TOCQX Fees and Costs — The Tocqueville Fund
Data updated: 2026-09-24
The net expense ratio is 1.20%: a 0.75% management fee, a 0.25% 12b-1 fee plus 0.28% other expenses, less a 0.08% fee waiver. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $172K in broker commissions, 0.0351% of average net assets, and portfolio turnover was 16%.
TOCQX Fees and Expenses
Annual operating expenses and sales charges of TOCQX. Prospectus, as of February 28, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.75% |
| 12b-1 fee | 0.25% |
| Other expenses | 0.28% |
| Gross expense ratio | 1.28% |
| Fee waiver | −0.08% |
| Net expense ratio | 1.20% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | No |
TOCQX Costs Over Time
On $10,000 invested in TOCQX, assuming 5% a year before costs, total costs come to $769 over 5 years, cutting the return by 1.30% a year. Illustration, not a forecast: it assumes today's net expense ratio throughout (a fee waiver may end).
| $10,000 invested | Sell after 1 year | Sell after 3 years | Sell after 5 years |
|---|---|---|---|
| Value before costs | $10,500 | $11,576 | $12,763 |
| Fund expenses (net expense ratio 1.20%) | $126 | $392 | $678 |
| Trading costs (broker commissions) | $4 | $11 | $20 |
| Lost growth on money paid in costs | $0 | $20 | $71 |
| Total costs | $130 | $424 | $769 |
| Value after costs | $10,370 | $11,153 | $11,994 |
| Impact on return, per year | 1.30% | 1.30% | 1.30% |
TOCQX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending October 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.0351%
- Total broker commissions: $172K
- Bought from dealers (principal trades, not a cost): $217.5M
- Portfolio turnover (prospectus): 16%
- Securities lending: none during the year
TOCQX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| VIRTU AMERICAS LLC | $59K | 34.44% |
| SG AMERICAS SECURITIES LLC | $26K | 14.99% |
| JEFFERIES LLC | $25K | 14.71% |
| JP MORGAN CHASE | $22K | 13.06% |
| MERRILL LYNCH, PIERCE, FENNER & SMITH, INC. | $15K | 8.63% |
| BERENBERG CAPITAL MARKETS LLC | $11K | 6.41% |
| GOLDMAN SACHS & CO. LLC | $10K | 5.72% |
| TOCQUEVILLE SECURITIES L.P. | $4K | 2.04% |
TOCQX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| U.S. BANCORP INVESTMENTS, INC. | $214.8M | 98.78% |
| TOCQUEVILLE SECURITIES L.P. | $2.5M | 1.16% |
| JP MORGAN CHASE | $128K | 0.06% |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.