WHAT ARE THE ADVANTAGES AND DISADVANTAGES OF …

WHAT ARE THE ADVANTAGES AND DISADVANTAGES OF MUTUAL FUNDS?

INVESTING, MUTUAL FUNDS

Mutual funds are currently the most popular investment vehicle and provide several ADVANTAGES to investors, including the following:

1. Advanced Portfolio Management You pay a management fee as part of your expense ratio, which is used to hire a professional portfolio manager who buys and sells stocks, bonds, etc. This is a relatively small price to pay for help in the management of an investment portfolio.

2. Dividend Reinvestment As dividends and other interest income is declared for the fund, it can be used to purchase additional shares in the mutual fund, thus helping your investment grow.

3. Risk Reduction (Safety) A reduced portfolio risk is achieved through the use of diversification, as most mutual funds will invest in anywhere from 50 to 200 different securities - depending on their focus. Several index stock mutual funds own 1,000 or more individual stock positions.

4. Convenience and Fair Pricing Mutual funds are common and easy to buy. They typically have low minimum investments (some around $2,500) and they are traded only once per day at the closing net asset value (NAV). This eliminates price fluctuation throughout the day and various arbitrage opportunities that day traders practice.

FD Ball Comments: The NAV is extremely important as it is the "price" at the close of every trading date of any mutual fund. However, as an investor the mutual fund company is NOT required to explain ever to the GAV (gross asset value) ? as it is totally confidential to each and every mutual fund company. Also, another important feature of all mutual funds is that they are required to always be at least 75% and generally, 90% invested in the state fund objective at all times--meaning when the stock market crashes your mutual fund's value must also crash right alone and in step with the stock markets.

However, there are also DISADVANTAGES of mutual funds, such as the following:

1. High Expense Ratios and Sales Charges If you're not paying attention to mutual fund expense ratios and sales charges, they can get out of hand. Be very cautious when investing in funds with expense ratios higher than 1.20%, as they will be considered on the higher cost end. Be weary of 12b-1 advertising fees and sales charges in general. There are several good fund companies out there that have no sales charges. Fees reduce overall investment returns.

2. Management Abuses Churning, turnover and window dressing may happen if your manager is abusing his or her authority. This includes unnecessary trading, excessive replacement and selling the losers prior to quarter-end to fix the books.

3. Tax Inefficiency Like it or not, investors do not have a choice when it comes to capital gain payouts in mutual funds. Due to the turnover, redemptions, gains and losses in security holdings throughout the year, investors typically receive distributions from the fund that are an uncontrollable tax event.

4. Poor Trade Execution If you place your mutual fund trade anytime before the cut-off time for same-day NAV, you'll receive the same closing price NAV for your buy or sell on the mutual fund. For investors looking for faster execution times, maybe because of short investment horizons, day trading, or timing the market, mutual funds provide a weak execution strategy.

Read more: What are the advantages and disadvantages of mutual funds? | Investopedia

For additional reading, take a look at Stop Paying High Mutual Fund Fees and Analyzing Mutual Fund Risk.

What is the minimum amount of money that I can invest in a mutual fund?

Many mutual funds require a minimum initial investment of between $500 to $3,000, with institutional class funds and hedge funds requiring minimums of at least $1 million or more. For beginning investors, this amount can be difficult to reach and often means their entire account balance is invested in just one fund. These minimum amounts are set by each fund as a means to keep small, short-term trades from affecting cash flows and the fund's daily management. Each fund's minimum is dictated by the style of fund and its investment objective. However, there are some funds with lower minimums that make mutual fund investing accessible to all investors.

Kiplinger's recommends a few funds that have lower minimum purchase amounts. The Charles Schwab Corporation (SCHW) offers a broad market index fund and a slew of target date funds, each with a minimum initial purchase of $100. Investors with the ability to invest at least $250 have access to many more funds from many different companies. For example, American Funds offers several solid funds across many different sectors and investment styles, all at this price point.

The fund minimum also varies depending on the type of account. Some companies have lower initial purchase amounts for IRA accounts. For example, T. Rowe Price (PRNEX) requires a $2,500 minimum initial purchase for its mutual funds held in non-retirement accounts but only $1,000 for retirement accounts such as IRAs. College savings plans and Uniform Transfers to Minors Act, or UTMA, accounts also usually have much lower fund minimums, and some fund companies even allow the minimum to be met through systematic purchases as low as $25 per month.

Read more: What is the minimum amount of money that I can invest in a mutual fund? | Investopedia

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Data through July 31, 2016 FINRA members: For internal or institutional use only.

Fidelity? Balanced

Benchmark 1: Morningstar Mod Tgt Risk TR USD Benchmark 2: Morningstar Mod Tgt Risk TR USD

Morningstar Analyst Rating 01-27-16

?

Historical Profile Return High Risk Above Avg Rating QQQQQ

Highest

447

Morningstar Pillars

Process Performance People Parent Price

? Neutral Positive Positive Positive Positive

Morningstar Analyst Rating

Morningstar evaluates mutual funds based on five key pillars, which its analysts believe lead to funds that are more likely to outperform over the long term on a risk-adjusted basis.

Analyst Rating Spectrum OE ,,?

?

Pillar Spectrum Positive

? Negative

? Neutral

Performance 07-31-16

1st Qtr 2nd Qtr

2012

9.13 -1.77

2013

5.90 0.93

2014

2.02 4.09

2015

2.24 0.12

2016

0.09 2.29

3rd Qtr 5.10 5.08 0.73 -5.97 --

4th Qtr 0.21 7.29 3.17 4.32 --

Total 12.90 20.50 10.37

0.41 --

Trailing

3 Mo 6 Mo 1 Yr 3 Yr Avg 5 Yr Avg 10 Yr Avg 15 Yr Avg

Total +/- Bmark +/- Bmark

Return%

1

2

4.15 0.19 0.19

10.17 -0.88 -0.87

2.48 -1.66 -1.66

8.23 2.77 2.77

9.17 2.67 2.68

6.70 0.70 0.70

7.14 0.66 0.22

%Rank Growth of Cat $10,000 21 10,415 23 11,017 37 10,248 5 12,679 9 15,509 13 19,121 4 28,121

Tax Analysis Tax Adj Rtn% %Rank Cat Tax-Cost Rat %Rank Cat

3 Yr (estimated)

5.83

13

2.22

83

5 Yr (estimated)

7.51

12

1.52

74

10 Yr (estimated) 5.26

17

1.35

76

Potential Capital Gain Exposure: 14% of assets

Morningstar's Take by Gretchen Rupp 01-27-16

Fidelity Balanced's previous fixed-income manager, Pramod Atluri, stepped down in August 2015, and the bond sleeve is now led by seasoned portfolio manager Ford O'Neil. He joins Robert Stansky, who has served as lead manager on the fund since late 2008.

An expanding team led by another veteran, George Fischer, assumed Atluri's macro responsibilities. They team up with other proven investors like Jeff Moore, who runs Fidelity Investment Grade Bond (with a Morningstar Analyst Rating of Silver), to set the bond portfolio's sector and yield-curve exposure, while avoiding big duration bets. The fixed-income group has a long history of successful calls, taking a more aggressive stance coming out of the 2008 credit crisis, for example. The fund's experienced portfolio managers have demonstrated skill over their careers, helping the fund earn a Bronze rating.

Stansky targets a 60% stock/40% bond split, but he can tactically adjust those weightings by up to 10 percentage points. In fact, an overweighting to equities since 2012 has boosted results. Meanwhile, the equity portfolio's sector weightings remain aligned with the S&P 500's, leaving stock-picking to a nine-member team who

*

2006

19.43 11.65 -1.31 -1.31 2.21 9.44

39 0.40 1.04 0.64 2.35

65 22,439

&

2007

19.61 8.99 0.35 0.35 2.21 6.78

16 0.42 1.18 0.61 2.20

89 27,227

)

2008

13.12 -31.31 -9.12 -9.12

1.99 -33.29

76 0.39 0.03 0.61 2.22

73 16,460

&

2009

16.36 28.05 6.28 6.28 2.92 25.14

24 0.38 0.01 0.68 2.78 198 18,108

&

2010

18.23 13.76 1.43 1.43 2.16 11.60

16 0.35 0.01 0.62 2.18 122 17,288

&

2011

18.19 1.68 1.09 1.09 1.93 -0.25

25 0.35 0.00 0.61 1.92 193 14,862

Rating and Risk

Time Period 1 Yr 3 Yr 5 Yr 10 Yr Incept

Load-Adj Return %

2.48 8.23 9.17 6.70 9.20

Morningstar Rtn vs Cat

High High +Avg

Morningstar Morningstar Risk vs Cat Risk-Adj Rating

+Avg QQQQQ Avg QQQQQ

+Avg QQQQ

Other Measures

Alpha Beta R-Squared

Standard Deviation Mean Sharpe Ratio

Standard Index

2.1 1.11

91

8.10 8.23 1.01

Best Fit Index

0.6 0.71

98

each control a sleeve of the portfolio. Collectively, this group has enjoyed modest, if inconsistent, success versus their respective targets. Although financial and healthcare selections have been solid, consumer and technology picks have lagged since Stansky took the lead.

Broadly, the sector portfolio managers employ a growth at a reasonable price approach, resulting in higher aggregate valuation measures relative to peers as of December 2015. Together, the higher equity stake and growth tilt have contributed to returns under Stansky that lead the moderate allocation Morningstar Category. From October 2008 through December 2015, the fund has outpaced category peers by 1.9% annually. But the combination could also cause the fund to lag if markets turn. Even so, risk-adjusted results over Stansky's tenure, as measured by the Sortino ratio, beat more than 90% of its rivals. Low fees also provide an enduring head start.

Address:

Web Address: Inception: Advisor: Subadvisor:

Fidelity Puritan Trust Boston, MA 02109 800-544-8544 11-06-86 Fidelity Management & Research Company FMR Investment Management (U.K.) Limited

Minimum Purchase: Min Auto Inv Plan: Sales Fees: Management Fee: Actual Fees: Expense Projections: Income Distribution:

$2500 Add: --

--

Add: --

No-load

0.15%

Mgt:0.40% Dist:--

3Yr:$179 5Yr:$313

Quarterly

IRA: $2500 10Yr:$701

Ticker Yield FBALX 1.6%

777

Total Assets $28,785 mil

77

Mstar Category Allocation--50% to 70% Equity

Investment Style Equity

20.0

17.5 Growth of $10,000

15.0 Investment Values of Fund

12.5 Investment Values of Benchmark 1

10.0

*

2012

20.18 12.90 0.85 0.85 1.92 10.98

30 0.35 0.00 0.60 1.98 155 14,827

&

2013

22.75 20.50 6.19 6.19 1.72 18.78

15 0.34 1.13 0.58 1.72 244 17,916

&

2014

22.77 10.37 5.48 5.48 1.64 8.72

7 0.37 1.86 0.56 1.65 176 20,044

&

2015

21.22 0.41 2.20 2.20 1.65 -1.25

13 0.37 1.27 0.56 1.59 128 20,334

(

07-16

22.21 5.50 -2.02 -2.02 0.81 4.69

52 0.17 0.00 0.55 1.68

. 20,757

Performance Quartile (within Category)

History

NAV Total Return % +/- Bmark 1 +/- Bmark 2 Income Return % Capital Return % Total Rtn % Rank Cat Income $ Capital Gains $ Expense Ratio % Income Ratio % Turnover Rate % Net Assets $mil

Portfolio Analysis 06-30-16

Total Stocks: 231 Share change since 05-31-16

Fidelity Cent Invt Portfo Alphabet Inc C TApple Inc TDanaher Corp TAMETEK Inc TRoper Technologies Inc Inc TFacebook Inc A TAutodesk Inc

Sector

-- Technology Technology Industrl Industrl Industrl Cnsmr Cyc Technology Technology

YTD Ret %

-- -- 0.04 16.14 -11.91 -9.76 12.27 18.42 -2.43

% Assets

2.48 1.93 1.80 1.65 1.52 1.38 1.36 1.15 1.10

Total Fixed Income: 845

US Treasury Note 1.25% Fannie Mae 3.5% 30 Year Fannie Mae 4% 30 Year Fannie Mae 3% 30 Year GNMA 3.5%

Date of Maturity

03-31-21 -- -- -- --

Amount 000

516,300 291,448 228,823 225,803 204,958

Value $000

522,411 309,557 247,153 234,941 218,368

% Assets

1.91 1.13 0.91 0.86 0.80

Equity Style Style: Growth Size: Large-Cap

Fixed-Income Style Duration: Moderate Quality: Medium

Value Measures Price/Earnings Price/Book Price/Sales Price/Cash Flow Dividend Yield %

Rel Category

20.27

1.16

2.41

1.11

2.02

1.30

9.57

1.14

1.99

0.74

Growth Measures

% Rel Category

Long-Term Erngs 9.28

1.00

Book Value

4.53

1.99

Sales

2.69

-1.76

Cash Flow

2.02

4.61

Historical Erngs 9.45

-2.42

Market Cap % Giant 37.4 Small Large 38.4 Micro Mid 19.3 Avg $mil:

4.4 0.6 42,454

Composition - Net

Cash 3.2 Stocks 65.2 Bonds 29.1 Other 2.5 Foreign 5.4 (% of Stock)

Avg Eff Duration1

5.1 Yrs

Avg Eff Maturity

--

Avg Credit Quality

BBB

Avg Wtd Coupon

3.46%

1 figure provided by fund as of 06-30-16

Sector Weightings

h Cyclical r BasicMat t CnsmrCyc y FinanSvcs u Real Est

j Sensitive i CommSrvs o Energy p Industrl a Technlgy

k Defensive s CnsmrDef d Hlthcare f Utilities

% of Stocks

31.29 2.98 12.96 12.81 2.54

39.93 4.27 7.37 9.40 18.89

28.77 9.38 15.60 3.79

Rel Bmark 1

0.80 0.57 1.13 0.79 0.40

1.09 1.00 1.11 0.83 1.31

1.19 1.02 1.43 0.93

?2016 Morningstar, Inc. All rights reserved. The information herein is not represented or warranted to be accurate, complete or timely. Past performance is no guarantee of future results. Access updated reports at . To order reprints, email reprints@

? Mutual Funds

A

Data through July 31, 2016 FINRA members: For internal or institutional use only.

American Funds Growth Fund of Amer A

Ticker Yield AGTHX 0.6%

Total Assets Mstar Category $145,771 mil Large Growth

Benchmark 1: Russell 1000 Growth TR USD Benchmark 2: S&P 500 TR USD

Morningstar Analyst Rating 07-11-16

?

Morningstar Pillars

Process Performance People Parent Price

Positive Positive Positive Positive Positive

Morningstar Analyst Rating

Morningstar evaluates mutual funds based on five key pillars, which its analysts believe lead to funds that are more likely to outperform over the long term on a risk-adjusted basis.

Analyst Rating Spectrum OE ,,?

?

Pillar Spectrum Positive

? Negative

? Neutral

Performance 07-31-16

1st Qtr 2nd Qtr

2012

14.58 -4.19

2013

8.56 3.14

2014

0.93 4.95

2015

3.37 1.38

2016

-2.54 2.88

3rd Qtr 7.36 9.23 0.44 -6.71 --

4th Qtr 2.28 9.40 2.73 7.76 --

Total 20.54 33.79

9.30 5.36

--

Trailing

3 Mo 6 Mo 1 Yr 3 Yr Avg 5 Yr Avg 10 Yr Avg 15 Yr Avg

Total +/- Bmark +/- Bmark

Return%

1

2

5.62 -0.71 -0.20

13.14 0.72 -0.14

2.80 -1.55 -2.82

10.91 -1.95 -0.25

12.39 -1.23 -0.99

7.50 -2.00 -0.25

6.74 0.73 1.42

%Rank Growth of Cat $10,000 54 10,562 13 11,314 18 10,280 45 13,642 28 17,932 63 20,607 14 26,585

Tax Analysis Tax Adj Rtn% %Rank Cat Tax-Cost Rat %Rank Cat

3 Yr (estimated)

6.64

69

1.93

47

5 Yr (estimated)

9.69

52

1.24

43

10 Yr (estimated) 5.89

74

0.92

61

Potential Capital Gain Exposure: 40% of assets

Morningstar's Take by Alec Lucas 07-11-16

American Funds Growth Fund of America is in good hands.

Veteran leadership remains the norm, even after several changes to the team over the past few years. Most recently, the firm publicly named Christopher Buchbinder and Joanna Jonsson as portfolio managers in March 2016 to replace longtime managers Gregg Ireland and Donalissa Barnum, who both retired. Buchbinder has less industry experience than Jonsson, but he's hardly a rookie. He's worked at Capital for 20 years and spent 14 of those years as an analyst here.

The 12-person team still has a good blend of approaches. Like Ireland, Buchbinder can be contrarian. Like Barnum, Jonsson will pay a premium for strong businesses with unique products or services. American Funds' multimanager system lets each of them run separate sleeves of the portfolio in line with their own styles.

The current portfolio reflects the fund's varied approach. It includes fast-growing firms, like top-holding AMZN, as well as meaningful exposure to firms in out-of-favor industries. For example, the fund's

Address:

Web Address: Inception: Advisor: Subadvisor:

The Growth Fund of America, Inc. San Francisco, CA 94105-1409 800-421-4225 11-30-73 Capital Research and Management Company None

Historical Profile Return Below Avg Risk Below Avg Rating QQQ

Neutral

77777777

Investment Style Equity

20.0 Growth of $10,000

Investment Values of 15.0 Fund

Investment Values of Benchmark 1 10.0

&

2006

32.87 10.94 1.87 -4.85 0.89 10.05

17 0.27 1.10 0.65 0.89

22 83,868

(

2007

34.01 10.95 -0.86 5.46 1.09 9.86

64 0.36 2.06 0.64 0.94

26 91,391

*

2008

20.48 -39.07 -0.63 -2.07

0.69 -39.76

39 0.23 0.00 0.65 1.09

32 52,596

*

2009

27.33 34.48 -2.73 8.02 1.03 33.45

49 0.21 0.00 0.76 1.00

38 66,117

)

2010

30.44 12.28 -4.43 -2.78 0.90 11.38

77 0.25 0.00 0.69 0.76

33 66,101

(

2011

28.73 -4.89 -7.53 -7.00 0.72 -5.61

73 0.22 0.00 0.68 0.67

34 53,225

&

2012

34.35 20.54 5.28 4.54 0.99 19.56

7 0.28 0.00 0.71 0.66

18 55,970

*

2013

43.00 33.79 0.31 1.40 0.40 33.39

49 0.14 2.75 0.70 0.60

27 70,776

(

2014

42.68 9.30 -3.75 -4.39 0.39 8.91

60 0.17 4.06 0.66 0.39

26 72,818

*

2015

41.29 5.36 -0.30 3.98 0.64 4.72

37 0.27 3.39 0.65 0.51

29 74,013

*

07-16

43.21 4.65 -1.50 -3.01 0.00 4.65

26 0.00 0.00 0.65 0.47

. 75,038

Performance Quartile (within Category)

History

NAV Total Return % +/- Bmark 1 +/- Bmark 2 Income Return % Capital Return % Total Rtn % Rank Cat Income $ Capital Gains $ Expense Ratio % Income Ratio % Turnover Rate % Net Assets $mil

Rating and Risk

Time Period 1 Yr 3 Yr 5 Yr 10 Yr Incept

Load-Adj Return %

-3.12 8.74 11.07 6.86 13.31

Morningstar Rtn vs Cat

-Avg Avg -Avg

Morningstar Morningstar Risk vs Cat Risk-Adj Rating

-Avg QQ -Avg QQQ -Avg QQQ

Other Measures

Alpha Beta R-Squared

Standard Deviation Mean Sharpe Ratio

Standard Index

-0.2 1.00

89

11.76 10.91 0.93

Best Fit Index

-1.0 0.97

95

energy stake was up to 8.1% of assets, as of March 2016, which was 7.6 percentage points more than that of the Russell 1000 Growth Index and higher than those of all but a few of about 400 actively managed large-growth Morningstar Category peers.

This mammoth fund's distinctive profile, which includes a top-quintile double-digit stake in foreign stocks, has reduced, though not eliminated, its aboveaverage correlation with the index. From late 2011 to late 2013, the fund had one of the category's higher five-year rolling R-squared values, indicating a significant correlation with that benchmark. It's come down since but still ranked in the category's top third, as of June 2016. Relatively tight correlations haven't kept the fund from performing well. The fund had a top-quintile 0.8% one-year gain through June 2016, which is in keeping with its long-term record.

The fund's huge asset base is a challenge, but strong management, a diverse portfolio, and low fees should keep it competitive. It earns a Morningstar Analyst Rating of Bronze.

Minimum Purchase: Min Auto Inv Plan: Sales Fees: Management Fee: Actual Fees: Expense Projections: Income Distribution:

$250

Add: $50 IRA: $25

$50

Add: $50

5.75%L

0.50% mx./0.23% mn., 0.01%A

Mgt:0.27% Dist:0.24%

3Yr:$771 5Yr:$916 10Yr:$1339

Annually

Portfolio Analysis 06-30-16

Total Stocks: 251 Share change since 03-31-16 Inc YBroadcom Ltd TUnitedHealth Group Inc TThe Home Depot Inc TMicrosoft Corp TAmgen Inc

Philip Morris Internation TEOG Resources Inc TNetflix Inc YOracle Corp YAlphabet Inc C YComcast Corp Class A TFacebook Inc A TAmerican International Gr TThe Kroger Co YCostco Wholesale Corp YExpress Scripts Holding C TSchlumberger Ltd TAlphabet Inc A YVisa Inc Class A

Sector

YTD Ret %

Cnsmr Cyc 12.27

Technology 12.28

Hlth Care

22.68

Cnsmr Cyc

5.57

Technology

3.46

Hlth Care

7.21

Cnsmr Def

16.37

Energy

16.12

Comm Svcs -20.22

Technology 13.58

Technology

--

Comm Svcs 20.59

Technology 18.42

Finan Svcs -11.12

Cnsmr Def -17.76

Cnsmr Def

4.07

Hlth Care

-12.97

Energy

16.87

Technology

1.71

Finan Svcs

1.01

% Assets

7.05 2.64 2.36 2.35 1.88

1.78 1.76 1.65 1.56 1.56

1.48 1.46 1.34 1.32 1.32

1.25 1.24 1.18 1.13 1.02

Current Investment Style

Value Blend Growth

Market Cap % Giant 45.2

Large Mid Small

Large 37.2

Mid

16.4

Small 1.2

Micro 0.0

Avg $mil:

57,262

Value Measures

Price/Earnings Price/Book Price/Sales Price/Cash Flow Dividend Yield %

Rel Category

22.16

0.98

3.01

0.80

1.75

0.75

11.85

0.95

1.44

1.05

Growth Measures

Long-Term Erngs Book Value Sales Cash Flow Historical Erngs

% Rel Category

11.57

0.97

4.45

0.59

5.13

0.71

1.38

0.12

9.22

0.77

Sector Weightings h Cyclical r BasicMat t CnsmrCyc y FinanSvcs u Real Est j Sensitive i CommSrvs o Energy p Industrl a Technlgy k Defensive s CnsmrDef d Hlthcare f Utilities

Composition - Net

Profitability

Return on Equity Return on Assets Net Margin

%

15.13 5.39 8.19

% of Stocks

30.49 2.38 19.57 8.31 0.23

44.41 4.79 10.96 5.95 22.71

25.09 7.99 17.10 0.00

Rel Bmark 1

1.06 0.77 1.05 1.71 0.10

1.03 1.12 19.93 0.47 0.88

0.90 0.81 0.95 0.00

Cash 4.9 Stocks 91.3 Bonds 1.1 Other 2.7 Foreign 12.2 (% of Stock)

?2016 Morningstar, Inc. All rights reserved. The information herein is not represented or warranted to be accurate, complete or timely. Past performance is no guarantee of future results. Access updated reports at . To order reprints, email reprints@

? Mutual Funds

A

TGLDX

Tocqueville Gold Fund

June 30, 2016

Fund Strategy

The Tocqueville Gold Fund seeks to achieve its investment objective by investing at least 80% of its net assets, plus borrowings for investment purposes, in gold and other precious metals and securities of companies located throughout the world that are engaged in mining or processing gold. The Fund follows a value approach to investing and the portfolio manager will identify companies that are undervalued based on his judgment of relative value and growth potential.

Fund Objective

The Tocqueville Gold Fund's investment objective is long-term capital appreciation.

PERFORMANCE

Average Annual Returns as of 06/30/16

Fund Phil. Stk Ex. G/S Index S&P 500 Index

3 Month

YTD

1YR

3YR

5YR

10YR

35.40% 78.59% 43.26%

6.93% -11.30%

2.08%

40.57% 116.16% 55.88%

3.90% -12.16% -2.58%

2.46%

3.84%

3.99%

11.66%

12.10%

7.42%

Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. The performance assumes reinvestment of capital gains and dividends. Fund performance current to the most recent month-end may be lower or higher than the performance quoted and can be obtained by calling 1-800-697-3863 or visiting mutual-funds.

*The Fund's performance does not reflect the redemption fee. If deducted, the fee would reduce the performance quoted.

Calendar Year Returns

Fund

100%

Phil. Stk Ex. G/S Index

80%

60%

40%

20%

0%

-20%

-40%

-60%

'06

'07

'08

'09

'10

'11

'12

'13

'14

'15

FUND facts

Symbol: Cusip: Dividend Policy: Minimum Investment: Total Fund Assets: Gross Expense Ratio: Redemption Fee: Sales Charge: Inception Date:

Managers' Tenure:

Morningstar Category:

TGLDX 888894862

Annual $1,000 ($250 IRA)

$1.6 billion 1.44%

2.00% first 90 days* None

6/29/1998 Hathaway 18 Years

Groh 5 Years Equity Precious Metals

AssET aLLOCATION

% of Net Assets

Equities:

86.59%

Physical Gold:

10.18%

Convertible Bond:

1.23%

Private Fund:

1.14%

Cash Equivalents, Other Assets, and Receivables:

0.86%

Portfolio statistics

Total # Holdings:

70

P/E:

35.5x

Weighted Median Market Cap:

$4.3 B

Weighted Avg. Market Cap:

$6.9 B

Turnover Ratio:

12%

risk statistics (3 year)

R-Squared:

89.84

Alpha:

3.22

Beta:

0.76

Sharpe Ratio:

0.19

Std Dev:

35.87

quarterly UPDATE

? During 2Q 2016, the dollar price for gold continued its rise, closing at $1,321/oz. The Fund participated in the upswing, gaining 35.40% for the quarter while the Philadelphia Gold & Silver Index (XAU) rose 40.57%. ? The Fund had a heavier weighting to small and mid-cap holdings relative to the XAU, whose larger cap positions in companies outperformed during the beginning stages of the gold rally. The Fund differs from the XAU in a meaningful way by design due to extensive due diligence by our research team. We believe that the difference has historically been, and should continue to be, the source of excess returns for the Fund over time. ? Despite the impressive six month return, we believe this rally is in its infancy, as positive gold cycles have historically lasted for at least three to five years, and some longer. ? It appears that investors are beginning to look to gold, fearing that the purchasing power of all paper currency, including the US dollar, is imperiled. In our opinion, the threedecade low in the pound sterling following the U.K. referendum vote to leave the European Union is a warning that the practice of central-bank-managed currency exchange rates is unravelling. ? In addition, we believe that mining stocks are likely to outpace gains in gold in the years ahead. Since December 2015, precious metals equity have outperformed bullion by a factor of 4 to 1, due to changes in the mining industry, including cutting expenses, focusing on cash generation, and observing financial discipline that was lacking preceding the 2011 market top. ? The rewards of gold exposure, in our opinion, promise to be of historic magnitude. Gold is extremely under-owned, and therefore likely to react dynamically to even modest inflows. Despite strong recent gains, we believe that the current alignment of political and economic factors is unusually compelling. In our view, substantial gains lie ahead.

TGLDX

Tocqueville Gold Fund

June 30, 2016

Industry Allocation % of equities

Gold Related 90.9% Other Precious Metals 8.5% Other 0.6%

TOP TEN HOLDINGS

% OF NET ASSETS

Physical Gold Detour Gold Corp. Agnico Eagle Mines Ltd. Franco-Nevada Corp. Randgold Resources Ltd. - ADR Torex Gold Resources, Inc. Alamos Gold, Inc. Pan American Silver Corp. OceanaGold Corp. Newmont Mining Corp. Total

10.18% 7.64% 5.56% 5.51% 4.86% 3.79% 3.37% 3.36% 3.36% 3.35% 50.98%

Fund holdings and industry weightings are subject to change at any time and are not recommendations to buy or sell any security. Holdings are based on percent of net assets.

GLOSSARY OF TERMS

Alpha: A statistic that measures the Fund's performance above and beyond the market return given its level of risk (as measured by beta) Beta: A measure of the Fund's sensitivity to market movements. A beta above or below 1 indicates the Fund is more or less volatile than the market. P/E: The weighted average of the price/earnings (P/E) ratios of the equity securities referenced. The P/E ratio is calculated by dividing the current price of the stock by the estimate of earnings expected over the next four quarters. R-Squared: A statistical measure that represents the percentage of a Fund's movement that is explained by movements in a benchmark index. The higher the R-squared, the more meaningful the beta. Sharpe Ratio: A measure of return per unit of risk. A higher ratio indicates better risk adjusted performance. Standard deviation: A statistical measure of the volatility of the Fund's returns which is used as a proxy for risk.

The Philadelphia Stock Exchange Gold/Silver Index is a good indicator of the performance of the common stock of companies in the gold and silver mining industry. It does not incur fees and expenses. The S&P 500 Index is a market-value weighted index consisting of 500 stocks chosen for market size, liquidity, and industry group representation. You cannot invest directly in an index.

The Morningstar Equity Precious Metals Portfolio focuses on mining stocks, though some do own small amounts of gold bullion. Most portfolios concentrate on gold-mining stocks, but some have significant exposure to silver-, platinum-, and base-metal-mining stocks as well. Precious-metals companies are typically based in North America, Australia, or South Africa.

Portfolio Managers

John Hathaway, CFA, and Doug Groh are co-portfolio managers of the Tocqueville Gold Fund. Prior to joining Tocqueville in 1997, Mr. Hathaway was the CIO at Oak Hall Advisors for seven years. In 1986, he co-founded and managed Hudson Capital Advisors. Prior to this, he was a Partner at David J. Greene and Co. and began his career in 1970 as an Equity Analyst with Spencer Trask & Co. He has an MBA from the University of Virginia and a BA from Harvard College. Prior to joining Tocqueville in 2003, Mr. Groh was Director of Investment Research at Grove Capital and held research positions at J.P. Morgan, Merrill Lynch, and ING Bank. He has a BS in Geology/Geophysics from the University of Wisconsin ? Madison and an MA from the University of Texas at Austin.

Morningstar ratingTM

H H H H

4-Star Overall Morningstar RatingTM as of 06/30/16 out of 71 Equity Precious Metals Funds. The Overall Morningstar RatingTM for a fund is derived from weighted metrics, which are based on risk-adjusted return performance.

Investors should carefully consider investment objectives, risks, charges and expenses. This and other important information is contained in the fund prospectus which should be considered carefully before investing.

Distributed by Tocqueville Securities L.P.

dISCLOSURES

Mutual Fund investing involves risk. Principal loss is possible. Past performance is not a guarantee of future results. The Fund invests in gold and other precious metals, which involves additional and special risks, such as the possibility for substantial price fluctuations over a short period of time; the market for gold/precious metals is relatively limited; the sources of gold/precious metals are concentrated in countries that have the potential for instability; and the market for gold/precious metals is unregulated. The Fund may also invest in foreign securities, which are subject to special risks including: differences in accounting methods; the value of foreign currencies may decline relative to the US dollar; a foreign government may expropriate the Fund's assets; and political, social or economic instability in a foreign country in which the Fund invests may cause the value of the Fund's investments to decline. The Fund is non-diversified, meaning it may concentrate its assets in fewer individual holdings than a diversified fund. Therefore, the Fund is more exposed to individual stock volatility than a diversified fund.

For the period ended 06/30/16, Morningstar rated the Tocqueville Gold Fund, for the three-, five-, and 10-year periods, respectively, 3, 3, and 4 stars among 71, 69, and 50 Equity Precious Metals Funds, respectively (derived from a weighted average of the fund's three-, five-, and 10-year [if applicable] risk-adjusted return measures and Morningstar Ratings metrics). Investment performance reflects applicable fee waivers. Without such waivers, total returns would be reduced and ratings could be lower. For funds with at least a three-year history, a Morningstar RatingTM is based on a risk-adjusted return measure (including the effects of sales charges, loads, and redemption fees) with emphasis on downward variations and consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% 4 stars, the next 35% 3 stars, the next 22.5% 2 stars, and the bottom 10% 1 star. Each share class is counted as a fraction of one fund within this scale and rated separately. ?2016 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

The Tocqueville Mutual Funds may be offered only to persons in the United States. This literature should not be considered a solicitation or offering of any investment products or services to investors residing outside of the United States.

Not FDIC Insured | Not Bank Guaranteed | May Lose Value For more information visit mutual-funds

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