<SEC-DOCUMENT>0001398344-18-005200.txt : 20180611
<SEC-HEADER>0001398344-18-005200.hdr.sgml : 20180611
<ACCEPTANCE-DATETIME>20180404154503
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001398344-18-005200
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20180404

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ALPS ETF Trust
		CENTRAL INDEX KEY:			0001414040
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1130

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		P.O. Box 328
		CITY:			Denver
		STATE:			CO
		ZIP:			80201-0328
		BUSINESS PHONE:		303.623.2577

	MAIL ADDRESS:	
		STREET 1:		P.O. Box 328
		CITY:			Denver
		STATE:			CO
		ZIP:			80201-0328

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			LIBERTY ALL STAR GROWTH FUND INC.
		CENTRAL INDEX KEY:			0000786035
		IRS NUMBER:				521452208
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		C/O ALPS FUND SERVICES, INC.
		STREET 2:		P.O. BOX 328
		CITY:			DENVER
		STATE:			CO
		ZIP:			80201-0328
		BUSINESS PHONE:		303.623.2577

	MAIL ADDRESS:	
		STREET 1:		C/O ALPS FUND SERVICES, INC.
		STREET 2:		P.O. BOX 328
		CITY:			DENVER
		STATE:			CO
		ZIP:			80201-0328

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	LIBERTY ALL STAR GROWTH FUND INC /MD/
		DATE OF NAME CHANGE:	19960612

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ALLMON CHARLES TRUST INC
		DATE OF NAME CHANGE:	19920703

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	GROWTH STOCK OUTLOOK TRUST INC
		DATE OF NAME CHANGE:	19910807

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			LIBERTY ALL STAR EQUITY FUND
		CENTRAL INDEX KEY:			0000799195
		IRS NUMBER:				042935840
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		C/O ALPS FUND SERVICES, INC.
		STREET 2:		P.O. BOX 328
		CITY:			DENVER
		STATE:			CO
		ZIP:			80201-0328
		BUSINESS PHONE:		303.623.2577

	MAIL ADDRESS:	
		STREET 1:		C/O ALPS FUND SERVICES, INC.
		STREET 2:		P.O. BOX 328
		CITY:			DENVER
		STATE:			CO
		ZIP:			80201-0328

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			RIVERNORTH OPPORTUNITIES FUND, INC.
		CENTRAL INDEX KEY:			0001501072
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		325 NORTH LASALLE STREET
		STREET 2:		SUITE 645
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60654
		BUSINESS PHONE:		312-832-1440

	MAIL ADDRESS:	
		STREET 1:		325 NORTH LASALLE STREET
		STREET 2:		SUITE 645
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60654

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	RIVERNORTH TACTICAL OPPORTUNITIES FUND, INC.
		DATE OF NAME CHANGE:	20100909

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Principal Real Estate Income Fund
		CENTRAL INDEX KEY:			0001557523
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		1290 BROADWAY
		STREET 2:		SUITE 1100
		CITY:			DENVER
		STATE:			CO
		ZIP:			80203
		BUSINESS PHONE:		303-623-2577

	MAIL ADDRESS:	
		STREET 1:		1290 BROADWAY
		STREET 2:		SUITE 1100
		CITY:			DENVER
		STATE:			CO
		ZIP:			80203

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Principal Commercial Mortgage Backed Securities Income Fund
		DATE OF NAME CHANGE:	20120907

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Principal Commercial Mortgage Backed Securities Fund
		DATE OF NAME CHANGE:	20120905

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			FINANCIAL INVESTORS TRUST
		CENTRAL INDEX KEY:			0000915802
		IRS NUMBER:				841255767
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0430

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		P.O. BOX 328
		CITY:			DENVER
		STATE:			CO
		ZIP:			80201-0328
		BUSINESS PHONE:		3036232577

	MAIL ADDRESS:	
		STREET 1:		P.O. BOX 328
		CITY:			DENVER
		STATE:			CO
		ZIP:			80201-0328

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	FGIC PUBLIC TRUST
		DATE OF NAME CHANGE:	19940325

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	FEDERAL PUBLIC TRUST
		DATE OF NAME CHANGE:	19931206

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ALPS Variable Investment Trust
		CENTRAL INDEX KEY:			0001382990
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		P.O. BOX 328
		CITY:			DENVER
		STATE:			CO
		ZIP:			80201-0328
		BUSINESS PHONE:		303-623-2577

	MAIL ADDRESS:	
		STREET 1:		P.O. BOX 328
		CITY:			DENVER
		STATE:			CO
		ZIP:			80201-0328

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Financial Investors Variable Insurance Trust
		DATE OF NAME CHANGE:	20061207
</SEC-HEADER>
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<SEQUENCE>1
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<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-variant: small-caps">Skadden,
Arps, Slate, Meagher &amp; Flom llp</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="text-transform: uppercase">155
North Wacker Drive</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="text-transform: uppercase">Chicago,
Illinois 60606-1720</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="text-transform: uppercase"></FONT></P>

<!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 10%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="text-transform: uppercase"></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">TEL: (312) 407-0700</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">FAX: (312) 407-0411</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">www.skadden.com</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD STYLE="width: 25%">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">DIRECT DIAL</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">312.407.0641</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">DIRECT FAX</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">312.827.9362</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">EMAIL ADDRESS</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">KEVIN.HARDY@SKADDEN.COM</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD>
    <TD STYLE="vertical-align: top; width: 50%; font-size: 11pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 25%">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">FIRM/AFFILIATE OFFICES</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">-----------</P>
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        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">LOS ANGELES</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NEW YORK</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">PALO ALTO</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">WASHINGTON, D.C.</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">WILMINGTON</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">-----------</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">BEIJING</P>
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        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">HONG KONG</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">LONDON</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">MOSCOW</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">MUNICH</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">PARIS</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">S&Atilde;O PAULO</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">SEOUL</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">SHANGHAI</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">SINGAPORE</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">TOKYO</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">TORONTO</P></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">April 4, 2018</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Deborah O'Neal-Johnson</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">U.S. Securities and Exchange Commission</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Division of Investment Management</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">100 F Street, N.E.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Washington, D.C. 20549-4644</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">RE:</TD><TD STYLE="border-bottom: Black 1pt solid">ALPS ETF Trust (File No. 811-22175) (&ldquo;ALPSE&rdquo;)<BR>
ALPS Variable Investment Trust (File No. 811-21987) (&ldquo;AVIT&rdquo;)<BR>
Financial Investors Trust (File No. 811-08194) (&ldquo;FIT&rdquo;)<BR>
Liberty All Star Equity Fund (File No. 811-04809) (&ldquo;USA&rdquo;)<BR>
Liberty All Star Growth Fund Inc. (File No. 811-04537) (&ldquo;ASG&rdquo;)<BR>
Principal Real Estate Income Fund (File No. 811-22742) (&ldquo;PGZ&rdquo;)<BR>
RiverNorth Opportunities Fund, Inc. (File No. 811-22472) (&ldquo;RIV&rdquo;) (collectively, the &ldquo;Funds&rdquo;)<BR>
 Preliminary
Proxy Statements filed March 23, 2018</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Dear Ms. O'Neal-Johnson:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Thank you for your comments received by telephone
on March 29, 2018 with respect to the preliminary proxy statement (each a &ldquo;Preliminary Proxy Statement&rdquo;) filed by each
Fund on March 23, 2018 with the Securities and Exchange Commission (&ldquo;SEC&rdquo;) pursuant to the Securities Exchange Act
of 1934, as amended. On behalf of each Fund, we have summarized your comments to the best of our understanding and provided our
responses to your comments below. Revisions noted in our responses below will be reflected in the definitive proxy statements (each
a &ldquo;Definitive Proxy Statement&rdquo;) to be filed by each Fund. Capitalized terms used but not defined in this letter have
the meanings set forth in each Preliminary Proxy Statement.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">U.S. Securities and Exchange Commission</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">April 4, 2018</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Page 2</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><I><U>Generally Applicable Comments</U></I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><I>&nbsp;</I></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in; text-align: left"><B>Comment 1.</B></TD><TD STYLE="text-align: justify"><B>We remind you that each Fund and its management are
responsible for the accuracy and adequacy of their disclosures, notwithstanding any review, comments, action, or absence of action
or comment by the SEC staff.</B></TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -1in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">Response</TD><TD>Each Fund notes your comment.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in; text-align: left"><B>Comment 2.</B></TD><TD STYLE="text-align: justify"><B>Certain Preliminary Proxy Statements include disclosure
noting that shareholders may vote to adjourn the Meeting, but also that the chair of the Meeting may propose one or more adjournments
of the Meeting to permit further solicitation of proxies. Please review and clarify disclosure regarding the mechanism to adjourn
the Meeting. To the extent shareholders will vote to adjourn the meeting, please revise the proxy statement to include a proposal
to approve such adjournments and revise the proxy card to provide a mechanism for shareholders to vote for or against such adjournments.</B></TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -1in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">Response</TD><TD>The Funds have revised the disclosure to reflect that the chair of the Meeting may propose one or more adjournments of the
Meeting to permit further solicitation of proxies and have deleted disclosure suggesting that shareholders would vote for adjournments.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in; text-align: left"><B>Comment 3.</B></TD><TD STYLE="text-align: justify"><B>In the third paragraph of the shareholder letter,
review and revise the disclosure regarding the proposed corporate transaction among DST Systems, Inc., SS&amp;C Technologies Holdings,
Inc. and Diamond Merger Sub, Inc. to clarify which entities will survive the merger and the post-merger corporate structure of
the surviving entities. Specifically, we noted that the statement &ldquo;pursuant to which Merger Sub will merge with and into
DST (the &lsquo;Transaction&rsquo;), with DST surviving as an indirect wholly owned subsidiary of SS&amp;C&rdquo; may be confusing
as it may suggest that DST will be the surviving ultimate parent company.</B></TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -1in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">Response</TD><TD>The Funds note that DST Systems, Inc. will be the survivor of the merger of DST Systems, Inc. into Merger Sub and upon the
closing of that merger between DST Systems, Inc. and Merger Sub, DST Systems, Inc. will be a wholly owned subsidiary of SS&amp;C.
The Funds have revised the disclosure as requested to clarify the post-merger corporate structure. As a result, the text referenced
above has been revised as follows: &ldquo;pursuant to which Merger Sub will merge with and into DST (the &lsquo;Transaction&rsquo;),
and as a result DST will become an indirect wholly owned subsidiary of SS&amp;C.&rdquo;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in; text-align: left"><B>Comment 4.</B></TD><TD STYLE="text-align: justify"><B>As noted in Comment 2, to the extent shareholders
will vote to adjourn the meeting, please revise the proxy statement to include a proposal to approve such adjournments and revise
the proxy card to provide a mechanism for shareholders to vote for or against such adjournments. If shareholders will not vote
to adjourn the meeting, revise each Preliminary Proxy Statement for a Special Meeting of Shareholders to delete the final proposal
&ldquo;To transact any other business as may properly come before the Meeting or any adjournment(s), postponement(s) or delay(s)
thereof.&rdquo;</B></TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -1in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">Response</TD><TD>The Funds have revised the disclosure to reflect that the chair of the Meeting may propose one or more adjournments of the
Meeting to permit further solicitation of proxies and have deleted disclosure suggesting that shareholders would vote for adjournments.
As a result, each Proxy Statement for a Special Meeting of Shareholders has been revised to delete the numbered proposal &ldquo;To
transact any other business as may properly come before the Meeting or any adjournment(s), postponement(s) or delay(s) thereof.&rdquo;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -1in">&nbsp;</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">U.S. Securities and Exchange Commission</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">April 4, 2018</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Page 3</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in; text-align: left"><B>Comment 5.</B></TD><TD STYLE="text-align: justify"><B>The Preliminary Proxy Statements include disclosure
noting that there can be no assurance that any particular employee of ALPS Advisors or of a Sub-Adviser will choose to remain
employed by the respective firm before or after the Closing. Please emphasize this disclosure using italics or bold font throughout
the proxy statement.</B></TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -1in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">Response</TD><TD>The Funds have emphasized the disclosure as requested.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in; text-align: left"><B>Comment 6.</B></TD><TD STYLE="text-align: justify"><B>The Preliminary Proxy Statements include disclosure
noting that the Board and ALPS Advisors are not proposing any changes to the existing service providers at this time. Please disclose
if there are any anticipated or planned changes to the existing service providers, even if not being proposed at this time.</B></TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -1in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">Response</TD><TD>There are not any anticipated or planned changes to existing service providers. The Funds have revised disclosure accordingly
to state that &ldquo;No changes to the Funds&rsquo; existing service providers are proposed, planned or anticipated by the Board
of Trustees and ALPS Advisors at this time.&rdquo;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in; text-align: left"><B>Comment 7.</B></TD><TD STYLE="text-align: justify"><B>Please confirm to the staff that each Preliminary
Proxy Statement provides the information required by Item 22(c) of Schedule 14A.</B></TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -1in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">Response</TD><TD>The Funds have reviewed the disclosure in the Preliminary Proxy Statements and confirm that, subject to the revisions discussed
herein, the Definitive Proxy Statements provide the information required by Item 22(c) of Schedule 14A.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in; text-align: left"><B>Comment 8.</B></TD><TD STYLE="text-align: justify"><B>Review disclosure regarding the Board&rsquo;s consideration
of the new advisory agreements and new sub-advisory agreement to ensure that the disclosure provides the information required
by Item 22(c)(11) of Schedule 14A. Specifically, describe whether the Board considered past performance, economies of scale and
the other factors identified in Item 22(c)(11)(i), or if the Board did not consider any such factor, explain why such factor was
not considered.</B></TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -1in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">Response</TD><TD>The Funds have reviewed the disclosure regarding the Board&rsquo;s consideration of the new advisory and sub-advisory agreements.
Where applicable, the Funds have revised to address the Board&rsquo;s consideration of each of the relevant factors identified
in Item 22(c)(11)(i) in connection with their approval of the new advisory agreements and new sub-advisory agreements.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -1in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -1in"><I><U>Comments Applicable to USA and
ASG</U></I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in; text-align: left"><B>Comment 9.</B></TD><TD STYLE="text-align: justify"><B>In the shareholder letter, revise disclosure or add
paragraph headings to clarify how the transactions described in the shareholder letter correspond to the numbered proposals in
the proxy statement.</B></TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -1in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">Response</TD><TD>The Funds have revised the disclosure using subheadings to provide clarity.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -1in">&nbsp;</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">U.S. Securities and Exchange Commission</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">April 4, 2018</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Page 4</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in; text-align: left"><B>Comment 10.</B></TD><TD STYLE="text-align: justify"><B>In the USA and AGS Preliminary Proxy Statement, revise
the wording of proposal 3 so that it is consistent with the wording used in proposals 1 and 2.</B></TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -1in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">Response</TD><TD>The Funds have revised the disclosure as requested.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -1in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><I><U>Comments Applicable to ALPSE, AVIT and FIT Regarding the Manager
of Managers Proposal</U></I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><I>&nbsp;</I></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in; text-align: left"><B>Comment 11.</B></TD><TD STYLE="text-align: justify"><B>In the Questions and Answers section, under &ldquo;Why
am I being asked to vote on the Manager of Managers Proposal?&rdquo; explain in plain English that shareholder approval would
no longer be required to add or change sub-advisers.</B></TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -1in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">Response</TD><TD>The disclosure has been revised as requested. Specifically, the Funds have made the following revisions: &ldquo;would provide
ALPS Advisors the flexibility to enter into and materially amend sub-advisory agreements in the future with wholly-owned sub-advisers
and unaffiliated sub-advisers, with the approval of the Board of Trustees, but without <U>obtaining approval from Shareholders,
which will allow the Funds to avoid</U> the costs and delays associated with holding a Shareholder meeting.&rdquo;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in; text-align: left"><B>Comment 12.</B></TD><TD STYLE="text-align: justify"><B>In the Questions and Answers section, under &ldquo;Why
am I being asked to vote on the Manager of Managers Proposal?&rdquo; please disclose if there are any anticipated or planned changes
to the existing sub-advisory arrangement, even though none are proposed at this time.</B></TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -1in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">Response</TD><TD>There are not any anticipated or planned changes to the existing service providers. The Funds have revised disclosure accordingly
to state that &ldquo;No changes to any Fund&rsquo;s existing sub-advisory arrangement are proposed, planned or anticipated at this
time.&rdquo;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -1in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><I><U>Comments Applicable to PGZ Regarding the Election of Trustees
Proposal</U></I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><I>&nbsp;</I></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in; text-align: left"><B>Comment 13.</B></TD><TD STYLE="text-align: justify"><B>Please revise the proxy card to allow shareholders
to vote on each Trustee nominee individually.</B></TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -1in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">Response</TD><TD>The PGZ proxy card has been revised to provide shareholders the ability to vote FOR or WITHHOLD for each individual Trustee
nominee by marking the appropriate box next to each Trustee nominee&rsquo;s name.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -1in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">* &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We also note that additional disclosure will
be added to the Definitive Proxy Statement for ALPS ETF Trust in the discussion of the Interim Advisory Agreements to explain that
each Fund pays to ALPS Advisors a unitary management fee. In the event that a Fund enters into an Interim Advisory Agreement, in
order to avoid any potential disruption of services provided to the Funds by unaffiliated third party service providers, the Board
of Trustees has approved each Fund paying certain unaffiliated services providers directly and ALPS Advisors has agreed to waive
a corresponding portion of the advisory fee. The disclosure to be added to the Definitive Proxy Statement is:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">Pursuant to the Existing Advisory Agreement, each Fund
pays ALPS Advisors a unitary management fee designed to pay substantially all the Fund&rsquo;s expenses and to compensate ALPS
Advisors for providing services for the Fund. Out of the unitary management fee, ALPS Advisors pays substantially all expenses
of the Fund, including the cost of transfer agency, custody, fund administration, legal, audit and other services, except for interest
expenses, distribution fees or expenses, brokerage expenses, taxes and extraordinary expenses not incurred in the ordinary course
of the Fund&rsquo;s business. Under the Interim Advisory Agreement, the fee paid to ALPS Advisors would be held in escrow. Therefore,
in order to avoid any potential disruption of services provided to the Funds, the Board has approved each Fund compensating certain
third party service providers directly during the term of the Interim Advisory Agreement. ALPS Advisors has contractually agreed
to waive an amount of the management fee equal to the amount of any such compensation paid by the Fund directly to third party
service providers. Amounts waived by ALPS Advisors pursuant to this waiver will not be subject to recoupment by ALPS Advisors.
Such arrangements will allow each Fund to continue to receive necessary services from its service providers during the term of
the Interim Advisory Agreement and will not result in an increase in total expenses incurred by such Fund.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">* &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">U.S. Securities and Exchange Commission</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">April 4, 2018</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Page 5</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Should you have any additional comments or concerns,
please do not hesitate to call Andrea Kuchli of ALPS Advisors, Inc. at (720) 917-0992 or the undersigned at (312) 407-0641.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in; width: 50%">&nbsp;</TD>
    <TD STYLE="text-indent: 0in; width: 35%"><FONT STYLE="font-size: 11pt">Sincerely,</FONT></TD>
    <TD STYLE="text-indent: 0in; width: 15%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-indent: 0in; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt">/s/ Kevin T. Hardy</FONT></TD>
    <TD STYLE="text-indent: 0in"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in"><FONT STYLE="font-size: 11pt">Kevin T. Hardy</FONT></TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">cc:</TD><TD>Andrea Kuchli, ALPS Advisors, Inc.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0in">Rick Noyes, ALPS Advisors, Inc.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>



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