<SEC-DOCUMENT>0001137439-21-000909.txt : 20220104
<SEC-HEADER>0001137439-21-000909.hdr.sgml : 20220104
<ACCEPTANCE-DATETIME>20210917114239
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001137439-21-000909
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20210917

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Delaware Investments National Municipal Income Fund
		CENTRAL INDEX KEY:			0000895574
		IRS NUMBER:				411737161
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0330

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		100 INDEPENDENCE
		STREET 2:		610 MARKET STREET
		CITY:			PHILADELPHIA
		STATE:			PA
		ZIP:			19106-2354
		BUSINESS PHONE:		18005231918

	MAIL ADDRESS:	
		STREET 1:		100 INDEPENDENCE
		STREET 2:		610 MARKET STREET
		CITY:			PHILADELPHIA
		STATE:			PA
		ZIP:			19106-2354

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	DELAWARE INVESTMENTS FLORIDA INSURED MUNICIPAL INCOME FUND
		DATE OF NAME CHANGE:	20020327

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	VOYAGEUR FLORIDA INSURED MUNICIPAL INCOME FUND
		DATE OF NAME CHANGE:	19930519

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	VOYAGEUR FLORIDA INSURD MUNICIPAL INCOME FUND
		DATE OF NAME CHANGE:	19930122
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
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          <td style="width: 46.23%; vertical-align: top;">&#160;<img src="image00001.jpg"></td>
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            <div style="text-align: right; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 9pt; font-family: 'Times New Roman',Times,serif; font-weight: bold;">Stradley Ronon Stevens &amp; Young, LLP</font><font style="font-size: 9pt; font-family: 'Times New Roman',Times,serif;"><br>
              </font><font style="font-size: 9pt;">2005 Market Street, Suite 2600<font style="font-family: 'Times New Roman',Times,serif;"><br>
                </font>Philadelphia, PA&#160; 19103<font style="font-family: 'Times New Roman',Times,serif;"><br>
                </font>Telephone&#160; 215.564.8000<font style="font-family: 'Times New Roman',Times,serif;"><br>
                </font>Fax&#160; 215.564.8120<font style="font-family: 'Times New Roman',Times,serif;"><br>
                </font>www.stradley.com</font></div>
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          <td style="width: 46.23%; vertical-align: top;">&#160;</td>
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    <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">E. Taylor Brody</div>
    <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">ebrody@stradley.com</div>
    <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">215-564-8071</div>
    <div><br>
    </div>
    <div style="text-align: center; text-indent: 36pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">September 17, 2021</div>
    <div style="font-family: 'Times New Roman',Times,serif; font-size: 11pt;"><br>
    </div>
    <div style="font-family: 'Times New Roman',Times,serif; font-size: 11pt;">Filed via EDGAR</div>
    <div style="font-family: 'Times New Roman',Times,serif; font-size: 11pt;">Ms. Jaea Hahn</div>
    <div style="font-family: 'Times New Roman',Times,serif; font-size: 11pt;">Mr. Jeff Long</div>
    <div style="font-family: 'Times New Roman',Times,serif; font-size: 11pt;">U.S. Securities and Exchange Commission</div>
    <div style="font-family: 'Times New Roman',Times,serif; font-size: 11pt;">100 F Street, NE</div>
    <div style="font-family: 'Times New Roman',Times,serif; font-size: 11pt;">Washington, DC 20549</div>
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            <div style="text-align: justify;">Subject:</div>
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            <div style="text-align: justify;">Filing on Form N-14 for Delaware Investments National Municipal Income Fund</div>
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          <td style="width: 10%; vertical-align: top; font-family: 'Times New Roman',Times,serif; font-size: 11pt;">&#160;</td>
          <td style="width: 2%; vertical-align: top; font-family: 'Times New Roman',Times,serif; font-size: 11pt;">&#160;</td>
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            <div style="text-align: justify;">(File No. 333-258757)</div>
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    <div style="font-family: 'Times New Roman',Times,serif; font-size: 11pt;"><br>
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    <div style="margin-bottom: 12pt; font-family: 'Times New Roman',Times,serif; font-size: 11pt;">Dear Ms. Hahn and Mr. Long:</div>
    <div style="text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman',Times,serif; font-size: 11pt;">On behalf of Delaware Investments National Municipal Income Fund (the &#8220;Acquiring Fund&#8221;), submitted herewith
      under the EDGAR system, are the responses to the comments of the staff (the &#8220;Staff&#8221;) of the U.S. Securities and Exchange Commission (the &#8220;Commission&#8221;) that you communicated with regard to the Acquiring Fund&#8217;s Prospectus/Proxy Statement on Form N-14
      (the &#8220;Proxy Statement/Prospectus&#8221;).&#160; The Proxy Statement/Prospectus was filed as part of the proposed reorganizations of Delaware Investments Colorado Municipal Income Fund, Inc. and Delaware Investments Minnesota Municipal Income Fund II, Inc. into
      the Acquiring Fund.</div>
    <div style="text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman',Times,serif; font-size: 11pt;">Each comment from the Staff is summarized below, followed by the Acquiring Fund&#8217;s response to the comment.&#160;
      Terms not defined herein shall have the meaning set forth for that term in the Proxy Statement/Prospectus.</div>
    <div style="margin-left: 6pt; font-family: 'Times New Roman',Times,serif; font-size: 11pt; font-style: italic;">Accounting Comments</div>
    <div style="font-family: 'Times New Roman',Times,serif; font-size: 11pt;"><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="z22c022072d6b4df2b2889a3df5acdfb1" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 12pt; width: 100%; text-align: left; color: #000000;">

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            <div style="text-align: center;">&#160; 1.</div>
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            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><font style="font-size: 11pt; font-family: 'Times New Roman',Times,serif;"><u>Comment</u></font><font style="font-family: 'Times New Roman',Times,serif; font-size: 11pt;">: Confirm that there are no plans for portfolio repositioning as part of the Reorganizations.</font></div>
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    <div>
      <div style="font-family: 'Times New Roman',Times,serif; font-size: 11pt;"><br>
      </div>
      <div style="text-align: justify; margin-left: 36pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><font style="font-size: 11pt; font-family: 'Times New Roman',Times,serif;"><u>Response</u></font><font style="font-family: 'Times New Roman',Times,serif; font-size: 11pt;">: The Acquiring Fund confirms that no portfolio repositioning is planned prior to the Reorganizations.</font></div>
    </div>
    <div style="font-family: 'Times New Roman',Times,serif; font-size: 11pt;"><br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="zc7fb2b6b44ed4e299f5db875b685b6d3" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 12pt; width: 100%; text-align: left; color: #000000;">

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              <div style="margin-left: 18pt;">2.</div>
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              <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><font style="font-size: 11pt; font-family: 'Times New Roman',Times,serif;"><u>Comment:</u></font><font style="font-family: 'Times New Roman',Times,serif; font-size: 11pt;">&#160; Footnote 3 to the fee table indicates that DMC has agreed to waive fees for the Acquiring Fund after the closing date of the Reorganizations.&#160; Confirm that any fee waivers after the
                  Reorganizations will be in place for at least one year.</font></div>
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    <div style="font-family: 'Times New Roman',Times,serif; font-size: 11pt;"><br>
    </div>
    <div style="margin-left: 36pt; font-family: 'Times New Roman',Times,serif; font-size: 11pt;"><u> Response</u>: The Acquiring Fund confirms that there will not be any fee waivers in place after the Reorganizations and all related references in the fee table will be
      deleted.</div>
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    <div style="margin-bottom: 10pt; font-family: 'Times New Roman',Times,serif; font-size: 11pt;"><br>
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    </div>
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      <table cellspacing="0" cellpadding="0" id="zd7c8ca08732f49c49f1b5387928b92ac" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 12pt; width: 100%; text-align: left; color: #000000;">

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              <div style="margin-left: 18pt;">3.</div>
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              <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><font style="font-size: 11pt; font-family: 'Times New Roman',Times,serif;"><u>Comment</u></font><font style="font-family: 'Times New Roman',Times,serif; font-size: 11pt;">: Please remove footnotes 4 and 5 to the fee table as multiple representations of other expenses are generally not permitted.<br>
                </font></div>
              <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><font style="font-family: 'Times New Roman',Times,serif; font-size: 11pt;"> <br>
                </font></div>
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    <div style="margin-left: 36pt; margin-bottom: 10pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><font style="font-size: 11pt; font-family: 'Times New Roman',Times,serif;"><u> Response</u></font><font style="font-family: 'Times New Roman',Times,serif; font-size: 11pt;">: Footnotes 4 and 5 to the fee table will be removed.</font></div>
    <div>
      <table cellspacing="0" cellpadding="0" id="zb621572402744138bf61d6d164ce720b" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 12pt; width: 100%; text-align: left; color: #000000;">

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              <div style="margin-left: 18pt;">4.</div>
            </td>
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              <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><font style="font-size: 11pt; font-family: 'Times New Roman',Times,serif;"><u>Comment</u></font><font style="font-family: 'Times New Roman',Times,serif; font-size: 11pt;">: The capitalization table should be dated as of thirty days of filing.</font></div>
            </td>
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    <div style="margin-left: 36pt; margin-bottom: 10pt; font-family: 'Times New Roman',Times,serif; font-size: 11pt;"><br>
      <u>Response</u>: The Acquiring Fund confirms that the capitalization table is dated as of thirty days of filing.</div>
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              <div style="margin-left: 18pt;">5.</div>
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              <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><font style="font-size: 11pt; font-family: 'Times New Roman',Times,serif;"><u>Comment</u></font><font style="font-family: 'Times New Roman',Times,serif; font-size: 11pt;">: In the SAI, please hyperlink all items to be incorporated by reference.</font></div>
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    <div style="font-family: 'Times New Roman',Times,serif; font-size: 11pt;"><br>
    </div>
    <div style="margin-left: 36pt;"><font style="font-size: 11pt; font-family: 'Times New Roman',Times,serif;"><u>Response</u>: The requested changes will be made.<br>
      </font><font style="font-family: 'Times New Roman',Times,serif; font-size: 11pt;"><br>
      </font></div>
    <div style="text-indent: -36pt; margin-right: 15.95pt; margin-left: 42pt; font-family: 'Times New Roman',Times,serif; font-size: 11pt; font-style: italic;">Legal Comments</div>
    <div style="font-family: 'Times New Roman',Times,serif; font-size: 11pt;"><br>
    </div>
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            <div style="text-align: center;">&#160; 6.</div>
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            <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><font style="font-size: 11pt; font-family: 'Times New Roman',Times,serif;"><u>Comment</u></font><font style="font-family: 'Times New Roman',Times,serif; font-size: 11pt;">: In the letter to shareholders, following the statement that begins &#8220;The investment objectives, strategies, and risks of Delaware Investments Colorado Municipal Income Fund, Inc. and Delaware
                Investments Minnesota Municipal Income Fund II, Inc. (each, an Acquired Fund and together, the Acquired Funds) are similar . . .&#8221;, describe the implication of the potential change from a state-specific to a national investment mandate in
                more detail.</font></div>
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    <div style="font-family: 'Times New Roman',Times,serif; font-size: 11pt;"><br>
    </div>
    <div style="margin-left: 36pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><font style="font-size: 11pt; font-family: 'Times New Roman',Times,serif;"><u>Response</u></font><font style="font-family: 'Times New Roman',Times,serif; font-size: 11pt;">: The requested change will be made.</font></div>
    <div style="font-family: 'Times New Roman',Times,serif; font-size: 11pt;"><br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="z5d5a2e156b2e4f08853cfef83682b772" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 12pt; width: 100%; text-align: left; color: #000000;">

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              <div style="margin-left: 18pt;">7.</div>
            </td>
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              <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><font style="font-size: 11pt; font-family: 'Times New Roman',Times,serif;"><u>Comment</u></font><font style="font-family: 'Times New Roman',Times,serif; font-size: 11pt;">: In the letter to shareholders, following the statement that &#8220;Shareholders may sell their shares at any time prior to the closing of the relevant Reorganization (or shares of the Acquiring Fund
                  received as part of the Reorganization),&#8221; disclose related costs.</font></div>
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    <div style="font-family: 'Times New Roman',Times,serif; font-size: 11pt;"><br>
    </div>
    <div style="margin-left: 36pt;"><font style="font-size: 11pt; font-family: 'Times New Roman',Times,serif;"><u>Response</u>: The requested change will be made.<br>
      </font><font style="font-family: 'Times New Roman',Times,serif; font-size: 11pt;"><br>
      </font></div>
    <div>
      <table cellspacing="0" cellpadding="0" id="z390c7ddd54cb4d36a91582ee6ef08f68" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 12pt; width: 100%; text-align: left; color: #000000;">

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              <div style="margin-left: 18pt;">8.</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><font style="font-size: 11pt; font-family: 'Times New Roman',Times,serif;"><u>Comment</u></font><font style="font-family: 'Times New Roman',Times,serif; font-size: 11pt;">: On pages 3 and 4 of the Proxy Statement/Prospectus, under &#8220;What are the Boards&#8217; recommendation regarding the Proposals?&#8221;, disclose whether the respective sizes of the Funds was a factor
                  considered.<br>
                </font></div>
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    </div>
    <div style="margin-left: 36pt;"><font style="font-size: 11pt; font-family: 'Times New Roman',Times,serif;"><u> <br>
        </u></font></div>
    <div style="margin-left: 36pt;"><font style="font-size: 11pt; font-family: 'Times New Roman',Times,serif;"><u>Response</u>: The requested changes will be made.<br>
      </font><font style="font-family: 'Times New Roman',Times,serif; font-size: 11pt;"><br>
      </font></div>
    <div>
      <table cellspacing="0" cellpadding="0" id="z792e4d1eda7f489aa5cdb338afaf9d1b" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 12pt; width: 100%; text-align: left; color: #000000;">

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              <div style="margin-left: 18pt;">9.</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><font style="font-size: 11pt; font-family: 'Times New Roman',Times,serif;"><u>Comment</u></font><font style="font-family: 'Times New Roman',Times,serif; font-size: 11pt;">: Please disclose whether shareholders will receive a state specific breakdown of Fund investments after the Reorganizations to enable passed through state tax-exempt benefits.</font></div>
            </td>
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      </table>
    </div>
    <div style="font-family: 'Times New Roman',Times,serif; font-size: 11pt;"><br>
    </div>
    <div style="margin-right: 15.95pt; margin-left: 36pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><font style="font-size: 11pt; font-family: 'Times New Roman',Times,serif;"><u>Response</u></font><font style="font-family: 'Times New Roman',Times,serif; font-size: 11pt;">: The disclosure will be revised to indicate that information regarding the state specific breakdown of Fund investments is provided in the Tax Center on Macquarie&#8217;s
        website (https://www.delawarefunds.com/account/tax-information/fund-tax-data/tax-free-funds-income-by-state-percentages) for shareholders to determine, what, if any portion of the Acquiring Fund is tax-exempt for state income tax purposes.</font></div>
    <div style="font-family: 'Times New Roman',Times,serif; font-size: 11pt;"><br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="z41aa0f1b13e84e88a3f873917c65129d" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 12pt; width: 100%; text-align: left; color: #000000;">

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              <div style="margin-left: 18pt;">10.</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><font style="font-size: 11pt; font-family: 'Times New Roman',Times,serif;"><u>Comment</u></font><font style="font-family: 'Times New Roman',Times,serif; font-size: 11pt;">: Consider reconfiguring the risk table on page 11 of the Proxy Statement/Prospectus to show checkmarks if specific risks are applicable for each Fund.</font></div>
            </td>
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      </table>
    </div>
    <div style="font-family: 'Times New Roman',Times,serif; font-size: 11pt;"><br>
    </div>
    <div style="margin-right: 15.95pt; margin-left: 36pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><font style="font-size: 11pt; font-family: 'Times New Roman',Times,serif;"><u>Response</u></font><font style="font-family: 'Times New Roman',Times,serif; font-size: 11pt;">: The requested changes will be made.</font></div>
    <div style="margin-right: 15.95pt; margin-left: 36pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><font style="font-family: 'Times New Roman',Times,serif; font-size: 11pt;"> <br>
      </font></div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 12pt; margin-bottom: 12pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 10pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">2</font></div>
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              <div style="margin-left: 18pt;">11.</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><font style="font-size: 11pt; font-family: 'Times New Roman',Times,serif;"><u>Comment</u></font><font style="font-family: 'Times New Roman',Times,serif; font-size: 11pt;">: Provide the performance numbers on page 28 of the Proxy Statement/Prospectus.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="font-family: 'Times New Roman',Times,serif; font-size: 11pt;"><br>
    </div>
    <div style="margin-left: 36pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><font style="font-size: 11pt; font-family: 'Times New Roman',Times,serif;"><u>Response</u></font><font style="font-family: 'Times New Roman',Times,serif; font-size: 11pt;">: The Funds&#8217; performance numbers will be provided in the next filing.</font></div>
    <div style="font-family: 'Times New Roman',Times,serif; font-size: 11pt;"><br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="za8bbb285ed8649a1813b2642132f756c" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 12pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 36pt; vertical-align: top; font-family: 'Times New Roman',Times,serif; font-size: 11pt;">
              <div style="margin-left: 18pt;">12.</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><font style="font-size: 11pt; font-family: 'Times New Roman',Times,serif;"><u>Comment</u></font><font style="font-family: 'Times New Roman',Times,serif; font-size: 11pt;">: One page 28 of the Proxy Statement/Prospectus, briefly discuss the impact of the Reorganizations on preferred shares, including whether preferred shareholders get a vote and will receive new
                  shares with substantially similar terms.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="font-family: 'Times New Roman',Times,serif; font-size: 11pt;"><br>
    </div>
    <div style="margin-left: 36pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><font style="font-size: 11pt; font-family: 'Times New Roman',Times,serif;"><u>Response</u></font><font style="font-family: 'Times New Roman',Times,serif; font-size: 11pt;">: The requested changes will be made.</font></div>
    <div style="font-family: 'Times New Roman',Times,serif; font-size: 11pt;"><br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="zf78c928d94404e15aa32cf7c42bd6352" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 12pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 36pt; vertical-align: top; font-family: 'Times New Roman',Times,serif; font-size: 11pt;">
              <div style="margin-left: 18pt;">13.</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><font style="font-size: 11pt; font-family: 'Times New Roman',Times,serif;"><u>Comment</u></font><font style="font-family: 'Times New Roman',Times,serif; font-size: 11pt;">: Please confirm that shareholder demand as disclosed under &#8220;Derivative and Direct Claims of Shareholders&#8221; on page 45 of the Proxy Statement/Prospectus, is the only limitation on a shareholder&#8217;s
                  ability to bring claims against the Funds. Describe any provisions of the Acquiring Fund&#8217;s Declaration of Trust that limits shareholders with respect to claims under the federal securities laws.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="font-family: 'Times New Roman',Times,serif; font-size: 11pt;"><br>
    </div>
    <div style="margin-left: 36pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><font style="font-size: 11pt; font-family: 'Times New Roman',Times,serif;"><u>Response</u></font><font style="font-family: 'Times New Roman',Times,serif; font-size: 11pt;">: The Funds confirm that shareholder demand as disclosed on page 45 of the Proxy Statement/Prospectus is the only limitation on shareholder&#8217;s ability to bring claims against the Funds.&#160; The
        Acquiring Fund confirms that its Declaration of Trust does not limit shareholders with respect to claims under the federal securities laws.</font></div>
    <div style="font-family: 'Times New Roman',Times,serif; font-size: 11pt;"><br>
    </div>
    <div style="font-family: 'Times New Roman',Times,serif; font-size: 11pt;"><br>
    </div>
    <div style="text-align: center; margin-right: 158.9pt; margin-left: 163.3pt;"><font style="font-size: 11pt; font-family: 'Times New Roman',Times,serif;">*</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 11pt; width: 35.7pt; font-family: 'Times New Roman',Times,serif;">&#160;</font><font style="font-size: 11pt; font-family: 'Times New Roman',Times,serif;">*<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; width: 36pt;">&#160;</font>*<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; width: 36pt;">&#160;</font>*<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; width: 36pt;">&#160;</font>*</font></div>
    <div style="margin-bottom: 12pt; font-family: 'Times New Roman',Times,serif; font-size: 11pt;"><br>
    </div>
    <div style="text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman',Times,serif; font-size: 11pt;">Please do not hesitate to contact me at (215) 564-8071 or Mena Larmour at (215) 564-8014 if you have any
      questions or wish to discuss any of the responses presented above.</div>
    <table cellspacing="0" cellpadding="0" id="z111a2f8ca3c34701a094e3be7c1516d0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 53.9%; vertical-align: top;">&#160;</td>
          <td style="width: 46.1%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">Very truly yours,</div>
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;"> <br>
            </div>
          </td>
        </tr>
        <tr>
          <td style="width: 53.9%; vertical-align: top;">&#160;</td>
          <td style="width: 46.1%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 53.9%; vertical-align: top;">&#160;</td>
          <td style="width: 46.1%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;"><u>/s/Taylor Brody</u></div>
          </td>
        </tr>
        <tr>
          <td style="width: 53.9%; vertical-align: top;">&#160;</td>
          <td style="width: 46.1%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">Taylor Brody</div>
          </td>
        </tr>

    </table>
  </div>
  <div><br>
  </div>
  <div><br>
  </div>
  <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 10pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">3</font></div>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
