The Tocqueville Opportunity Fund

Schedule of Investments as of July 31, 2022

(Unaudited)

Shares

Value

Common Stocks - 93.4%

Capital Goods - 9.8%

Advanced Drainage Systems, Inc.

2,500

$

Bloom Energy Corp. - Class A (a)

10,000

202,300

Dover Corp.

2,000

267,360

HEICO Corp.

3,843

606,080

Hubbell, Inc.

2,500

547,550

IDEX Corp.

2,500

521,875

Masco Corp.

6,000

332,280

Nordson Corp.

2,000

461,980

nVent Electric Plc - ADR (b)

10,000

353,100

PGT Innovations, Inc. (a)

50,000

1,095,000

Plug Power, Inc. (a)

10,000

213,400

Simpson Manufacturing Co, Inc.

2,500

258,200

SiteOne Landscape Supply, Inc. (a)

2,500

348,325

Trex Co., Inc. (a)

5,000

322,600

WillScot Mobile Mini Holdings Corp. (a)

3,000

115,830

5,942,380

Commercial  & Professional Services - 11.1%

Booz Allen Hamilton Holding Corp.

6,500

623,870

Cintas Corp.

3,500

1,489,215

Copart, Inc. (a)

7,000

896,700

CoStar Group, Inc. (a)

10,000

725,900

Exponent, Inc.

5,000

502,450

TransUnion

8,500

673,455

Verisk Analytics, Inc.

4,000

761,000

Waste Connections, Inc. - ADR (b)

8,000

1,066,960

6,739,550

Consumer Durables & Apparel - 0.7%

TopBuild Corp. (a)

1,500

317,580

YETI Holdings, Inc. (a)

2,500

126,925

444,505

Consumer Services - 1.0%

Bright Horizons Family Solutions, Inc. (a)

1,700

159,239

Choice Hotels International, Inc.

1,000

120,870

Churchill Downs, Inc.

1,500

314,700

Restaurant Brands International LP

37

2,212

597,021

Diversified Financials - 4.5%

Apollo Global Management, Inc.

5,000

285,500

LPL Financial Holdings, Inc.

2,500

524,800

MarketAxess Holdings, Inc.

1,250

338,475

MSCI, Inc.

2,000

962,680

Tradeweb Markets, Inc. - Class A

9,000

634,680

2,746,135

Energy - 1.1%

Black Stone Minerals LP

43,104

671,560

Health Care Equipment & Services - 11.6%

DexCom, Inc. (a)

28,000

2,298,240

IDEXX Laboratories, Inc. (a)

2,800

1,117,704

Insulet Corp. (a)

5,600

1,387,680

Intuitive Surgical, Inc. (a)

1,950

448,831

Shockwave Medical, Inc. (a)

1,200

253,116

Tandem Diabetes Care, Inc. (a)

4,500

297,945

Veeva Systems, Inc. - Class A (a)

5,500

1,229,690

7,033,206

Media & Entertainment - 0.3%

IAC/InterActiveCorp (a)

2,500

171,250

Pharmaceuticals, Biotechnology & Life Sciences - 5.4%

Avantor, Inc. (a)

12,000

348,240

Bio-Techne Corp.

1,200

462,336

Charles River Laboratories International, Inc. (a)

2,400

601,296

Elanco Animal Health, Inc. (a)

10,000

202,600

Genmab A/S (a)(b)

3,000

1,068,840

Neurocrine Biosciences, Inc. (a)

4,000

376,520

Repligen Corp. (a)

1,000

213,360

3,273,192

Retailing - 2.7%

Floor & Decor Holdings, Inc. (a)

3,000

241,710

Murphy USA, Inc.

800

227,488

Pool Corp.

2,750

983,675

Williams-Sonoma, Inc.

1,500

216,630

1,669,503

Semiconductors & Semiconductor Equipment - 2.1%

Enphase Energy, Inc. (a)

4,000

1,136,720

Entegris, Inc.

1,500

164,850

1,301,570

Software & Services - 42.3%

ANSYS, Inc. (a)

1,500

418,485

Aspen Technology, Inc. (a)

840

171,436

Atlassian Corp. PLC - Class A - ADR (a)(b)

3,500

732,620

Cadence Design Systems, Inc. (a)

5,000

930,400

EPAM Systems, Inc. (a)

3,500

1,222,375

Fair Isaac Corp. (a)

1,500

693,045

Fortinet, Inc. (a)

22,500

1,342,125

MongoDB, Inc. (a)

2,500

781,175

Paycom Software, Inc. (a)

9,800

3,238,802

Paylocity Holding Corp. (a)

22,500

4,633,425

ServiceNow, Inc. (a)

13,000

5,806,580

Shopify, Inc. - Class A - ADR (a)(b)

56,500

1,967,895

Twilio, Inc. - Class A (a)

9,500

805,600

Tyler Technologies, Inc. (a)

1,000

399,000

Workday, Inc. - Class A (a)

16,500

2,559,150

25,702,113

Transportation - 0.8%

GXO Logistics, Inc. (a)

4,000

192,000

Saia, Inc. (a)

1,200

285,421

477,421

Total Common Stocks (Cost $27,446,317)

56,769,406

Short-Term Investment - 4.9%

Money Market Fund - 4.9%

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

2,972,658

2,972,657

Total Short-Term Investment (Cost $2,972,657)

2,972,657

Total Investments (Cost $30,418,974) - 98.3%

59,742,063

Other Assets in Excess of Liabilities - 1.7%

1,058,265

Total Net Assets - 100.0%

$

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: Canada 5.0%; Denmark 1.8%; United Kingdom 1.2%; Ireland 0.6%.

(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.