![]() |
Stradley Ronon Stevens & Young, LLP
2005 Market Street, Suite 2600
Philadelphia, PA 19103
Telephone 215.564.8000
Fax 215.564.8120
www.stradley.com
|
Re: |
VanEck Funds
|
1.
|
Comment: Please include in the Rule 485(b) amendment filing all information that has been omitted from or placed in brackets in the Rule 485(a) amendment.
|
2.
|
Comment: Please ensure that complete fee tables are filed via EDGAR correspondence as soon as practical per our earlier comment.
|
3.
|
Comment: Where appropriate, please include a ticker symbol and update series and class information on EDGAR with respect to the Class T shares.
|
1.
|
Comment: On page 1, in the section entitled "Fund Fees and Expenses," please identify the sections and page numbers in the prospectus and SAI where information about sales charge discounts may be found.
|
2.
|
Comment: On page 1, please confirm that the fee waiver described in footnote 3 to the Annual Fund Operating Expenses fee table will continue for no less than one year from the effective date of the registration statement. If not, please delete the applicable line item from the fee table, footnote 3, the relevant text in the Expense Example section, and any similar text elsewhere in the registration statement.
|
3.
|
Comment: On page 4, please delete second paragraph in the section entitled "Performance," as it is neither required nor permitted by Item 4 of Form N-1A. See IM Guidance Update 2014-08 at page 4 with respect to avoiding cross-references within a prospectus.
|
4.
|
Comment: On page 18, in the third paragraph of the section entitled "Sales Charges," please describe the "other facts" that may qualify a purchase for sales charge discounts or waivers.
|
5.
|
Comment: On page 19, in the first sentence of the first paragraph of the section entitled "Reduced or Waived Sales Charges," please disclose the "other appropriate circumstances" under which an investor may qualify for reduced or waived sales charges. Please include a cross-reference to Appendix A.
|
6.
|
Comment: On page 19, please consider moving the last sentence beginning "The value of shares owned . . ." in the first paragraph of the section entitled "Reduced or Waived Sales Charges" from its present location to the section entitled "Right of Accumulation" immediately below.
|
7.
|
Comment: On page 19, either in the second paragraph of the section entitled "Reduced or Waived Sales Charges" or in the section entitled "Right of Accumulation," please specify the types of accounts, relationships, and other facts that qualify a purchase of shares for sales charge discounts or waivers with respect to the Right of Accumulation as directed by the Instructions to Item 12(a)(2) of Form N-1A.
|
8.
|
Comment: On page 19, in the section entitled "Right of Accumulation," please enhance the disclosure (including disclosure regarding escrow provisions) to more fully explain the mechanics of a Right of Accumulation. See Item 12(a) of Form N-1A.
|
9.
|
Comment: On page 19, in the section entitled "Letter of Intent," please enhance the disclosure to more fully explain the mechanics of a Letter of Intent. See Item 12(a) of Form N-1A.
|
10.
|
Comment: On page 19, in the section entitled "Load-waived Programs Through Financial - Intermediaries," please include a cross-reference to Appendix A.
|
11.
|
Comment: On page 19, in the section entitled "Load-waived Programs Through Financial Intermediaries," please clarify whether this paragraph applies to both Class A shares and Class T shares.
|
12.
|
Comment: On page 19, in the section entitled "Load-waived Programs Through Financial Intermediaries," please specifically identify the financial intermediaries that have agreements with VanEck to offer Fund shares without a sales load in the prospectus or Appendix A. See Item 12(a) of Form N-1A and IM Guidance Update 2016-06. Please make conforming changes wherever similar text regarding intermediaries entering into agreements with VanEck is used.
|
13.
|
Comment: Disclosure regarding sales charges begins on page 18 and disclosure regarding the Fund's Rule 12b-1 plan is on page 24. Please disclose the information required by Item 12(a) (sales charges) and Item 12(b) (rule 12b-1 fees) of Form N-1A in one place in the prospectus. See General Instruction C.3.a to Form N-1A. Please move those disclosures so that they are in the same place near one another in the prospectus.
|
14.
|
Comment: Please supplementally explain the meaning of the second sentence in the section entitled "Expenses" on page 24 by providing additional information about the expanded information in the SAI. Consider the appropriateness of that statement in light of the disclosure required in the prospectus by Item 3 of Form N-1A.
|
15.
|
Comment: On page 26, please include the Financial Highlights in the Rule 485(b) filing.
|
16.
|
Comment: In the disclosure on page 26, please clarify the type of Financial Highlights that will be included in the prospectus. For example, state whether the Financial Highlights are audited or unaudited and for what period.
|
17.
|
Comment: With respect to Appendix A, if the Fund uses a summary prospectus, please confirm that Appendix A will be available on the Fund's website.
|
18.
|
Comment: Please confirm that Merrill Lynch is the only financial intermediary that currently has agreements to offer Fund shares with front-end or CDSC waivers. If not, please include specific disclosure relating to any other financial intermediaries that have such arrangements in Appendix A, as required by IM Guidance Update 2016-06.
|
19.
|
Comment: In the last sentence of the second paragraph of Appendix A on page 27 beginning "In all instances . . .", please specify the "other facts" which may qualify a purchaser for sales charge waivers or discounts.
|
20.
|
Comment: In Appendix A, the disclosure indicates that front-end sales load waivers on Class A shares available at Merrill Lynch apply to shares exchanged from Class C shares of the same Fund under certain circumstances. The prospectus does not reference Class C shares. Please address this inconsistency and revise Appendix A as appropriate.
|
21.
|
Comment: In Appendix A on page 28, briefly explain the meaning of "Eligible Fund Family Assets," as used in the penultimate row of the table.
|
22.
|
Comment: In the last row of the table in Appendix A on page 28, please clarify the meaning of the parenthetical "if applicable" with respect to the 13-month period of time.
|
23.
|
Comment: On the back cover of the prospectus, the first sentence indicates that more detailed information is available in the SAI. Please explain what additional information is included in the SAI.
|
1.
|
Comment: On page 1, in the section entitled "Fund Fees and Expenses," please identify the sections and page numbers in the prospectus and SAI where information about sales charge discounts may be found.
|
2.
|
Comment: On page 1, please confirm that the fee waiver described in footnote 2 to the Annual Fund Operating Expenses fee table will continue for no less than one year from the effective date of the registration statement. If not, please delete the applicable line item from the fee table, footnote 2, the relevant text in the Expense Example section, and any similar text elsewhere in the registration statement.
|
3.
|
Comment: On page 4, please delete the second and third paragraphs in the section entitled "Performance."
|
4.
|
Comment: On page 5, please clarify the meaning of the last two sentences in the section entitled "Purchase and Sale of Fund Shares." For example, what shares or classes does the sentence reference with respect to availability through financial intermediaries.
|
5.
|
Comment: On page 13, in the section entitled "How to Buy, Sell or Transfer Shares," please include disclosure relating to Class Y in the second sentence, as appropriate.
|
6.
|
Comment: On page 13, please consider revising the last sentence of the section entitled "Through a Financial Intermediary" to clarify the details that a financial intermediary will provide to the shareholder. For example, buying, selling or exchanging Class T shares.
|
7.
|
Comment: On page 15, in the second sentence of the second paragraph of the section entitled "How to Choose a Share Class," please consider identifying the other share classes offered by the Fund and explain that they have different fees and expenses.
|
8.
|
Comment: On page 15, in the third paragraph of the section entitled "Sales Charges," please describe the "other facts" that may qualify a purchase for sales charge discounts or waivers.
|
9.
|
Comment: On page 16, in the first sentence of the section entitled "Inter-Class Conversions," please clarify the meaning of the phrase "if initiated by your financial intermediary or the Fund" and state whether Class T shareholder have the ability to initiate inter-class conversions. See class conversion in the SAI.
|
10.
|
Comment: Disclosure regarding sales charges begins on page 15 and disclosure regarding the Fund's Rule 12b-1 plan is on page 20. Please move those disclosures so that they are in the same place near one another in the prospectus.
|
11.
|
Comment: Please supplementally explain the meaning of the second sentence in the section entitled "Expenses" on page 20 by providing additional information about the expanded information in the SAI.
|
12.
|
Comment: On page 22, please include the Financial Highlights in the Rule 485(b) filing.
|
13.
|
Comment: In the disclosure on page 22, please clarify the type of Financial Highlights that will be included in the prospectus. For example, state whether the Financial Highlights are audited or unaudited and for what period.
|
14.
|
Comment: With respect to Appendix A, if the Fund uses a summary prospectus, please confirm that Appendix A will be available on the Fund's website.
|
15.
|
Comment: Please confirm that Morgan Stanley Wealth Management is the only financial intermediary that currently has agreements to offer Fund shares with front-end or CDSC waivers. If not, please include specific disclosure relating to any other financial intermediaries that have such arrangements in Appendix A
|
16.
|
Comment: In the last sentence of the second paragraph of Appendix A on page 23 beginning "In all instances . . .", please specify the "other facts" which may qualify a purchaser for sales charge waivers or discounts.
|
17.
|
Comment: In the second sentence of the third paragraph of Appendix A, please identify the other share classes offered by the Fund.
|
18.
|
Comment: On the back cover of the prospectus, the first sentence indicates that more detailed information is available in the SAI. Please explain what additional information is included in the SAI.
|
1.
|
Comment: Please update information, including dates and other factual information, in the SAI, as appropriate.
|
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end