AS FILED WITH THE SECURITIES AND EXCHANGE COMMISSION ON MARCH 7, 2018

1933 ACT FILE NO. 333-222401
1940 ACT FILE NO. 811 - 03763
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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

-------------------------
REGISTRATION STATEMENT ON
FORM S-6
AMENDMENT NO. 1
-------------------------

FOR REGISTRATION UNDER THE SECURITIES ACT OF 1933 OF
SECURITIES OF UNIT INVESTMENT TRUSTS

REGISTERED ON FORM N-8B-2

A. EXACT NAME OF TRUST: GUGGENHEIM DEFINED PORTFOLIOS, SERIES 1727

B. NAME OF DEPOSITOR: GUGGENHEIM FUNDS DISTRIBUTORS, LLC

C. COMPLETE ADDRESS OF DEPOSITOR'S PRINCIPAL EXECUTIVE OFFICES:

Guggenheim Funds Distributors, LLC
2455 Corporate West Drive
Lisle, Illinois 60532

D. NAME AND COMPLETE ADDRESS OF AGENT FOR SERVICE:

Copies to:

AMY LEE, ESQ. ERIC F. FESS, ESQ.
Vice President and Secretary Chapman and Cutler LLP
Guggenheim Funds Distributors, LLC 111 West Monroe Street
2455 Corporate West Drive Chicago, Illinois 60603
Lisle, Illinois 60532 (312) 845-3000
(630) 505-3700

It is proposed that this filing will become effective (check appropriate box)

[_] immediately upon filing pursuant to paragraph (b)

[_] on (date) pursuant to paragraph (b)

[_] 60 days after filing pursuant to paragraph (a)(1)

[_] on (date) pursuant to paragraph (a)(1) of rule 485

[_] This post-effective amendment designates a new effective date for a
previously filed post-effective amendment.

E. TITLE OF SECURITIES BEING REGISTERED: Units of fractional undivided
beneficial interest.

F. APPROXIMATE DATE OF PROPOSED SALE TO PUBLIC: As soon as practicable
after the effective date of the Registration Statement.

[_] Check box if it is proposed that this filing will become effective on
(date) at (time) pursuant to Rule 487.

The registration hereby amends this Registration Statement on such date or
dates as may be necessary to delay its effective date until the registrant shall
file a further amendment which specifically states that this Registration
Statement shall thereafter become effective in accordance with Section 8(a) of
the Securities Act of 1933 or until the Registration Statement shall become
effective on such date as the Commission, acting pursuant to said Section 8(a)
may determine.

The information in this prospectus is not complete and may be changed. We may
not sell these securities until the registration statement filed with the
Securities and Exchange Commission is effective. This prospectus is not an
offer to sell these securities and is not soliciting an offer to buy these
securities in any state where the offer or sale is not permitted.

Preliminary Prospectus Dated March 7, 2018, Subject to Completion

Guggenheim Defined Portfolios, Series 1727

Advisory Series: Guggenheim Investment
Grade Corporate Trust 3-7 Year, Series 1

GUGGENHEIM LOGO

A portfolio primarily containing investment-grade corporate debt
obligations selected by Guggenheim Funds Distributors, LLC with the assistance
of Guggenheim Partners Investment Management, LLC. This trust is intended solely
for clients of financial advisors whose advisors serve them in a fiduciary
capacity. Please consult your financial advisor to see if this may be an
appropriate investment for you.

Prospectus
Dated __________, 2018

The Securities and Exchange Commission has not approved or
disapproved of these securities or passed upon the adequacy or accuracy of this
prospectus. Any representation to the contrary is a criminal offense.

================================================================================
INVESTMENT SUMMARY

Use this Investment Summary to help you decide whether an investment in
this trust is right for you. More detailed information can be found later in
this prospectus.

Overview

Guggenheim Defined Portfolio, Series 1727, is a unit investment trust that
consists of Advisory Series: Guggenheim Investment Grade Corporate Trust 3-7
Year, Series 1 (the "trust"). Guggenheim Funds Distributors, LLC ("Guggenheim
Funds" or the "sponsor") serves as the sponsor of the trust.

The trust is scheduled to terminate in approximately ___ years.

Purchases in this trust must be made through registered investment
advisers, certified financial planners or registered broker-dealers
(collectively, "financial advisors") who charge periodic fees in lieu of
commissions or who charge for financial planning or for investment advisory or
asset management services or provide these services as part of an investment
account where a comprehensive "wrap fee" is imposed (a "Fee Account"). Please
consult your financial advisor to see if this may be an appropriate investment
for you.

Investment Objective

The trust seeks to provide a high level of current income and to preserve
capital.

Principal Investment Strategy

The trust will consist of a portfolio of investment-grade corporate debt
obligations with a dollar weighted average maturity of between 3-7 years from
the trust's initial date of deposit (the "Inception Date"). As of the Inception
Date, the trust's dollar weighted average maturity is ____ years. The sponsor
will select debt obligations that it believes have the best chance to meet the
trust's investment objective over its life.

The portfolio of the trust consists primarily of corporate debt
obligations and may also include U.S. government bonds, corporate bonds, debt
obligations offered by real estate investment trusts, sovereign foreign bonds,
mortgage- and asset-backed securities and loan participations. Corporate debt
obligations are fully taxable debt obligations issued by corporations to
finance their operations. As of the Inception Date, at least 80% of the value
of the trust's assets consists of investment-grade corporate debt obligations
maturing in approximately 3-7 years. The portfolio may hold debt obligations
with a maturity of less than three years or greater than seven years.
Investment-grade securities will be those securities rated investment-grade
quality by at least one nationally recognized statistical rating organization
or, if unrated, deemed to be of comparable credit characteristics by the
sponsor. Such rating relates to the underlying securities and not the trust or
the value of the units, which will fluctuate. For purposes of the trust's 80%
policy, the sponsor believes that any unrated corporate debt obligation held by
the trust would have been rated investment-grade if it was rated by a
nationally recognized statistical rating organization. There can be no
assurance that any security contained in the trust will retain an
investment-grade rating for the life of the trust. See "Description of Bond
Rating" for additional information. As a result of this strategy, the trust is
concentrated in the financials sector.

The sponsor has selected Guggenheim Partners Investment Management, LLC
("GPIM"), a subsidiary of Guggenheim Partners, LLC, to assist the sponsor with
the selection of the trust's portfolio.

Debt Obligation Selection

The sponsor considered the following factors, among others, in selecting
the debt obligations:

o All ratings provided for the debt obligations must be rated as
investment-grade or above by at least one nationally recognized
statistical rating organization or in the case of a debt obligation
with no issued ratings, such a debt obligation has credit
characteristics similar to those of comparable debt obligations that
were rated so as to be acceptable for acquisition by the trust in the
opinion of the sponsor. For purposes of the trust's 80% policy, the
sponsor believes that any unrated corporate debt obligation held by
the trust would have been rated investment-grade if it was rated by a
nationally recognized statistical rating organization;

o The price of the debt obligations relative to other debt obligations
with comparable characteristics;

o The diversification of debt obligations with respect to the issuer
with no one issuer comprising more than 20% of the final portfolio;

o Attractiveness of the interest payments relative to debt obligations
with similar characteristics; and

o The potential for early return of principal or any event risk which
could have a negative impact on the price of the debt obligations.

Following the Inception Date, a debt obligation may cease to be rated or
its rating may be reduced, even to below investment-grade, and the trust could
continue to hold such debt obligation.

Guggenheim Partners
Investment Management, LLC (GPIM)

Guggenheim Partners Investment Management, LLC is a subsidiary of
Guggenheim Partners, LLC and an affiliate of the sponsor, which offers financial
services expertise within its asset management, investment advisory, capital
markets, institutional finance and merchant banking business lines. Clients
consist of a mix of individuals, family offices, endowments, foundations,
insurance companies, pension plans and other institutions that together have
entrusted the firm with supervision of more than $100 billion in assets. A
global diversified financial services firm, Guggenheim Partners, LLC office
locations include New York, Chicago, Los Angeles, Miami, Boston, Philadelphia,
St. Louis, Houston, London, Dublin, Geneva, Hong Kong, Singapore, Mumbai and
Dubai.

The sponsor is also a subsidiary of Guggenheim Partners, LLC. See "General
Information" for additional information.

Future Trusts

The sponsor may create future trusts that follow the same general
investment strategy. Each trust is designed to be part of a longer term
strategy.

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Essential Information
(as of the Inception Date)

Inception Date
(Initial Date of Deposit) __________, 2018
First Settlement Date __________, 2018
Public Offering Price $_____
Mandatory
Termination Date ________
Distribution Date 25th day of each month
(commencing __________, 2018, if any)
Record Date 15th day of each month
(commencing __________, 2018, if any)

Evaluation Time As of the close of trading of
the New York Stock Exchange
(normally 4:00 p.m. Eastern Time).
(However, on the first day units are
sold the Evaluation Time will be as
of the close of trading on the New
York Stock Exchange or the time the
registration statement filed with the
Securities and Exchange Commission
becomes effective, if later.)

CUSIP Numbers

Cash Distributions
Fee Account Cash

Ticker CGIGKX

Dollar Weighted Average Maturity
of Bonds in the Trust _______ years
Minimum Principal Distributions $1.00 per unit
Minimum Par Value of the Bonds
in the Trust under which the
Trust Agreement may be
Terminated $200 per unit

Types of Bonds

Approximate
Type of Issuer/Sectors Portfolio Percentage*
---------------------- ----------------------

-------
Total 100.00%
=======

Countries

Approximate
Country/Territory Portfolio Percentage*
---------------------- ---------------------

-------
Total 100.00%
=======

Bond Ratings

Approximate
Standard & Poor's Portfolio Percentage*
---------------------- ---------------------

-------
Total 100.00%
=======

Minimum Investment
All accounts 1 unit

* Based upon fair value.
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Advisory Series: Guggenheim Investment Grade Corporate Trust 3-7 Year, Series 1
SUMMARY OF ESSENTIAL FINANCIAL INFORMATION
As of the Inception Date, __________, 2018
--------------------------------------------------------------------------------

Principal Amount of Bonds in Trust(1): $
Number of Units:
Fractional Undivided Interest in Trust per Unit:
Principal Amount of Bonds per Unit(1): $
Public Offering Price:
Aggregate Offering Price of Bonds in the Portfolio: $
Aggregate Offering Price of Bonds per Unit: $
Annual Deferred Sales Fee of 0.30% of Public Offering Price per Unit(2): $
Public Offering Price per Unit: $
Redemption Price per Unit(3): $
Excess of Public Offering Price Over Redemption Price per Unit: $
Estimated Annual Interest Income per Unit
(includes cash income accrual only): $
Less Estimated Annual Expenses per Unit: $
--------
Estimated Net Annual Interest Income per Unit(4): $
========
Estimated Daily Rate of Net Interest Accrual per Unit: $
Estimated Current Return Based on Public Offering Price
(includes cash income accrual only)(5): %
Estimated Long-Term Return(5): %
Estimated Interest Distributions per Unit(6):
o Date of First Distribution: __________, 2018
o Amount of First Distribution: $
o Record Date of First Distribution: __________, 2018
o Date of Regular Distribution: 25th of each Month
o Amount of Regular Distribution: $
o Record Date of Regular Distribution: 15th of each Month

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(1) Represents the principal amount of the underlying bonds held in the trust
as of the Inception Date and does not take into account the impact of the
sale of bonds to pay any annual deferred sales fees of the trust. Bonds
will be sold to meet redemptions, to pay annual deferred sales fees and in
other limited circumstances. The sale of bonds will affect the principal
amount of bonds included in the trust and the principal amount of bonds per
unit. Units of the trust, when redeemed or upon termination, may be worth
more or less than their original cost and there can be no assurance that a
unitholder will receive the principal amount of bonds at any particular
point in time.

(2) Unitholders will pay an annual deferred sales fee of 0.30% of the value of
the trust's assets at the time of payment. There can be up to seven annual
deferred sales fee payments in total. The initial deferred sales fee will
be collected on the first day after the end of the primary offering period
and will be based upon the value of the trust's assets on that day. The
subsequent annual deferred sales fees will be collected on each anniversary
of the initial deferred sales fee payment for unitholders remaining in the
trust on such anniversary date. Due to variations in the trust's value over
time, the total amount paid for the annual deferred sales fees will vary
but in no event will it exceed 2.10% of the Public Offering Price of their
units at the time of purchase. Because the sponsor receives the deferred
sales fee, the sponsor will bear all expenses of the trust except brokerage
costs and extraordinary expenses. Covered expenses include the trustee's
fee, supervisory fee, evaluator's fee, bookkeeping and administrative fee,
and other estimated trust operating expenses.

(3) Based upon the bid prices of the bonds plus the annual deferred sales fee
per unit. Upon tender for redemption, the price to be paid will include
accrued interest as described in "How to Sell Your
Units--Redemption--Computation of Redemption Price per Unit."

(4) Estimated Net Annual Interest Income per Unit will vary with changes in the
annual deferred sales fee and with principal prepayment, redemption,
maturity, exchange or sale of bonds.

(5) See "Estimated Current Return and Estimated Long-Term Return to
Unitholders" for an explanation of estimated current return and estimated
long- term return.

(6) Distributions, if any, will be made monthly commencing __________, 2018.
The amount of distributions of the trust may be lower or greater than the
above stated amounts due to certain factors that may include, but are not
limited to, changes in distributions paid by issuers, deduction of the
annual deferred sales fee or the sale or maturity of trust securities in
the portfolio. The annual deferred sales fee of the trust may vary as a
result of a variety of factors including the trust's size, redemption
activity, brokerage and other transaction costs and extraordinary expenses.

Principal Risks

As with all investments, you may lose some or all of your investment in
the trust. Units of the trust are not deposits of any bank and are not insured
or guaranteed by the Federal Deposit Insurance Corporation or any other
government agency. No assurance can be given that the trust's investment
objective will be achieved. The trust also might not perform as well as you
expect. This can happen for reasons such as these:

o Corporate bonds are fixed rate debt obligations that generally decline
in value with increases in interest rates. Foreign and U.S. interest
rates may rise or fall by differing amounts and, as a result, the
trust's investment in foreign securities may expose the trust to
additional risks. Generally, bonds with longer periods before maturity
are more sensitive to interest rate changes. The trust may be subject
to greater risk of rising interest rates than would normally be the
case due to the current period of historically low rates.

o Corporate bonds are subject to credit risk in that an issuer of a bond
may be unable to make interest and principal payments when due. In
general, lower rated bonds carry greater credit risk.

o Because the trust holds intermediate-term debt obligations, it is
exposed to higher interest rate risk than a trust that holds
short-term debt obligations. Interest rate risk is the risk that debt
obligation prices will decline because of rising interest rates. The
prices of intermediate term debt obligations are more sensitive to
interest rate changes than the prices of short-term debt obligations.
As a result, the value of the trust will have greater price
sensitivity than if the Trust had held short-term debt obligations.

o There is no assurance that the trust portfolio will retain for any
length of time its present size and diversity. As indicated in the
"Trust Portfolio," a number of the bonds in the trust may be called
prior to their stated maturity date and will remain callable
throughout the life of the trust. A call provision is more likely to
be exercised by the issuer when the offering price valuation of a bond
is higher than its call price. Such price valuation is likely to be
higher in periods of declining interest rates. In such cases, the
proceeds from such redemptions will be distributed to unit holders.
The Estimated Current Return and Estimated Long-Term Return of the
units may be adversely affected by such sales or redemptions. As
stated below, the size and diversity of the trust may also be affected
by the trust's sale of bonds to meet redemptions, for credit issues
and in other circumstances.

In addition, the trust contains bonds that have "make whole" call
options that generally cause the bonds to be redeemable at any time at
a designated price. Such bonds are generally more likely to be subject
to early redemption and may result in the reduction of income received
by the trust and the early termination of the trust.

o The sponsor does not actively manage the portfolio. Because the
portfolio is fixed and not managed, in general, the trust only sells
bonds at the trust's termination or in order to meet redemptions, for
tax purposes, for credit issues or to pay the annual deferred sales
fee. As a result, the price at which a bond is sold may not be the
highest price the trust could have received during the life of the
trust.

o No assurance can be given that the trust's investment objective will
be achieved. This objective is subject to the continuing ability of
the respective issuers of the bonds to meet their obligations.

o The trust is subject to market risk. Market value fluctuates in
response to various factors. These can include changes in interest
rates, inflation, the financial condition of a bond's issuer,
perceptions of the issuer, ratings on a bond, or political or economic
events affecting the issuer.

o An issuer or an insurer of the bonds may be unwilling or unable to
make principal payments and/or interest payments in the future, may
call a security before its stated maturity or may reduce the level of
payments made. In addition, there is no guarantee that the issuers
will be able to satisfy their interest or principal payment
obligations to the trust over the life of the trust. This may result
in a reduction in the value of your units.

o The trust is concentrated in the financial sector. As a result, the
factors that impact the financial sector will likely have a greater
effect on this trust than on a more broadly diversified trust.
Companies in the financial sector include banks, insurance companies
and investment firms. The profitability of companies in the financial
sector is largely dependent upon the availability and cost of capital
which may fluctuate significantly in response to changes in interest
rates and general economic developments. Financial sector companies
are especially subject to the adverse effects of economic recession,
decreases in the availability of capital, volatile interest rates,
portfolio concentrations in geographic markets and in commercial and
residential real estate loans, and competition from new entrants in
their fields of business.

o The trust invests in foreign securities. The trust's investment in
U.S.-listed foreign securities presents additional risk. Securities of
foreign issuers present risks beyond those of domestic securities.
More specifically, foreign risk is the risk that foreign securities
will be more volatile than U.S. securities due to such factors as
adverse economic, currency, political, social or regulatory
developments in a country, including government seizure of assets,
excessive taxation, limitations on the use or transfer of assets, the
lack of liquidity or regulatory controls with respect to certain
industries or differing legal and/or accounting standards.

o The trust invests in real estate investment trusts ("REITs"). REITs
may concentrate their investments in specific geographic areas or in
specific property types, such as, hotels, shopping malls, residential
complexes and office buildings. The value of the REITs and other real
estate securities and the ability of such securities to distribute
income may be adversely affected by several factors, including: rising
interest rates; changes in the global and local economic climate and
real estate conditions; perceptions of prospective tenants of the
safety, convenience and attractiveness of the properties; the ability
of the owner to provide adequate management, maintenance and
insurance; increased competition from new properties; the impact of
present or future environmental legislation and compliance with
environmental laws; changes in real estate taxes and other operating
expenses; adverse changes in governmental rules and fiscal policies;
adverse changes in zoning laws; declines in the value of real estate;
the downturn in the subprime mortgage lending market and the real
estate markets in the United States; and other factors beyond the
control of the issuer of the security.

o The financial condition of an issuer or an insurer of the bonds may
worsen or its credit ratings may drop, resulting in a reduction in the
value of your units. This may occur at any point in time, including
during the primary offering period. There can be no assurance that any
security contained in the trust will retain an investment-grade rating
for the life of the trust. As the trust is unmanaged, a downgraded
security will remain in the portfolio.

o The income generated by the trust may be reduced over time in response
to bond sales, changes in distributions paid by issuers, unit
redemptions and payment of annual deferred sales fees.

o Certain debt obligations may be rated as investment-grade by only one
rating agency. As a result, such split-rated securities may have more
speculative characteristics and are subject to a greater risk of
default than securities rated as investment-grade by more than one
rating agency.

o Certain bonds in the trust may have been purchased by the sponsor on a
"when issued" basis. Bonds purchased on a "when issued" basis have not
yet been issued by the issuer on the Inception Date (although such
issuer has committed to issue such bonds). The effect of the trust
holding a "when issued" bond is that unitholders who purchase their
units prior to the delivery date of such bond may have to make a
downward adjustment in the tax basis of their units. Such downward
adjustment may be necessary to account for interest accruing on such
"when issued" bond during the time between their purchase of units and
delivery of such bonds to the trust.

o The trust may sell bonds to meet redemptions, to pay annual deferred
sales fees, for credit issues and in other circumstances. Accordingly,
the size, diversity, composition, returns and income generated by the
trust may be adversely affected. In addition, such sales of bonds may
be at a loss. If such sales are substantial enough, provisions of the
trust's indenture could cause a complete and unexpected liquidation of
the trust before its scheduled maturity, resulting in unanticipated
losses for investors.

o Certain bonds in the trust may be subject to liquidity risk. The
principal trading market for the bonds in the trust will generally be
in the over-the-counter market. As a result, the existence of a liquid
trading market for the bonds may depend on whether dealers will make a
market in the bonds. There can be no assurance that a market will be
made for any of the bonds, that any market for the bonds will be
maintained or of the liquidity of the bonds in any markets made. The
price at which the bonds may be sold to meet redemptions and the value
of the trust will be adversely affected if trading markets for the
bonds are limited or absent.

o Inflation may lead to a decrease in the value of assets or income from
investments.

See "Investment Risks" for additional information.

Taxes

Distributions from the trust are generally subject to federal income taxes
for U.S. investors. The distributions may also be subject to state and local
taxes.

For non-resident aliens, certain income from the trust will be exempt from
withholding for U.S. federal income tax, provided certain conditions are met.
Consult your tax advisor with respect to the conditions that must be met in
order to be exempt for U.S. tax purposes.

See "Tax Status" for further tax information.

Distributions

Holders of units will receive interest payments, if any, from the trust
each month. The interest distribution to the unitholders of the trust as of each
record date will be made on the following distribution date or shortly
thereafter. The trust prorates the interest distributed on an annual basis by
distributing one-twelfth of the estimated annual interest income after the first
prorated initial payment and after deducting estimated annual deferred sales
fees that are expected to be incurred. For example, if the estimated annual
interest income after deducting estimated annual deferred sales fees is $60 per
unit, a unitholder will receive $5 on the distribution date of each month after
the first prorated distribution that is for a period less than a month, even if
the trust receives the interest income in various amounts and at various times
throughout the year. Annual interest distributions are expected to vary from
year to year. For the purpose of minimizing fluctuation in the distributions
from the Interest Account, the trustee is authorized in certain circumstances to
advance such amounts as may be necessary to provide interest distributions of
approximately equal amounts. The trustee shall be reimbursed, without interest,
for any such advances from funds in the Interest Account on the ensuing record
date. Furthermore, investors may receive principal distributions from bonds
being called or sold prior to their maturity or as bonds mature.

As of the Inception Date, each unit of the trust represents the fractional
undivided interest in the principal amount of underlying bonds set forth in the
"Trust Portfolio" and net income of the trust.

Market for Units

The sponsor currently intends to repurchase units from unitholders who want
to redeem their units. These redemptions will generally be at prices based upon
the aggregate bid price of the underlying bonds. The sponsor is not obligated to
maintain a market and may stop doing so without prior notice for any business
reason. If the sponsor stops repurchasing units, a unitholder may dispose of its
units by redemption through The Bank of New York Mellon, which serves as the
trustee of the trust (the "trustee"). The price received from the trustee by the
unitholder for units being redeemed is generally based upon the aggregate bid
price of the underlying bonds.

Who Should Invest

You should consider this investment if:

o You want to own a defined portfolio of investment-grade corporate
bonds;

o You have purchased units through a Fee Account;

o The trust is part of a longer-term investment strategy; and

o The trust represents only a portion of your overall investment
portfolio.

You should not consider this investment if:

o You are uncomfortable with the risks associated with a defined
portfolio of investment-grade securities; or

o You are uncomfortable with the risks of an unmanaged investment in
securities.

Fees and Expenses

The sponsor will bear all expenses of the trust except brokerage costs and
extraordinary expenses in exchange for an annual deferred sales fee of 0.30% of
the value of the trust's assets at the time of payment. There can be up to seven
annual deferred sales fee payments in total. The initial deferred sales fee will
be collected on the first day after the end of the primary offering period and
will be based upon the value of the trust's assets on that day. The subsequent
annual deferred sales fees will be collected on each anniversary of the initial
deferred sales fee payment for unitholders remaining in the trust on such
anniversary date. Any unitholder that sells or redeems prior to any subsequent
anniversary dates will not be subject to the additional deferred sales fee
payments. Due to variations in the trust's value over time, the total amount
paid for the annual deferred sales fees will vary but in no event will it exceed
2.10% of the Public Offering Price of their units at the time of purchase.

Percentage Amount
of Public Per Unit
Offering (based on
Investor Fees Price (1) $1,000 Unit)
----------------------------- ------------ -------------

Annual deferred sales fee
paid 0.30% $3.00
=========== =============

Other estimated organization
costs (1) 0.00% $0.00
=========== =============

Approximate
Annual Fund % Per
Operating $1,000 Amount
Expenses invested Per Unit
----------------------------- ------------ -------------
Trustee's fee (1) 0.000% $0.00
Sponsor's supervisory fee (1) 0.000 0.00
Evaluator's fee (1) 0.000 0.00
Bookkeeping and
administrative fee (1) 0.000 0.00
Estimated other trust
operating expenses (1) 0.000 0.00
----------- -------------
Total 0.000% $0.00
=========== =============

(1) The sponsor will assume payment of the organizational costs and the ongoing
trust fees and expenses, except for any brokerage costs and extraordinary
expenses.

Example

This example helps you compare the costs of this trust with other unit
trusts and mutual funds. In the example we assume that the trust's operating
expenses do not change and the trust's annual return is 5%. Your actual returns
and fees will vary. Based on these assumptions, you would pay these fees for
every $10,000 you invest:

1 year $
3 years
5 years
7 years (approximate life of trust)

These amounts are the same regardless of whether you sell your investment
at the end of a period or continue to hold your investment. The example does
not consider any transaction fees paid by the trust or that broker-dealers may
charge for processing redemption requests.

Trust Portfolio

Guggenheim Defined Portfolios, Series 1727
Advisory Series: Guggenheim Investment Grade Corporate Trust 3-7 Year, Series 1
As of the Inception Date, __________, 2018
---------------------------------------------------------------------------------------------------
1st Optional
Aggregate Redemption Cost To
Principal Issuer Name (1) Provisions (2) S&P (3) Portfolio (4)(5)(6)
---------------------------------------------------------------------------------------------------

Trust Portfolio (continued)

--------- -------------------
$ $
========= ===================

The below footnotes only apply when noted.

(1) Bonds of these issuers are all represented by "regular way" or "when
issued" contracts to purchase bonds. All contracts to purchase the bonds
were entered into on __________, 2018. All contracts are expected to be
settled prior to or on __________, 2018.

(2) If applicable, this heading shows the year in which each issue of bonds is
initially redeemable and the redemption price for that year unless
otherwise indicated. Each such issue generally continues to be redeemable
at declining prices thereafter, but not below par. "S.F." indicates a
sinking fund has been or will be established with respect to an issue of
bonds. In addition, certain bonds in the trust may be redeemed in whole or
in part other than by operation of the stated optional call or sinking fund
provisions under certain unusual or extraordinary circumstances specified
in the instruments setting forth the terms and provisions of such bonds. A
sinking fund is a reserve fund accumulated over a period of time for the
retirement of debt. A sinking fund may be estimated based upon various
factors or may be mandatory.

Redemption pursuant to call provisions generally will, and redemption
pursuant to sinking fund provisions may, occur at times when the redeemed
bonds have an offering side valuation which represents a premium over par.
To the extent that the bonds were deposited in the trust at a price higher
than the price at which they are redeemed, this will represent a loss of
capital when compared with the original Public Offering Price of the units.
Conversely, to the extent that the bonds were acquired at a price lower
than the redemption price, this will represent an increase in capital when
compared with the original Public Offering Price of the units.
Distributions generally will be reduced by the amount of the income which
would otherwise have been paid with respect to redeemed bonds and there
will be distributed to unitholders the principal amount and any premium
received on such redemption. The estimated current return in this event may
be affected by such redemptions. The tax effect on unitholders of such
redemptions and resultant distributions is described in the section
entitled "Tax Status."

(3) The Standard & Poor's corporate bond ratings are a current assessment of
the creditworthiness of an obligor with respect to a specific obligation.
This assessment of creditworthiness may take into consideration obligors
such as guarantors, insurers or lessees. The bond rating is not a
recommendation to purchase, sell or hold a bond, inasmuch as it does not
comment as to market price or suitability for a particular investor. A
brief description of the rating symbols and their meanings is set forth
under "Description of Bond Ratings."

(4) See Note (1) to "Statement of Financial Condition" regarding cost of bonds.
The prices used to determine the Cost to Portfolio were determined as of
the open of trading on the Inception Date. The sponsor is responsible for
initially acquiring the bonds that it selects for the trust and will
deliver the bonds or arrange for the delivery of the bonds to the trust on
the Inception Date at a price determined by the evaluator based upon the
"offered side" prices provided by Standard & Poor's Securities Evaluations,
an independent, industry- recognized corporate bond pricing service. The
sponsor may acquire bonds from Guggenheim Securities, LLC, a subsidiary of
Guggenheim Partners, LLC and affiliate of the sponsor, and GPIM, who may
accumulate such bonds at the request of the sponsor. The offering prices
are greater than the current bid prices of the bonds which are the basis on
which redemption price per unit is determined for purposes of redemption of
units (see the first paragraphs under "Public Offering--Offering Price" and
"How to Sell Your Units--Redemption--Computation of Redemption Price Per
Unit"). The cost to sponsor and the resulting profit or loss to sponsor may
include the gain or loss on certain futures contracts entered into by the
sponsor in an effort to hedge the impact of interest rate fluctuations on
the value of certain of the bonds. Other information regarding the bonds is
as follows:

Cost to Sponsor Profit (Loss) to Sponsor
(on the deposit (on the deposit
of the bonds) of the bonds)
------------------------ ------------------------
$____ $____

(5) Estimated annual interest income to the trust is $____ (unaudited).

(6) In accordance with Accounting Standards Codification 820, "Fair Value
Measurements and Disclosures" ("ASC 820"), fair value is defined as the
price that the trust would receive upon selling an investment in a orderly
transaction to an independent buyer in the principal or most advantageous
market of the investment. ASC 820 established a three-tier hierarchy to
maximize the use of the observable market data and minimize the use of
unobservable inputs and to establish classification of the fair value
measurements for disclosure purposes. Inputs refer broadly to the
assumptions that market participants would use in pricing the asset or
liability, including the technique or pricing model used to measure fair
value and the risk inherent in the inputs to the valuation technique.
Inputs may be observable or unobservable. Observable inputs are inputs that
reflect the assumptions market participants would use in pricing the asset
or liability, developed based on market data obtained from sources
independent of the reporting entity. Unobservable inputs are inputs that
reflect the reporting entity's own assumptions about the assumptions market
participants would use in pricing the asset or liability, developed based
on the best information available in the circumstances. The three-tier
hierarchy of inputs is summarized in the three broad levels. Level 1 which
represents quoted prices in active markets for identical investments. Level
2 which represents fair value based on other significant observable inputs
(including quoted prices for similar investments, interest rates,
prepayment speeds, credit risks, etc.). Level 3 which represents fair value
based on significant unobservable inputs (including the trust's own
assumptions in determining the fair value of investments). At the Inception
Date, all of the trust's investments are classified as Level 2 as the
securities are transacted through a dealer network.

(7) This bond has a "make whole" call option and is redeemable in whole or in
part at any time at the option of the issuer at a redemption price that is
generally equal to the sum of the principal amount of the bonds, a "make
whole" amount, and any accrued and unpaid interest to the date of
redemption. The "make whole" amount is generally equal to the excess, if
any, of (i) the aggregate present value as of the date of redemption of
principal being redeemed and the amount of interest (exclusive of interest
accrued to the date of redemption) that would have been payable if
redemption had not been made, determined by discounting the remaining
principal and interest at a specified rate (which varies from bond to bond
and is generally equal to an average of yields on U.S. Treasury obligations
with maturities corresponding to the remaining life of the bond plus a
premium rate) from the dates on which the principal and interest would have
been payable if the redemption had not been made; over (ii) the aggregate
principal amount of the bonds being redeemed. In addition, the bonds may
also be subject to redemption without premium at any time pursuant to
extraordinary optional or mandatory redemptions if certain events occur.

(8) This bond is rated investment-grade quality by a nationally recognized
statistical rating organization other than Standard & Poor's.

(9) This security is a restricted bond which only may be resold pursuant to
Rule 144A under the Securities Act of 1933, as amended.

(10) This security is a direct obligation of, or guaranteed by, the government
noted.

(11) The issuer of this security may elect to pay interest in kind in lieu of
cash.

(12) This security represents the corporate debt obligation of a foreign
company.

(13) This bond was issued at an original discount.

(14) Security of a real estate investment trust ("REIT").

(15) Security of a master limited partnership ("MLP").

================================================================================
UNDERSTANDING YOUR INVESTMENT

The Trust

Organization. The trust is one of a series of similar but separate unit
investment trusts created under the laws of the State of New York by a Trust
Indenture and Agreement (the "Trust Agreement"). The Trust Agreement is dated
as of the Inception Date and is between Guggenheim Funds Distributors, LLC, as
sponsor and as evaluator ("evaluator"), and The Bank of New York Mellon, as
trustee. The evaluator determines the value of the bonds held in the trust
generally based upon prices provided by a pricing service. On the Inception
Date, the sponsor deposited bonds, contracts and/or funds (represented by cash
or a certified check(s) and/or an irrevocable letter(s) of credit issued by a
major commercial bank) for the purchase of certain interest-bearing
obligations. After the deposit of the bonds and the creation of the trust, the
trustee delivered to the sponsor the units (the "units") comprising the
ownership of the trust. These units are now being offered pursuant to this
prospectus.

Units. Each unit represents the fractional undivided interest in the
principal and net income of the trust. If any units of the trust are redeemed
after the Inception Date, the fractional undivided interest in the trust
represented by each unredeemed unit will increase. Units will remain
outstanding until redeemed or until the termination of the Trust Agreement for
the related trust.

Public Offering

Offering Price. The sponsor will serve as the trust's principal
underwriter. The price of the units of the trust as of the Inception Date was
determined by adding to the evaluator's determination of the aggregate offering
price of the bonds per unit, based upon prices provided by Standard & Poor's
Securities Evaluations, and cash and other net assets in the portfolio. Included
within the Public Offering Price is also an annual deferred sales fee. For
purchases settling after the First Settlement Date, a proportionate share of
accrued and undistributed interest on the bonds at the date of delivery of the
units to the purchaser is also added to the Public Offering Price.

During the initial offering period the aggregate offering price of the
bonds in the trust is determined by the evaluator. To determine such prices,
the evaluator utilizes prices received from Standard & Poor's Securities
Evaluations. Standard & Poor's Securities Evaluations determines such offering
prices (i) on the basis of current offering prices for the bonds; (ii) if
offering prices are not available for any bonds, on the basis of current
offering prices for comparable bonds; (iii) by making an appraisal of the value
of the bonds on the basis of offering prices in the market; or (iv) by any
combination of the above. On or after the Inception Date, such determinations
are made each business day during the initial public offering period as of the
Evaluation Time set forth in "Essential Information," effective for all sales
made subsequent to the last preceding determination. For information relating
to the calculation of the redemption price, which is based upon the aggregate
bid price of the underlying bonds and which is expected to be less than the
aggregate offering price, see "How to Sell Your Units--Redemption."

Annual Deferred Sales Fee. The sponsor will bear all expenses of the trust
except brokerage costs and extraordinary expenses in exchange for an annual
deferred sales fee that is unitary in nature of 0.30% of the value of the
trust's assets at the time of payment. There can be up to seven annual deferred
sales fee payments in total. The initial deferred sales fee will be collected on
the first day after the end of the primary offering period and will be based
upon the value of the trust's assets on that day. The subsequent annual deferred
sales fees will be collected on each anniversary of the initial deferred sales
fee payment for unitholders remaining in the trust on such anniversary date. Any
unitholder that sells or redeems prior to any subsequent anniversary dates will
not be subject to the additional deferred sales fee payments. Due to variations
in the trust's value over time, the total amount paid for the annual deferred
sales fees will vary but in no event will it exceed 2.10% of the Public Offering
Price of their units at the time of purchase (equivalent to ___% of the net
amount invested).

If you purchase units after the end of the initial offering period, the
annual deferred sales fees for secondary market transactions will be assessed
based upon the value of the trust's assets on each anniversary of the initial
deferred sales fee payment for unitholders remaining in the trust on such
anniversary date.

This deferred sales fee is also intended to reimburse the sponsor for some
or all of the costs of creating the trust and covering the ongoing expenses of
the trust. Because the sponsor will pay all the expenses of running the trust,
except for any brokerage costs and extraordinary expenses, you will not pay any
additional fees other than the annual deferred sales fees as described above
and any brokerage costs and extraordinary expenses for your investment in the
trust. However, your financial advisor may charge a fee for its services, which
is not covered by the trust's annual deferred sales fee.

Distribution of Units. This trust is intended for investors who are in a
Fee Account. The financial advisor to the investor will not receive compensation
from the sponsor or the trust as a result of purchasing units for an investor.
However, parties that enter into an agreement to serve as an Underwriter, as
defined below in "Underwriting Concessions," may receive compensation up to __%.

Other Compensation and Benefits to Financial Advisors. The sponsor, at its
own expense and out of its own profits, may provide additional compensation and
benefits to financial advisors who sell shares of units of this trust and other
Guggenheim Funds products. This compensation is intended to result in additional
sales of Guggenheim Funds products and/or compensate financial advisors for past
sales. A number of factors are considered in determining whether to pay these
additional amounts. Such factors may include, but are not limited to, the level
or type of services provided by the intermediary, the level or expected level of
sales of Guggenheim Funds products by the intermediary or its agents, the
placing of Guggenheim Funds products on a preferred or recommended product list,
access to an intermediary's personnel, and other factors.

The sponsor makes these payments for marketing, promotional or related
expenses, including, but not limited to, expenses of entertaining retail
customers and financial advisers, advertising, sponsorship of events or
seminars, obtaining information about the breakdown of unit sales among an
intermediary's representatives or offices, obtaining shelf space in firms and
similar activities designed to promote the sale of the sponsor's products. The
sponsor may make such payments to many intermediaries that sell Guggenheim Funds
products. The sponsor may also make certain payments to, or on behalf of,
intermediaries to defray a portion of their costs incurred for the purpose of
facilitating unit sales, such as the costs of developing trading or purchasing
trading systems to process unit trades.

Payments of such additional compensation, some of which may be
characterized as "revenue sharing," may create an incentive for financial
intermediaries and their agents to sell or recommend a Guggenheim Funds product,
including the trust, over products offered by other sponsors or fund companies.
These arrangements will not change the price you pay for your units.

We generally register units for sale in various states in the United
States. We do not register units for sale in any foreign country. It is your
financial professional's responsibility to make sure that units are registered
or exempt from registration if you are a foreign investor or if you want to buy
units in another country. This prospectus does not constitute an offer of units
in any state or country where units cannot be offered or sold lawfully. We may
reject any order for units in whole or in part.

We may gain or lose money when we hold units in the primary or secondary
market due to fluctuations in unit prices. The gain or loss is equal to the
difference between the price we pay for units and the price at which we sell or
redeem them. We may also gain or lose money when we deposit securities to
create units in the amounts set forth in the "Trust Portfolio."

Additional Units. After your trust is created, additional units of the
trust may be issued by depositing in the trust bonds and/or cash (or a bank
letter of credit in lieu of cash) with instructions to purchase bonds,
contracts to purchase bonds or additional bonds.

Underwriting Concessions

The sponsor has entered into an Agreement Among Underwriters pursuant to
which it shall serve as the principal underwriter for units of the trust. The
Agreement Among Underwriters provides that a public offering of the units of the
trust will be made at the Public Offering Price described in the prospectus.

Entities that have executed the Agreement Among Underwriters (the
"Underwriters") will receive as compensation from the sponsor a fee up to __% of
the Public Offering Price for units acquired by the Underwriter. An Underwriter
may sell units to other broker-dealers and selling agents at the Public Offering
Price.

Underwriting

Number Per Unit
Name and Address of Units Fee
----------------------- -------- --------
Underwriters:

-------- --------
Total:
======== ========

The sponsor may purchase bonds from Underwriters and, as a result, such
Underwriters may receive additional compensation.

Sponsor's and Dealers' Profits. As set forth under "Public
Offering--Offering Price," the sponsor and the dealers will receive gross
commissions equal to the specified percentages of the Public Offering Price of
the units of the trust.

Also, any difference between the sponsor's cost to purchase the securities
and the price at which it sells them to the trust is considered profit or loss.
In offering units of the trust the sponsor and dealers will also realize profits
or sustain losses in the amount of any difference between the price at which
they acquire or buy units and the price at which they resell or redeem such
units and to the extent they earn sales charges on purchases.

Investment Risks

All investments involve risk. This section describes the main risks that
can impact the value of the bonds in your trust. You should understand these
risks before you invest. You could lose some or all of your investment in the
trust. Recently, securities markets have experienced significant volatility. If
the value of the bonds in your trust falls, the value of your units will also
fall. We cannot guarantee that your trust will achieve its objective or that
your investment return will be positive over any period.

Failure of Issuers or Insurers to Pay Interest and/or Principal. The
primary risk associated with an investment in bonds is that the issuer or
insurer of a bond may default on principal and/or interest payments when due on
the bond. Such a default would have the effect of lessening the income
generated by the trust and/or the value of the bonds and the trust's units. The
bond ratings assigned by nationally recognized statistical rating organizations
are an indication of the issuer's ability to make interest and principal
payments when due on its bonds. Subsequent to the Inception Date the rating
assigned to a bond may decline. Neither the sponsor nor the trustee shall be
liable in any way for any default, failure or defect in any bond or responsible
for a decline in the rating of any bond in the portfolio.

Market risk. Market risk is the risk that the value of the bonds in the
trust will fluctuate. Market value fluctuates in response to various factors.
These can include changes in interest rates, inflation, the financial condition
of a bonds' issuer, perceptions of the issuer, ratings on a bond, or political
or economic events affecting the issuer. Because the trust is not managed, the
trustee will not sell bonds in response to or in anticipation of market
fluctuations, as is common in managed investments.

Income risk. The income from the trust's portfolio may decline for a
variety of reasons including, but not limited to, falling market interest rates
and bonds that are sold from the trust's portfolio.

Interest rate risk. Interest rate risk is the risk that the value of
securities held by your trust will decline in value because of a rise in
interest rates. Generally, securities that pay fixed rates of return will
increase in value when interest rates decline and decrease in value when
interest rates rise. Typically, securities that pay fixed rates of return with
longer periods before maturity are more sensitive to interest rate changes. The
trust may be subject to greater risk of rising interest rates than would
normally be the case due to the current period of historically low rates.

Intermediate-term debt obligation risk. Because the trust holds
intermediate-term debt obligations, it is exposed to higher interest rate risk
than a trust that holds short-term debt obligations. Interest rate risk is the
risk that debt obligation prices will decline because of rising interest rates.
The prices of intermediate-term debt obligations are more sensitive to interest
rate changes than the prices of short-term debt obligations. As a result, the
value of the trust will have greater price sensitivity than if the trust had
held short-term debt obligations.

Price volatility of fixed-rate bonds. An investment in units of the trust
should be made with an understanding of the risks entailed in investments in
fixed-rate bonds, including the risk that the value of such bonds (and,
therefore, of the units) will decline with increases in interest rates.
Inflation and the overall economy are two of the major factors, among others,
which contribute to fluctuations in interest rates and the values of fixed-rate
bonds. Bonds are also subject to the risk that their values may decline if the
issuer's financial condition worsens or if perceptions of the issuer's financial
condition change.

Split-ratings risk. Split-rated securities are those securities that, at
the time of investment, are rated by only one rating agency. This means that a
split-rated security may be regarded by one rating agency as having
predominately speculative characteristics with respect to the issuer's capacity
to pay interest and repay principal, and accordingly subject to a greater risk
of default. The prices of split-rated securities, in the view of one but not
all rating agencies, may be more sensitive than securities without a
split-rating to negative developments, such as a decline in the issuer's
revenues or a general economic downturn.

"When issued" and "delayed delivery" bonds. Certain bonds in the trust may
have been purchased by the sponsor on a "when issued" basis. Bonds purchased on
a "when issued" basis have not yet been issued by the issuer on the Inception
Date (although such issuer had committed to issue such bonds). In the case of
these and/or certain other bonds, the delivery of the bonds may be delayed
("delayed delivery") or may not occur. The effect of the trust containing
"delayed delivery" or "when issued" bonds is that unitholders who purchased
their units prior to the date such bonds are actually delivered to the trustee
may have to make a downward adjustment in the tax basis of their units. Such
downward adjustment may be necessary to account for interest accruing on such
"when issued" or "delayed delivery" bonds during the time between their
purchase of units and delivery of such bonds to the trust.

Redemption or sale prior to maturity. As of the Inception Date, a number
of the bonds in the portfolio of the trust may be called prior to their stated
maturity date pursuant to sinking fund or call provisions. A call provision is
more likely to be exercised by an issuer when the offering price valuation of a
bond is higher than its call price. Such price valuation is likely to be higher
in periods of declining interest rates. Certain of the bonds may be sold or
otherwise mature. In such cases, the proceeds from such events will be
distributed to unitholders. Thus, no assurance can be given that the trust will
retain for any length of time its present size and composition.

The trust contains bonds that have "make whole" call options that
generally cause the bonds to be redeemable at any time at a designated price.
Such bonds are generally more likely to be subject to early redemption and may
result in the reduction of income received by the trust and the early
termination of the trust.

To the extent that a bond was deposited in the trust at a price higher
than the price at which it is redeemable, or at a price higher than the price
at which it is sold, a sale or redemption will result in a loss in the value of
units. Distributions will generally be reduced by the amount of the income
which would otherwise have been paid with respect to sold or redeemed bonds.
The Estimated Current Return and Estimated Long-Term Return of the units may be
adversely affected by such sales or redemptions.

Market discount. The portfolio of the trust may consist of some bonds whose
current market values were below principal value on the Inception Date. A
primary reason for the market value of such bonds being less than principal
value at maturity is that the interest rate of such bonds is at lower rates than
the current market interest rate for comparably rated bonds. Bonds selling at
market discounts tend to increase in market value as they approach maturity.
Because the trust is not actively managed, the trustee will not sell bonds in
response to or in anticipation of market discounts or fluctuations.

Failure of a contract to purchase bonds and substitution of bonds. In the
event of a failure to deliver any bond that has been purchased for the trust
under a contract ("failed bonds"), the sponsor is authorized to purchase other
bonds ("replacement bonds"). The trustee shall pay for replacement bonds out of
funds held in connection with the failed bonds and will accept delivery of such
bonds to make up the original principal of the trust. The replacement bonds
must be purchased within 20 days after delivery of the notice of the failed
contract, and the purchase price (exclusive of accrued interest) may not exceed
the principal attributable to the failed bonds. Whenever a replacement bond has
been acquired for the trust, the trustee shall, within five days thereafter,
notify all unitholders of the trust of the acquisition of the replacement bond
and shall, on the next distribution date which is more than 30 days thereafter,
make a pro rata distribution of the amount, if any, by which the cost to the
trust of the failed bond exceeded the cost of the replacement bond. In
addition, a replacement bond must (at the time of purchase):

o be a corporate debt obligation;

o have a fixed maturity or disposition date comparable to that of the
failed bond it replaces;

o be purchased at a price that results in a yield to maturity and in a
current return which is approximately equivalent to the yield to
maturity and current return of the failed bond which it replaces; and

o be of comparable credit quality to the failed bond.

If the right of limited substitution described above shall not be used to
acquire replacement bonds in the event of a failed contract, the sponsor will
refund the sales charge attributable to such failed bonds to all unitholders of
the trust, and distribute the principal attributable to such failed bonds on
the next monthly distribution date which is more than 30 days thereafter. In
the event a replacement bond is not acquired by the trust, the Estimated Net
Annual Interest Income per unit for the trust would be reduced and the
Estimated Current Return thereon might be lowered.

Concentration risk. The trust is considered to be "concentrated'' in a
particular category when the bonds in that category constitute 25% or more of
the aggregate value of the portfolio. This makes the trust subject to more
market risk.

Financial sector risk. Your trust is concentrated in the financial sector.
As a result, the factors that impact the financial sector will likely have a
greater effect on this trust than on a more broadly diversified trust.
Companies in the financial sector are especially subject to the adverse effects
of economic recession, decreases in the availability of capital, volatile
interest rates, portfolio concentrations in geographic markets and in
commercial and residential real estate loans, and competition from new entrants
in their fields of business. These industries are still extensively regulated
at both the federal and state level and may be adversely affected by increased
regulations.

Foreign securities risk. Your trust invests in U.S.-listed foreign
securities. Securities of foreign issuers present risks beyond those of domestic
securities. The prices of foreign securities can be more volatile than U.S.
securities due to such factors as political, social and economic developments
abroad, the differences between the regulations to which U.S. and foreign
issuers and markets are subject, the seizure by the government of company
assets, excessive taxation, withholding taxes on dividends and interest,
limitations on the use or transfer of portfolio assets, and political or social
instability. Other risks include the following:

o Enforcing legal rights may be difficult, costly and slow in foreign
countries, and there may be special problems enforcing claims against
foreign governments.

o Foreign issuers may not be subject to accounting standards or
governmental supervision comparable to U.S. issuers, and there may be
less public information about their operations.

o Foreign markets may be less liquid and more volatile than U.S.
markets.

o Foreign securities often trade in currencies other than the U.S.
dollar. Changes in currency exchange rates may affect the trust's
value, the value of dividends and interest earned, and gains and
losses realized on the sale of securities. An increase in the strength
of the U.S. dollar relative to these other currencies may cause the
value of the trust to decline. Certain foreign currencies may be
particularly volatile, and foreign governments may intervene in the
currency markets, causing a decline in value or liquidity in the
trust's foreign security holdings.

o Future political and governmental restrictions which might adversely
affect the payment or receipt of income on the foreign securities.

REIT risk. The trust invests in REITs. A REIT is a company that buys,
develops, finances and/or manages income-producing real estate. Such securities
may concentrate their investments in specific geographic areas or in specific
property types, such as hotels, shopping malls, residential complexes and
office buildings. The value of the real estate securities and the ability of
such securities to distribute income may be adversely affected by several
factors, including: rising interest rates; changes in the global and local
economic climate and real estate conditions; perceptions of prospective tenants
of the safety, convenience and attractiveness of the properties; the ability of
the owner to provide adequate management, maintenance and insurance; the cost
of complying with the Americans with Disabilities Act; increased competition
from new properties; the impact of present or future environmental legislation
and compliance with environmental laws; changes in real estate taxes and other
operating expenses; adverse changes in governmental rules and fiscal policies;
adverse changes in zoning laws; declines in the value of real estate; the
downturn in the subprime mortgage lending market in the United States; and
other factors beyond the control of the issuer of the security.

Master limited partnership risk. The trust invests in MLPs. MLPs are
limited partnerships or limited liability companies that are taxed as
partnerships and whose interests (limited partnership units or limited liability
company units) are traded on securities exchanges like shares of common stock.
An MLP consists of a general partner and limited partners. The general partner
manages the partnership, has an ownership stake in the partnership and is
eligible to receive an incentive distribution. The limited partners provide
capital to the partnership, have a limited (if any) role in the operation and
management of the partnership and receive cash distributions. The trust's
investment in securities of MLPs, which are required to distribute substantially
all of their income to investors in order to not be subject to entity level
taxation, often offer a yield advantage over other types of securities.
Currently, most MLPs operate in the energy, natural resources or real estate
sectors. Investments in MLP interests are subject to the risks generally
applicable to companies in the energy and natural resources sectors, including
commodity pricing risk, supply and demand risk, depletion risk and exploration
risk. There are certain tax risks associated with MLPs, including the risk that
U.S. taxing authorities could challenge the trust's treatment for federal income
tax purposes of the MLPs in which the trust invests. These tax risks, and any
adverse determination with respect thereto, could have a negative impact on the
after-tax income available for distribution by the MLPs and/or the value of the
trust's investments.

Corporate debt obligations. An investment in units of the trust should be
made with an understanding of the risks that an investment in fixed rate,
investment-grade corporate debt obligations may entail, including the risk that
the value of the units will decline with increases in interest rates.
Generally, bonds with longer maturities will fluctuate in value more than bonds
with shorter maturities.

A slowdown in the economy, or a development adversely affecting an issuer's
creditworthiness, may result in the issuer being unable to maintain earnings or
sell assets at the rate and at the prices, respectively, that are required to
produce sufficient cash flow to meet its interest and principal requirements and
accordingly such issuer may not be able to meet its obligations to make
principal and income payments. In addition, a slowdown in the economy or a
development adversely affecting an issuer's creditworthiness may also result in
the ratings of the bonds and the value of the underlying portfolio being
reduced. The trust may consist of corporate debt obligations that, in many
cases, do not have the benefit of covenants that would prevent the issuer from
engaging in capital restructurings or borrowing transactions in connection with
corporate acquisitions, leveraged buyouts or restructurings that could have the
effect of reducing the ability of the issuer to meet its obligations and might
also result in the ratings of the bonds and the value of the underlying
portfolio being reduced.

Should the issuer of any corporate debt obligation default in the payment
of principal or interest, the trust may incur additional expenses seeking
payment on the defaulted bond. Because amounts recovered by the trust in
payment under the defaulted corporate debt obligation, if any, may not be
reflected in the value of the units until actually received by the trust, and
depending upon when a unitholder purchases or sells his or her units, it is
possible that a unitholder would bear a portion of the cost of recovery without
receiving a portion of any payment recovered.

Liquidity. The bonds in the trust may not have been registered under the
Securities Act and may not be exempt from the registration requirements of the
Securities Act. Many of the bonds may not be listed on a securities exchange.
Whether or not the bonds are listed, the principal trading market for the bonds
will generally be in the over-the-counter market. As a result, the existence of
a liquid trading market for the bonds may depend on whether dealers will make a
market in the bonds. There can be no assurance that a market will be made for
any of the bonds, that any market for the bonds will be maintained or of the
liquidity of the bonds in any markets made. The price at which the bonds may be
sold to meet redemptions and the value of a trust will be adversely affected if
trading markets for the bonds are limited or absent. The trust may also contain
non-exempt bonds in registered form which have been purchased on a private
placement basis. Sales of these bonds may not be practicable outside the United
States, but can generally be made to U.S. institutions in the private placement
market which may not be as liquid as the general U.S. securities market. Since
the private placement market is less liquid, the prices received may be less
than would have been received had the markets been broader.

Litigation and legislation. To the best knowledge of the sponsor, there is
no litigation pending as of the Inception Date in respect of any bonds which
might reasonably be expected to have a material adverse effect upon the trust.
Nevertheless, lawsuits involving the bonds included in the trust or their
issuers may exist. At any time after the Inception Date, litigation may be
initiated on a variety of grounds, or legislation may be enacted, with respect
to bonds in the trust. The outcome of litigation of this nature can never be
entirely predicted. In addition, other factors may arise from time to time
which potentially may impair the ability of issuers to make payments due on the
bonds.

Significant unitholders risk. There may be unitholders of the trust who
hold a significant portion of the trust and, as result, a redemption by such
significant holder may have a material impact on the size, annual deferred
sales fee and viability of the trust.

The Secondary Market

Although it is not obligated to do so, the sponsor intends to maintain a
market for the units of the trust and continuously to offer to purchase units of
the trust during the initial offering period at prices based upon the aggregate
offering price of the securities in the trust, and thereafter at prices based on
the aggregate bid price of the related securities. After the initial offering
period, the sponsor's repurchase price shall be not less than the redemption
price plus accrued interest through the expected date of settlement. See "How to
Sell Your Units--Redemption--Computation of Redemption Price per Unit." Any
units repurchased by the sponsor may be reoffered to the public by the sponsor
at the Public Offering Price at such time, plus accrued interest.

If the supply of units of any series exceeds demand, or for some other
business reason, the sponsor may discontinue purchases of units of such series
at prices based on the aggregate bid price of the securities. The sponsor does
not in any way guarantee the enforceability, marketability, or price of any
security in the portfolio or of the units of the trust. In the event that a
market is not maintained or for some other business reason, the sponsor may
discontinue purchases of units of such series at prices based on the aggregate
bid price of the underlying securities. In the event that a market is not
maintained for the units of the trust, a unitholder may be able to dispose
units by tendering such units to the trustee for redemption at the redemption
price, which is based upon the aggregate bid price of the underlying
securities. The aggregate bid price of the securities in the trust may be
expected to be less than the aggregate offering price. A unitholder should
inquire of the sponsor as to current market prices prior to making a tender for
redemption to the trustee. See "How to Sell Your Units--Redemption" and
"General Information--Guggenheim Funds."

Estimated Current Return and Estimated
Long-Term Return to Unitholders

The rate of return on each unit is measured in terms of both Estimated
Current Return and Estimated Long-Term Return. The Estimated Current Return per
unit and Estimated Long-Term Return per unit, each as of the Inception Date, is
set forth under "Summary of Essential Financial Information." Information
regarding the estimated distributions of principal and interest to unitholders
of the trust is available from the sponsor on request.

Estimated Current Return is computed by dividing the Estimated Net Annual
Interest Income per unit by the Public Offering Price. Estimated Net Annual
Interest Income per unit will vary with principal prepayment, redemption,
maturity, exchange or sale of bonds. The Estimated Net Annual Interest Income
per unit also assumes that such sales of securities will be made on a pro rata
basis. Non-pro rata sales may impact the net annual interest income a
unitholder receives. The Public Offering Price per unit will vary with changes
in the offering price of the bonds. Estimated Current Return takes into account
only the interest payable on the bonds and does not involve a computation of
yield to maturity or to an earlier redemption date nor does it reflect any
amortization of premium or discount from principal value on the bond's purchase
price. Moreover, because interest rates on bonds purchased at a premium are
generally higher than current interest rates on newly issued bonds of a similar
type with comparable ratings, the Estimated Current Return per unit may be
affected adversely if such bonds are redeemed prior to their maturity.
Therefore, there is no assurance that the Estimated Current Return as set forth
under "Summary of Essential Financial Information" will be realized in the
future.

Estimated Long-Term Return is calculated using a formula that (i) takes
into consideration, and determines and factors in the relative weightings of,
the market values, yields (taking into account the amortization of premiums and
the accretion of discounts) and estimated retirements of all the bonds in the
trust; and (ii) takes into account the deferred sales fee associated with each
unit of the trust. The Estimated Long-Term Return assumes that each bond is
retired on its pricing life date (i.e., that date which produces the lowest
dollar price when yield price calculations are done for each optional call date
and the maturity date of a callable bond). If the bond is retired on any
optional call or maturity date other than the pricing life date, the yield to
the holder of that bond may be different than the initial quoted yield.
Estimated Long-Term Return is an estimate and may assume call or retirement
activity that is different from actual circumstances. In such cases, the
Estimated Long-Term Return set forth under "Summary of Essential Information"
may overestimate actual return.

Since the market values and estimated retirements of the bonds, the Net
Annual Interest Income and Public Offering Price per unit may change, there is
no assurance that the Estimated Long-Term Return as set forth under "Summary of
Essential Financial Information" will be realized in the future. Contact the
sponsor, as indicated on the back page of the Prospectus, for information
regarding the estimated principal and interest distribution schedule of the
trust.

Tax Status

This section summarizes some of the main U.S. federal income tax
consequences of owning units of your trust. This section is current as of the
date of this prospectus. Tax laws and interpretations change frequently, and
these summaries do not describe all of the tax consequences to all taxpayers.
For example, these summaries generally do not describe your situation if you
are a corporation, a non-U.S. person, a broker/dealer or other investor with
special circumstances. In addition, this section does not describe your state,
local or foreign tax consequences.

This federal income tax summary is based in part on the advice of counsel
to the sponsor. The Internal Revenue Service could disagree with any
conclusions set forth in this section. In addition, our counsel was not asked
to review, and has not reached a conclusion with respect to the federal income
tax treatment of the assets to be deposited in the trust. This may not be
sufficient for you to use for the purpose of avoiding penalties under federal
tax law.

As with any investment, you should seek advice based on your individual
circumstances from your own tax advisor.

Trust Status. The trust intends to qualify as a "regulated investment
company" under the federal tax laws. If the trust qualifies as a regulated
investment company and distributes its income as required by the tax law, the
trust generally will not pay federal income taxes.

Distributions. Trust distributions are generally taxable. After the end of
each year, you will receive a tax statement that separates the trust's
distributions into two categories, ordinary income distributions and capital
gain dividends. Ordinary income distributions are generally taxed at your
ordinary tax rate. Generally, you will treat all capital gain dividends as
long-term capital gains regardless of how long you have owned your units. To
determine your actual tax liability for your capital gain dividends, you must
calculate your total net capital gain or loss for the tax year after considering
all of your other taxable transactions, as described below. In addition, the
trust may make distributions that represent a return of capital for tax purposes
and thus will generally not be immediately taxable to you. The tax status of
your distributions from your trust is not affected by whether you reinvest your
distributions in additional units or receive them in cash. The income from your
trust that you must take into account for federal income tax purposes is not
reduced by amounts used to pay the annual deferred sales fee. The tax laws may
require you to treat distributions made to you in January as if you had received
them on December 31 of the previous year. Income from the trust may also be
subject to a 3.8% "Medicare tax." This tax generally applies to your net
investment income if your adjusted gross income exceeds certain threshold
amounts, which are $250,000 in the case of married couples filing joint returns
and $200,000 in the case of single individuals.

Dividends Received Deduction. A corporation that owns units generally will
not be entitled to the dividends received deduction with respect to dividends
received from the trust because the dividends received deduction is generally
not available for distributions from regulated investment companies.

Sale or Redemption of Units. If you sell or redeem your units, you will
generally recognize a taxable gain or loss. To determine the amount of this
gain or loss, you must subtract your tax basis in your units from the amount
you receive in the transaction. Your tax basis in your units is generally equal
to the cost of your units, generally including sales charges. In some cases,
however, you may have to adjust your tax basis after you purchase your units.

Capital Gains and Losses. If you are an individual, the maximum marginal
stated federal tax rate for net capital gain is generally 20% for taxpayers in
the 39.6% tax bracket, 15% for taxpayers in the 25%, 28%, 33% and 35% tax
brackets and 0% for taxpayers in the 10% and 15% tax brackets. Some portion of
your capital gain dividends may be taxed at a higher stated tax rate. Capital
gains may also be subject to the Medicare tax described above.

Net capital gain equals net long-term capital gain minus net short-term
capital loss for the taxable year. Capital gain or loss is long-term if the
holding period for the asset is more than one year and is short-term if the
holding period for the asset is one year or less. You must exclude the date you
purchase your units to determine your holding period. However, if you receive a
capital gain dividend from your trust and sell your unit at a loss after
holding it for six months or less, the loss will be recharacterized as
long-term capital loss to the extent of the capital gain dividend received. The
tax rates for capital gains realized from assets held for one year or less are
generally the same as for ordinary income. The Internal Revenue Code treats
certain capital gains as ordinary income in special situations.

In-Kind Distributions. Under certain circumstances, as described in this
prospectus, you may receive an in-kind distribution of trust securities when
you redeem units after at least two annual deferred sales fees have been
collected or up to 30 business days before your trust terminates. By electing
to receive an in-kind distribution, you will receive trust securities plus,
possibly, cash. This distribution will be treated as a sale for federal income
tax purposes and you will generally recognize gain or loss, generally based on
the value at that time of the securities and the amount of cash received. The
Internal Revenue Service could however assert that a loss could not be
currently deducted.

Deductibility of Trust Expenses. Expenses incurred and deducted by your
trust will generally not be treated as income taxable to you. In some cases,
however, you may be required to treat your portion of these trust expenses as
income. In these cases you may be able to take a deduction for these expenses.
However, certain miscellaneous itemized deductions, such as investment expenses,
may be deducted by individuals only to the extent that all of these deductions
exceed 2% of the individual's adjusted gross income. Some individuals may also
be subject to further limitations on the amount of their itemized deductions,
depending on their income.

Foreign Tax Credit. If your trust invests in any foreign securities, the
tax statement that you receive may include an item showing foreign taxes your
trust paid to other countries. In this case, dividends taxed to you will
include your share of the taxes your trust paid to other countries. You may be
able to deduct or receive a tax credit for your share of these taxes.

Foreign Investors. If you are a foreign investor (i.e., an investor other
than a U.S. citizen or resident or a U.S. corporation, partnership, estate or
trust), you should be aware that, generally, subject to applicable tax treaties,
distributions from the trust will be characterized as dividends for federal
income tax purposes (other than dividends which the trust properly reports as
capital gain dividends) and will be subject to U.S. income taxes, including
withholding taxes, subject to certain exceptions described below. However,
distributions received by a foreign investor from the trust that are properly
reported by the trust as capital gain dividends may not be subject to U.S.
federal income taxes, including withholding taxes, provided that the trust makes
certain elections and certain other conditions are met. Distributions from the
trust that are properly reported by the trust as an interest-related dividend
attributable to certain interest income received by the trust or as a short-term
capital gain dividend attributable to certain net short-term capital gain income
received by the trust may not be subject to U.S. federal income taxes, including
withholding taxes when received by certain foreign investors, provided that the
trust makes certain elections and certain other conditions are met.
Distributions in respect of units may be subject to a U.S. withholding tax of
30% in the case of distributions to (i) certain non-U.S. financial institutions
that have not entered into an agreement with the U.S. Treasury to collect and
disclose certain information and are not resident in a jurisdiction that has
entered into such an agreement with the U.S. Treasury; and (ii) certain other
non-U.S. entities that do not provide certain certifications and information
about the entity's U.S. owners. Dispositions of units by such persons may be
subject to such withholding after December 31, 2018.

Rights of Unitholders

Ownership of Units. Ownership of units of the trust will not be evidenced
by certificates. All evidence of ownership of units will be recorded in
book-entry form at Depository Trust Company ("DTC") through an investor's
broker's account. Units held through DTC will be registered in the nominee name
Cede & Co. Individual purchases of beneficial ownership interest in the trust
will be made in book-entry form through DTC. Ownership and transfer of
book-entry units will be evidenced and accomplished by book-entries made by DTC
and its participants. DTC will record ownership and transfer of the units among
DTC participants and forward all notices and credit all payments received in
respect of the units held by the DTC participants.

Beneficial owners of book-entry units will receive written confirmation of
their purchases and sale from the broker-dealer or bank from whom their purchase
was made. Units are transferable by making a written request to the trustee.
Record holders must sign such written request exactly as their names appear on
the records of the trustee.

Fractions of units, if any, will be computed to three decimal places.

Distribution of Interest and Principal. Unitholders will receive interest
distributions on a monthly basis. Principal, including capital gains, and
interest will be distributed on the distribution date; provided, however, that,
other than for purposes of redemption, no distribution need be made from the
Principal Account if the balance therein is less than $1.00 per unit then
outstanding. If such condition exists, the trustee shall, on the next succeeding
distribution date, distribute the unitholder's pro rata share of the balance of
the Principal Account. Interest received by the trust will be distributed on
each applicable distribution date to unitholders of record of the trust as of
the preceding applicable Record Date who are entitled to such distributions at
that time. All distributions will be net of funds required for the redemption of
units. See "Essential Information," "Rights of Unitholders--Expenses and Fees"
and "How to Sell Your Units--Selling Units."

The trustee will credit to the Interest Account for the trust all interest
received by the trust, including that part of the proceeds of any disposition of
bonds which represents accrued interest. Other receipts of the trust will be
credited to the Principal Account for the trust. The pro rata share of the
Interest Account of the trust and the pro rata share of cash in the Principal
Account (other than amounts representing failed contracts as previously
discussed) represented by each unit thereof will be computed by the trustee each
applicable Record Date. See "Essential Information." The trustee is not required
to pay interest on funds held in the Principal or Interest Accounts (but may
itself earn interest thereon and therefore benefits from the use of such funds).
Proceeds received from the disposition of any of the bonds subsequent to a
monthly Record Date and prior to the next succeeding monthly distribution date
will be held in the Principal Account for the trust and will not be distributed
until the second succeeding monthly distribution date. Because interest on the
bonds is not received by the trust at a constant rate throughout the year, any
particular interest distribution may be more or less than the amount credited to
the Interest Account of the trust as of the applicable Record Date. See
"Essential Information." Persons who purchase units between a Record Date and a
distribution date will receive their first distribution on the second
distribution date following their purchase of units.

The difference between the estimated net interest accrued to the first
Record Date and to the related distribution date is an asset of the respective
unitholder and will be realized in subsequent distributions or upon the earlier
of the sale of such units or the maturity, redemption or sale of bonds in the
trust.

Record dates for interest and principal distributions will be the 15th day
of the month. All unitholders, however, who purchase units during the initial
public offering period and who hold them of record on the first Record Date
will receive the first distribution of interest. Details of estimated interest
distributions, on a per unit basis, appear in the "Summary of Essential
Financial Information." The amount of the regular distributions will generally
change when bonds are redeemed, mature or are sold, or when fees increase or
decrease, or if issuers or insurers are unwilling or unable to pay
distributions when due.

As of the last business day of each month, the trustee will deduct from the
Interest Account and, to the extent funds are not sufficient therein, from the
Principal Account, amounts necessary to pay the annual deferred sales fee of the
trust. See "Rights of Unitholders--Expenses and Fees." The trustee also may
withdraw from said accounts such amounts, if any, as it deems necessary to
establish a reserve for any governmental charges payable out of the trust.
Amounts so withdrawn shall not be considered a part of the trust's assets until
such time as the trustee shall return all or any part of such amounts to the
appropriate account. In addition, the trustee may withdraw from the Interest
Account and the Principal Account such amounts as may be necessary to cover
redemption of units by the trustee. See "How to Sell Your Units--Redemption."
Funds which are available for future distributions, payments of redemptions are
in accounts which are non-interest bearing to the unitholders and are available
for use by the trustee pursuant to normal banking procedures.

Because interest on bonds in the trust is payable at varying intervals,
usually in semiannual installments, the interest accruing to the trust will not
be equal to the amount of money received and available for distribution from
the Interest Account to unitholders. Therefore, on each applicable distribution
date, the amount of interest actually deposited in the Interest Account and
available for distribution may be slightly more or less than the interest
distribution made. In order to eliminate fluctuations in interest distributions
resulting from such variances during the first year of the trust, the trustee
is required by the Trust Agreement to advance such amounts as may be necessary
to provide interest distributions of approximately equal amounts. In addition,
the trustee has agreed to advance sufficient funds to the trust in order to
reduce the amount of time before distributions of interest to unitholders
commence. The trustee will be reimbursed, without interest, for any such
advances from funds available from the Interest Account of the trust. The
trustee's fee takes into account the costs attributable to the outlay of
capital needed to make such advances.

In order to acquire certain of the bonds subject to contract, it may be
necessary to pay on the settlement dates for delivery of such bonds amounts
covering accrued interest on such bonds which exceed the amounts paid by
unitholders. The trustee has agreed to pay for any amounts necessary to cover
any such excess and will be reimbursed therefor (without interest) when funds
become available from interest payments on the particular bonds with respect to
which such payments may have been made.

In addition, because of the varying interest payment dates of the bonds
comprising the trust portfolio, accrued interest at any point in time,
subsequent to the recovery of any advancements of interest made by the trustee,
will be greater than the amount of interest actually received by the trust and
distributed to unitholders.

Therefore, there will usually remain an item of accrued interest that is
added to the value of the units. If a unitholder sells all or a portion of his
units, he will be entitled to receive his proportionate share of the accrued
interest from the purchaser of his units. Similarly, if a unitholder redeems
all or a portion of his units, the redemption price per unit which he is
entitled to receive from the trustee will also include accrued interest on the
bonds. Thus, the accrued interest attributable to a unit will not be entirely
recovered until the unitholder either redeems or sells such unit or until the
trust is terminated.

Expenses and Fees. The sponsor will bear all the costs incurred in
organizing the trust --including costs of preparing the registration statement,
the trust indenture and other closing documents, registering units with the
Securities and Exchange Commission and the states, the initial audit of the
trust's portfolio, legal expenses, payment of closing fees and any other
out-of-pocket expenses. Additionally, the sponsor will bear all the ongoing
expenses of the trust excluding brokerage costs and extraordinary
expenses-including the trustee's fee and the costs of supervising and
evaluating the portfolio.

Reports and Records. The trustee shall furnish unitholders of a trust in
connection with each distribution a statement of the amount of interest, if any,
and the amount of other receipts, if any, which are being distributed, expressed
in each case as a dollar amount per unit. Within a reasonable time after the end
of each calendar year, the trustee will furnish to each person who at any time
during the calendar year was a unitholder of record, a statement providing the
following information: (i) as to the Interest Account: interest received
(including amounts representing interest received upon any disposition of bonds
and any earned original issue discount), deductions for payment of applicable
taxes and for brokerage costs and extraordinary expenses of the trust,
redemptions of units and the balance remaining after such distributions and
deductions, expressed both as a total dollar amount and as a dollar amount
representing the pro rata share of each unit outstanding on the last business
day of such calendar year; (ii) as to the Principal Account: the dates of
disposition of any bonds and the net proceeds received therefrom (excluding any
portion representing interest), deductions for payments of applicable taxes and
for brokerage costs and extraordinary expenses of the trust, purchase of
replacement bonds, redemptions of units, the amount of any "when issued"
interest treated as a return of capital and the balance remaining after such
distributions and deductions, expressed both as a total dollar amount and as a
dollar amount representing the pro rata share of each unit outstanding on the
last business day of such calendar year; (iii) a list of the bonds held and the
number of units outstanding on the last business day of such calendar year; (iv)
the redemption price per unit based upon the last computation thereof made
during such calendar year; and (v) amounts actually distributed during such
calendar year from the Interest Account and from the Principal Account,
separately stated, expressed both as total dollar amounts and as dollar amounts
representing the pro rata share of each unit outstanding.

The trustee shall keep available for inspection by unitholders at all
reasonable times during usual business hours, books of record and account of
its transactions as trustee including a current list of bonds in the trust and
a copy of the Trust Agreement.

How to Sell Your Units

You can sell your units on any business day by contacting your financial
professional or, in some cases, the trustee. Unit prices are available daily on
the Internet at www.guggenheiminvestments.com or through your financial
professional. We often refer to the sale price of units as the "liquidation
price." Certain broker-dealers may charge a transaction fee for processing unit
redemptions or sale requests.

Selling Units. We intend to, but are not obligated to, maintain a secondary
market for units. This means that if you want to sell your units, we may buy
them at the current price which is based on their net asset value. We may then
resell the units to other investors at the Public Offering Price or redeem them
for the redemption price. Our secondary market repurchase price is generally the
same as the redemption price. Certain broker-dealers might also maintain a
secondary market in units. You should contact your financial professional for
current unit prices to determine the best price available. We may discontinue
our secondary market at any time without notice. Even if we do not make a
market, you will be able to redeem your units with the trustee on any business
day for the current price.

Redemption. Tender of Units. Units may be tendered to The Bank of New York
Mellon, the trustee, for redemption at its Unit Investment Trust Division
offices at 2 Hanson Place, 12th Fl., Brooklyn, New York 11217, on any day the
New York Stock Exchange is open. At the present time there are no specific taxes
related to the redemption of the units. No redemption fee will be charged by the
sponsor or the trustee. Units redeemed by the trustee will be canceled.

The trustee must receive your completed redemption request prior to the
close of the New York Stock Exchange for you to receive the unit price for a
particular day. If your request is received after that time or is incomplete in
any way, you will receive the next price computed after the trustee receives
your completed request. Rather than contacting the trustee directly, your
financial professional may also be able to redeem your units by using the
Investors' Voluntary Redemptions and Sales (IVORS) automated redemption service
offered through Depository Trust Company.

Within two business days following such tender, the unitholder will be
entitled to receive in cash an amount for each unit tendered equal to the
redemption price per unit computed as of the Evaluation Time set forth under
"Essential Information" as of the next subsequent Evaluation Time. See "How to
Sell Your Units--Redemption--Computation of Redemption Price per Unit." The
"date of tender" is deemed to be the date on which units are properly received
by the trustee, except that with regard to units received after the Evaluation
Time on the New York Stock Exchange, the date of tender is the next day on which
such Exchange is open for trading and such units will be deemed to have been
tendered to the trustee on such day for redemption at the redemption price
computed on that day.

Accrued interest paid on redemption shall be withdrawn from the Interest
Account, or, if the balance therein is insufficient, from the Principal
Account. All other amounts paid on redemption shall be withdrawn from the
Principal Account. The trustee is empowered to sell securities in order to make
funds available for redemption. Such sales, if required, could result in a sale
of bonds by the trustee at a loss. To the extent bonds are sold, the size and
diversity of the trust may be reduced.

The trustee reserves the right to suspend the right of redemption and to
postpone the date of payment of the redemption price per unit for any period
during which the New York Stock Exchange is closed, other than weekend and
holiday closings, or during which trading on that Exchange is restricted (as
determined by the Securities and Exchange Commission by rule or regulation) or
during which an emergency exists as a result of which disposal or evaluation of
the underlying bonds is not reasonably practicable, or for such other periods
as the Securities and Exchange Commission has by order permitted.

At the sponsor's discretion, certain redemptions may be made by an in-kind
distribution of the securities underlying the units in lieu of cash. You can
generally request an in-kind distribution of the bonds underlying your units if
(i) you own units worth at least $1,000,000 or you originally paid at least that
amount for your units and (ii) you have paid at least two annual deferred sales
fee payments. This option is generally available only for bonds traded and held
in the United States and is not available within 30 business days of the trust's
termination. In-kind distribution requests that occur during the primary
offering period will only be granted if approved by the sponsor. We may modify
or discontinue this option at any time without notice. If you request an in-kind
distribution of the bonds underlying units of your trust, you may incur any
distribution or service fees (Rule 12b-1 fees) applicable to those bonds.

Computation of Redemption Price per Unit. The redemption price per unit is
determined by the trustee on the basis of the bid prices of the bonds in the
trust, while the Public Offering Price of units during the initial offering
period is determined on the basis of the offering prices of the bonds, both as
of the Evaluation Time on the day any such determination is made. The bid prices
of the securities may be expected to be less than the offering prices. This
redemption price per unit is each unit's pro rata share, determined by the
trustee, of: (i) the aggregate value of the bonds in the trust (determined by
the evaluator, generally based upon prices provided by a pricing service as set
forth below); (ii) cash on hand in the trust (other than cash covering contracts
to purchase bonds); and (iii) accrued and unpaid interest on the bonds as of the
date of computation, less (a) amounts representing taxes or governmental charges
payable out of the trust, and (b) cash held for distribution to unitholders of
record as of a date prior to the evaluation. The evaluator, generally based upon
prices provided by a pricing service, may determine the value of the bonds in
the trust (i) on the basis of current bid prices for the bonds; (ii) if bid
prices are not available for any bonds, on the basis of current bid prices for
comparable bonds; (iii) by appraisal; or (iv) by any combination of the above.

The difference between the bid and offer prices of bonds with
characteristics consistent with the objectives of the trust are expected to be
0.15% to 0.20% of the principal value of the bonds. This value can fluctuate
depending on liquidity and the balance of supply and demand for the individual
issues. Immediately prior to the deposit of the trust, the aggregate bid side
evaluation was lower than the aggregate offering side evaluation. For this
reason, among others, the price at which units may be redeemed could be less
than the price paid by the unitholder.

Purchase by the Sponsor of Units Tendered for Redemption. The Trust
Agreement requires that the trustee notify the sponsor of any tender of units
for redemption. So long as the sponsor maintains a bid in the secondary market,
the sponsor, prior to the close of business on the second succeeding business
day, may purchase any units tendered to the trustee for redemption at the price
so bid by making payment therefor to the unitholder in an amount not less than
the redemption price on the date of tender not later than the day on which the
units would otherwise have been redeemed by the trustee (see "Public
Offering--Offering Price"). Units held by the sponsor may be tendered to the
trustee for redemption as any other units. In addition, the sponsor may tender
units for redemption that were initially allocated to the sponsor on the
Inception Date if the sponsor was unable to sell such units. Such redemption may
impact the size, composition, returns, annual deferred sales fees and longevity
of the trust.

The offering price of any units resold by the sponsor will be the Public
Offering Price determined in the manner provided in this Prospectus (see "Public
Offering--Offering Price"). Any profit resulting from the resale of such units
will belong to the sponsor which likewise will bear any loss resulting from a
lower offering or redemption price subsequent to their acquisition of such units
(see "Public Offering--Other Compensation and Benefits to Broker-Dealers").

General Information

Guggenheim Funds. Guggenheim Funds Distributors, LLC specializes in the
creation, development and distribution of investment solutions for advisors and
their valued clients. In November 2001, we changed our name from Ranson &
Associates, Inc. to Claymore Securities, Inc. ("Claymore"). On September 27,
2010, Claymore officially changed its name to Guggenheim Funds Distributors,
LLC. This change follows the acquisition of Claymore by Guggenheim Partners, LLC
on October 14, 2009. Since the finalization of the acquisition, we have been
operating as a subsidiary of Guggenheim Partners, LLC.

During our history we have been active in public and corporate finance,
have underwritten closed-end funds and have distributed bonds, mutual funds,
closed-end funds, exchange-traded funds, structured products and unit trusts in
the primary and secondary markets. We are a registered broker-dealer and member
of the Financial Industry Regulatory Authority (FINRA). If we fail to or cannot
perform our duties as sponsor or become bankrupt, the trustee may replace us,
continue to operate your trust without a sponsor, or terminate your trust. You
can contact us at our headquarters at 2455 Corporate West Drive, Lisle, Illinois
60532 or by using the contacts listed on the back cover of this prospectus.
Guggenheim Funds personnel may from time to time maintain a position in certain
securities held by your trust.

Guggenheim Funds and your trust have adopted a code of ethics requiring
Guggenheim Funds' employees who have access to information on trust transactions
to report personal securities transactions. The purpose of the code is to avoid
potential conflicts of interest and to prevent fraud, deception or misconduct
with respect to your trust.

If at any time the sponsor shall fail to perform any of its duties under
the Trust Agreement or shall become incapable of acting or shall be adjudged to
be bankrupt or insolvent or shall have its affairs taken over by public
authorities, then the trustee may (i) appoint a successor sponsor at rates of
compensation deemed by the trustee to be reasonable and not exceeding such
reasonable amounts as may be prescribed by the Securities and Exchange
Commission; (ii) terminate the Trust Agreement and liquidate any trust as
provided therein; or (iii) continue to act as trustee without terminating the
Trust Agreement.

The foregoing information with regard to the sponsor relates to the
sponsor only and not to the trust. Such information is included in this
prospectus only for the purpose of informing investors as to the financial
responsibility of the sponsor and its ability to carry out its contractual
obligations with respect to the trust. More comprehensive financial information
can be obtained upon request from the sponsor.

Limitations on Liability. The sponsor is liable for the performance of its
obligations arising from its responsibilities under the Trust Agreement, but
will be under no liability to the unitholders for taking any action or
refraining from any action in good faith or for errors in judgment; nor will
they be responsible in any way for depreciation or loss incurred by reason of
the sale of any bonds, except in cases of their willful misconduct, bad faith,
gross negligence or reckless disregard for their obligations and duties.

Responsibility. The trustee shall sell, for the purpose of redeeming units
tendered by any unitholder and for the payment of annual deferred sales fees for
which funds are not available, such of the bonds in a list furnished by the
sponsor as the trustee in its sole discretion may deem necessary. The sponsor
may also instruct the trustee to sell bonds in order to maintain the
qualification of the trust as a regulated investment company or to provide funds
to make any distribution for a taxable year in order to avoid imposition of any
income or excise taxes on undistributed income in the trust.

It is the responsibility of the sponsor to instruct the trustee to reject
any offer made by an issuer of any of the bonds to issue new obligations in
exchange and substitution for any bonds pursuant to a refunding or refinancing
plan, except that the sponsor may instruct the trustee to accept such an offer
or to take any other action with respect thereto as the sponsor may deem proper
if the issuer is in default with respect to such bonds or in the judgment of
the sponsor the issuer will probably default in respect to such bonds in the
foreseeable future.

Any obligations so received in exchange or substitution will be held by
the trustee subject to the terms and conditions of the Trust Agreement to the
same extent as bonds originally deposited thereunder. Within five days after
the deposit of obligations in exchange or substitution for underlying bonds,
the trustee is required to give notice thereof to each unitholder, identifying
the obligations eliminated and the bonds substituted therefor. Except as stated
in the Trust Agreement or in this and the preceding paragraph and in the
discussion under "Investment Risks--Failure of a Contract to Purchase Bonds and
Substitution of Bonds" regarding the substitution of replacement bonds for
failed bonds, the acquisition by a trust of any bonds other than the bonds
initially deposited is prohibited.

The sponsor may direct the trustee to dispose of bonds in certain limited
circumstances, including upon default in the payment of principal or interest,
institution of certain legal proceedings or the existence of certain other
impediments to the payment of bonds, default under other documents which may
adversely affect debt service, default in the payment of principal or interest
on other obligations of the same issuer, decline in projected income pledged for
debt service on revenue bonds, or decline in price or the occurrence of other
market factors, including advance refunding, so that in the opinion of the
sponsor the retention of such bonds in a trust would be detrimental to the
interest of the unitholders. The proceeds from any such sales will be credited
to the Principal Account for distribution to the unitholders.

Resignation. If the sponsor resigns or becomes unable to perform its
duties under the Trust Agreement, and no express provision is made for action
by the trustee in such event, the trustee may appoint a successor sponsor,
terminate the Trust Agreement and liquidate the trusts or continue to act as
Trustee.

The Trustee. The Bank of New York Mellon is the trustee of your trust. It
is a trust company organized under New York law. You can contact the trustee by
calling the telephone number on the back cover of this prospectus or write to
Unit Investment Trust Division, 2 Hanson Place, 12th Fl., Brooklyn, New York
11217. The sponsor may remove and replace the trustee in some cases without
your consent. The trustee may also resign by notifying the sponsor and
investors.

In accordance with the Trust Agreement, the trustee shall keep records of
all transactions at its office. Such records shall include the name and address
of, and the number of units held by, every unitholder of the trust. Such books
and records shall be open to inspection by any unitholder at all reasonable
times during usual business hours. The trustee shall make such annual or other
reports as may from time to time be required under any applicable state or
federal statute, rule or regulation. The trustee shall keep a certified copy or
duplicate original of the Trust Agreement on file in its office or available for
inspection at all reasonable times during usual business hours by any
unitholder, together with a current list of the bonds held in the trust.
Pursuant to the Trust Agreement, the trustee may employ one or more agents for
the purpose of custody and safeguarding of bonds comprising the trust.

Limitations on Liability. The trustee shall not be liable or responsible
in any way for depreciation or loss incurred by reason of the disposition of
any monies, bonds or certificates or in respect of any evaluation or for any
action taken in good faith reliance on prima facie properly executed documents
except, generally, in cases of its willful misconduct, lack of good faith or
gross negligence. In addition, the trustee shall not be personally liable for
any taxes or other governmental charges imposed upon or in respect of the trust
which the trustee may be required to pay under current or future law of the
United States or any other taxing authority having jurisdiction. See "Trust
Portfolio."

Responsibility. For information relating to the responsibilities of the
trustee under the Trust Agreement, reference is made to the material set forth
under "Rights of Unitholders" and "General Information--Guggenheim
Funds--Resignation."

Resignation. Under the Trust Agreement, the trustee or any successor
trustee may resign and be discharged of a trust created by the Trust Agreement
by executing an instrument in writing and filing the same with the sponsor.

The trustee or successor trustee must mail a copy of the notice of
resignation to all unitholders then of record, not less than sixty days before
the date specified in such notice when such resignation is to take effect. The
sponsor upon receiving notice of such resignation is obligated to appoint a
successor trustee promptly. If, upon such resignation, no successor trustee has
been appointed and has accepted the appointment within thirty days after
notification, the retiring trustee may apply to a court of competent
jurisdiction for the appointment of a successor. The sponsor may at any time
remove the trustee, with or without cause, and appoint a successor trustee as
provided in the Trust Agreement. Notice of such removal and appointment shall be
mailed to each unitholder by the sponsor. Upon execution of a written acceptance
of such appointment by such successor trustee, all the rights, powers, duties
and obligations of the original trustee shall vest in the successor. The trustee
must be a corporation organized under the laws of the United States, or any
state thereof, be authorized under such laws to exercise trust powers and have
at all times an aggregate capital, surplus and undivided profits of not less
than $5,000,000.

The Evaluator. The sponsor will serve as the evaluator of the bonds in the
trust, and as such will appraise the bonds or cause the bonds to be appraised.
To appraise the bonds, the evaluator generally utilizes prices received from
Standard & Poor's Securities Evaluations.

Limitations on Liability. The trustee and the sponsor may rely on any
evaluation furnished by the evaluator and shall have no responsibility for the
accuracy thereof. Determinations by the evaluator under the Trust Agreement
shall be made in good faith upon the basis of the best information available to
it; provided, however, that the evaluator shall be under no liability to the
trustee, the sponsor or unitholders for errors in judgment. However, this
provision shall not protect the evaluator in cases of its willful misfeasance,
bad faith, gross negligence or reckless disregard of its obligations and
duties.

Responsibility. The Trust Agreement requires the evaluator to evaluate the
bonds on the basis of their bid prices on each business day after the initial
offering period, when any unit is tendered for redemption and on any other day
such evaluation is desired by the trustee or is requested by the sponsor. For
information relating to the responsibility of the evaluator to evaluate the
bonds on the basis of their offering prices, see "Public Offering--Offering
Price."

Resignation. The evaluator may resign or may be removed by the sponsor and
the trustee, and the sponsor and the trustee are to use their best efforts to
appoint a satisfactory successor. Such resignation or removal shall become
effective upon the acceptance of appointment by the successor evaluator. If upon
resignation of the evaluator no successor has accepted appointment within thirty
days after notice of resignation, the evaluator may apply to a court of
competent jurisdiction for the appointment of a successor.

Amendment and Termination
of the Trust Agreement

The sponsor and the trustee have the power to amend the Trust Agreement
without the consent of any of the unitholders when such an amendment is (i) to
cure any ambiguity or to correct or supplement any provision of the Trust
Agreement which may be defective or inconsistent with any other provision
contained therein; (ii) to change any provision required to be changed by the
Securities and Exchange Commission; (iii) to maintain the qualification of the
trust as a regulated investment company; or (iv) to make such other provisions
as shall not adversely affect the interest of the unitholders. The sponsor and
the trustee may amend the Trust Agreement with the consent of unitholders
representing 66 2/3% of the units then outstanding, provided that no such
amendment will reduce the interest in the trust of any unitholder without the
consent of such unitholder or reduce the percentage of units required to consent
to any such amendment without the consent of all the unitholders. In no event
shall the Trust Agreement be amended to permit the deposit or acquisition of
bonds either in addition to or in substitution for any of the bonds initially
deposited in a trust, except in accordance with the provisions of each Trust
Agreement. In the event of any amendment, the trustee is obligated to notify
promptly all unitholders of the substance of such amendment. The Trust Agreement
specifies other limitations on amending the Trust Agreement.

A trust shall terminate upon the maturity, redemption, sale or other
disposition, as the case may be, of the last of the bonds. The sponsor may
direct the trustee to terminate the trust if the par value of the trust falls
below $200 per unit. The trustee shall notify the sponsor when the par value of
the bonds in a trust is less than $2,000,000. A trust may also be terminated (i)
by the consent of 66 2/3% of the units; or (ii) by the trustee in certain
circumstances. In addition, the sponsor may direct the trustee to terminate the
trust if the sponsor is unable to sell more than 60% of the units initially
authorized and the net worth of the trust is reduced to less than 40% of the
aggregate value of the bonds in the trust. In no event, however, may a trust
continue beyond the Mandatory Termination Date set forth herein. In the event of
termination, written notice thereof will be sent by the trustee to all
unitholders. Within a reasonable period after termination, the trustee will sell
any remaining bonds, and will distribute to each unitholder, upon surrender of
his units, his pro rata share of the balances remaining in the Interest and
Principal Accounts of the trust.

Experts

Legal Matters. Chapman and Cutler LLP, 111 West Monroe Street, Chicago,
Illinois 60603, acts as counsel for the trust and has passed upon the legality
of the units.

Independent Registered Public Accounting Firm. The statement of financial
condition, including the Trust Portfolio, appearing herein, have been audited by
Grant Thornton LLP, an independent registered public accounting firm, as set
forth in their report thereon appearing elsewhere herein and is included in
reliance on such report given on the authority of such firm as experts in
accounting and auditing.

Description of Bond Ratings

Standard & Poor's Rating. A Standard & Poor's issue credit rating is a
forward-looking opinion about the creditworthiness of an obligor with respect to
a specific financial obligation, a specific class of financial obligations, or a
specific financial program (including ratings on medium-term note programs and
commercial paper programs). It takes into consideration the creditworthiness of
guarantors, insurers, or other forms of credit enhancement on the obligation and
takes into account the currency in which the obligation is denominated. The
opinion reflects Standard & Poor's view of the obligor's capacity and
willingness to meet its financial commitments as they come due, and may assess
terms, such as collateral security and subordination, which could affect
ultimate payment in the event of default. The issue credit rating is not a
recommendation to purchase, sell, or hold a financial obligation, inasmuch as it
does not comment as to market price or suitability for a particular investor.
Issue credit ratings are based on current information furnished by the obligors
or obtained by Standard & Poor's from other sources it considers reliable.
Standard & Poor's does not perform an audit in connection with any credit rating
and may, on occasion, rely on unaudited financial information. Credit ratings
may be changed, suspended, or withdrawn as a result of changes in, or
unavailability of, such information, or based on other circumstances.

Issue credit ratings are based, in varying degrees, on the following
considerations:

o Likelihood of payment--capacity and willingness of the obligor to meet
its financial commitment on an obligation in accordance with the terms
of the obligation;

o Nature of and provisions of the obligation; and

o Protection afforded by, and relative position of, the obligation in
the event of bankruptcy, reorganization, or other arrangement under
the laws of bankruptcy and other laws affecting creditors' rights.

Issue ratings are an assessment of default risk, but may incorporate an
assessment of relative seniority or ultimate recovery in the event of default.
Junior obligations are typically rated lower than senior obligations, to reflect
the lower priority in bankruptcy, as noted above. (Such differentiation may
apply when an entity has both senior and subordinated obligations, secured and
unsecured obligations, or operating company and holding company obligations.)

AAA -- An obligation rated "AAA" has the highest rating assigned by
Standard & Poor's. The obligor's capacity to meet its financial commitment on
the obligation is extremely strong.

AA -- An obligation rated "AA" differs from the highest-rated obligations
only to a small degree. The obligor's capacity to meet its financial commitment
on the obligation is very strong.

A -- An obligation rated "A" is somewhat more susceptible to the adverse
effects of changes in circumstances and economic conditions than obligations in
higher-rated categories. However, the obligor's capacity to meet its financial
commitment on the obligation is still strong.

BBB -- An obligation rated "BBB" exhibits adequate protection parameters.
However, adverse economic conditions or changing circumstances are more likely
to lead to a weakened capacity of the obligor to meet its financial commitment
on the obligation.

Obligations rated "BB", "B", "CCC", "CC", and "C" are regarded as having
significant speculative characteristics. "BB" indicates the least degree of
speculation and "C" the highest. While such obligations will likely have
some quality and protective characteristics, these may be outweighed by
large uncertainties or major exposures to adverse conditions.

BB -- An obligation rated "BB" is less vulnerable to nonpayment than other
speculative issues. However, it faces major ongoing uncertainties or exposure
to adverse business, financial, or economic conditions which could lead to the
obligor's inadequate capacity to meet its financial commitment on the
obligation.

B -- An obligation rated "B" is more vulnerable to nonpayment than
obligations rated "BB", but the obligor currently has the capacity to meet its
financial commitment on the obligation. Adverse business, financial, or
economic conditions will likely impair the obligor's capacity or willingness to
meet its financial commitment on the obligation.

CCC -- An obligation rated "CCC" is currently vulnerable to nonpayment, and
is dependent upon favorable business, financial, and economic conditions for the
obligor to meet its financial commitment on the obligation. In the event of
adverse business, financial, or economic conditions, the obligor is not likely
to have the capacity to meet its financial commitment on the obligation.

CC -- An obligation rated "CC" is currently highly vulnerable to
nonpayment. The "CC" rating is used when a default has not yet occurred, but
S&P Global Ratings expects default to be a virtual certainty, regardless of the
anticipated time to default.

C -- An obligation rated "C" is currently highly vulnerable to nonpayment,
and the obligation is expected to have lower relative seniority or lower
ultimate recovery compared to obligations that are rated higher.

D -- An obligation rated "D" is in default or in breach of an imputed
promise. For non-hybrid capital instruments, the "D" rating category is used
when payments on an obligation are not made on the date due, unless S&P Global
Ratings believes that such payments will be made within five business days in
the absence of a stated grace period or within the earlier of the stated grace
period or 30 calendar days. The "D" rating also will be used upon the filing of
a bankruptcy petition or the taking of similar action and where default on an
obligation is a virtual certainty, for example due to automatic stay
provisions. An obligation's rating is lowered to "D" if it is subject to a
distressed exchange offer.

Plus (+) or minus (-): The ratings from "AA" to "CCC" may be modified by
the addition of a plus or minus sign to show relative standing within the major
rating categories.

NR -- This indicates that no rating has been requested, that there is
insufficient information on which to base a rating, or that Standard & Poor's
does not rate a particular obligation as a matter of policy.

Report of Independent Registered Public Accounting Firm

Sponsor and Unitholders
Guggenheim Defined Portfolios, Series 1727

Opinion on the financial statement

We have audited the accompanying statement of financial condition,
including the trust portfolio on pages 12 and 13 of Guggenheim Defined
Portfolios, Series 1727 (the "Trust") as of __________, 2018, the initial date
of deposit, and the related notes (collectively referred to as the "financial
statements"). In our opinion, the financial statements present fairly, in all
material respects, the financial position of the Trust as of __________, 2018,
in conformity with accounting principles generally accepted in the United States
of America.

Basis for opinion

These financial statements are the responsibility of Guggenheim Funds
Distributors, LLC, the Sponsor. Our responsibility is to express an opinion on
the Trust's financial statements based on our audit. We are a public accounting
firm registered with the Public Company Accounting Oversight Board (United
States) ("PCAOB") and are required to be independent with respect to the Trust
in accordance with the U.S. federal securities laws and the applicable rules and
regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those
standards require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of material
misstatement, whether due to error or fraud. The Trust is not required to have,
nor were we engaged to perform, an audit of its internal control over financial
reporting. As part of our audit we are required to obtain an understanding of
internal control over financial reporting but not for the purpose of expressing
an opinion on the effectiveness of the Trust's internal control over financial
reporting. Accordingly, we express no such opinion.

Our audit included performing procedures to assess the risks of material
misstatement of the financial statements, whether due to error or fraud, and
performing procedures that respond to those risks. Such procedures included
examining, on a test basis, evidence supporting the amounts and disclosures in
the financial statements. Our audit also included evaluating the accounting
principles used and significant estimates made by management, as well as
evaluating the overall presentation of the financial statements. Our procedures
included confirmation of cash or irrevocable letter of credit deposited for the
purchase of securities as shown in the statement of financial condition as of
__________, 2018 by correspondence with The Bank of New York Mellon, Trustee. We
believe that our audit provides a reasonable basis for our opinion.

Grant Thornton LLP

We have served as the auditor of one or more of the unit investment
trusts, sponsored by Guggenheim Funds Distributors, LLC and its predecessor
since 2002.

Chicago, Illinois
__________, 2018

Guggenheim Defined Portfolios, Series 1727

Statement of Financial Condition
as of the Inception Date, __________, 2018

Investment in bonds
Sponsor's contracts to purchase underlying securities backed by
letter of credit (1)(2) $
Cash (3)
Accrued interest receivable (4)
-------
Total $
=======
Liabilities and interest of unitholders
Liabilities:
Amount due to Trustee (4) $
Annual deferred sales fee
-------
Total
-------
Interest of unitholders:
Cost to unitholders (5)
Less: annual deferred sales fee (6)
-------
Net interest of unitholders
-------
Total $
=======
Number of units
=======
Net Asset Value per Unit $
=======

--------------
(1) Aggregate cost to the trust of the bonds listed under "Trust Portfolio" are
based on offering side valuations determined by the evaluator, based upon
prices provided by Standard & Poor's Securities Evaluations, on the basis
set forth under "Public Offering-- Offering Price."

(2) An irrevocable letter of credit issued by The Bank of New York Mellon has
been deposited with the trustee as collateral, covering the monies
necessary for the purchase of the underlying securities according to their
purchase contracts and accrued interest from the Inception Date to the
expected dates of delivery.

(3) During the initial offering period, a portion of the Public Offering Price
represents an amount of cash deposited to pay all or a portion of the costs
of organizing the trust.

(4) On the basis set forth under "Rights of Unitholders--Distribution of
Interest and Principal" the trustee will advance an amount equal to the
accrued interest on the bonds as of the "First Settlement Date," plus any
cash received by the trustee with respect to interest on the bonds prior to
such date, and the same will be distributed to the sponsor on the First
Settlement Date. Consequently, the amount of interest accrued on a unit to
be added to the Public Offering Price thereof will include only such
accrued interest from the First Settlement Date to the date of settlement,
less all withdrawals and deductions from the Interest Account subsequent to
the First Settlement Date made with respect to the unit.

(5) Aggregate Public Offering Price (exclusive of interest) is computed on the
number of units set forth above under "Public Offering-- Offering Price."

(6) On the Inception Date, the annual deferred sales fee of 0.30% is based upon
a $1,000 unit and assumes that the value of the trust's assets has remained
the same during the primary offering period. Due to variations in the
trust's value over time, the total amount paid for the annual deferred
sales fees will vary but in no event will it exceed 2.10% of the Public
Offering Price of their units at the time of purchase.

Contents
Investment Summary
--------------------------------------------------------------------------------
A concise 2 Overview
description 2 Investment Objective
of essential 2 Principal Investment Strategy
information 3 Debt Obligation Selection
about the 3 Guggenheim Partners Investment Management,
portfolio LLC (GPIM)
3 Future Trusts
4 Essential Information
4 Types of Bonds
4 Countries
4 Bond Ratings
5 Summary of Essential Financial Information
6 Principal Risks
9 Taxes
9 Distributions
9 Market for Units
10 Who Should Invest
10 Fees and Expenses
10 Example
12 Trust Portfolio

Understanding Your Investment
--------------------------------------------------------------------------------
Detailed 15 The Trust
information 15 Public Offering
to help you 17 Underwriting Concessions
understand 17 Underwriting
your 18 Investment Risks
investment 23 The Secondary Market
24 Estimated Current Return and Estimated
Long-Term Return to Unitholders
24 Tax Status
27 Rights of Unitholders
30 How to Sell Your Units
32 General Information
35 Amendment and Termination
of the Trust Agreement
36 Experts
36 Description of Bond Ratings
39 Report of Independent Registered Public
Accounting Firm
40 Statement of Financial Condition

Where to Learn More
--------------------------------------------------------------------------------
You can contact us for Visit us on the Internet
free information about http://www.guggenheiminvestments.com
these investments. Call Guggenheim Funds (800) 345-7999
Pricing Line (888) 248-4954
Call The Bank of New York Mellon
(800) 701-8178 (investors)
(800) 647-3383 (brokers)

Additional Information
--------------------------------------------------------------------------------
This prospectus does not contain all information filed with the Securities and
Exchange Commission. To obtain or copy this information (a duplication fee may
be required):

E-mail: publicinfo@sec.gov
Write: Public Reference Section, Washington, D.C. 20549-0102
Visit: http://www.sec.gov (EDGAR Database)
Call: 1-202-942-8090 (only for information on
the operation of the Public Reference Section)

Refer to:

Guggenheim Defined Portfolios, Series 1727
Securities Act file number: 333-222401
Investment Company Act file number: 811-03763

When units of the trust are no longer available, we may use this prospectus as
a preliminary prospectus for a future trust. In this case you should note that:

The information in this prospectus is not complete with respect to future
trusts and may be changed. No one may sell units of a future trust until a
registration statement is filed with the Securities and Exchange Commission and
is effective. This prospectus is not an offer to sell units and is not
soliciting an offer to buy units in any state where the offer or sale is not
permitted.

GUGGENHEIM LOGO

PROSPECTUS

Advisory Series: Guggenheim Investment Grade Corporate Trust 3-7 Year, Series 1

UNIT INVESTMENT TRUSTS LOGO

Guggenheim Defined Portfolios Series 1727

DATED __________, 2018

UNDERTAKING TO FILE REPORTS

Subject to the terms and conditions of Section 15(d) of the Securities
Exchange Act of 1934, the undersigned registrant hereby undertakes to file with
the Securities and Exchange Commission such supplementary and periodic
information, documents, and reports as may be prescribed by any rule or
regulation of the Commission heretofore or hereafter duly adopted pursuant to
authority conferred in that section.

CONTENTS OF REGISTRATION STATEMENT

A. Bonding Arrangements of Depositor:

The Depositor has obtained the following Securities Dealer Blanket Bond for
its officers, directors and employees:

INSURER/POLICY NO. AMOUNT

National Union Fire Insurance
Company of Pittsburgh, Pennsylvania
5692790 $4,000,000

This Amendment to the Registration Statement comprises the following papers
and documents.

The Facing Sheet
The Prospectus
The Signatures
Consents of Counsel
Exhibits

The following exhibits:

1.1 Reference Trust Agreement (to be supplied by amendment).

1.1.1 Standard Terms and Conditions of Trust (Reference is made to Exhibit
1.1.1 to Amendment No. 1 to the Registration Statement on Form S-6 for
Claymore Securities Defined Portfolios, Series 118 (File No.
333-81826) filed on February 6, 2002).

2.1 Code of Ethics (Reference is made to Exhibit 2.1 to the Registration
Statement on Form S-6 for Claymore Securities Deferred Portfolios,
Series 213 (File No. 333-122184) filed on February 9, 2005).

3.1 Opinion of counsel as to legality of the securities being registered
including a consent to the use of its name in the Registration
Statement (to be supplied by amendment).

3.2 Opinion of counsel as to the Trustee and the Trust(s), including a
consent to the use of its name in the Registration Statement (to be
supplied by amendment).

4.1 Consent of Independent Registered Public Accounting Firm (to be
supplied by amendment).

6.0 Powers of Attorney authorizing Amy Lee to execute the Registration
Statement. (Reference is made to Exhibit 6.0 to the Registration
Statement on Form S-6 for Guggenheim Defined Portfolios, Series 1701
(File No. 333-221150) filed on October 26, 2017).

SIGNATURES

Pursuant to the requirements of the Securities Act of 1933, the Registrant,
Guggenheim Defined Portfolios, Series 1727 has duly caused this Amendment No. 1
to the Registration Statement to be signed on its behalf by the undersigned
thereunto duly authorized, in the City of Lisle, and State of Illinois, on the
7th day of March, 2018.

GUGGENHEIM DEFINED PORTFOLIOS, SERIES 1727, Registrant

By: GUGGENHEIM FUNDS DISTRIBUTORS, LLC, Depositor

By: /s/ Amy Lee
---------------
Amy Lee
Vice President and Secretary

Pursuant to the requirements of the Securities Act of 1933, this amended
Registration Statement has been signed below by the following persons in the
capacities and on the date indicated:

SIGNATURE* TITLE DATE

)
) By: /s/ Amy Lee
) ------------------
) Amy Lee
) Attorney-in-Fact*
DONALD C. CACCIAPAGLIA* Chief Executive Officer and )
President of Guggenheim Funds ) March 7, 2018
Distributors, LLC )
)
DOMINICK COGLIANDRO* Chief Operating Officer of ) March 7, 2018
Guggenheim Funds Distributors, )
LLC )
)
JULIE JACQUES* Treasurer of Guggenheim Funds ) March 7, 2018
Distributors, LLC )
)
JULIE JACQUES* Principal Financial Officer of ) March 7, 2018
Guggenheim Funds Distributors, )
LLC )

FARHAN SHARAFF Chief Investment Officer of
Guggenheim Funds Distributors,
LLC

/s/ Amy Lee Vice President and Secretary of March 7, 2018
----------- Guggenheim Funds Distributors,
AMY LEE LLC

----------------
* Executed copies of the related powers of attorney were filed as Exhibit 6.0
to the Registration Statement of Guggenheim Defined Portfolios, Series 1701
on October 26, 2017.

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

The consent of Grant Thornton LLP to the use of its report and to the
reference to such firm in the Prospectus included in the Registration Statement
will be filed as Exhibit 4.1 to the Registration Statement.

CONSENT OF CHAPMAN AND CUTLER LLP

The consent of Chapman and Cutler LLP to the use of its name in the
Prospectus included in the Registration Statement will be contained in its
opinion to be filed as Exhibit 3.1 to the Registration Statement.

CONSENT OF DORSEY & WHITNEY LLP

The consent of Dorsey & Whitney LLP to the use of its name in the
Prospectus included in the Registration Statement will be contained in its
opinion to be filed as Exhibit 3.2 to the Registration Statement.

MEMORANDUM

Re: Guggenheim Defined Portfolios, Series 1727

The list of securities comprising the trust of the fund, the evaluation,
record and distribution dates and other changes pertaining specifically to the
new series, such as size and number of units of the trust in the fund and the
statement of financial condition of the new fund will be filed by amendment.

1940 ACT

FORMS N-8A AND N-8B-2

Form N-8A and Form N-8B-2 were filed in respect of Guggenheim Defined
Portfolios, Series 718 (and subsequent series) (File No. 333-169214).

1933 ACT

THE INDENTURE

The form of the proposed Standard Terms and Conditions of Trust is expected
to be in all respects consistent with the form of the Standard Terms and
Conditions of Trust dated February 6, 2002 relative to Claymore Securities
Defined Portfolios, Series 118.

CHAPMAN AND CUTLER LLP

Chicago, Illinois
March 7, 2018