                             G01767105      6,800           125,936.00
Alliance Data Systems Corp.                              018581108      2,700           390,852.00
Allied Nevada Gold Corp.                                 019344100      2,600            78,338.00
Alnylam Pharmaceuticals, Inc.                            02043Q107     17,100           312,075.00
American Eagle Outfitters                                02553E106     19,200           393,792.00
Ametek, Inc.                                             031100100     13,950           524,101.50
ANSYS, Inc.                                              03662Q105      7,300           491,582.00
Apple, Inc.                                              037833100      4,200         2,238,726.00
AptarGroup, Inc.                                         038336103      1,400            66,808.00
Ariad Pharmaceuticals, Inc.                              04033A100      7,000           134,260.00
Aspen Technology, Inc.                                   045327103     11,700           323,388.00
athenahealth, Inc.                                       04685W103      2,100           154,245.00
Auxilium Pharmaceuticals, Inc.                           05334D107      7,200           133,416.00
BE Aerospace, Inc.                                       073302101      6,000           296,400.00
Beacon Roofing Supply, Inc.                              073685109      5,900           196,352.00
BioMarin Pharmaceutical, Inc.                            09061G101      8,700           428,475.00
BJ's Restaurants, Inc.                                   09180C106      5,100           167,790.00
Blackstone Group LP                                      09253U108     28,000           436,520.00
BPZ Resources, Inc.                                      055639108     42,700           134,505.00
Broadcom Corp.                                           111320107      5,000           166,050.00
Buffalo Wild Wings, Inc.                                 119848109      1,600          116,512.00
Cameron International Corp.                              13342B105      3,700          208,902.00
Carpenter Technology Corp.                               144285103      2,000          103,260.00
Cavium, Inc.                                             14964U108      8,800          274,648.00
Cepheid, Inc.                                            15670R107     10,500          355,005.00
Cerus Corp.                                              157085101     32,200          101,752.00
Chipotle Mexican Grill, Inc.                             169656105      1,100          327,206.00
Church & Dwight Co., Inc.                                171340102      4,900          262,493.00
Cirrus Logic, Inc.                                       172755100     11,000          318,670.00
Clean Harbors, Inc.                                      184496107      2,400          132,024.00
CommVault Systems, Inc.                                  204166102      4,700          327,637.00
Concur Technologies, Inc.                                206708109      6,500           438,880.00
Constellation Brands, Inc.                               21036P108      9,400           332,666.00
Core Laboratories NV                                     N22717107      9,700         1,060,307.00
Crown Holdings, Inc.                                     228368106      5,600           206,136.00
Cubist Pharmaceuticals, Inc.                             229678107      6,200           260,772.00
DexCom, Inc.                            252131107   22,500    306,225.00
Dicks Sporting Goods, Inc.              253393102    5,300    241,097.00
Domino's Pizza, Inc.                    25754A201    6,800    296,140.00
Donaldson Company, Inc.                 257651109    8,100    266,004.00
Dresser-Rand Group, Inc.                261608103    5,200    291,928.00
Dril-Quip, Inc.                         262037104    3,400    248,370.00
Dunkin' Brands Group, Inc.              265504100   13,500    447,930.00
Ecolab, Inc.                            278865100    7,600    546,440.00
Endo Health Solutions, Inc.             29264F205    4,500    118,215.00
Endocyte, Inc.                          29269A102   10,700     96,086.00
Equifax, Inc.                           294429105    7,500    405,900.00
Equinix, Inc.                           29444U502    1,000    206,200.00
Exact Sciences Corp.                    30063P105   10,900    115,431.00
F5 Networks, Inc.                       315616102    2,500    242,875.00
Facebook, Inc.                          30303M102   54,200   1,443,346.00
FactSet Research Systems, Inc.          303075105    2,800    246,568.00
Fastenal Co.                            311900104    6,900    322,161.00
FMC Technologies, Inc.                  30249U101    5,800    248,414.00
Forest Laboratories, Inc.               345838106    2,700     95,364.00
Fortinet, Inc.                          34959E109    9,500    200,165.00
Fossil, Inc.                            349882100    3,800    353,780.00
The Fresh Market, Inc.                  35804H106   13,400    644,406.00
HB Fuller Co.                           359694106    3,400    118,388.00
Fusion-IO, Inc.                         36112J107   15,000    343,950.00
Gartner, Inc.                           366651107    5,200    239,304.00
Genesee & Wyoming, Inc.                 371559105    2,900    220,632.00
Genomic Health, Inc.                    37244C101    9,200    250,792.00
GNC Holdings, Inc.                      36191G107   16,700    555,776.00
The Goodyear Tire & Rubber Co.          382550101   17,000    234,770.00
Google, Inc.                            38259P508     500     354,685.00
W.R. Grace & Co.                        38388F108    7,000    470,610.00
The Hain Celestial Group, Inc.          405217100   16,300    883,786.00
Halcon Resources Corp.                  40537Q209   41,500    287,180.00
Hanesbrands, Inc.                       410345102   12,600    451,332.00
Harman International Industries, Inc.   413086109    3,200    142,848.00
HeartWare International, Inc.           422368100    4,700    394,565.00
Hermes International SCA                  5253973    1,400    418,189.02
Hexcel Corp.                            428291108    8,000    215,680.00
HMS Holdings Corp.                      40425J101    5,700    147,744.00
Hologic, Inc.                           436440101   13,200    264,396.00
Hubbell, Inc.                           443510201    3,700    313,131.00
IDEXX Laboratories, Inc.                45168D104    4,100    380,480.00
Incyte Corp., Ltd.                      45337C102   10,300    171,083.00
Informatica Corp.                       45666Q102    8,300    251,656.00
Insulet Corp.                           45784P101    9,500    201,590.00
ISIS Pharmaceuticals, Inc.              464330109    6,200     64,852.00
Kansas City Southern                    485170302    6,600    550,968.00
Kirby Corp.                             497266106    4,100    253,749.00
KKR & Co. LP                            48248M102   28,000    426,440.00
Lazard Ltd.                             G54050102    4,200    125,328.00
Lincoln Electric Holdings, Inc.         533900106   10,300    501,404.00
LinkedIn Corp.                          53578A108    8,000    918,560.00
LKQ Corp.                                501889208    17,000    358,700.00
L'Occitane International S.A.             B3PG229    115,500    365,834.07
Lululemon Athletica, Inc.                550021109     4,600    350,658.00
Manhattan Associates, Inc.               562750109     6,500    392,210.00
Mead Johnson Nutrition Co.               582839106     4,500    296,505.00
Medivation, Inc.                         58501N101     7,500    383,700.00
Michael Kors Holdings Ltd.               G60754101     4,500    229,635.00
MICROS Systems, Inc.                     594901100     7,800    331,032.00
The Middleby Corp.                       596278101     1,100    141,031.00
Monster Beverage Corp.                   611740101     9,500    502,360.00
Morningstar, Inc.                        617700109     4,200    263,886.00
MSCI, Inc.                               55354G100     7,000    216,930.00
Multi-Color Corp.                        625383104    10,000    239,900.00
MWI Veterinary Supply, Inc.              55402X105     2,300    253,000.00
NetSuite, Inc.                           64118Q107     9,100    612,430.00
Nordson Corp.                            655663102     3,300    208,296.00
NPS Pharmaceuticals, Inc.                62936P103    27,300    248,430.00
Nuance Communications, Inc.              67020Y100    16,100    359,352.00
Oceaneering International, Inc.          675232102     8,300    446,457.00
Oil States International, Inc.           678026105     3,100    221,774.00
Onyx Pharmaceuticals, Inc.               683399109     6,900    521,157.00
Owens-Illinois, Inc.                     690768403    14,100    299,907.00
Panera Bread Co.                         69840W108     2,900    460,607.00
Parametric Technology Corp.              699173209    10,900    245,359.00
PetSmart, Inc.                           716768106     9,400    642,396.00
Pharmacyclics, Inc.                      716933106    13,600    787,440.00
Pinnacle Financial Partners, Inc.        72346Q104    37,600    708,384.00
Polaris Industries, Inc.                 731068102     6,200    521,730.00
Portfolio Recovery Associates, Inc.      73640Q105     4,400    470,184.00
Prada SpA                                 B4PFFW4     59,500    567,682.90
T. Rowe Price Group, Inc.                74144T108     9,500    618,735.00
priceline.com, Inc.                      741503403     1,900   1,180,280.00
QUALCOMM, Inc.                           747525103     7,800    483,756.00
Rackspace Hosting, Inc.                  750086100     6,000    445,620.00
Ralph Lauren Corp.                       751212101     4,100    614,672.00
Raptor Pharmaceutical Corp.              75382F106    22,000    128,700.00
Red Hat, Inc.                            756577102     5,800    307,168.00
Regeneron Pharmaceuticals, Inc.          75886F107     3,325    568,807.75
Riverbed Technology, Inc.                768573107     4,200     82,824.00
Rosetta Resources, Inc.                  777779307     2,100     95,256.00
Royal Gold, Inc.                         780287108      700      56,917.00
Salesforce.com, Inc.                     79466L302     4,300    722,830.00
Salix Pharmaceuticals, Inc.              795435106     6,000    242,880.00
Sally Beauty Holdings, Inc.              79546E104     8,000    188,560.00
Sarepta Therapeutics, Inc.               803607100     3,300     85,140.00
SCBT Financial Corp.                     78401V102     6,900    277,242.00
The Charles Schwab Corp.                 808513105    20,000    287,200.00
Schweitzer-Mauduit International, Inc.   808541106     7,000    273,210.00
Seattle Genetics, Inc.                   812578102    16,500    382,800.00
Signature Bank                           82669G104     9,900    706,266.00
Silgan Holdings, Inc.                    827048109     8,000    332,720.00
Sirona Dental Systems, Inc.              82966C103     4,500    290,070.00
Skyworks Solutions, Inc.                                                                       83088M102             15,300              310,590.00
SM Energy Co.                                                                                  78454L100              5,100              266,271.00
AO Smith Corp.                                                                                 831865209             11,700              737,919.00
SolarWinds, Inc.                                                                               83416B109              9,200              482,540.00
Solera Holdings, Inc.                                                                          83421A104              7,400              395,678.00
Sourcefire, Inc.                                                                               83616T108              1,600                75,552.00
Starbucks Corp.                                                                                855244109              9,100              487,942.00
Starwood Hotels & Resorts Worldwide, Inc.                                                      85590A401              3,100              177,816.00
Synageva Biopharma Corp.                                                                       87159A103              7,700              356,433.00
Tangoe, Inc.                                                                                   87582Y108             18,000              213,660.00
Tenneco, Inc.                                                                                  880349105              3,500              122,885.00
Teradata Corp.                                                                                 88076W103              3,000              185,670.00
Texas Capital Bancshares, Inc.                                                                 88224Q107              3,600              161,352.00
Threshold Pharmaceutical, Inc.                                                                 885807206             23,300                98,093.00
TIBCO Software, Inc.                                                                           88632Q103              9,400              206,894.00
Tornier N.V.                                                                                   N87237108             13,500              226,665.00
Tractor Supply Co.                                                                             892356106             11,700            1,033,812.00
TransDigm Group, Inc.                                                                          893641100              3,600              490,896.00
Triumph Group, Inc.                                                                            896818101              2,200              143,660.00
Tupperware Brands Corp.                                                                        899896104              3,200              205,120.00
Ulta Salon Cosmetics & Fragrances, Inc.                                                        90384S303              5,900              579,734.00
Ultimate Software Group, Inc.                                                                  90385D107              4,600              434,286.00
Under Armour, Inc.                                                                             904311107              4,300              208,679.00
United Therapeutics Corp.                                                                      91307C102              3,100              165,602.00
Urban Outfitters, Inc.                                                                         917047102              7,700              303,072.00
Valeant Pharmaceuticals International, Inc.                                                    91911K102              6,500              388,505.00
Valmont Industries, Inc.                                                                       920253101              2,500              341,375.00
The Valspar Corp.                                                                              920355104              5,300              330,720.00
Vertex Pharmaceuticals, Inc.                                                                   92532F100              3,300              138,402.00
Viropharma, Inc.                                                                               928241108              5,500              125,180.00
VMware, Inc.                                                                                   928563402              3,400              320,076.00
WABCO Holdings, Inc.                                                                           92927K102              3,500              228,165.00
Wabtec Corp.                                                                                   929740108              5,600              490,224.00
Watsco, Inc.                                                                                   942622200              4,200              314,580.00
Wyndham Worldwide Corp.                                                                        98310W108              4,000              212,840.00
Wynn Resorts Ltd.                                                                              983134107              2,700              303,723.00
TOTAL EQUITY                                                                                                                   $      64,318,837.72


The Fund's holdings are subject to change without notice. The Fund's holdings will vary over time. The mention of specific securities is not
a recommendation or solicitation for any person to buy, sell or hold any mentioned security.
The Tocqueville International Value Fund
PORTFOLIO HOLDINGS
December 31, 2012 (Unaudited)

SECURITY NAME                                SECURITY IDENTIFIER               QUANTITY        MARKET VALUE
EQUITY
Aflac, Inc.                                                        001055102     98,000    $     5,205,760.00
Akzo Nobel NV                                                        5458314     80,000          5,295,767.58
Arcos Dorados Holdings, Inc.                                       G0457F107     25,000           299,000.00
ASICS Corp.                                                          6057378    259,300          3,961,211.92
NV Bekaert SA                                                        5827431    128,000          3,727,631.51
BHP Billiton Ltd.                                                  088606108     30,000          2,353,200.00
Bollore SA                                                           4572709     17,100          5,824,385.09
Bridgestone Corp.                                                    6132101    166,700          4,339,460.83
Canon, Inc.                                                        138006309     85,000          3,332,850.00
Chow Tai Fook Jewellery Group Ltd.                                  B4R39F7    1,600,000         2,605,738.67
Cie de St-Gobain                                                     7380482    129,700          5,569,848.20
Clear Media Ltd.                                                     6424303   3,813,000         2,042,581.62
CRH PLC                                                              4182249    186,323          3,789,104.96
DCC PLC                                                              0242493    180,900          5,950,211.94
Deutsche Telekom AG                                                  5842359    210,000          2,390,423.68
Disco Corp.                                                          6270948     85,900          4,477,724.96
Eutelsat Communications SA                                          B0M7KJ7      44,200          1,470,109.04
Freeport-McMoRan Copper & Gold, Inc.                               35671D857    124,900          4,271,580.00
GPE Bruxelles Lambert SA                                             7097328     50,000          3,987,835.27
Guoco Group                                                          6390363    192,500          2,331,950.74
Halfords Group PLC                                                  B012TP2     324,876          1,767,720.41
Haulotte Group SA                                                    5968846    182,500          1,332,346.36
Hitachi Ltd.                                                         6429104   1,040,000         6,119,888.51
Horiba Ltd.                                                          6437947    112,300          3,257,015.88
Hoya Corp.                                                           6441506    250,600          4,937,806.27
HSBC Holdings PLC                                                  404280406     50,000          2,653,500.00
IAMGOLD Corp.                                                      450913108    182,000          2,087,540.00
Infineon Technologies AG                                             5889505    590,000          4,806,430.02
Ipsos SA                                                             B188NJ2      9,439           352,386.76
Itau Unibanco Holding SA                                           465562106    176,800          2,910,128.00
Kao Corp.                                                            6483809     90,000          2,345,179.48
Kloeckner & Co. SE                                                  B170DQ6     155,900          1,864,002.83
Kyoto Kimono Yuzen Co., Ltd.                                         6174578    300,700          3,416,601.18
Makita Corp.                                                         6555805    131,500          6,108,748.53
Metropole Television SA                                              5993901    280,000          4,401,648.05
MISUMI Group, Inc.                                                   6595179    137,500          3,757,844.27
Mitsubishi UFJ Financial Group, Inc.                                 6335171    600,000          3,246,668.13
Mitsubishi UFJ Financial Group, Inc. - ADR                         606822104    150,000           813,000.00
Nestle SA                                                            7123870     85,000          5,545,695.06
Newmont Mining Corp.                                               651639106     90,000          4,179,600.00
Nexans SA                                                            7130836     59,100          2,644,750.90
Novartis AG                                                        66987V109     85,000          5,380,500.00
Omron Corp.                                                          6659428    212,200          5,093,510.55
Orkla ASA                                                           B1VQF42     720,000          6,309,743.56
SAF Holland SA                                                       B2352K9    388,500          2,714,897.59
Sanofi                                                               5671735     52,740          5,001,355.36
Siemens AG                                                                                                826197501              50,000            5,473,500.00
Singapore Post Ltd.                                                                                          6609478          4,345,000            4,094,462.22
SMC Corp.                                                                                                    6763965             28,300            5,140,821.85
Sogefi SpA                                                                                                   4820668          1,250,000            3,200,608.83
Statoil ASA                                                                                               85771P102             225,000            5,634,000.00
Sumitomo Mitsui Financial Group, Inc.                                                                        6563024             90,000            3,270,763.70
Sumitomo Mitsui Financial Group, Inc. - ADR                                                               86562M209              80,000             587,200.00
Takata Corp.                                                                                               B1FSLW4              206,200            4,220,724.50
Television Broadcast Ltd.                                                                                    6881674            656,500            4,936,084.32
Tesco PLC                                                                                                    0884709            827,600            4,558,921.29
Timah                                                                                                        6875730         14,995,000            2,411,095.38
Umicore SA                                                                                                   4005001               8,878            491,604.31
Unilever NV                                                                                               904784709             165,000            6,319,500.00
Vivendi SA                                                                                                   4834777            208,759            4,721,307.71
Wacker Neuson SE                                                                                            B17R248             220,000            3,020,559.93

TOTAL EQUITY                                                                                                                               $     224,356,037.75


The Fund's holdings are subject to change without notice. The Fund's holdings will vary over time. The mention of specific securities is not a
recommendation or solicitation for any person to buy, sell or hold any mentioned security.
The Tocqueville Gold Fund
PORTFOLIO HOLDINGS
December 31, 2012 (Unaudited)

SECURITY NAME                    SECURITY IDENTIFIER                QUANTITY         MARKET VALUE
EQUITY
Agnico Eagle Mines Ltd.                                 008474108     893,000    $    46,846,780.00
Agnico Eagle Mines Ltd.                                   2009823     210,837         11,049,495.13
Alacer Gold Corp.                                        B40B271     4,626,800        24,187,554.04
Alamos Gold, Inc.                                       011527108    2,546,400        44,791,176.00
Allied Nevada Gold Corp.                                019344100    1,466,048        44,172,026.24
AngloGold Ashanti Ltd.                                  035128206     761,300         23,881,981.00
Atac Resources Ltd.                                       2721558   10,261,700        17,950,495.63
Atac Resources Ltd.                                      9A1P0DH      702,000          1,227,988.34
B2Gold Corp.                                           11777Q209    10,267,100        36,633,012.80
Banro Corp.                                             066800103    8,383,000        23,472,400.00
Barisan Gold Corp.                                        B649HF      877,100             83,768.47
Bear Creek Mining Corp.                                   2578668    7,413,200        24,668,434.70
Braeval Mining Corp.                                    9999BRAE     1,666,667          753,996.33
Brazilian Gold Corp.                                     9A1CDR5     4,285,800          861,727.15
Cia de Minas Buenaventura SA                            204448104     778,600         27,990,670.00
Copper Development Corp.                                 B550HX1    12,512,000          736,789.10
Corvus Gold, Inc.                                       221013105    2,079,901         3,681,424.77
Corvus Gold, Inc.                                        9A1QX2M     1,500,000         2,638,986.63
Dalradian Resources, Inc.                                9A1GY5L     1,250,000         1,922,690.26
Detour Gold Corp.                                        B1PMQ65     2,597,900        65,006,264.20
East Asia Mineral Corp.                                   2750477   10,544,400         2,014,110.78
Eldorado Gold Corp.                                     284902103    8,189,885       105,485,718.80
Eldorado Gold Corp.                                      9A0UZH6     1,000,000        12,868,201.47
Electrum Ltd.                                          9AMCS7145     2,127,287         5,530,946.20
Franco-Nevada Corp.                                      9A0NZQY     1,364,300        77,877,705.84
Gogold Resources, Inc.                                   B60BNP0     8,100,000        11,074,695.89
Gold Bullion International LLC                         8AMCS23G8     5,000,000         5,837,000.00
Gold Fields Ltd.                                          6280215     166,249          2,034,601.45
Gold Fields Ltd.                                        38059T106    2,641,950        32,997,955.50
Gold Resource Corp.                                     38068T105    3,555,997        54,797,913.77
Goldcorp, Inc.                                          380956409     618,050         22,682,435.00
Goldcorp, Inc.                                            2676302    2,138,010        78,603,624.91
GoviEx Uranium, Inc.                                     9A1FS55     1,750,000         5,250,000.00
Harmony Gold Mining Co., Ltd.                             6410562           1                  8.73
IAMGOLD Corp.                                           450913108    3,816,796        43,778,650.12
International Tower Hill Mines                          46050R102    5,738,836        12,453,274.12
International Tower Hill Mines                           9A0YRHJ     7,589,744        16,633,801.06
I-Pulse, Inc.                                          8AMCS0752       74,532           237,757.08
Ivanhoe Australia Ltd.                                   B3CB885     8,403,200         4,319,536.43
Ivanplats Ltd. Class B                                   9A1CCH3     5,775,415        27,579,392.03
Ivanplats Ltd. Class A                                   B81B1W6     7,147,300        35,926,912.64
Kinross Gold Corp.                                      496902404    4,482,600        43,570,872.00
Mag Silver Corp.                                       55903Q104     1,218,000        12,533,220.00
New Gold, Inc.                                          644535106    5,440,240        60,005,847.20
Newmont Mining Corp.                                    651639106    1,734,800        80,564,112.00
Novagold Resources, Inc.                                                                66987E206           4,237,500               19,111,125.00
Orezone Gold Corp.                                                                      68616T109           2,145,462                3,449,902.90
Osisko Mining Corp.                                                                     688278100           9,695,500               77,977,279.58
Pan American Silver Corp.                                                               697900108           2,248,098               42,106,875.54
Premier Gold Mines Ltd.                                                                  B1CF5B5              986,000                4,163,265.31
Primero Mining Corp.                                                                      B4Z8FV2           4,840,700               31,145,551.42
Randgold Resources Ltd.                                                                 752344309             708,100               70,278,925.00
Regulus Resources, Inc.                                                                   9A1PGNI           2,609,000                  708,183.37
Riverstone Resources, Inc.                                                                2740586           3,204,000                1,964,853.72
Rockhaven Resources Ltd.                                                                  9A1AITX           5,000,000                1,055,594.65
Romarco Minerals, Inc.                                                                  775903206          16,887,800               12,640,518.30
Royal Gold, Inc.                                                                        780287108           1,059,165               86,120,706.15
Rubicon Minerals Corp.                                                                    2123864             100,000                  256,358.70
Scorpio Mining Corp.                                                                    80917V105          25,668,419               26,695,155.76
Scorpio Mining Corp.                                                                      2503381             522,400                  540,938.98
SEMAFO, Inc.                                                                            816922108           8,926,200               30,661,497.00
Silver Range Resources Ltd.                                                              B6WCYF8            3,450,000                1,075,198.55
Silver Wheaton Corp.                                                                    828336107           2,659,875               95,968,290.00
Strategic Metals Ltd.                                                                     B3V1H67          10,926,900                8,019,138.43
Sunshine Metals                                                                       8AMCS5025             1,633,545               17,560,608.75
Sunward Resources Ltd.                                                                    B67F720             660,800                  544,743.14
Tahoe Resources, Inc.                                                                    9A0VOJG            2,474,100               45,268,543.27
Torex Gold Resources, Inc.                                                                B1B25H3          25,260,500               55,869,206.80
Turquoise Hill Resources Ltd.                                                           900435108           4,680,132               35,615,804.52
Wesdome Gold Mines Ltd.                                                                   B0Y90N5           1,469,700                1,255,901.28
West African Minerals Corp.                                                               B7FN347          10,000,000               10,234,084.37
Yamana Gold, Inc.                                                                       98462Y100           4,210,500               72,462,705.00

TOTAL EQUITY                                                                                                             $       1,909,966,909.30


INVESTMENT COMPANY
Eidesis Special Opportunities II LP                                                   98MSCB2L4                25,000               23,386,750.00
Sprott Physical Gold Trust                                                             85207H104            1,400,000               19,894,000.00

TOTAL INVESTMENT COMPANY                                                                                                 $          43,280,750.00


GOLD BULLION
Physical Gold                                                                            GOLD CN               98,935             165,751,013.60

TOTAL GOLD BULLION                                                                                                       $        165,751,013.60


WARRANTS
Atac Resources Ltd.                                                                      9A1P1RT              351,000                            -
Blue Gold Mining                                                                         9A1GMFU            2,000,000                            -
East Asia Minerals                                                                         9A1J8BI          6,500,000                  162,712.38
Endeavour Mining Corp.                                                                    B506D81           1,000,000                  341,811.60
Gogold Resources                                                                         9A1PLWZ            4,050,000                1,691,741.23
Kinross Gold Corp.                                                                       B3D0Q54              108,032                     1,357.60
Pan American Silver Corp.                                                                 9A1F470             133,333                  161,361.48
Primero Mining Corp.                                                                       9A0Z1IJ          1,848,400                2,638,713.18
Regulus Resources, Inc.                                                                  9A1K5W1            1,304,500                   39,212.38
Silver Range Resources Ltd.                                                              B6WCYJ2            1,725,000                     8,670.96
TOTAL WARRANTS                                                                                                           $           5,045,580.81


The Fund's holdings are subject to change without notice. The Fund's holdings will vary over time. The mention of specific securities is not a
recommendation or solicitation for any person to buy, sell or hold any mentioned security.
The Delafield Fund
PORTFOLIO HOLDINGS
December 31, 2012 (Unaudited)

SECURITY NAME                                 SECURITY IDENTIFIER               QUANTITY        MARKET VALUE
EQUITY
ACCO Brands Corp.                                                   00081T108   2,000,000   $    14,680,000.00
Acuity Brands, Inc.                                                 00508Y102    275,000         18,625,750.00
Aegion Corp.                                                        00770F104    675,000         14,978,250.00
Albany International Corp.                                          012348108    625,000         14,175,000.00
Ashland, Inc.                                                       044209104    400,000         32,164,000.00
Avery Dennison Corp.                                                053611109    800,000         27,936,000.00
Bank of New York Mellon Corp.                                       064058100    600,000         15,420,000.00
Brady Corp.                                                         104674106    400,000         13,360,000.00
Brooks Automation, Inc.                                             114340102   1,600,000        12,880,000.00
Carlisle Companies, Inc.                                            142339100    450,000         26,442,000.00
Carpenter Technology Corp.                                          144285103    545,700         28,174,491.00
A. M. Castle & Co.                                                  148411101   1,000,000        14,770,000.00
Celanese Corp.                                                      150870103    600,000         26,718,000.00
Checkpoint Systems, Inc.                                            162825103   1,615,000        17,345,100.00
Chemtura Corp.                                                      163893209   1,150,000        24,449,000.00
Colfax Corp.                                                        194014106    100,000          4,035,000.00
Crane Co.                                                           224399105    425,000         19,669,000.00
Diodes, Inc.                                                        254543101    700,000         12,145,000.00
Dover Corp.                                                         260003108    600,000         39,426,000.00
Eastman Chemicals Co.                                               277432100    775,000         52,738,750.00
Fairchild Semiconductor International, Inc.                         303726103   1,835,000        26,424,000.00
Federal Signal Corp.                                                313855108   1,250,000         9,512,500.00
Ferro Corp.                                                         315405100   1,500,000         6,270,000.00
Flextronics International Ltd.                                      Y2573F102   4,100,000        25,461,000.00
HB Fuller Co.                                                       359694106    525,000         18,280,500.00
Griffon Corp.                                                       398433102    867,700          9,943,842.00
Harris Corp.                                                        413875105    375,000         18,360,000.00
Harsco Corp.                                                        415864107   1,000,000        23,500,000.00
Hewlett-Packard Co.                                                 428236103    675,000          9,618,750.00
Honeywell International, Inc.                                       438516106    525,000         33,321,750.00
Horsehead Holdings Corp.                                            440694305    475,000          4,849,750.00
Hubbell, Inc.                                                       443510201    160,000         13,540,800.00
IDEX Corp.                                                          45167R104    325,000         15,122,250.00
Infineon Technologies AG                                              5889505   2,000,000        16,180,042.24
Ingersoll-Rand PLC                                                  G47791101    475,000         22,781,000.00
Ingram Micro, Inc.                                                  457153104   1,100,000        18,612,000.00
KEMET Corp.                                                         488360207   2,550,000        12,826,500.00
Kennametal, Inc.                                                    489170100    890,000         35,600,000.00
LTX-Credence Corp.                                                  502403207   2,150,000        14,104,000.00
Maidenform Brands, Inc.                                             560305104    625,000         12,181,250.00
Minerals Technologies, Inc.                                         603158106    580,000         23,153,600.00
Molycorp, Inc.                                                      608753109   1,350,000        12,744,000.00
OM Group, Inc.                                                      670872100    175,000          3,885,000.00
Owens-Illinois, Inc.                                                690768403   1,150,000        24,460,500.00
Plexus Corp.                                                        729132100    600,000         15,480,000.00
PolyOne Corp.                                                                            73179P106           1,575,000                     32,161,500.00
Rockwood Holdings, Inc.                                                                  774415103             100,000                      4,946,000.00
Rush Enterprises, Inc.                                                                   781846209             600,000                     12,402,000.00
Sealed Air Corp.                                                                         81211K100           1,750,000                     30,642,500.00
Sonoco Products Co.                                                                      835495102             400,000                     11,892,000.00
Stanley Black & Decker, Inc.                                                             854502101             435,000                     32,176,950.00
Staples, Inc.                                                                            855030102           2,395,250                     27,305,850.00
Teradyne, Inc.                                                                           880770102             900,000                     15,201,000.00
Thermo Fisher Scientific, Inc.                                                           883556102             100,000                      6,378,000.00
Timken Co.                                                                               887389104             375,000                     17,936,250.00
TrueBlue, Inc.                                                                           89785X101           1,550,000                     24,412,500.00
Tyco International Ltd.                                                                  H89128104             250,000                      7,312,500.00
Universal Stainless & Alloy Products, Inc.                                               913837100             425,500                     15,645,635.00
Wesco International, Inc.                                                                95082P105             350,000                     23,600,500.00
XL Group PLC                                                                             G98290102             750,000                     18,795,000.00
TOTAL EQUITY                                                                                                              $            1,137,152,560.24


REAL ESTATE INVESTMENT TRUSTS
Kimco Realty Corp.                                                                       49446R109             300,000                      5,796,000.00

TOTAL REAL ESTATE INVESTMENT TRUSTS                                                                                       $                 5,796,000.00


The Fund's holdings are subject to change without notice. The Fund's holdings will vary over time. The mention of specific securities is not a
recommendation or solicitation for any person to buy, sell or hold any mentioned security.
The Tocqueville Select Fund
PORTFOLIO HOLDINGS
December 31, 2012 (Unaudited)

SECURITY NAME                                                SECURITY IDENTIFIER                            QUANTITY               MARKET VALUE
EQUITY
ACCO Brands Corp.                                                                        00081T108             493,000 $               3,618,620.00
Acuity Brands, Inc.                                                                      00508Y102              39,500                 2,675,335.00
Albany International Corp.                                                               012348108             119,500                 2,710,260.00
Ashland, Inc.                                                                            044209104              37,600                 3,023,416.00
Avery Dennison Corp.                                                                     053611109              77,600                 2,709,792.00
Carlisle Companies, Inc.                                                                 142339100              44,500                 2,614,820.00
Celanese Corp.                                                                           150870103              60,000                 2,671,800.00
Checkpoint Systems, Inc.                                                                 162825103             255,000                 2,738,700.00
Diodes, Inc.                                                                             254543101             151,100                 2,621,585.00
EPAM Systems, Inc.                                                                       29414B104              60,000                 1,086,000.00
Flextronics International Ltd.                                                           Y2573F102             397,200                 2,466,612.00
Harsco Crop.                                                                             415864107             115,000                 2,702,500.00
Ingersoll-Rand PLC                                                                       G47791101              58,000                 2,781,680.00
j2 Global Communications, Inc.                                                           48123V102              96,300                 2,944,854.00
Kennametal, Inc.                                                                         489170100             101,000                 4,040,000.00
Logitech International SA                                                                H50430232             296,000                 2,231,840.00
Maidenform Brands, Inc.                                                                  560305104             160,400                 3,126,196.00
Minerals Technologies, Inc.                                                              603158106              61,000                 2,435,120.00
Monotype Imaging Holdings, Inc.                                                          61022P100             249,000                 3,979,020.00
Owens-Illinois, Inc.                                                                     690768403             107,000                 2,275,890.00
Sonoco Products Co.                                                                      835495102              77,400                 2,301,102.00
Stanley Black & Decker, Inc.                                                             854502101              39,900                 2,951,403.00
Stantec, Inc.                                                                            85472N109              96,600                 3,873,660.00
Staples, Inc.                                                                            855030102             247,000                 2,815,800.00
Summer Infant, Inc.                                                                      865646103             814,933                 1,417,983.42
Trimas Corp.                                                                             896215209              60,300                 1,685,988.00
Universal Electronics, Inc.                                                              913483103             203,915                 3,945,755.25

TOTAL EQUITY                                                                                                             $            74,445,731.67


The Fund's holdings are subject to change without notice. The Fund's holdings will vary over time. The mention of specific securities is not a
recommendation or solicitation for any person to buy, sell or hold any mentioned security.

				
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