The Tocqueville Phoenix Fund

Schedule of Investments as of July 31, 2022

(Unaudited)

Shares

Value

Common Stocks - 96.0%

Auto Components - 5.1%

Lear Corp.

15,000

$

Modine Manufacturing Co. (a)

70,000

918,400

Visteon Corp. (a)

31,000

3,954,980

7,140,480

Building Products - 4.0%

Apogee Enterprises, Inc.

135,000

5,617,350

Chemicals - 9.8%

Avient Corp.

70,000

3,020,500

Innospec, Inc.

29,000

2,958,000

Orion Engineered Carbons SA - ADR (b)

455,000

7,866,950

13,845,450

Commercial Services & Supplies - 4.2%

ABM Industries, Inc.

105,000

4,708,200

Harsco Corp. (a)

270,000

1,298,700

6,006,900

Communications Equipment - 6.9%

Comtech Telecommunications Corp.

190,435

2,212,855

Lumentum Holdings, Inc. (a)

83,000

7,508,180

9,721,035

Electronic Equipment, Instruments & Components - 18.2%

Fabrinet - ADR (a)(b)

62,100

5,965,326

Flex Ltd. - ADR (a)(b)

415,000

6,972,000

Knowles Corp. (a)

85,000

1,678,750

Plexus Corp. (a)

60,000

5,637,000

TTM Technologies, Inc. (a)

400,000

5,412,000

25,665,076

Food Products - 4.9%

Farmer Brothers Co. (a)

550,000

2,794,000

Landec Corp. (a)

388,700

4,073,576

6,867,576

Health Care Equipment & Supplies - 3.5%

Inogen, Inc. (a)

175,000

4,868,500

Health Care Providers & Services - 3.5%

Cross Country Healthcare, Inc. (a)

190,000

5,008,400

Household Durables - 2.6%

Mohawk Industries, Inc. (a)

19,700

2,531,056

Newell Brands, Inc.

55,000

1,111,550

3,642,606

Interactive Media & Services - 3.4%

Cars.com, Inc. (a)

413,500

4,862,760

IT Services - 4.8%

DXC Technology Co. (a)

124,000

3,918,400

Unisys Corp. (a)

204,598

2,807,085

6,725,485

Machinery - 8.9%

Crane Holdings Co.

57,500

5,688,475

Mayville Engineering Co., Inc. (a)

426,311

3,043,860

REV Group, Inc.

75,000

873,000

Stanley Black & Decker, Inc.

30,000

2,919,900

12,525,235

Pharmaceuticals - 1.9%

Phibro Animal Health Corp.

140,000

2,739,800

Professional Services - 3.2%

BGSF, Inc.

300,000

3,903,000

Mistras Group, Inc. (a)

80,000

493,600

4,396,600

Semiconductors & Semiconductor Equipment - 3.2%

ams AG (a)(b)

550,000

4,508,168

Software - 1.3%

ON24, Inc. (a)

200,000

1,922,000

Textiles, Apparel & Luxury Goods - 3.6%

Lakeland Industries, Inc. (a)

112,078

1,797,731

PVH Corp.

53,000

3,281,760

5,079,491

Trading Companies & Distributors - 3.0%

Rush Enterprises, Inc. - Class A

88,000

4,240,720

Total Common Stocks (Cost $118,578,827)

135,383,632

Short-Term Investment - 4.7%

Money Market Fund - 4.7%

Invesco Treasury Portfolio - Instutional Class, 1.59% (c)

6,602,347

6,602,347

Total Short-Term Investment (Cost $6,602,347)

6,602,347

Total Investments (Cost $125,181,174) - 100.7%

141,985,979

Liabilities in Excess of Other Assets - (0.7)%

(969,377)

Total Net Assets - 100.0%

$141,016,602

Percentages are stated as a percent of net assets.

 

ADR

American Depository Receipt

(a)

Non-income producing security.

(b)

Foreign issued Security.  Foreign Concentration (including ADR's) was as follows: Luxembourg 5.8%; Singapore 4.9%; Cayman Islands 4.2%; Austria 3.2%.

(c)

Rate listed is the 7-day effective yield.

The Accompanying Footnotes are an Integral Part of these Schedules of Investments.

1) Fair Valuation Measurements (Unaudited)

     The Trust has adopted authoritative fair valuation accounting standards which establish an authoritative definition of fair value and set out a hierarchy for measuring fair value.  These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value and a discussion in changes in valuation techniques and related inputs during the period.  These inputs are summarized in the three broad levels listed below.

• Level 1 - Quoted prices in active markets for identical securities.

• Level 2 - Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

• Level 3 - Significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments).

     When using the market quotations or closing price provided by the pricing service for equity investments, including common stocks, preferred stocks, foreign issued common stocks, exchange-traded funds, closed end mutual funds and real estate investment trusts, which are traded on an exchange are valued at the last sale price reported by the exchange on which the securities are primarily traded on the day of valuation and when the market is considered active, the security will be classified as a Level 1 security.  When using the mean between the latest bid and ask price, the security will be classified as Level 2.  Gold bullion is valued at the mean of the closing bid and ask prices from the New York Mercantile Exchange and is classified as a Level 2.

     Investment in mutual funds, including money market funds, are generally priced at the ending net asset value (NAV) provided by the service agent of the funds and will be classified as Level 1 securities.

     Debt securities, such as corporate bonds, convertible bonds, commercial paper, money market deposit accounts and U.S. government agency issues for which market quotations are not readily available may be valued based on information supplied by independent pricing services using matrix pricing formulas and/or independent broker bid quotations and are classified as Level 2. Options can diverge from the prices of their underlying instruments.  These are valued at the composite last price reported by the exchange on which the options are primarily traded on the day of the valuation and are classified as Level 1.  If there is no composite last price on a given day the mean between the latest bid and ask price will be used.  These contracts are classified as Level 2.

Any securities or other assets for which market quotations are not readily available are valued at fair value as determined in good faith by the Adviser pursuant to procedures established under the general supervision and responsibility of the Funds’ Board of Trustees and will be classified as Level 3 securities. In determining fair value, a Fund will seek to assign a value to the security which it believes represents the amount that the Fund could reasonably expect to receive upon its current sale. With respect to securities that are actively traded on U.S. exchanges, the Funds expect that market quotations will generally be available and that fair value might be used only in limited circumstances, such as when trading for a security is halted during the trading day.

     Any securities or other assets for which market quotations are not readily available are valued at fair value as determined in good faith by the Adviser pursuant to procedures established under the general supervision and responsibility of the Funds' Board of Trustees and will be classified as Level 3 securities.  In determining fair value, a Fund will seek to assign a value to the security which it believes represents the amount that the Fund could reasonably expect to receive upon its current sale.  With respect to securities that are actively traded on U.S. exchanges, the Funds expect that market quotations will generally be available and that fair value might be used only in limited circumstances, such as when trading for a security is halted during the trading day.

     In determining whether a significant event has occurred with respect to securities traded principally in foreign markets, the Funds may engage a third party fair value service provider to systematically recommend the adjustment of closing market prices of non-U.S. securities based upon changes in a designated U.S. securities market index occurring from the time of close of the relevant foreign market and the close of the NYSE.  Fair value pricing may also be used to value restricted securities held by the Funds or securities with little or no trading activity for extended periods of time.  Fair value pricing involves judgments that are inherently subjective and inexact and it is not possible to determine with certainty when, and to what extent, an event will affect a market price.  As a result, there can be no assurance that fair value pricing will reflect actual market value and it is possible that the fair value determined for a security may differ materially from the value that could be realized upon the sale of the security.

     The following is a summary of the inputs used, as of July 31, 2022, involving the Funds' assets and liabilities carried at fair value. The inputs of methodology used for valuing securities may not be an indication of the risk associated with investing in those securities.