Tocqueville Asset Management is the latest interim fund adviser to feel the heat as fund trustees increasingly flex their mutual fund governance muscles.

In preliminary proxy materials filed last month with the SEC, Tocqueville's portfolio management techniques employed when it served as interim manager to the now $152 million Fundamental Funds, are questioned by the fund's original adviser. The adviser's president is a shareholder of Fundamental Funds. The proxy seeks shareholder approval to oust the trustees and proposes the election of a new slate of trustees who will institute a class action suit against Tocqueville on behalf of the funds.

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