<SEC-DOCUMENT>0001821268-21-000436.txt : 20220104
<SEC-HEADER>0001821268-21-000436.hdr.sgml : 20220104
<ACCEPTANCE-DATETIME>20211027190738
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001821268-21-000436
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20211027

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Guggenheim Active Allocation Fund
		CENTRAL INDEX KEY:			0001864208
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0531

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		227 W. MONROE STREET
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60606
		BUSINESS PHONE:		800-345-7999

	MAIL ADDRESS:	
		STREET 1:		227 W. MONROE STREET
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60606
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
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      <div>October 27, 2021</div>
      <div><br>
      </div>
      <div style="font-weight: bold;">VIA EDGAR</div>
      <div><br>
      </div>
      <div>Mr. DeCarlo McLaren</div>
      <div>U.S. Securities and Exchange Commission</div>
      <div>Division of Investment Management</div>
      <div>100 F Street, NE</div>
      <div>Washington, D.C. 20549</div>
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                <td style="width: 22.3pt; vertical-align: top; align: right;"><font style="font-family: 'Times New Roman';">Re:</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 22.3pt; font-family: 'Times New Roman';">&#160;</font></td>
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                <td style="width: auto; vertical-align: top; font-family: 'Times New Roman';">Guggenheim Active Allocation Fund (File Nos. 333-256687; 811-23702)</td>
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      <div style="text-indent: 13.7pt; margin-right: 5.75pt; margin-left: 22.3pt;">&#160;(the &#8220;Registrant&#8221;)</div>
      <div style="text-indent: -22.3pt; margin-right: 5.75pt; margin-left: 22.3pt;"><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt;">&#160;</font><br>
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      <div>Dear Mr. McLaren:</div>
      <div><br>
      </div>
      <div style="text-align: justify;">On behalf of the Registrant, we wish to respond by this letter to comments of the U.S. Securities and Exchange Commission (&#8220;SEC&#8221;) staff conveyed via telephone to James Catano of Dechert LLP on October 7, 2021 and
        October 12, 2021, regarding Pre-Effective Amendment No. 1 under the Securities Act of 1933 and Amendment No. 1 under the Investment Company Act of 1940 to the Registrant&#8217;s registration statement filed on Form N-2.&#160; Throughout this letter,
        capitalized terms have the same meaning as in the filing, unless otherwise noted. A summary of the SEC staff&#8217;s comment, followed by the response of the Registrant, is set forth below.</div>
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            <td style="width: 72pt; vertical-align: top; font-family: 'Times New Roman';">Comment 1:</td>
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              <div>We note that the Prospectus Summary section is 47 pages long. Please further summarize these disclosures or explain supplementally the rationale for the current length of the Prospectus Summary section.&#160; <font style="font-style: italic;">See </font>Instruction to Item 3.2 of Form N-2.</div>
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            <td style="width: 72pt; vertical-align: top; font-family: 'Times New Roman';">Response:</td>
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              <div><font style="font-family: 'Times New Roman';">The Registrant carefully considered this comment and believes that the current length of the Prospectus Summary is appropriate. The Registrant notes that the Prospectus Summary </font><font style="font-family: 'Times New Roman';">is of a length and substance consistent with other closed-end fund prospectus summaries in the initial public offering context.</font></div>
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            <td style="width: 72pt; vertical-align: top; font-family: 'Times New Roman';">Comment 2:</td>
            <td style="width: auto; vertical-align: top; text-align: justify; font-family: 'Times New Roman';">
              <div>Please include disclosure in the registration statement or acknowledge supplementally that Delaware has not expressly adopted a control share acquisition statute and that the Staff Statement regarding Control Share Acquisition Statutes,
                dated May 27, 2020, does not extend to the Registrant&#8217;s specific circumstances.</div>
            </td>
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      <div style="text-align: justify; text-indent: -72pt; margin-left: 72pt;">&#160;</div>
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            <td style="width: 72pt; vertical-align: top; font-family: 'Times New Roman';">Response:</td>
            <td style="width: auto; vertical-align: top; text-align: justify; font-family: 'Times New Roman';">
              <div>The Registrant acknowledges that that Delaware has not expressly adopted a control share acquisition statute and that the Staff Statement regarding Control Share Acquisition Statutes, dated May 27, 2020, does not extend to the
                Registrant&#8217;s specific circumstances.</div>
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            <td style="width: 72pt; vertical-align: top; font-family: 'Times New Roman';">Comment 3:</td>
            <td style="width: auto; vertical-align: top; text-align: justify; font-family: 'Times New Roman';">
              <div>Please consider moving the Consideration of ESG Criteria paragraphs from the Statement of Additional Information to the section of the Prospectus responding to Item 8 of Form N-2.&#160; Please also consider whether to describe the ESG
                criteria that the Sub-Adviser uses from third-party research.</div>
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            <td style="width: 72pt; vertical-align: top; font-family: 'Times New Roman';">Response:</td>
            <td style="width: auto; vertical-align: top; text-align: justify; font-family: 'Times New Roman';">
              <div>The Registrant carefully considered this comment and believes that, based on Form N-2 items and disclosure standards, the Consideration of ESG Criteria paragraphs are currently correctly placed within disclosure responding to Item 17 of
                Form N-2 and adequately describe the Sub-Adviser&#8217;s current consideration of ESG criteria.</div>
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      <div style="text-align: center;">*&#160; &#160; &#160; *&#160; &#160; &#160; *</div>
      <div><br>
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      <div style="text-align: justify;">Please call the undersigned or Allison Fumai at Dechert LLP at 212.698.3526 or James Catano at Dechert LLP at 202.261.3376 with any questions or comments regarding this letter, or if they may assist you in any way.</div>
      <div><br>
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      <div style="margin-left: 216pt;">Sincerely,</div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div style="margin-left: 216pt;"><u>/s/ </u><u>Mark Mathiasen</u></div>
      <div style="margin-left: 216pt;">Mark Mathiasen</div>
      <div style="text-indent: 36pt; margin-left: 180pt;">Secretary</div>
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