# EDGAR Filing Document

**Accession Number:** 0001902613
**File Stem:** 0001528621-23-000022
**Filing Date:** 2023-1
**Character Count:** 280222
**Document Hash:** 8e2c3849f58f2cf0c85538d1230c8329
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001528621-23-000022.hdr.sgml**: 20230118

**ACCESSION NUMBER**: 0001528621-23-000022

**CONFORMED SUBMISSION TYPE**: 487

**PUBLIC DOCUMENT COUNT**: 7

**FILED AS OF DATE**: 20230118

**DATE AS OF CHANGE**: 20230118

**EFFECTIVENESS DATE**: 20230118

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** GUGGENHEIM DEFINED PORTFOLIOS, SERIES 2279
- **CENTRAL INDEX KEY:** 0001902613
- **IRS NUMBER:** 481175174
- **STATE OF INCORPORATION:** KS

**FILING VALUES:**
- **FORM TYPE:** 487
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-268209
- **FILM NUMBER:** 23534317

**BUSINESS ADDRESS:**
- **STREET 1:** 2300 CABOT DRIVE
- **STREET 2:** SUITE 325
- **CITY:** LISLE
- **STATE:** IL
- **ZIP:** 60532
- **BUSINESS PHONE:** 630-577-2243

**MAIL ADDRESS:**
- **STREET 1:** 2300 CABOT DRIVE
- **STREET 2:** SUITE 325
- **CITY:** LISLE
- **STATE:** IL
- **ZIP:** 60532

As filed with the Securities and Exchange Commission on January 18, 2023

1933 Act File No. 333-268209

1940 Act File No. 811-03763

**Securities and Exchange Commission**

**Washington, D.C. 20549<br>** 

<br> **Amendment No. 1**

 **to**

**Form S-6**

For Registration under the Securities Act of 1933 of Securities of Unit Investment Trusts Registered on Form N-8B-2

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Exact name of Trust: Guggenheim Defined Portfolios,
Series 2279

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Name of Depositor: Guggenheim Funds Distributors,
LLC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Complete address of Depositor's principal executive offices:

227 West Monroe Street

Chicago, Illinois 60606

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Name and complete address of agents for service:

Guggenheim Funds Distributors, LLC

Attention: Amy Lee, Esq.

Vice President and Secretary

227 West Monroe Street

Chicago, Illinois 60606

Chapman and Cutler LLP

Attention: Eric F. Fess, Esq.

320 South Canal Street, 27th Floor

Chicago, Illinois 60606

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. Title of securities being registered: Units of fractional undivided beneficial interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. Approximate date of proposed sale to the public: As soon as practicable after the effective
date of the Registration Statement.

[X] Check box if it is proposed that this filing will become effective on January 18, 2023 at 2:00 P.M. Eastern Time pursuant to Rule 487.

 **<br> Guggenheim Defined Portfolios, Series 2279**

 **Investment Grade Corporate Trust 3-7 Year, Series 16**

![](gugglogo1.jpg)

*A portfolio primarily containing investment-grade corporate debt<br> obligations selected by Guggenheim Funds Distributors, LLC<br> with the assistance of Guggenheim Partners Investment Management, LLC*

Prospectus<br> Dated January 18, 2023

The Securities and Exchange Commission has not<br> approved or disapproved of these securities or passed upon the adequacy or<br> 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 Portfolios, Series 2279, is a unit investment trust that consists of Investment Grade Corporate Trust 3-7 Year, Series 16 (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 seven years.

**Investment Objective**

The trust seeks to provide current income and to preserve capital.

**Principal Investment Strategy**

The trust will primarily 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 4.592 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, sovereign foreign bonds, mortgage- and asset-backed securities, securities of real estate investment trusts, securities of master limited partnerships 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 (i.e., in the category of BBB/Baa or higher) 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 and the information technology 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:

&nbsp;&nbsp;&nbsp;&nbsp;• All ratings provided for the debt obligations must be rated as investment-grade or above by at least

2 Investment Summary

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;

&nbsp;&nbsp;&nbsp;&nbsp;• The price of the debt obligations relative to other debt obligations with comparable characteristics;

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

&nbsp;&nbsp;&nbsp;&nbsp;• Attractiveness of the interest payments relative to debt obligations with similar characteristics; and

&nbsp;&nbsp;&nbsp;&nbsp;• 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<br> 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.

Investment Summary 3

---

| | |
|:---|:---|
| **Essential Information** | **Essential Information** |
| **(as of the Inception Date)** | **(as of the Inception Date)** |
| **Inception Date** |  |
| &nbsp;&nbsp;&nbsp; **(Initial Date of Deposit)** | January 18, 2023 |
| **First Settlement Date** | January 20, 2023 |
| **Public Offering Price** | $1006.66 |
| **Mandatory** |  |
| &nbsp;&nbsp;&nbsp; **Termination Date** | August 15, 2029 |
| **Distribution Date** | 25th day of each month |
| (commencing February 25, 2023, if any) | (commencing February 25, 2023, if any) |
| **Record Date** | 15th day of each month |
| (commencing February 15, 2023, if any) | (commencing February 15, 2023, if any) |
| **Evaluation Time** | As of the close of trading of |
|  | the New York Stock Exchange |
| (normally 4:00 p.m. Eastern Time). | (normally 4:00 p.m. Eastern Time). |
| (However, on the first day units are | (However, on the first day units are |
| sold the Evaluation Time will be as | sold the Evaluation Time will be as |
| of the close of trading on the New | of the close of trading on the New |
| York Stock Exchange or the time the | York Stock Exchange or the time the |
| registration statement filed with the | registration statement filed with the |
| Securities and Exchange Commission | Securities and Exchange Commission |
|  | becomes effective, if later.) |
| **CUSIP Numbers** |  |
| **Cash Distributions** |  |
| Standard Accounts | 40177P388 |
| Fee Account | 40177P396 |
| **Ticke**r | CGIGQX |
| **Dollar Weighted Average Maturity** | **Dollar Weighted Average Maturity** |
| &nbsp;&nbsp;&nbsp; **of Bonds in the Trust** | 4.592 years |
| **Minimum Par Value of the Bonds** | **Minimum Par Value of the Bonds** |
| &nbsp;&nbsp;&nbsp;**in the Trust under which the** | &nbsp;&nbsp;&nbsp;**in the Trust under which the** |
| &nbsp;&nbsp;&nbsp;**Trust Agreement may be** |  |
| &nbsp;&nbsp;&nbsp;**Terminated** | $200 per unit |
| **Types of Bonds** | **Types of Bonds** |
|  | **Approximate** |
| **Type of Issuer/Sectors** | **Portfolio Percentage\*** |
| Communication Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.23% |
| Consumer Discretionary | 4.52 |
| Energy | 19.56 |
| Financials | 29.69 |
| Industrials | 2.41 |
| Information Technology | 26.54 |
| Materials | 5.05 |
| Total | 100.00% |
| **Countries** | **Countries** |
|  | **Approximate** |
| **Country/Territory** | **Portfolio Percentage\*** |
| Australia | 5.05% |
| Bermuda | 4.76 |
| Canada | 3.27 |
| Great Britain | 4.77 |
| Japan | 4.83 |
| United States | 77.32 |
| Total | 100.00% |
| **Bond Ratings** | **Bond Ratings** |
|  | **Approximate** |
| **Standard & Poor's** | **Portfolio Percentage\*** |
| A | 5.05% |
| A- | 38.48 |
| BBB | 19.45 |
| BBB- | 37.02 |
| Total | 100.00% |
| **Minimum Investment** |  |
| All accounts | 1 unit |
| \* Based upon fair value. |  |

---

4 Investment Summary

---

| | |
|:---|:---|
| **Investment Grade Corporate Trust 3-7 Year, Series 16**<br>**SUMMARY OF ESSENTIAL FINANCIAL INFORMATION**<br>**As of the Inception Date, January 18, 2023** | |
| **Principal Amount of Bonds in Trust<sup>(1)</sup>:** | $8111000 |
| **Number of Units:** | 8111 |
| **Fractional Undivided Interest in Trust per Unit**: | 1/8,111 |
| **Principal Amount of Bonds per Unit<sup>(1)</sup>:** | $1000.00 |
| **Public Offering Price:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aggregate Offering Price of Bonds in the Portfolio: | $7954904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aggregate Offering Price of Bonds per Unit: | $980.76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Organization Costs per Unit<sup>(2)</sup>: | $6.40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sales Charge of 1.95% of Public Offering Price per Unit**<sup>(3)</sup>**: | $19.50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Public Offering Price per Unit:** | $1006.66 |
| **Redemption Price per Unit<sup>(4)</sup>:** | $985.70 |
| **Excess of Public Offering Price Over Redemption Price per Unit:** | $20.96 |
| **Estimated Annual Interest Income per Unit** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **(includes cash income accrual only):** | $44.87 |
| Less Estimated Annual Expenses per Unit: | $2.87 |
| **Estimated Net Annual Interest Income per Unit<sup>(5)</sup>:** | $42.00 |
| **Estimated Daily Rate of Net Interest Accrual per Unit:** | $0.11666 |
| **Estimated Current Return Based on Public Offering Price** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **(includes cash income accrual only)<sup>(6)</sup>:** | 4.17% |
| **Estimated Long-Term Return<sup>(6)</sup>:** | 4.36% |
| **Estimated Interest Distributions per Unit<sup>(7)</sup>:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Date of First Distribution: | February 25, 2023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Amount of First Distribution: | $2.91 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Record Date of First Distribution: | February 15, 2023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Date of Regular Distribution: | 25th of each Month |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Amount of Regular Distribution: | $3.49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Record Date of Regular Distribution: | 15th of each Month |

---

______________________________

(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 expenses of the trust. Bonds will be sold to meet redemptions, to pay expenses 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) Organization Costs are not included in the Public Offering Price per Unit for purposes of calculating sales charge.

(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) Based upon the bid prices of the bonds plus the organization costs 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."

(5) Estimated Net Annual Interest Income per Unit will vary with changes in fees and expenses of the trustee and the evaluator and with
principal prepayment, redemption, maturity, exchange or sale of bonds.

(6) Estimated current return and estimated long-term return may change due to the trust's investment in floating-rate bonds. See "Estimated
Current Return and Estimated Long-Term Return to Unitholders" for an explanation of estimated current return and estimated long-term
return.

(7) Distributions, if any, will be made monthly commencing February 25,
 2023. 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 trust expenses or the sale or maturity of trust securities
 in the portfolio. Fees and expenses 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.

Investment Summary 5

**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:

&nbsp;&nbsp;&nbsp;&nbsp;• **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 low rates.

&nbsp;&nbsp;&nbsp;&nbsp;• **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.

&nbsp;&nbsp;&nbsp;&nbsp;• **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.

&nbsp;&nbsp;&nbsp;&nbsp;• **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 unitholders. 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.

&nbsp;&nbsp;&nbsp;&nbsp;• **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 sales charges
and

6 Investment Summary

expenses. 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.

&nbsp;&nbsp;&nbsp;&nbsp;• **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.

&nbsp;&nbsp;&nbsp;&nbsp;• **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. Additionally, events such as war, terrorism, natural and environmental disasters and the spread of infectious
illnesses or other public health emergencies may adversely affect the economy, various markets and issuers. An outbreak of a novel form
of coronavirus disease (*"COVID-19"*) was first detected in December 2019 and rapidly spread around the globe leading
the World Health Organization to declare the COVID-19 outbreak a pandemic in March 2020 and resulting in major disruptions to economies
and markets around the world. The complete economic impacts of COVID-19 are not yet fully known. The COVID-19 pandemic, or any future
public health crisis, is impossible to predict and could result in adverse market conditions which may negatively impact the performance
of the trust and the trust's ability to achieve its investment objectives.

&nbsp;&nbsp;&nbsp;&nbsp;• **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.

&nbsp;&nbsp;&nbsp;&nbsp;• **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.

&nbsp;&nbsp;&nbsp;&nbsp;• **The trust is concentrated in the information technology sector.** As a result, the factors that impact the information technology sector will likely
 have a greater effect on this trust than on a more broadly diversified trust. Companies involved
 in this sector must contend with rapid changes in technology, intense

Investment Summary 7

competition, government regulation and the rapid obsolescence of products and services. Furthermore, sector predictions may not materialize and the companies selected for the trust may not represent the entire sector and may not participate in the overall sector growth.

&nbsp;&nbsp;&nbsp;&nbsp;• **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.

&nbsp;&nbsp;&nbsp;&nbsp;• **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.

&nbsp;&nbsp;&nbsp;&nbsp;• **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 expenses.** 

&nbsp;&nbsp;&nbsp;&nbsp;• **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 with respect to the issuer's ability to make principal and interest payments and may be
more volatile than securities of similar maturity that are rated investment-grade by more than one rating agency. Additionally, these
securities may have greater market, credit and liquidity risks and may be subject to a greater risk of default than securities rated as
investment-grade by more than one rating agency.

&nbsp;&nbsp;&nbsp;&nbsp;• **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.

&nbsp;&nbsp;&nbsp;&nbsp;• **The trust may sell bonds to meet redemptions, to pay expenses, 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

8 Investment Summary

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.

&nbsp;&nbsp;&nbsp;&nbsp;• **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.

&nbsp;&nbsp;&nbsp;&nbsp;• **The trust may be susceptible to potential risks through breaches in cybersecurity.** A breach in cybersecurity refers to both
intentional and unintentional events that may cause the trust to lose proprietary information, suffer data corruption or lose operational
capacity. Such events could cause the sponsor of the trust to incur regulatory penalties, reputational damage, additional compliance costs
associated with corrective measures and/or financial loss. In addition, cybersecurity breaches of the trust's third-party service
providers, or issuers in which the trust invests, can also subject the trust to many of the same risks associated with direct cybersecurity
breaches.

&nbsp;&nbsp;&nbsp;&nbsp;• **The trust is subject to risks arising from various operational factors and their service providers.** Operational factors include,
but not limited to, human error, processing and communication errors, errors of the trust's service providers, counterparties or
other third-parties, failed or inadequate processes and technology or systems failures. Additionally, the trust may be subject to the
risk that a service provider may not be willing or able to perform their duties as required or contemplated by their agreements with the
trust. Although the trust seeks to reduce these operational risks through controls and procedures, there is no way to completely protect
against such risks.

&nbsp;&nbsp;&nbsp;&nbsp;• **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.

Investment Summary 9

**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 costs and expenses that are expected to be incurred. For example, if the estimated annual interest income after deducting estimated costs and expenses 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. The amount of distributions of the trust may vary due to certain factors that may include, but are not limited to, changes in distributions paid by issuers, deduction of trust expenses or the sale or maturity of trust securities in the portfolio. Income received by the trust may also vary with changes in fees and expenses of the trustee and the evaluator and with principal prepayment, redemptions, maturity, exchange or sale of bonds.

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. After the close of the primary offering period, redemptions will 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.

Until six months after the Inception Date or the end of the initial offering period, at the discretion of the sponsor, the price at which the trustee will redeem units and the price at which the sponsor may repurchase units generally includes estimated organization costs. After such period, the amount paid will not include such estimated organization costs.

**Who Should Invest**

You should consider this investment if:

&nbsp;&nbsp;&nbsp;&nbsp;• You want to own a defined portfolio of investment-grade corporate bonds;

&nbsp;&nbsp;&nbsp;&nbsp;• The trust is part of a longer-term investment strategy; and

&nbsp;&nbsp;&nbsp;&nbsp;• The trust represents only a portion of your overall investment portfolio.

10 Investment Summary

You should not consider this investment if:

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

&nbsp;&nbsp;&nbsp;&nbsp;• You are uncomfortable with the risks of an unmanaged investment in securities.

**Fees and Expenses**

The amounts below are estimates of the direct and indirect fees and expenses that you may incur for primary market purchases based on a $1,000 unit price. Actual fees and expenses 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.

---

| | | |
|:---|:---|:---|
| <br>**Investor Fees** | **Percentage**<br>**of Public**<br>**Offering**<br>**Price (1)** | **Amount**<br>**Per Unit**<br>**(based on**<br>**$1,000 Unit)** |
| **Maximum sales fee** |  |  |
| &nbsp;&nbsp;&nbsp;**paid on purchase** | 1.95% | $19.50 |
| **Estimated organization** |  |  |
| &nbsp;&nbsp;&nbsp; **costs (2)** | 0.640% | $6.40 |
|  | **Approximate** |  |
| **Annual Fund** | **% Per** |  |
| **Operating** | **$1000** | **Amount** |
| **Expenses** | **invested** | **Per Unit** |
| Trustee's fee (3)(4) | 0.129% | $1.29 |
| Sponsor's supervisory fee (3) | 0.030 | 0.30 |
| Evaluator's fee (3) | 0.035 | 0.35 |
| Bookkeeping and |  |  |
| &nbsp;&nbsp;&nbsp; administrative fee (3) | 0.035 | 0.35 |
| Estimated other trust |  |  |
| &nbsp;&nbsp;&nbsp; operating expenses (5) | 0.058 | 0.58 |
| &nbsp;&nbsp; Total | 0.287% | $2.87 |

---

(1) The maximum sales fee consists entirely of an initial sales fee deducted at the time of purchase. Investors will be assessed a sales
fee on the portion of their units represented by cash to pay the trust's organization costs.

(2) The estimated organization costs include the amount per unit paid by the trust at the end of the intial offering period or after six
months, at the discretion of the sponsor.

(3) The trustee's fees and the sponsor's evaluation fee are based on the principal amount of the bonds in the trust on a monthly
basis. Because such fees are based on the principal amount of the bonds in the trust, rather than the trust's net asset value, the
fees will represent a greater percentage of the trust's net asset value if the bonds in the trust, on average, are valued below
par. The sponsor's supervisory fee and the bookkeeping and administrative fee are based on the largest number of units in the trust
at any time during that period. Because these fees are based on the largest number of units during a particular period, these fees will
represent a greater percentage of the trust's net asset value as the number of units decrease during that period. The sponsor serves
as the evaluator.

(4) During the first year the trustee may reduce its fee by a nominal amount that relates to the estimated interest to be earned prior
to the expected delivery dates for the "when, as and if issued" or "delayed delivery" bonds. Should the interest
exceed this amount, the trustee will reduce its fee up to its annual fee. After the first year, the trustee's fee will be the amount
indicated above.

(5) The estimated trust operating expenses are based upon an estimated trust size. Because certain of the operating expenses are fixed
amounts, if the trust does not reach such estimated size or falls below the estimated size over its life, the actual amount of the operating
expenses may exceed the amounts reflected. In some cases, the actual amount of the operating expenses may greatly exceed the amounts reflected.
Other operating expenses do not include brokerage costs and other transactional fees.

Investment Summary 11

**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 expenses will vary. Based on these assumptions, you would pay these expenses for every $10,000 you invest:

---

| | |
|:---|:---|
| 1 year | $288 |
| 3 years | 348 |
| 5 years | 414 |
| 7 years (approximate life of trust) | 486 |

---

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.

12 Investment Summary

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Trust Portfolio** | **Trust Portfolio** | **Trust Portfolio** | **Trust Portfolio** | **Trust Portfolio** |
| **Guggenheim Defined Portfolios, Series 2279** | **Guggenheim Defined Portfolios, Series 2279** |  |  |  |
| **Investment Grade Corporate Trust 3-7 Year, Series 16** | **Investment Grade Corporate Trust 3-7 Year, Series 16** | **Investment Grade Corporate Trust 3-7 Year, Series 16** |  |  |
| **As of the Inception Date, January 18, 2023** | **As of the Inception Date, January 18, 2023** | | | |
| <br>**Aggregate**<br>**Principal** | <br>**Issuer Name (1)** | **1st Optional**<br>**Redemption**<br>**Provisions (2)** | <br>**S&P (3)** | <br>**Cost To**<br>**Portfolio (4)(5)** |
|  | **Communication Services (12.23%)** |  |  |  |
| $380000 | &nbsp;&nbsp; British Telecommunications Public Limited Company | 9/4/2028 @ 100 | BBB | $379795 |
|  | &nbsp;&nbsp;&nbsp; 5.125% Due 12/4/2028 (6)(11) |  |  |  |
| 343000 | &nbsp;&nbsp; Comcast Corporation | 10/15/2027 @ 100 | A- | 357193 |
|  | &nbsp;&nbsp;&nbsp; 5.35% Due 11/15/2027 (6) |  |  |  |
| 239000 | &nbsp;&nbsp; Discovery Communications, LLC | 12/11/2025 @ 100 | BBB- | 236655 |
|  | &nbsp;&nbsp;&nbsp; 4.90% Due 3/11/2026 (6) |  |  |  |
|  | **Consumer Discretionary (4.52%)** |  |  |  |
| 370000 | &nbsp;&nbsp; Booking Holdings, Inc. | 3/1/2026 @ 100 | A- | 359795 |
|  | &nbsp;&nbsp;&nbsp; 3.60% Due 6/1/2026 (6) |  |  |  |
|  | **Energy (19.56%)** |  |  |  |
| 205000 | &nbsp;&nbsp; Boardwalk Pipelines, LP | 2/3/2029 @ 100 | BBB- | 199360 |
|  | &nbsp;&nbsp;&nbsp; 4.80% Due 5/3/2029 (6)(14) |  |  |  |
| 387000 | &nbsp;&nbsp; BP Capital Markets America, Inc. | 6/21/2028 @ 100 | A- | 379813 |
|  | &nbsp;&nbsp;&nbsp; 3.937% Due 9/21/2028 (6) |  |  |  |
| 197000 | &nbsp;&nbsp; Cheniere Corpus Christi Holdings, LLC | 10/2/2024 @ 100 | BBB- | 199183 |
|  | &nbsp;&nbsp;&nbsp; 5.875% Due 3/31/2025 (6) |  |  |  |
| 199000 | &nbsp;&nbsp; Energy Transfer LP | 10/15/2023 @ 100 | BBB- | 199828 |
|  | &nbsp;&nbsp;&nbsp; 5.875% Due 1/15/2024 (6)(14) |  |  |  |
| 197000 | &nbsp;&nbsp; Sabine Pass Liquefaction, LLC | 2/15/2024 @ 100 | BBB | 198125 |
|  | &nbsp;&nbsp;&nbsp; 5.75% Due 5/15/2024 (6) |  |  |  |
| 371000 | &nbsp;&nbsp; Targa Resources Partners LP | 1/15/2024 @ 103.438 | BBB- | 379897 |
|  | &nbsp;&nbsp;&nbsp; 6.875% Due 1/15/2029 (6)(14) | 1/15/2027 @ 100 |  |  |
|  | **Financials (29.69%)** |  |  |  |
| 386000 | &nbsp;&nbsp; American Equity Investment Life Holding Company | 3/15/2027 @ 100 | BBB- | 378786 |
|  | &nbsp;&nbsp;&nbsp; 5.00% Due 6/15/2027 (6) |  |  |  |
| 403000 | &nbsp;&nbsp; Bank of America | 10/21/2026 @ 100 | A- | 382552 |
|  | &nbsp;&nbsp;&nbsp; 3.248% Due 10/21/2027 (6) |  |  |  |
| 265000 | &nbsp;&nbsp; Brookfield Finance Inc. | 12/29/2028 @ 100 | A- | 260100 |
|  | &nbsp;&nbsp;&nbsp; 4.85% Due 3/29/2029 (6)(11) |  |  |  |
| 203000 | &nbsp;&nbsp; CNO Financial Group, Inc. | 2/28/2029 @ 100 | BBB- | 198751 |
|  | &nbsp;&nbsp;&nbsp; 5.25% Due 5/30/2029 (6) |  |  |  |
| 398000 | &nbsp;&nbsp; Enstar Group Limited | 3/1/2029 @ 100 | BBB | 378582 |
|  | &nbsp;&nbsp;&nbsp; 4.95% Due 6/1/2029 (6)(11) |  |  |  |
| 396000 | &nbsp;&nbsp; Mitsubishi UFJ Financial Group, Inc. |  | A- | 383910 |
|  | &nbsp;&nbsp;&nbsp; 2.801% Due 7/18/2024 (11) |  |  |  |
| 394000 | &nbsp;&nbsp; Morgan Stanley |  | A- | 378772 |
|  | &nbsp;&nbsp;&nbsp; 3.625% Due 1/20/2027 (6) |  |  |  |
|  | **Industrials (2.41%)** |  |  |  |
| 205000 | &nbsp;&nbsp; Owens Corning | 5/15/2029 @ 100 | BBB | 191556 |
|  | &nbsp;&nbsp;&nbsp; 3.95% Due 8/15/2029 (6) |  |  |  |
|  | **Information Technology (26.54%)** |  |  |  |
| 202000 | &nbsp;&nbsp; Broadcom, Inc. | 1/15/2029 @ 100 | BBB- | 198176 |
|  | &nbsp;&nbsp;&nbsp; 4.75% Due 4/15/2029 (6) |  |  |  |
| 197000 | &nbsp;&nbsp; Global Payments, Inc. | 6/15/2029 @ 100 | BBB- | 196596 |
|  | &nbsp;&nbsp;&nbsp; 5.30% Due 8/15/2029 (6) |  |  |  |
| 366000 | &nbsp;&nbsp; PayPal Holdings, Inc. | 5/1/2027 @ 100 | A- | 359427 |
|  | &nbsp;&nbsp;&nbsp; 3.90% Due 6/1/2027 (6) |  |  |  |
| 453000 | &nbsp;&nbsp; TD SYNNEX Corporation | 6/9/2028 @ 100 | BBB- | 376928 |
|  | &nbsp;&nbsp;&nbsp; 2.375% Due 8/9/2028 (6) |  |  |  |
| 210000 | &nbsp;&nbsp; Teledyne Technologies, Inc. | 2/17/2023 @ 100 | BBB | 199949 |
|  | &nbsp;&nbsp;&nbsp; 0.95% Due 4/1/2024 (6) |  |  |  |
| 384000 | &nbsp;&nbsp; Trimble, Inc. | 3/15/2028 @ 100 | BBB- | 380490 |
|  | &nbsp;&nbsp;&nbsp; 4.90% Due 6/15/2028 (6) |  |  |  |

---

Investment Summary 13

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Trust Portfolio (continued)** | **Trust Portfolio (continued)** | **Trust Portfolio (continued)** | **Trust Portfolio (continued)** | **Trust Portfolio (continued)** |
| **Guggenheim Defined Portfolios, Series 2279** | **Guggenheim Defined Portfolios, Series 2279** |  |  |  |
| **Investment Grade Corporate Trust 3-7 Year, Series 16** | **Investment Grade Corporate Trust 3-7 Year, Series 16** | **Investment Grade Corporate Trust 3-7 Year, Series 16** |  |  |
| **As of the Inception Date, January 18, 2023** | **As of the Inception Date, January 18, 2023** | | | |
| <br>**Aggregate**<br>**Principal** | <br>**Issuer Name (1)** | **1st Optional**<br>**Redemption**<br>**Provisions (2)** | <br>**S&P (3)** | <br>**Cost To**<br>**Portfolio (4)(5)** |
|  | **Information Technology (continued)** |  |  |  |
| $201000 | &nbsp;&nbsp; VeriSign, Inc. | 2/17/2023 @ 102.375 | BBB | $199452 |
|  | &nbsp;&nbsp;&nbsp; 4.75% Due 7/15/2027 (6) | 7/15/2025 @ 100 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 204000 | &nbsp;&nbsp; Xilinx, Inc. | 4/1/2024 @ 100 | A- | 199308 |
|  | &nbsp;&nbsp;&nbsp; 2.95% Due 6/1/2024 (6) |  |  |  |
|  | **Materials (5.05%)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 356000 | &nbsp;&nbsp; Rio Tinto Finance (USA) Limited |  | A | 401925 |
|  | &nbsp;&nbsp;&nbsp; 7.125% Due 7/15/2028 (6)(11) |  |  |  |
| $8111000 |  |  |  | $7954904 |

---

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 January 17, 2023. All contracts are expected to be settled prior to
 or on January 20, 2023.

(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
 Evaluation Time on the January 17, 2023. 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 Capelogic, Inc., an independent 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:

14 Investment Summary

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| | |
|:---|:---|
| **Cost to Sponsor**<br>**(on the deposit**<br>**of the bonds)** | **Profit (Loss) to Sponsor**<br>**(on the deposit**<br>**of the bonds)** |
| $7950195 | $4709 |

---

(5) 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.

(6) 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.

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

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

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

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

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

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

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

(14) Security of a master limited partnership ()"*MLP* ").

(15) This bond is subject to potential interest rate adjustments. The interest rate set forth here represents the current interest rate
applicable to the bond.

Investment Summary 15

**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 depositor, supervisor and 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 Capelogic, Inc., cash and other net assets in the portfolio, and a pro rata portion of estimated organization costs. Included within the Public Offering Price is also a sales charge. Organization Costs are not included in the Public Offering Price per Unit for purposes of calculating the sales charge. 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. However, after the initial offering period or six months after the Inception Date, at the discretion of the sponsor, the Public Offering Price of the units will not include a pro rata portion of estimated organizational costs.

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 Capelogic, Inc. Capelogic, Inc. 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 after the close of the public offering period, 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."

***Organization Costs.*** During the initial offering period, part of your purchase price includes a per unit amount sufficient to reimburse

16 Understanding Your Investment

us for some or all of the costs of creating your trust. These costs include the costs of preparing the registration statement and legal documents, legal fees, federal and state registration fees, and the initial fees and expenses of the trustee. Cash has been deposited in the trust for purposes of the payment of organization costs. Organization costs will not exceed the estimate set forth under "Fees and Expenses."

***Transactional Sales Fee.*** You pay a sales fee when you buy units. We refer to this fee as the "*transactional sales fee*." The maximum transactional sales fee equals 1.95% of the Public Offering Price per unit (equivalent to 1.99% of the net amount invested plus cash deposited to pay the trust's organization costs). After the end of the initial offering period, the maximum sales fee for secondary market transactions will be a maximum of 1.95% of the Public Offering Price per unit at the time of purchase.

***Advisory and Fee Accounts.*** We reduce your sales fee for purchases made through registered investment advisers, certified financial planners or registered broker-dealers 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*"). If you purchase units for a Fee Account, you will pay the Public Offering Price less the maximum applicable concession the sponsor typically allows to Underwriters, as discussed under "Underwriting Concessions" below.

This discount applies during the initial offering period. Your financial professional may purchase units with the Fee Account CUSIP numbers to facilitate purchases under this discount, however, we do not require that you buy units with these CUSIP numbers to qualify for the discount. If you purchase units with these special CUSIP numbers, you should be aware that you may receive cash distributions. We reserve the right to limit or deny purchases of units with this discount by investors whose frequent trading activity we determine to be detrimental to your trust. See "Rights of Unitholders--Expenses and Fees" in this prospectus.

***Employees.*** We do not charge the portion of the sales fee that we would normally pay to your financial professional for purchases made by officers, directors and employees and their family members (spouses, children under the age of 21 living in the same household and parents) of Guggenheim Funds and its affiliates, or by employees of selling firms, their affiliates and their family members (spouses, children under the age of 21 living in the same household and parents). You pay only the portion of the fee that the sponsor retains. This discount applies during the initial offering period. Only those broker-dealers that allow their employees to participate in employee discount programs will be eligible for this discount. All employee discounts are subject to the policies of the related selling firm, including any eligibility limitations enforced by the selling firm.

 ***Certain Institutional Investors.*** We may sell units to certain broker-dealers or investment advisers for hedging purposes only. For those institutional investors that have entered into an agreement with us to purchase units for hedging purposes only, we do not charge a portion of the sales fee (up to 1.35% of the Public Offering Price, as specified per the agreement).

***Distribution of Units.*** We sell units to the public through broker-dealers and other firms. We pay part of the sales fee you pay to these distribution firms when they sell units. For units sold during the primary offering period, the

Understanding Your Investment 17

distribution fee paid is 1.10% of the Public Offering Price per unit. We apply this amount at the time of the transaction. Firms that are serving as underwriters are entitled to additional compensation as described in "Underwriting Concessions" below. For secondary market sales, the dealer concession will be 80% of the applicable sales charge.

Eligible dealer firms and other selling agents that sell units of Guggenheim Funds unit trusts in the primary market to financial intermediaries other than the sponsor are eligible to receive additional compensation for volume sales. Such payments will be in addition to the regular concessions paid to dealer firms as set forth in the applicable trust's prospectus. For this volume concession, Guggenheim Investment Grade Corporate Trust 3-7 Year, Investment Grade Corporate Trust 3-7 Year, Guggenheim Investment Grade Corporate Trust 5-8 Year and Guggenheim Short Duration High Yield Trust are designated as "Fixed Income Trusts" and all other Guggenheim Funds unit trusts are designated as "Equity Trusts." Sales of units from the following Guggenheim Funds unit trust strategies will not count toward this volume concession: Advisory Series: Guggenheim Investment Grade Corporate Trust 3-7 Year; Advisory Series: Investment Grade Corporate 3-7 Year Trust; Blue Chip Growth Portfolio, CDA; ARK Early Stage Disruptors Portfolio, CDA; Dow 50 Value Dividend Portfolio, CDA; Kensho Space Exploration & Innovation Portfolio, CDA and S&P Dividend Aristocrats Select 25 Strategy Portfolio, CDA. Eligible dealer firms and other selling agents who, during the previous consecutive 12-month period through the end of the most recent month, sold primary market units of eligible Guggenheim Funds unit investment trusts to financial intermediaries other than the sponsor in the dollar amounts shown below will be entitled to up to the following additional sales concession on primary market sales of units during the current month of unit investment trusts sponsored by us:

---

| | | |
|:---|:---|:---|
|  | Additional | Additional |
|  | Concession | Concession for |
| Total Sales | for Equity | Fixed Income |
| (in millions) | Trust Units | Trust Units |
| $25 but less |  |  |
| &nbsp;&nbsp;&nbsp;than $100 | 0.035% | 0.035% |
| $100 but less |  |  |
| &nbsp;&nbsp;&nbsp;than $150 | 0.050% | 0.050% |
| $150 but less |  |  |
| &nbsp;&nbsp;&nbsp;than $250 | 0.075% | 0.075% |
| $250 but less |  |  |
| &nbsp;&nbsp;&nbsp;than $1,000 | 0.100% | 0.100% |
| $1,000 but less |  |  |
| &nbsp;&nbsp;&nbsp;than $5,000 | 0.125% | 0.100% |
| $5,000 but less |  |  |
| &nbsp;&nbsp;&nbsp;than $7,500 | 0.150% | 0.100% |
| $7,500 or more | 0.175% | 0.100% |

---

Dealer firms or other selling agents deemed to be an underwriter for a Fixed Income Trust will not be eligible to receive the above sales concession on the underwritten units for that trust. However, Fixed Income Trust units sold in an underwriting to financial intermediaries other than the sponsor will be included in the total sales calculation when determining the appropriate sales concession level for the dealer firm or other selling agent. Please see the respective Fixed Income Trust's prospectus for more information.

Eligible unit trusts include Fixed Income Trusts and Equity Trusts sold in the primary market to financial intermediaries other than the sponsor. Redemptions of units during the primary offering period will reduce the amount of units used to calculate the volume concessions. In addition, dealer firms will not receive volume concessions on the sale of units which are not subject to a transactional sales fee. However, such sales will be included in

18 Understanding Your Investment

determining whether a firm has met the sales level breakpoints for volume concessions.

Underwriters other than the sponsor will sell units of the trust to other broker-dealers and selling agents at the Public Offering Price per unit less a concession or agency commission not in excess of the underwriter concession allowed to the underwriters by the sponsor as described in "Underwriting Concessions" below.

Guggenheim Funds reserves the right to modify or terminate the volume concession program at any time. The sponsor may also pay to certain dealers an administrative fee for information or service used in connection with the distribution of trust units. Such amounts will be in addition to any concessions received for the sale of units.

In addition to the concessions described above, the sponsor may pay additional compensation out of its own assets to broker-dealers that meet certain sales targets and that have agreed to provide services relating to the trust to their customers.

***Other Compensation and Benefits to Broker-Dealers.*** The sponsor, at its own expense and out of its own profits, may provide additional compensation and benefits to broker-dealers who sell shares of units of this trust and other Guggenheim products. This compensation is intended to result in additional sales of Guggenheim products and/or compensate broker-dealers and 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 products by the intermediary or its agents, the placing of Guggenheim 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 broker-dealer 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 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 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.

Understanding Your Investment 19

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. Units may also be sold to or through dealers and other selling agents during the initial offering period and in the secondary market at prices representing a concession as described in "Public Offering--Distribution of Units."

In lieu of the concessions provided in "Public Offering--Distribution of Units," the entities that have executed the Agreement Among Underwriters and acquired at least $3 million in units of the trust from the sponsor for a single transaction (the "*Underwriters*") will receive from the sponsor the maximum dealer concession of the 1.35% of the Public Offering Price per unit. An Underwriter may sell units to other broker-dealers and selling agents at the Public Offering Price less a concession or agency commission not to exceed up to 1.20% of the Public Offering Price per unit. Units purchased by such other broker-dealers and selling agents from an Underwriter other than the sponsor will not be eligible for quarterly volume concessions. Additionally, an Underwriter who underwrites 3,000 units or $3 million will also receive a volume concession of 0.10% on units underwritten.

---

| | |
|:---|:---|
| **Underwriting** | **Underwriting** |
|  | Number |
| Name and Address | of Units |
| **Underwriters:** |  |
| StoneX Financial Inc. | 6000 |
| 329 Park Avenue North, Suite 350 |  |
| Winter Park, Florida 32789 |  |
| Guggenheim Funds Distributors, Inc. | 2111 |
| 2300 Cabot Drive, Suite 325 |  |
| Lisle, Illinois 60532 |  |
| **Total:** | 8111 |

---

20 Understanding Your Investment

***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. Additionally, events such as war, terrorism, natural and environmental disasters and the spread of infectious illnesses or other public health emergencies may adversely affect the economy, various markets and issuers. An outbreak of a novel form of coronavirus disease (*"COVID-19"*) was first detected in December 2019 and rapidly spread around the globe leading the World Health Organization to declare the COVID-19 outbreak a pandemic in March 2020 and resulting in major disruptions to economies and markets around the world. The complete economic impacts of COVID-19 are not yet fully known. The COVID-19 pandemic, or any future public health crisis, is impossible to predict and could result in adverse market conditions which may negatively impact the performance of the trust and the trust's ability to achieve its investment objectives. 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, bonds that are sold from the trust's portfolio and increased expenses.

***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

Understanding Your Investment 21

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 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 considered by one rating agency to be primarily speculative with respect to an issuer's ability to make principal and interest payments. These securities may be subject to greater market, credit and liquidity risks and may be subject to a greater risk of default than securities rated investment-grade by more than one rating agency. 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

22 Understanding Your Investment

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 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):

&nbsp;&nbsp;&nbsp;&nbsp;• be a corporate debt obligation;

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

&nbsp;&nbsp;&nbsp;&nbsp;• 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

&nbsp;&nbsp;&nbsp;&nbsp;• 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

Understanding Your Investment 23

is more than 30 days thereafter. In the event a replacement bond is not acquired by the trust, the return of the trust 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.

 ***Information technology sector risk.*** The trust is concentrated in the information technology sector. As a result, the factors that impact the information technology sector will likely have a greater effect on this trust than on a more broadly diversified trust.

Companies involved in this sector must contend with:

&nbsp;&nbsp;&nbsp;&nbsp;• rapid changes in technology;

&nbsp;&nbsp;&nbsp;&nbsp;• worldwide competition;

&nbsp;&nbsp;&nbsp;&nbsp;• dependence on key suppliers and supplies;

&nbsp;&nbsp;&nbsp;&nbsp;• rapid obsolescence of products and services;

&nbsp;&nbsp;&nbsp;&nbsp;• termination of their patent protections;

&nbsp;&nbsp;&nbsp;&nbsp;• cyclical market patterns;

&nbsp;&nbsp;&nbsp;&nbsp;• evolving industry standards;

&nbsp;&nbsp;&nbsp;&nbsp;• frequent new product introductions;

&nbsp;&nbsp;&nbsp;&nbsp;• government regulation;

&nbsp;&nbsp;&nbsp;&nbsp;• unexpected changes in one or more of the technologies affecting an issuer's products or in the market for products based on
a particular technology; and

&nbsp;&nbsp;&nbsp;&nbsp;• the fact that operating results and customer relationships could be adversely affected by:

— an increase in price for, or an interruption or reduction in supply of, any key components or the loss of key customers; and

— the failure of the issuer to comply with rigorous industry standards.

***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:

24 Understanding Your Investment

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

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• Foreign markets may be less liquid and more volatile than U.S. markets.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• Future political and governmental restrictions which might adversely affect the payment or receipt of income on the foreign securities.

***Master limited partnership risk.*** The trust invests in the debt of 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

Understanding Your Investment 25

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.

***Cybersecurity risk.*** The trust may be susceptible to potential risks through breaches in cybersecurity. A breach in cybersecurity refers to both intentional and unintentional events that may cause the trust to lose proprietary information, suffer data corruption or lose operational capacity. Such events could cause the sponsor of the trust to incur regulatory penalties, reputational damage, additional compliance costs associated with corrective measures and/or financial loss. Cybersecurity breaches may

26 Understanding Your Investment

involve unauthorized access to digital information systems utilized by the trust through "hacking" or malicious software coding, but may also result from outside attacks such as denial-of-service attacks through efforts to make network services unavailable to intended users. In addition, cybersecurity breaches of the trust's third-party service providers, or issuers in which the trust invests, can also subject the trust to many of the same risks associated with direct cybersecurity breaches. The sponsor of the trust and third-party service providers have established risk management systems designed to reduce the risks associated with cybersecurity. However, there is no guarantee that such efforts will succeed, especially because the trust does not directly control the cybersecurity systems of issuers or third-party service providers.

***Operational and service provider risk.*** The trust is subject to risks arising from various operational factors and its service providers. Operational factors include, but not limited to, human error, processing and communication errors, errors of the trust's service providers, counterparties or other third-parties, failed or inadequate processes and technology or systems failures. Additionally, the trust may be subject to the risk that a service provider may not be willing or able to perform their duties as required or contemplated by their agreements with the trust. Although the trust seeks to reduce these operational risks through controls and procedures, there is no way to completely protect against such risks.

***Inflation risk.*** Inflation risk is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money.

***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, expenses 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

Understanding Your Investment 27

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<br> 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 changes in fees and expenses of the trustee and the evaluator and 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. Because some of the bonds have floating rates, the Estimated Current Return per unit will differ if the current interest rates change. 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 expenses and sales charge 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 underestimate or overestimate actual return. Additionally, because some of the bonds have floating rates, the Estimated Long-Term Return may differ if the current interest rates change.

Since the market values and estimated retirements of the bonds, the expenses of the trust, the interest rates for bonds with floating rates, 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

28 Understanding Your Investment

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 may not have been asked to review, and may not have 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. An adverse federal income tax audit of a partnership that the trust invests in could result in the trust being required to pay federal income tax or pay a deficiency dividend (without having received additional cash).

***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, however, as further discussed below, certain ordinary income distributions received from the trust may be taxed at the capital gains tax rates. Some portion of the ordinary income distributions that are attributable to dividends received by the trust from shares in certain real estate investment trusts may be designated by the trust as eligible for a deduction for qualified business income, provided certain holding period requirements are satisfied. 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 deferred sales fees, if any. 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

Understanding Your Investment 29

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 may be entitled to the dividends received deduction with respect to many dividends received from the trust if certain holding period and other technical requirements are met.

***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. An election may be available to you to defer recognition of capital gain if you make certain qualifying investments within a limited time. You should talk to your tax advisor about the availability of this deferral election and its requirements.

***Capital Gains and Losses and Certain Ordinary Income Dividends.*** If you are an individual, the maximum marginal stated federal tax rate for net capital gain is generally 20% (15% or 0% for taxpayers with taxable incomes below certain thresholds). Some capital gains, including some portion of your capital gain dividends, may be taxed at a higher stated tax rate. Some portion of your capital gain dividends may be attributable to the trust's interest in a master limited partnership which may be subject to a maximum marginal stated federal income tax rate of 28%, rather than the rates set forth above. In addition, capital gain received from assets held for more than one year that is considered "unrecaptured section 1250 gain" (which may be the case, for example, with some capital gains attributable to equity interests in real estate investment trusts that constitute interests in entities treated as real estate investment trusts for federal income tax purposes) is taxed at a maximum stated tax rate of 25%. In the case of capital gain dividends, the determination of which portion of the capital gain dividend, if any, is subject to the 28% tax rate or the 25% tax rate, will be made based on rules prescribed by the United States Treasury. 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.

An election may be available to you to defer recognition of the gain attributable to a capital gain dividend if you make certain qualifying investments within a limited time. You should talk to your tax advisor about the availability of this deferral election and its requirements.

Ordinary income dividends received by an individual shareholder from a regulated investment company such as the trust are generally taxed at the same rates that apply to net capital gain (as discussed above), provided certain holding period requirements are satisfied

30 Understanding Your Investment

and provided the dividends are attributable to qualifying dividends received by the trust itself. Dividends from REITs such as those held by the trust are qualifying dividends only in limited circumstances. The trust will provide notice to its shareholders of the amount of any distribution which may be taken into account as a dividend which is eligible for the capital gains tax rates.

***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 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.

***Treatment 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. You may not be able to deduct some or all of these expenses.

***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.

***Investments in Certain Foreign Corporations.*** If the trust holds an equity interest in any "passive foreign investment companies" ("PFICs"), which are generally certain foreign corporations that receive at least 75% of their annual gross income from passive sources (such as interest, dividends, certain rents and royalties or capital gains) or that hold at least 50% of their assets in investments producing such passive income, the trust could be subject to U.S. federal income tax and additional interest charges on gains and certain distributions with respect to those equity interests, even if all the income or gain is timely distributed to its Unitholders. The trust will not be able to pass through to its Unitholders any credit or deduction for such taxes. The trust may be able to make an election that could ameliorate these adverse tax consequences. In this case, the trust would recognize as ordinary income any increase in the value of such PFIC shares, and as ordinary loss any decrease in such value to the extent it did not exceed prior increases included in income. Under this election, the trust might be required to recognize in a year income in excess of its distributions from PFICs and its proceeds from dispositions of PFIC stock during that year, and such income would nevertheless be subject to the distribution requirement and would be taken into account for purposes of the 4% excise tax. Dividends paid by PFICs are not treated as qualified dividend income.

***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,

Understanding Your Investment 31

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. For tax years after December 31, 2022, amounts paid to or recognized by a non-U.S. affiliate that are excluded from tax under the portfolio interest, capital gain dividends, short-term capital gains or tax-exempt interest dividend exceptions or applicable treaties, may be taken into consideration in determining whether a corporation is an "applicable corporation" subject to a 15% minimum tax on adjusted financial statement income. Distributions to, and gross proceeds from dispositions of units by, (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, may be subject to a U.S. withholding tax of 30%. However proposed regulations may eliminate the requirement to withhold on payments of gross proceeds from dispositions.

**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 applicable expenses and funds required for the redemption of units. See "Essential Information," "Rights of Unitholders--Expenses and Fees" and "How to Sell Your Units--Selling Units."

32 Understanding Your Investment

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 and expenses 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 expenses 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 expenses and 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

Understanding Your Investment 33

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.*** Investors will bear all or a portion of 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. During the initial public offering period only, a pro rata portion of such organization costs will be charged upon the investor's purchase of units.

The trustee's, sponsor's supervisory, bookkeeping and administrative and sponsor's evaluation fees are set forth under "Fees and Expenses." The trustee's fee and the sponsor's evaluation fee, which is earned for portfolio evaluation services, are based on the principal amount of bonds on a monthly basis. Because such fees are based on the principal amount of the bonds in the trust, rather than the trust's net asset value, the fees will represent a greater percentage of the trust's net asset value if the bonds in the trust, on average, are valued below par. The sponsor's supervisory fee, which is earned for portfolio supervisory services, and the bookkeeping and administrative fees are based on the largest number of units in the trust at any time during such period. Because these fees are based on the largest number of units during a particular period, these fees will represent a greater percentage of the trust's net asset value as the number of units decreased during that period. The sponsor's supervisory fee, bookkeeping and administrative and sponsor's

34 Understanding Your Investment

evaluation fee, which are not to exceed the maximum amount set forth under "Fees and Expenses" for the trust, may exceed the actual costs of providing portfolio supervisory, bookkeeping and administrative or evaluation services for the trust, but at no time will the total amount the sponsor receives for portfolio supervisory services, bookkeeping and administrative or evaluation services rendered to all series of Guggenheim Defined Portfolios in any calendar year exceed the aggregate cost to them of supplying such services in such year. The trustee may reimburse the sponsor out of its own assets for services performed by employees of the sponsor in connection with the operation of the trust.

The trustee will receive for its ordinary recurring services to the trust an annual fee in the amount set forth under "Fees and Expenses" for the trust. There is no minimum fee and, except as hereinafter set forth, no maximum fee. For a discussion of certain benefits derived by the trustee from the trust's funds, see "Rights of Unitholders--Distribution of Interest and Principal." For a discussion of the services performed by the trustee pursuant to its obligations under the Trust Agreement, reference is made to the material set forth under "Rights of Unitholders."

The trustee's fee, bookkeeping and administrative fees and the sponsor's fees are payable monthly, each from the Interest Account to the extent funds are available and then from the Principal Account. These fees may be increased without approval of the unitholders by amounts not exceeding proportionate increases in consumer prices for services as measured by the United States Department of Labor's Consumer Price Index entitled "All Services Less Rent." If the balances in the Principal and Interest Accounts are insufficient to provide for amounts payable by the trust, or amounts payable to the trustee which are secured by its prior lien on the trust, the trustee is permitted to sell bonds to pay such amounts.

***Other Charges.*** The following additional charges are or may be incurred by the trust: all expenses (including audit and counsel fees) of the trustee incurred in connection with its activities under the Trust Agreement, including annual audit expenses by independent public accountants selected by the sponsor, the expenses and costs of any action undertaken by the trustee to protect the trust and the rights and interests of the unitholders; fees of the trustee for any extraordinary services performed under the Trust Agreement; indemnification of the trustee for any loss or liability accruing to it without willful misconduct, bad faith, or gross negligence on its part, arising out of or in connection with its acceptance or administration of the trust; and all taxes and other governmental charges imposed upon the bonds or any part of the trust (no such taxes or charges are being levied or made or, to the knowledge of the sponsor, contemplated). To the extent lawful, the trust shall bear the expenses associated with updating the trust's registration statement and maintaining registration or qualification of the units and/or the trust under federal or state securities laws subsequent to initial registration. Such expenses shall include legal fees, accounting fees, typesetting fees, electronic filing expenses and regulatory filing fees. All direct distribution expenses of the trusts (including the costs of maintaining the secondary market for the trusts), such as printing and distributing prospectuses, and preparing, printing and distributing any advertisements or sales literature will be paid at no cost to the trust. Any payments received by the sponsor reimbursing it for payments made to update the trust's registration statement will not exceed the costs incurred by the sponsor. The above expenses, including the trustee's fee, when paid by or owing to the trustee, are secured by a lien on the trust. The trustee is empowered to sell bonds in

Understanding Your Investment 35

order to make funds available to pay all expenses. Thus, no assurance can be given that the trust will retain for any length of time its present size and composition.

***Reports and Records.*** The trustee shall furnish unitholders of the 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 fees and 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 fees and 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. Annual reports for 2022 and future years will not be distributed by the trustee in paper form. The annual reports are posted to the sponsor's website (www.guggenheiminvestments.com) in the UIT Literature link and retrievable by CUSIP. You may also request one be sent to you by calling the sponsor at 800-621-9944.

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*." The sales price that the sponsor may pay for your units will be at least the net asset value of the securities minus any applicable sales charges. Certain broker-dealers may charge a transaction fee for processing unit redemptions or sale requests.

Until the end of the initial offering period or six months after the Inception Date, at the discretion of the sponsor, the price at which the trustee will redeem units and the price at which the sponsor may repurchase units include estimated organization costs. After such period, the amount paid will not include such estimated organization costs.

***Selling Units.*** We intend to, but are not obligated to, maintain a secondary market for

36 Understanding Your Investment

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 240 Greenwich Street, 22W Floor, New York, NY 10286, 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.

Understanding Your Investment 37

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 you own units worth at least $1,000,000 or you originally paid at least that amount for your units, and you have held your units through the end of the initial offering period. 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.

*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, (b) the accrued expenses of a trust, (c) cash held for distribution to unitholders of record as of a date prior to the evaluation and (d) unpaid organization costs. 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.

Until six months after the Inception Date or the end of the initial offering period, at the discretion of the sponsor, the price at which the trustee will redeem units and the price at which the sponsor may repurchase units includes estimated organization costs. After such period, the amount paid will not include such estimated organization costs.

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

38 Understanding Your Investment

sponsor on the Inception Date if the sponsor was unable to sell such units. Such redemption may impact the size, composition, returns, expenses 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. We operate 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 227 W. Monroe Street, Chicago, Illinois 60606 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

Understanding Your Investment 39

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 expenses 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, 240 Greenwich Street, 22W Floor, New York, NY 10286. 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.

40 Understanding Your Investment

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."

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 Capelogic, Inc.

*Limitations on Liability.* The trustee and the sponsor may rely on any evaluation furnished by

Understanding Your Investment 41

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<br> 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

42 Understanding Your Investment

thereof will be sent by the trustee to all unitholders. Within a reasonable period after termination, the trustee will sell any remaining bonds, and, after paying all expenses and charges incurred by the trust, 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, 320 South Canal Street, Chicago, Illinois 60606, 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:

&nbsp;&nbsp;&nbsp;&nbsp;• 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;

&nbsp;&nbsp;&nbsp;&nbsp;• Nature of and provisions of the obligation; and

&nbsp;&nbsp;&nbsp;&nbsp;• 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,

Understanding Your Investment 43

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

44 Understanding Your Investment

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.

Understanding Your Investment 45

**Report of Independent Registered Public Accounting Firm**

**Sponsor and Unitholders**<br> **Guggenheim Defined Portfolios, Series 2279** <br>Opinion on the financial statements

We have audited the accompanying statement of financial condition, including the trust portfolio on pages 13, 14 and 15 of Guggenheim Defined Portfolios, Series 2279 (the "Trust") as of January 18, 2023, 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 January 18, 2023, 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 January 18, 2023 by correspondence with The Bank of New York Mellon, Trustee. We believe that our audit provides a reasonable basis for our opinion.

/s/ 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<br> January 18, 2023

46 Understanding Your Investment

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| | |
|:---|:---|
| **Guggenheim Defined Portfolios, Series 2279** |  |
| **Statement of Financial Condition** |  |
| **as of the Inception Date, January 18, 2023** |  |
| ***Investment in bonds*** |  |
| Contracts to purchase underlying securities backed by |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; letter of credit (1)(2) | $7954904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash (3) | 51910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued interest receivable (4) | 63807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $8070621 |
| ***Liabilities and interest of unitholders*** |  |
| Liabilities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amount due to Trustee (4) | $63807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Organization costs and transactional sales fee | 51910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 115717 |
| Interest of unitholders: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost to unitholders (5) | 8165019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: transactional sales fee (6) | 158205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: organization costs (7) | 51910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net interest of unitholders | 7954904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $8070621 |
| Number of units | 8111 |
| Net Asset Value per Unit | $980.76 |

---

___________________

(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 Capelogic, Inc., 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. Organization costs will not be assessed to units that are redeemed prior to the close of
the initial offering period or six months after the initial date of deposit (at the discretion of the sponsor). To the extent that actual
organization costs are greater than the estimated amount, only the estimated organization costs added to the Public Offering Price will
be deducted from the assets of 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 maximum transactional sales fee is 1.95% of the Public Offering Price.

(7) A portion of the Public Offering Price consists of an amount sufficient
 to pay for all or a portion of the costs of establishing the trust. These costs have been
 estimated at $6.40 per unit for the trust and will not be assessed to units that are redeemed
 prior to the close of the initial offering period.

Understanding Your Investment 47

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| | | |
|:---|:---|:---|
| **Contents** |  |  |
| **Investment Summary** | **Investment Summary** |  |
| A concise | 2 | Overview |
| description | 2 | Investment Objective |
| of essential | 2 | Principal Investment Strategy |
| information | 2 | Debt Obligation Selection |
| about the | 3 | Guggenheim Partners Investment Management, |
| portfolio |  | &nbsp;&nbsp;&nbsp;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 |
|  | 10 | Distributions |
|  | 10 | Market for Units |
|  | 10 | Who Should Invest |
|  | 11 | Fees and Expenses |
|  | 12 | Example |
|  | 13 | Trust Portfolio |
| **Understanding Your Investment** | **Understanding Your Investment** | **Understanding Your Investment** |
| Detailed | 16 | The Trust |
| information | 16 | Public Offering |
| to help you | 20 | Underwriting Concessions |
| understand | 20 | Underwriting |
| your | 21 | Investment Risks |
| investment | 27 | The Secondary Market |
|  | 28 | Estimated Current Return and Estimated Long-Term |
|  |  | &nbsp;&nbsp;&nbsp; Return to Unitholders |
|  | 29 | Tax Status |
|  | 32 | Rights of Unitholders |
|  | 36 | How to Sell Your Units |
|  | 39 | General Information |
|  | 42 | Amendment and Termination |
|  |  | &nbsp;&nbsp;&nbsp; of the Trust Agreement |
|  | 43 | Experts |
|  | 43 | Description of Bond Ratings |
|  | 46 | Report of Independent Registered Public |
|  |  | &nbsp;&nbsp;&nbsp; Accounting Firm |
|  | 47 | Statement of Financial Condition |

---

---

| | |
|:---|:---|
| For the **Table of Contents** of Part B, see Part B of the prospectus. | For the **Table of Contents** of Part B, see Part B of the prospectus. |
| **Where to Learn More** |  |
| You can contact us for | **Visit us on the Internet** |
| free information about | Guggenheiminvestments.com |
| these investments. | **Call Guggenheim Investments** |
|  | 800 345 7999 / Pricing line 800 248 4954 |
|  | **Call The Bank of New York Mellon** |
|  | 800 701 8178 Investors / 800 647 3383 Brokers |

---

---

| | |
|:---|:---|
| **Additional Information** | **Additional Information** |
| This prospectus does not contain all information filed with the Securities and Exchange | 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): | Commission. To obtain or copy this information (a duplication fee may be required): |
| **E-mail:** | publicinfo@sec.gov |
| **Write:** | Public Reference Room, Washington, D.C. 20549-0102 |
| **Visit:** | sec.gov (EDGAR Database) |
| **Call:** | 202 942 8090 (only for information on the operation |
|  | of the Public Reference Room) |
| **Refer to:** | **Guggenheim Defined Portfolios, Series 2279** |
|  | Securities Act file number: 333-268209 |
|  | 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.

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.

![](gugglogo2.jpg)

**Unit Investment Trusts**

 **01.18.2023**

 **Guggenheim Defined Portfolios, Series 2279 Prospectus**

Investment Grade Corporate Trust 3-7 Year, Series 16

**GuggenheimInvestments.com**

**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:

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insurer/Policy No.<br>| Amount <br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;National Union Fire Insurance <br> Company of Pittsburgh, <br> Pennsylvania<br> 5692790<br>| <br> $4000000 |

---

B. This amendment to the Registration Statement comprises the following papers and documents:

The facing sheet

The Prospectus

The signatures

Consents of Independent Registered Public Accounting Firm

and Counsel as indicated

Exhibits as listed on the List of Exhibits

<u>Signatures</u>

The Registrant, Guggenheim Defined Portfolios, Series 2279 hereby identifies Guggenheim Defined Portfolios, Series 2275, Guggenheim Defined Portfolios, Series 2269, Guggenheim Defined Portfolios, Series 2265, Guggenheim Defined Portfolios, Series 2262, Guggenheim Defined Portfolios, Series 2256, Guggenheim Defined Portfolios, Series 2255, Guggenheim Defined Portfolios, Series 2253, Guggenheim Defined Portfolios, Series 2248, Guggenheim Defined Portfolios, Series 2247, Guggenheim Defined Portfolios, Series 2238, Guggenheim Defined Portfolios, Series 2232, Guggenheim Defined Portfolios, Series 2226, Guggenheim Defined Portfolios, Series 2222, Guggenheim Defined Portfolios, Series 2215, Guggenheim Defined Portfolios, Series 2212, Guggenheim Defined Portfolios, Series 2208, Guggenheim Defined Portfolios, Series 2204, Guggenheim Defined Portfolios, Series 2195, Guggenheim Defined Portfolios, Series 2194, Guggenheim Defined Portfolios, Series 2192, Guggenheim Defined Portfolios, Series 2200, Guggenheim Defined Portfolios, Series 2182, Guggenheim Defined Portfolios, Series 2178, Guggenheim Defined Portfolios, Series 2174, Guggenheim Defined Portfolios, Series 2168, Guggenheim Defined Portfolios, Series 2165, Guggenheim Defined Portfolios, Series 2161, Guggenheim Defined Portfolios, Series 2159, Guggenheim Defined Portfolios, Series 2154, Guggenheim Defined Portfolios, Series 2152, Guggenheim Defined Portfolios, Series 2151, Guggenheim Defined Portfolios, Series 2150, Guggenheim Defined Portfolios, Series 2147, Guggenheim Defined Portfolios, Series 2145, Guggenheim Defined Portfolios, Series 2138, Guggenheim Defined Portfolios, Series 2134, Guggenheim Defined Portfolios, Series 2132, Guggenheim Defined Portfolios, Series 2130, Guggenheim Defined Portfolios, Series 2129, Guggenheim Defined Portfolios, Series 2127, Guggenheim Defined Portfolios, Series 2126, Guggenheim Defined Portfolios, Series 2121, Guggenheim Defined Portfolios, Series 2117, Guggenheim Defined Portfolios, Series 2115, Guggenheim Defined Portfolios, Series 2113, Guggenheim Defined Portfolios, Series 2111, Guggenheim Defined Portfolios, Series 2107, Guggenheim Defined Portfolios, Series 2104, Guggenheim Defined Portfolios, Series 2100, Guggenheim Defined Portfolios, Series 2097, Guggenheim Defined Portfolios, Series 2094, Guggenheim Defined Portfolios, Series 2087, Guggenheim Defined Portfolios, Series 2079, Guggenheim Defined Portfolios, Series 2077, Guggenheim Defined Portfolios, Series 2074, Guggenheim Defined Portfolios, Series 2070, Guggenheim Defined Portfolios, Series 2068, Guggenheim Defined Portfolios, Series 2066, Guggenheim Defined Portfolios, Series 2061, Guggenheim Defined Portfolios, Series 2059, Guggenheim Defined Portfolios, Series 2054, Guggenheim Defined Portfolios, Series 2050, Guggenheim Defined Portfolios, Series 2046, Guggenheim Defined Portfolios, Series 2045, Guggenheim Defined Portfolios, Series 2039, Guggenheim Defined Portfolios, Series 2033, Guggenheim Defined Portfolios, Series 2027, Guggenheim Defined Portfolios, Series 2025, Guggenheim Defined Portfolios, Series 2022, Guggenheim Defined Portfolios, Series 2015, Guggenheim Defined Portfolios, Series 2013, Guggenheim Defined Portfolios, Series 2009, Guggenheim Defined Portfolios, Series 2001, Guggenheim Defined Portfolios, Series 1994, Guggenheim Defined Portfolios, Series 1989, Guggenheim Defined Portfolios, Series 1986, Guggenheim Defined Portfolios, Series 1984, Guggenheim Defined Portfolios, Series 1979, Guggenheim Defined Portfolios, Series 1971, Guggenheim Defined Portfolios, Series 1965, Guggenheim Defined Portfolios, Series 1961, Guggenheim Defined Portfolios, Series 1956, Guggenheim Defined Portfolios, Series 1950, Guggenheim Defined Portfolios, Series 1947, Guggenheim Defined Portfolios, Series 1943, Guggenheim Defined Portfolios, Series 1941, Guggenheim Defined Portfolios, Series 1939, Guggenheim Defined Portfolios, Series 1933, Guggenheim Defined Portfolios, Series 1929, Guggenheim Defined Portfolios, Series 1927, Guggenheim Defined Portfolios, Series 1923, Guggenheim Defined Portfolios, Series 1921, Guggenheim Defined Portfolios, Series 1915, Guggenheim Defined Portfolios, Series 1903, Guggenheim Defined Portfolios, Series 1900, Guggenheim Defined Portfolios, Series 1897, Guggenheim Defined Portfolios, Series 1894, Guggenheim Defined Portfolios, Series 1886, Guggenheim Defined Portfolios, Series 1884, Guggenheim Defined Portfolios, Series 1879, Guggenheim Defined Portfolios, Series 1878, Guggenheim Defined Portfolios, Series 1867, Guggenheim Defined Portfolios, Series 1862, Guggenheim Defined Portfolios, Series 1859, Guggenheim Defined Portfolios, Series 1858, Guggenheim Defined Portfolios, Series 1852, Guggenheim Defined Portfolios, Series 1848, Guggenheim Defined Portfolios, Series 1842, Guggenheim Defined Portfolios, Series 1841, Guggenheim Defined Portfolios, Series 1836, Guggenheim Defined Portfolios, Series 1833, Guggenheim Defined Portfolios, Series 1831, Guggenheim Defined Portfolios, Series 1829, Guggenheim Defined Portfolios, Series 1818, Guggenheim Defined Portfolios, Series 1815, Guggenheim Defined Portfolios, Series 1809, Guggenheim Defined Portfolios, Series 1806, Guggenheim Defined Portfolios, Series 1799, Guggenheim Defined Portfolios, Series 1796, Guggenheim Defined Portfolios, Series 1791, Guggenheim Defined Portfolios, Series 1789, Guggenheim Defined Portfolios, Series 1782, Guggenheim Defined Portfolios, Series 1780, Guggenheim Defined Portfolios, Series 1773, Guggenheim Defined Portfolios, Series 1768, Guggenheim Defined Portfolios, Series 1764, Guggenheim Defined Portfolios, Series 1758, Guggenheim Defined Portfolios, Series 1754, Guggenheim Defined Portfolios, Series 1751, Guggenheim Defined Portfolios, Series 1745, Guggenheim Defined Portfolios, Series 1739, Guggenheim Defined Portfolios, Series 1738, Guggenheim Defined Portfolios, Series 1731, Guggenheim Defined Portfolios, Series 1727, Guggenheim Defined Portfolios, Series 1725, Guggenheim Defined Portfolios, Series 1720, Guggenheim Defined Portfolios, Series 1714, Guggenheim Defined Portfolios, Series 1704, Guggenheim Defined Portfolios, Series 1702, Guggenheim Defined Portfolios, Series 1698, Guggenheim Defined Portfolios, Series 1695, Guggenheim Defined Portfolios, Series 1694, Guggenheim Defined Portfolios, Series 1684, Guggenheim Defined Portfolios, Series 1681, Guggenheim Defined Portfolios, Series 1678, Guggenheim Defined Portfolios, Series 1676, Guggenheim Defined Portfolios, Series 1671, Guggenheim Defined Portfolios, Series 1664, Guggenheim Defined Portfolios, Series 1663, Guggenheim Defined Portfolios, Series 1657, Guggenheim Defined Portfolios, Series 1653, Guggenheim Defined Portfolios, Series 1647, Guggenheim Defined Portfolios, Series 1628, Guggenheim Defined Portfolios, Series 1627, Guggenheim Defined Portfolios, Series 1626, Guggenheim Defined Portfolios, Series 1625, Guggenheim Defined Portfolios, Series 1619, Guggenheim Defined Portfolios, Series 1617, Guggenheim Defined Portfolios, Series 1611, Guggenheim Defined Portfolios, Series 1596, Guggenheim Defined Portfolios, Series 1592, Guggenheim Defined Portfolios, Series 1587, Guggenheim Defined Portfolios, Series 1582, Guggenheim Defined Portfolios, Series 1576, Guggenheim Defined Portfolios, Series 1573, Guggenheim Defined Portfolios, Series 1569, Guggenheim Defined Portfolios, Series 1557, Guggenheim Defined Portfolios, Series 1555, Guggenheim Defined Portfolios, Series 1550, Guggenheim Defined Portfolios, Series 1548, Guggenheim Defined Portfolios, Series 1541, Guggenheim Defined Portfolios, Series 1540, Guggenheim Defined Portfolios, Series 1529, Guggenheim Defined Portfolios, Series 1524, Guggenheim Defined Portfolios, Series 1519, Guggenheim Defined Portfolios, Series 1510, Guggenheim Defined Portfolios, Series 1509, Guggenheim Defined Portfolios, Series 1506, Guggenheim Defined Portfolios, Series 1502, Guggenheim Defined Portfolios, Series 1500, Guggenheim Defined Portfolios, Series 1499, Guggenheim Defined Portfolios, Series 1496, Guggenheim Defined Portfolios, Series 1490, Guggenheim Defined Portfolios, Series 1488, Guggenheim Defined Portfolios, Series 1486, Guggenheim Defined Portfolios, Series 1479, Guggenheim Defined Portfolios, Series 1476, Guggenheim Defined Portfolios, Series 1475, Guggenheim Defined Portfolios, Series 1468, Guggenheim Defined Portfolios, Series 1461, Guggenheim Defined Portfolios, Series 1450, Guggenheim Defined Portfolios, Series 1447, Guggenheim Defined Portfolios, Series 1444, Guggenheim Defined Portfolios, Series 1440, Guggenheim Defined Portfolios, Series 1435, Guggenheim Defined Portfolios, Series 1428, Guggenheim Defined Portfolios, Series 1424, Guggenheim Defined Portfolios, Series 1422, Guggenheim Defined Portfolios, Series 1419, Guggenheim Defined Portfolios, Series 1418, Guggenheim Defined Portfolios, Series 1413, Guggenheim Defined Portfolios, Series 1408, Guggenheim Defined Portfolios, Series 1394, Guggenheim Defined Portfolios, Series 1390, Guggenheim Defined Portfolios, Series 1388, Guggenheim Defined Portfolios, Series 1387, Guggenheim Defined Portfolios, Series 1385, Guggenheim Defined Portfolios, Series 1377, Guggenheim Defined Portfolios, Series 1376, Guggenheim Defined Portfolios, Series 1372, Guggenheim Defined Portfolios, Series 1370, Guggenheim Defined Portfolios, Series 1367, Guggenheim Defined Portfolios, Series 1364, Guggenheim Defined Portfolios, Series 1362, Guggenheim Defined Portfolios, Series 1357, Guggenheim Defined Portfolios, Series 1355, Guggenheim Defined Portfolios, Series 1353, Guggenheim Defined Portfolios, Series 1351, Guggenheim Defined Portfolios, Series 1349, Guggenheim Defined Portfolios, Series 1346, Guggenheim Defined Portfolios, Series 1344, Guggenheim Defined Portfolios, Series 1335, Guggenheim Defined Portfolios, Series 1334, Guggenheim Defined Portfolios, Series 1331, Guggenheim Defined Portfolios, Series 1328, Guggenheim Defined Portfolios, Series 1325, Guggenheim Defined Portfolios, Series 1321, Guggenheim Defined Portfolios, Series 1319, Guggenheim Defined Portfolios, Series 1317, Guggenheim Defined Portfolios, Series 1314, Guggenheim Defined Portfolios, Series 1309, Guggenheim Defined Portfolios, Series 1308, Guggenheim Defined Portfolios, Series 1302, Guggenheim Defined Portfolios, Series 1300, Guggenheim Defined Portfolios, Series 1297, Guggenheim Defined Portfolios, Series 1294, Guggenheim Defined Portfolios, Series 1287, Guggenheim Defined Portfolios, Series 1285, Guggenheim Defined Portfolios, Series 1284, Guggenheim Defined Portfolios, Series 1274, Guggenheim Defined Portfolios, Series 1273, Guggenheim Defined Portfolios, Series 1272, Guggenheim Defined Portfolios, Series 1269, Guggenheim Defined Portfolios, Series 1263, Guggenheim Defined Portfolios, Series 1262, Guggenheim Defined Portfolios, Series 1259, Guggenheim Defined Portfolios, Series 1257, Guggenheim Defined Portfolios, Series 1253, Guggenheim Defined Portfolios, Series 1251, Guggenheim Defined Portfolios, Series 1250, Guggenheim Defined Portfolios, Series 1246, Guggenheim Defined Portfolios, Series 1237, Guggenheim Defined Portfolios, Series 1235, Guggenheim Defined Portfolios, Series 1234, Guggenheim Defined Portfolios, Series 1232, Guggenheim Defined Portfolios, Series 1231, Guggenheim Defined Portfolios, Series 1226, Guggenheim Defined Portfolios, Series 1218, Guggenheim Defined Portfolios, Series 1214, Guggenheim Defined Portfolios, Series 1211, Guggenheim Defined Portfolios, Series 1209, Guggenheim Defined Portfolios, Series 1207, Guggenheim Defined Portfolios, Series 1204, Guggenheim Defined Portfolios, Series 1199, Guggenheim Defined Portfolios, Series 1198, Guggenheim Defined Portfolios, Series 1197, Guggenheim Defined Portfolios, Series 1192, Guggenheim Defined Portfolios, Series 1191, Guggenheim Defined Portfolios, Series 1188, Guggenheim Defined Portfolios, Series 1186, Guggenheim Defined Portfolios, Series 1184, Guggenheim Defined Portfolios, Series 1181, Guggenheim Defined Portfolios, Series 1174, Guggenheim Defined Portfolios, Series 1173, Guggenheim Defined Portfolios, Series 1172, Guggenheim Defined Portfolios, Series 1170, Guggenheim Defined Portfolios, Series 1168, Guggenheim Defined Portfolios, Series 1164, Guggenheim Defined Portfolios, Series 1159, Guggenheim Defined Portfolios, Series 1156, Guggenheim Defined Portfolios, Series 1155, Guggenheim Defined Portfolios, Series 1153, Guggenheim Defined Portfolios, Series 1147, Guggenheim Defined Portfolios, Series 1145, Guggenheim Defined Portfolios, Series 1140, Guggenheim Defined Portfolios, Series 1138, Guggenheim Defined Portfolios, Series 1137, Guggenheim Defined Portfolios, Series 1126, Guggenheim Defined Portfolios, Series 1123, Guggenheim Defined Portfolios, Series 1120, Guggenheim Defined Portfolios, Series 1119, Guggenheim Defined Portfolios, Series 1117, Guggenheim Defined Portfolios, Series 1114, Guggenheim Defined Portfolios, Series 1112, Guggenheim Defined Portfolios, Series 1110, Guggenheim Defined Portfolios, Series 1108, Guggenheim Defined Portfolios, Series 1106, Guggenheim Defined Portfolios, Series 1099, Guggenheim Defined Portfolios, Series 1098, Guggenheim Defined Portfolios, Series 1093, Guggenheim Defined Portfolios, Series 1086, Guggenheim Defined Portfolios, Series 1085, Guggenheim Defined Portfolios, Series 1083, Guggenheim Defined Portfolios, Series 1079, Guggenheim Defined Portfolios, Series 1077, Guggenheim Defined Portfolios, Series 1075, Guggenheim Defined Portfolios, Series 1073, Guggenheim Defined Portfolios, Series 1069, Guggenheim Defined Portfolios, Series 1063, Guggenheim Defined Portfolios, Series 1061, Guggenheim Defined Portfolios, Series 1060, Guggenheim Defined Portfolios, Series 1051, Guggenheim Defined Portfolios, Series 1050, Guggenheim Defined Portfolios, Series 1049, Guggenheim Defined Portfolios, Series 1047, Guggenheim Defined Portfolios, Series 1046, Guggenheim Defined Portfolios, Series 1044, Guggenheim Defined Portfolios, Series 1042, Guggenheim Defined Portfolios, Series 1040, Guggenheim Defined Portfolios, Series 1039, Guggenheim Defined Portfolios, Series 1033, Guggenheim Defined Portfolios, Series 1020, Guggenheim Defined Portfolios, Series 1016, Guggenheim Defined Portfolios, Series 1015, Guggenheim Defined Portfolios, Series 1011, Guggenheim Defined Portfolios, Series 1010, Guggenheim Defined Portfolios, Series 1008, Guggenheim Defined Portfolios, Series 1005, Guggenheim Defined Portfolios, Series 1004, Guggenheim Defined Portfolios, Series 1000, Guggenheim Defined Portfolios, Series 999, Guggenheim Defined Portfolios, Series 996, Guggenheim Defined Portfolios, Series 994, Guggenheim Defined Portfolios, Series 991, Guggenheim Defined Portfolios, Series 990, Guggenheim Defined Portfolios, Series 987, Guggenheim Defined Portfolios, Series 983, Guggenheim Defined Portfolios, Series 982, Guggenheim Defined Portfolios, Series 979, Guggenheim Defined Portfolios, Series 971, Guggenheim Defined Portfolios, Series 968, Guggenheim Defined Portfolios, Series 967, Guggenheim Defined Portfolios, Series 963, Guggenheim Defined Portfolios, Series 962, Guggenheim Defined Portfolios, Series 961, Guggenheim Defined Portfolios, Series 959, Guggenheim Defined Portfolios, Series 955, Guggenheim Defined Portfolios, Series 954, Guggenheim Defined Portfolios, Series 951, Guggenheim Defined Portfolios, Series 948, Guggenheim Defined Portfolios, Series 947, Guggenheim Defined Portfolios, Series 945, Guggenheim Defined Portfolios, Series 944, Guggenheim Defined Portfolios, Series 942, Guggenheim Defined Portfolios, Series 940, Guggenheim Defined Portfolios, Series 938, Guggenheim Defined Portfolios, Series 937, Guggenheim Defined Portfolios, Series 936, Guggenheim Defined Portfolios, Series 935, Guggenheim Defined Portfolios, Series 932, Guggenheim Defined Portfolios, Series 930, Guggenheim Defined Portfolios, Series 925, Guggenheim Defined Portfolios, Series 922, Guggenheim Defined Portfolios, Series 919, Guggenheim Defined Portfolios, Series 916, Guggenheim Defined Portfolios, Series 915, Guggenheim Defined Portfolios, Series 913, Guggenheim Defined Portfolios, Series 912, Guggenheim Defined Portfolios, Series 910, Guggenheim Defined Portfolios, Series 908, Guggenheim Defined Portfolios, Series 901, Guggenheim Defined Portfolios, Series 900, Guggenheim Defined Portfolios, Series 897, Guggenheim Defined Portfolios, Series 889, Guggenheim Defined Portfolios, Series 888, Guggenheim Defined Portfolios, Series 880, Guggenheim Defined Portfolios, Series 879, Guggenheim Defined Portfolios, Series 877, Guggenheim Defined Portfolios, Series 876, Guggenheim Defined Portfolios, Series 874, Guggenheim Defined Portfolios, Series 863, Guggenheim Defined Portfolios, Series 847, Guggenheim Defined Portfolios, Series 846, Guggenheim Defined Portfolios, Series 842, Guggenheim Defined Portfolios, Series 840, Guggenheim Defined Portfolios, Series 832, Guggenheim Defined Portfolios, Series 817, Guggenheim Defined Portfolios, Series 814, Guggenheim Defined Portfolios, Series 813, Guggenheim Defined Portfolios, Series 811, Guggenheim Defined Portfolios, Series 805, Guggenheim Defined Portfolios, Series 792, Guggenheim Defined Portfolios, Series 791, Guggenheim Defined Portfolios, Series 788, Guggenheim Defined Portfolios, Series 779, Guggenheim Defined Portfolios, Series 767, Guggenheim Defined Portfolios, Series 766, Guggenheim Defined Portfolios, Series 751, Guggenheim Defined Portfolios, Series 750, Guggenheim Defined Portfolios, Series 747, Guggenheim Defined Portfolios, Series 746, Claymore Securities Defined Portfolios, Series 714, Claymore Securities Defined Portfolios, Series 712, Claymore Securities Defined Portfolios, Series 688, Claymore Securities Defined Portfolios, Series 687, Claymore Securities Defined Portfolios, Series 680, Claymore Securities Defined Portfolios, Series 648, Claymore Securities Defined Portfolios, Series 645, Claymore Securities Defined Portfolios, Series 617, Claymore Securities Defined Portfolios, Series 610, Claymore Securities Defined Portfolios, Series 609, Claymore Securities Defined Portfolios, Series 567, Claymore Securities Defined Portfolios, Series 526, Claymore Securities Defined Portfolios, Series 314, Claymore Securities Defined Portfolios, Series 295, Claymore Securities Defined Portfolios, Series 154, Claymore Securities Defined Portfolios, Series 153, Claymore Securities Defined Portfolios, Series 136, Claymore Securities Defined Portfolios, Series 129, Claymore Securities Defined Portfolios, Series 128, Claymore Securities Defined Portfolios, Series 121, Claymore Securities Defined Portfolios, Series 118, Claymore Securities Defined Portfolios, Series 117, Claymore Securities Defined Portfolios, Series 116, Ranson Unit Investment Trusts, Series 53 and Series 90, Kemper Defined Funds, Series 9, Kemper Defined Funds, Series 45, Kemper Defined Funds Insured National Series 1, Kemper Insured Corporate Trust, Series 1, Kemper Tax-Exempt Insured Income Trust, Multi-State Series 19, and Kemper Government Securities Trust, Series 39 (GNMA Portfolio), Series 40 (GNMA Portfolio) and Series 41 (U.S. Treasury Portfolio) for purposes of the representations required by Rule 487 and represents the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) that the portfolio securities deposited in the series as to the securities of which this Registration Statement is being filed do not differ materially in type or quality from those deposited in such previous series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) that, except to the extent necessary to identify the specific portfolio securities deposited in, and to provide essential financial information for, the series with respect to the securities of which this Registration Statement is being filed, this Registration Statement does not contain disclosures that differ in any material respect from those contained in the registration statements for such previous series as to which the effective date was determined by the Commission or the staff; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) that it has complied with Rule 460 under the Securities Act of 1933.

[The Remainder of this Page was Intentionally Left Blank]

<u>Signatures</u>

Pursuant to the requirements of the Securities Act of 1933, the Registrant, Guggenheim Defined Portfolios, Series 2279 has duly caused this Amendment to the Registration Statement to be signed on its behalf by the undersigned thereunto duly authorized in the City of Chicago and State of Illinois on the 18th day of January 2023.

GUGGENHEIM DEFINED PORTFOLIOS, SERIES 2279

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Registrant)

By GUGGENHEIM FUNDS DISTRIBUTORS, LLC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Depositor)

By_<u>/s/ Amy Lee_____________</u> 

Amy Lee<br> Vice President and Secretary

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Signature\* | &nbsp;&nbsp;&nbsp;&nbsp;Title | &nbsp;&nbsp;&nbsp;&nbsp;Title | &nbsp;&nbsp;Date | &nbsp;&nbsp;Date |
|  |  | &nbsp;&nbsp;)))) | &nbsp;&nbsp;<br> By: | &nbsp;&nbsp;<u>/s/ Amy Lee</u> <br> Amy Lee<br> Attorney-in-Fact\* |
| &nbsp;&nbsp;Dina DiLorenzo\* | &nbsp;&nbsp;&nbsp;&nbsp;President of Guggenheim Funds Distributors, LLC | &nbsp;&nbsp;)) |  | &nbsp;&nbsp;January 18, 2023 |
| &nbsp;&nbsp;Dominick Cogliandro\* | &nbsp;&nbsp;&nbsp;&nbsp;Chief Operating Officer of Guggenheim Funds Distributors, LLC | &nbsp;&nbsp;))) |  | &nbsp;&nbsp;January 18, 2023 |
| &nbsp;&nbsp;Julie Jacques\* | &nbsp;&nbsp;&nbsp;&nbsp;Treasurer of Guggenheim Funds Distributors, LLC | &nbsp;&nbsp;))) |  | &nbsp;&nbsp;January 18, 2023 |
| &nbsp;&nbsp;Julie Jacques\* | &nbsp;&nbsp;&nbsp;&nbsp;Principal Financial Officer of Guggenheim Funds Distributors, LLC (fulfills the role of principal accounting officer) | &nbsp;&nbsp;)))))) |  | &nbsp;&nbsp;January 18, 2023 |
| &nbsp;&nbsp;Farhan Sharaff | &nbsp;&nbsp;&nbsp;&nbsp;Chief Investment Officer of Guggenheim Funds Distributors, LLC |  |  |  |
| &nbsp;&nbsp;<u>/s/ Amy Lee_____</u><br> Amy lee | &nbsp;&nbsp;&nbsp;&nbsp;Vice President and Secretary of Guggenheim Funds Distributors, LLC |  |  | &nbsp;&nbsp;January 18, 2023 |

---

------

\* Executed copies of the related powers of attorney were filed as Exhibit 6.0 to the Registration Statement of Guggenheim Defined Portfolios, Series 2201 on January 10, 2022 and Exhibit 6.2 to Amendment No. 1 to the Registration Statement of Guggenheim Defined Portfolios, Series 2177 on December 27, 2021.

**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 is filed by this amendment 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 is contained in its opinion filed by this amendment 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 is contained in its opinion filed by this amendment as Exhibit 3.2 to the Registration Statement.

**List of Exhibits**

1.1 [Reference Trust Agreement.](ex9911.htm)

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).](https://www.sec.gov/Archives/edgar/data/1157381/000111667902000143/ex111.txt)

2.1 [Code of Ethics (Reference is made to Exhibit 2.1 to Amendment No. 1 to the Registration Statement on Form S-6 for Claymore Securities Defined Portfolios, Series 213 (File No. 333-122184) filed on February 9, 2005).](https://www.sec.gov/Archives/edgar/data/1308312/000089180405000457/file005.txt)

3.1 [Opinion of counsel as to legality of securities being registered including a consent to the use of its name in the Registration Statement.](ex9931.htm)

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.](ex9932.htm)

4.1 [Consent of Independent Registered Public Accounting Firm.](ex9941.htm)

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 2201 (File No. 333-262073) filed on January 10, 2022)](https://www.sec.gov/Archives/edgar/data/1902509/000152862122000014/ex9960.htm) [and Exhibit 6.2 to Amendment No. 1 to the Registration Statement on Form S-6 for Guggenheim Defined Portfolios, Series 2177 (File No. 333-260405) filed on December 27, 2021.).](https://www.sec.gov/Archives/edgar/data/1867240/000152862121002034/ex9962.htm)

## Exhibit 99.11

**GUGGENHEIM DEFINED PORTFOLIOS, SERIES 2279**

**Investment Grade Corporate Trust 3-7 Year, Series 16<br>** 

<br> **REFERENCE TRUST AGREEMENT**

This Reference Trust Agreement dated as of January 18, 2023, between Guggenheim Funds Distributors, LLC, as Depositor, and The Bank of New York Mellon, as Trustee, sets forth certain provisions in full and incorporates other provisions by reference to the document entitled "Standard Terms and Conditions of Trust For Series Formed on or Subsequent to February 6, 2002" (herein called the *"Standard Terms and Conditions of Trust"*), and such provisions as are set forth in full and such provisions as are incorporated by reference constitute a single instrument. All references herein to Articles and Sections are to Articles and Sections of the Standard Terms and Conditions of Trust.

**WITNESSETH THAT:**

In consideration of the premises and of the mutual agreements herein contained, the Depositor and the Trustee agree as follows:

**PART I.**

**STANDARD TERMS AND CONDITIONS OF TRUST**

Subject to the provisions of Part II hereof, all the provisions contained in the Standard Terms and Conditions of Trust are herein incorporated by reference in their entirety and shall be deemed to be a part of this instrument as fully and to the same extent as though said provisions had been set forth in this instrument for each separate Trust created under this Series.

**PART II.**

**SPECIAL TERMS AND CONDITIONS OF TRUST**

The following special terms and conditions are hereby agreed to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1) The securities listed in the Schedule(s) hereto have been deposited in the Trust(s) under this Reference Trust Agreement as indicated on the attached Schedule A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2) For the purposes of the definition of the term *"Unit"* in Article I, it is hereby specified that the fractional undivided interest in and ownership of a Trust(s) is the amount described in Amendment No. 1 to the Trust's Registration Statement (Registration No. 333-268209) as filed with the Securities and Exchange Commission today. The fractional undivided interest may (a increase by the number of any additional Units issued pursuant to Section 2.05, (b) increase or decrease in connection with an adjustment to the number of Units pursuant to Section 2.05, or (c) decrease by the number of Units redeemed pursuant to Section 5.02.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3) The term *"Record Date"* shall mean the dates set forth in the Prospectus for principal distributions and interest distributions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4) The term *"Distribution Date"* shall mean the dates set forth in the Prospectus for principal distributions and interest distributions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5) The term *"Initial Date of Deposit"* shall mean the date of this Reference Trust Agreement as set forth above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6) The number of Units of the Trust(s) referred to in Section 2.03 shall be equal to the "Number of Units" in the Statement of Financial Condition in the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7) Article I is hereby amended to add the following definitions:

*"Deferred Sales Charg*e" shall mean the deferred sales fee as described in the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8) The definition of *"Supplemental Indenture"* is hereby deleted in its entirety.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9) The definition of "*Unitholder*" is hereby amended as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10) Section 2.01 is hereby amended and replaced in its entirety as follows:

*Section 2.01. Deposit of Securities*. The Depositor, on the date of the Reference Trust Agreement, has deposited with the Trustee in trust the Securities and contracts (or cash or a letter of credit in the amount necessary to settle any contracts for the purchase of securities entered into by the Trustee pursuant to the instructions of the Depositor) for the purchase of Contract Securities listed under the "Trust Portfolio" in the Prospectus in bearer form or duly endorsed in blank or accompanied by all necessary instruments of assignment and transfer in proper form or Contract Securities relating to such Securities to be held, managed and applied by the Trustee as herein provided. The Depositor shall deliver the Securities listed in said Prospectus which were not actually delivered concurrently with the execution and delivery of the Reference Trust Agreement and which were represented by Contract Securities to the Trustee within 10 calendar days after said execution and delivery (the *"Delivery Period"*). In the event that the purchase of Contract Securities pursuant to any contract shall not be consummated in accordance with said contract or if the Securities represented by Contract Securities are not delivered to a Trust in accordance with this Section 2.01 and the moneys, or, if applicable, the moneys drawn on the Letter of Credit, deposited by the Depositor are not utilized for Section 3.17 purchases of Replacement Bonds, such funds, to the extent of the purchase price of failed Contract Securities for which no Replacement Bonds were acquired pursuant to Section 3.17, plus all amounts described in the next succeeding sentence, shall be credited to the Principal Account and distributed pursuant to Section 3.06 to Unitholders of record as of the Record Date next following the failure of consummation of such purchase. The Depositor shall cause to be refunded to each Unitholder his pro rata portion of the sales charge levied on the sale of Units to such Unitholder attributable to such failed Contract Security. Any amounts remaining from moneys drawn on the Letter of Credit which are not used to purchase Replacement Bonds or are not used to provide refunds to Unitholders shall be paid to the Depositor. The Trustee is hereby irrevocably authorized to effect registration or transfer of the Securities in fully registered form to the name of the Trustee or to the name of its nominee or to hold the Securities in a clearing agency registered with the Securities and Exchange Commission or in a book entry system operated by the Federal Reserve Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (11) Section 2.03 is hereby amended and replaced in its entirety as follows:

Section 2.03. *Issuance of Units.* By executing the Reference Trust Agreement and receipt for deposited Securities, the Trustee will thereby acknowledge receipt of the deposit of the Securities listed under the "Trust Portfolio" in the Prospectus and referred to in Section 2.01 hereof, and simultaneously with the receipt of said deposit, has recorded on its books, for each of the plans of distribution provided for in the Prospectus, the ownership by the Depositor or such other person or persons as may be indicated by the Depositor, of the aggregate number of Units specified in the Prospectus and has delivered, or on the order of the Depositor will deliver, in exchange for such Securities, cash or a letter of credit, documentation evidencing the ownership of the number of Units specified or, if requested by the Depositor, the ownership by the Depository Trust Company (*"DTC"*) of all such Units and will cause such Units to be credited at DTC to the account of the Depositor or, pursuant to the Depositor's direction and as hereafter provided, the account of the issuer of the Letter of Credit referred to in Section 2.01. The number of Units in a Trust may be increased through a split of the Units or decreased through a reverse split thereof, as directed by the Depositor, on any day on which the Depositor is the only Unitholder of such Trust, which revised number of Units shall be recorded by the Trustee on its books. The Trustee hereby agrees that on the date of any deposit of Additional Securities pursuant to Section 2.05 it shall acknowledge that the Additional Securities identified therein have been deposited with it by recording on its books the ownership, by the Depositor or such other person or persons as may be indicated by the Depositor, of the aggregate number of Units to be issued in respect of such Additional Securities so deposited.

Units shall be held solely in uncertificated form evidenced by appropriate notation in the registration books of the Trustee, and no Unit holder shall be entitled to the issuance of a Certificate evidencing the Units owned by such Unit holder. The only permitted registered holders of Units shall be through the DTC (or its nominee, Cede & Co.); consequently, individuals must hold their Units through an entity which is a participant in DTC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (12) Section 2.05(a) is hereby amended and replaced in its entirety as follows:

Section 2.05. *Deposit of Additional Securities.* (a) Subject to the requirements set forth below in this Section, the Depositor may, on any Business Day (the "Trade Date"), subscribe for Additional Units as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Prior to the Evaluation Time defined in Section 4.01 on the Trade Date, the Depositor shall provide notice (the "Subscription Notice") to the Trustee, by telephone or by written communication, of the Depositor's intention to subscribe for Additional Units. The Subscription Notice shall identify the Additional Securities to be acquired (unless such Additional Securities are a precise replication of the then existing portfolio) and shall either (i) specify the quantity of Additional Securities to be deposited by the Depositor on the settlement date for such subscription or (ii) instruct the Trustee to purchase Additional Securities with an aggregate cost as specified in the Subscription Notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Promptly following the Evaluation Time on such Business Day, the Depositor shall verify with the Trustee, the number of Additional Units to be created.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) On the settlement date for a subscription, the Trustee shall, in exchange for the Securities and cash or Letter of Credit described above, issue and deliver to or assign in the name of or on the order of the Depositor the number of Units verified by the Depositor with the Trustee. No Unit to be issued pursuant to this paragraph shall be issued or delivered unless and until Securities, cash or a Letter of Credit is received in exchange therefor and no person shall have any claim to any Unit not so issued and delivered or any interest in the Trust in respect thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Any Additional Securities shall be held, administered and applied by the Trustee in the same manner as herein provided for the Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) The acceptance of Additional Units by the Depositor in accordance with the provisions of paragraph (a) of this Section shall be deemed a certification by the Depositor that the deposit or purchase of Additional Securities associated therewith complies with the conditions of this Section 2.05.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) Notwithstanding the preceding, in the event that the Depositor's Subscription Notice shall instruct the Trustee to purchase Additional Securities in an amount which, when added to the purchase amount of all other unsettled contracts entered into by the Trustee, exceeds 25% of the value of the Securities then held (taking into account the value of contracts to purchase Securities only to the extent that there has been deposited with the Trustee cash or an irrevocable letter of credit in an amount sufficient to settle their purchase), the Depositors shall deposit with the Trustee concurrently with the Subscription Notice cash or a letter of credit in an amount such that, when added to 25% of the value of the Securities then held (determined as above) the aggregate value shall be not less than the purchase amount of the securities to be purchased pursuant to such Subscription Notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (13) Section 3.01 is hereby amended as follows:

Section 3.01. *Initial Costs.* Subject to reimbursement as hereinafter provided, the cost of organizing a Trust and sale of the Trust Units shall be borne by the Depositor, provided, however, that the liability on the part of the Depositor under this Section shall not include any fees or other expenses incurred in connection with the administration of the Trust subsequent to the deposit referred to in Section 2.01. Upon notification from the Depositor that the primary offering period is concluded, or after six months, at the discretion of the Depositor, the Trustee shall withdraw from the Account or Accounts specified in the Prospectus or, if no Account is therein specified, from the Principal Account as further set forth in Section 3.04, and pay to the Depositor the Depositor's reimbursable expenses of organizing the Trust and sale of the Trust Units in an amount certified to the Trustee by the Depositor but not in excess of the estimated per-Unit amount set forth in the Prospectus multiplied by the number of Units outstanding as of the conclusion of such period. If the cash balance of the Principal Account is insufficient to make such withdrawal, the Trustee shall, as directed by the Depositor, sell Securities identified by the Depositor, or distribute to the Depositor Securities having a value, as determined under Section 4.01 as of the date of distribution, sufficient for such reimbursement. The reimbursement provided for in this Section shall be for the account of the Unitholders of record at the conclusion of the period described above. Any assets deposited with the Trustee in respect of the expenses reimbursable under this Section shall be held and administered as assets of the Trust for all purposes hereunder. The Depositor shall deliver to the Trustee any cash identified in the "Statement of Financial Condition" of the Trust included in the Prospectus not later than the First Settlement Date and the Depositor's obligation to make such delivery shall be secured by cash or the Letter of Credit deposited pursuant to Section 2.01. Any cash which the Depositor has identified as to be used for reimbursement of expenses pursuant to this Section shall be held by the Trustee, without interest, and reserved for such purpose and, accordingly, prior to the conclusion of the primary offering period or after six months, at the discretion of the Depositor, shall not be subject to distribution or, unless the Depositor otherwise directs, used for payment of redemptions in excess of the per-Unit amount payable pursuant to the next sentence. If a Unitholder redeems Units prior to the conclusion of the primary offering period or after six months, at the discretion of the Depositor, the Trustee shall pay to the Unitholder, in addition to the Redemption Price of the tendered Units, an amount equal to the estimated per-Unit cost of organizing the Trust and the sale of Trust Units set forth in the Prospectus multiplied by the number of Units tendered for redemption; to the extent the cash on hand in the Trust is insufficient for such payment, the Trustee shall have the power to sell Securities in accordance with Section 5.02. As used herein, the Depositor's reimbursable expenses of organizing the Trust and sale of the Trust Units shall include the cost of the initial preparation and typesetting of the registration statement, prospectuses (including preliminary prospectuses), the indenture, and other documents relating to the Trust, Securities and Exchange Commission and state blue sky registration fees, the cost of the initial valuation of the portfolio and audit of the Trust, the costs of a portfolio consultant, the initial fees and expenses of the Trustee, and legal and other out-of-pocket expenses related thereto but not including the expenses incurred in the printing of preliminary prospectuses and prospectuses, expenses incurred in the preparation and printing of brochures and other advertising materials and any other selling expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (14) Section 3.06(b)(ii) is hereby amended as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ii) (a) For the purposes of this Section 3.06, the "Interest Distribution" of a Unitholder shall be made on the basis of one-twelfth of the estimated annual interest income to the Trust for the ensuing twelve months, after a pro-rated initial payment and after deduction of the estimated costs and expenses to be incurred on behalf of such Unitholders during the twelve month period for which such interest income has been estimated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) In the event the amount on deposit in the Interest Account of any Trust on a Distribution Date is not sufficient for the payment of the amount of interest to be distributed monthly on the basis of the aforesaid computation, the Trustee shall advance out of its own funds and cause to be deposited in and credited to such Interest Account such amount as may be required to permit payment of the monthly interest distribution to be made as described above and shall be entitled to be reimbursed, without interest, out of interest received by such Trust subsequent to the date of such advance and subject to the condition that any such reimbursement shall be made only under conditions which will not reduce the funds in or available for the Interest Account to an amount less than required for the next ensuing distribution of interest. The Trustee's fee takes into account the costs attributable to the outlay of capital needed to make such advances. To the extent practicable, the Trustee shall allocate the expenses of each Trust among Units of such Trust, giving effect within any Trust to differences in administrative and operational cost among those who have chosen to receive a particular plan of distribution is provided for in the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c) Unitholders of any Trust desiring to receive according to a particular plan of distribution provided for in the Prospectus may elect at the time of purchase to receive distributions by notice to the Trustee. Unitholders must furnish written notice to the Trustee indicating their desire to receive such distributions. The Trustee, within five business days of receiving such notice, shall issue to the Unitholder a confirmation indicating such Unitholder's preferred distribution plan. Such notice shall be effective with respect to subsequent distributions until changed by further notice to the Trustee. Those wishing to change their plan of distribution, if multiple distribution plans are provided for in the Prospectus, must do so by sending written notice at any time to the Trustee. Changes may be made as soon as reasonably practicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15) Section 3.08(a)(x) is hereby amended as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (x) that as of any Record Date such Bonds are scheduled to be redeemed and paid prior to the next succeeding monthly Distribution Date; *provided, however,* that as the result of such sale the Trustee will receive funds in an amount sufficient to enable the Trustee to include in the distribution from the Principal Account on such next succeeding monthly Distribution Date at least $1.00 per Unit; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (16) Section 4.01(b) is hereby amended and replaced in its entirety as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) In making the evaluations the Evaluator may determine the value of each issue of the Securities in each Trust by the following methods or any combination thereof which it deems appropriate: (i) on the basis of current bid or offering prices of such Securities as obtained from investment dealers or brokers (including the Depositor) who customarily deal in public bonds comparable to those held by the Trust, or (ii) if bid or offering prices are not available for any of such Securities, on the basis of bid or offering prices for comparable Securities, or (iii) by appraisal. The Evaluator may utilize a securities pricing service to help determine the value of each issue so long as such service uses a similar methodology to determine securities prices. Securities prices for primary market purchases shall be based upon offering prices of said Securities. Securities prices for redemptions shall be based on bid prices of said Securities. In addition to the methods of determining the value of the Securities described above, the Evaluator may make the initial evaluation of Securities in whole or in part by reference to the Blue List of Current Municipal Offerings (a daily publication containing the current public offering prices of public bonds of all grades currently being offered by dealers and banks).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (17) The first paragraph of Section 5.01 is hereby amended and restated to read as follows:

*Section 5.01. Trust Evaluation.* As of the Evaluation Time (a) on the last Business Day of each year, (b) on the day on which any Unit is tendered for redemption and (c) on any other day desired by the Trustee or requested by the Depositor, the Trustee shall: Add (i) all moneys on deposit in a Trust (excluding (1) cash, cash equivalents or Letters of Credit deposited pursuant to Section 2.01 hereof for the purchase of Contract Securities, unless such cash or Letters of Credit have been deposited in the Interest and Principal Accounts because of failure to apply such moneys to the purchase of Contract Securities pursuant to the provisions of Sections 2.01, 3.03 and 3.04 hereof and (2) moneys credited to the Reserve Account pursuant to Section 3.05 hereof), plus (ii) the aggregate Evaluation of all Securities (including Contract Securities and Reinvestment Securities) on deposit in such Trust as is determined by the Evaluator (such evaluations shall take into account and itemize separately (i) the cash on hand in the Trust or moneys in the process of being collected from matured interest coupons or bonds matured or called for redemption prior to maturity, (ii) the value of each issue of the Securities in the Trust on the bid side of the market as determined by the Evaluator pursuant to Section 4.01, and (iii) interest accrued thereon not subject to collection and distribution. For each such Evaluation there shall be deducted from the sum of the above (i) amounts representing any applicable taxes or governmental charges payable out of the respective Trust and for which no deductions shall have previously been made for the purpose of addition to the Reserve Account, (ii) amounts representing estimated accrued fees of the Trust and expenses of such Trust including but not limited to unpaid fees and expenses of the Trustee, the Evaluator, the Supervisor, the Depositor and bond counsel, in each case as reported by the Trustee to the Evaluator on or prior to the date of evaluation, (iii) any moneys identified by the Trustee, as of the date of the Evaluation, as held for distribution to Unitholders of record as of a Record Date or for payment of the Redemption Value of Units tendered prior to such date and (iv) unpaid organizational and offering costs in the estimated amount per Unit set forth in the Prospectus. The resulting figure is herein called a *"Trust Fund Evaluation."* The value of the pro rata share of each Unit of the respective Trust determined on the basis of any such evaluation shall be referred to herein as the *"Unit Value."*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (18) Section 5.02 is hereby amended in its entirety as follows:

*Section 5.02. Redemptions by Trustee; Purchases by Depositor.* Any Unit tendered for redemption by a Unitholder or his duly authorized attorney to the Trustee at its unit investment trust division office shall be redeemed by the Trustee no later than the seventh calendar day following the day on which tender for redemption is made in proper form, *provided* that if such day of payment is not a Business Day, then such payment shall be made no later than the first Business Day prior thereto (herein referred to as the *"Settlement Date"*). Unitholders must sign the request exactly as their name appears on the records of the Trustee. If the amount of redemption is $500 or less and the proceeds are payable to the Unitholders of record at the address of record, no signature guarantee is necessary for redemptions by individual account owners (including joint owners). Additional documentation may be requested, and a signature guarantee is always required, from corporations, executors, administrators, trustees, guardians and associations. The signatures must be guaranteed by a participant in the Securities Transfer Agents Medallion Program (STAMP) or such other signature guarantee program in addition to, or in substitution for, STAMP, as may be accepted by the Trustee. Subject to (a) the next succeeding paragraph, (b) payment by such Unitholder of any tax or other governmental charges which may be imposed thereon and (c) payments in the form of In Kind Distributions (as defined below), such redemption is to be made by payment of cash equivalent to the Unit Value determined on the basis of a Trust Fund Evaluation made in accordance with Section 5.01 determined by the Trustee as of the Evaluation Time on the Redemption Date, multiplied by the number of Units tendered for redemption (herein called the *"Redemption Value"*), or, if the Unitholder wishes to redeem a number of Units less than all those so tendered, multiplied by the number of Units so designated by such Unitholder for redemption. Units received for redemption by the Trustee on any day after the Evaluation Time will be held by the Trustee until the next day on which the New York Stock Exchange is open for trading and will be deemed to have been tendered on such day for redemption at the Redemption Value computed on that day.

The portion of the Redemption Value which represents income shall be withdrawn from the Principal Account to the extent available. The balance paid on any Redemption Value, including income not paid from the Principal Account, if any, shall be withdrawn from the Principal Account to the extent that funds are available for such purpose. If such available funds shall be insufficient, the Trustee shall sell such Securities as have been designated on the current list for such purpose by the Supervisor (or by the Evaluator), as hereinafter in this Section 5.02 provided, in amounts as the Trustee in its discretion shall deem advisable or necessary in order to fund the Principal Account for purposes of such redemption. Sale of Securities by the Trustee shall be made in such manner as the Trustee shall determine will bring the best price obtainable for a Trust, subject to any limitations as to the minimum amount of Securities to be sold specified in the Reference Trust Agreement. In the event that either (i) funds are withdrawn from the Principal Account and are applied to the payment of income upon any redemption of Units or (ii) Securities are sold for the payment of the Redemption value and any portion of the proceeds of such sale is applied to the payment of income upon such redemption, then, in either such event, the Principal Account shall be reimbursed therefor at such time as sufficient funds may be next available in the Principal Account for such purpose.

The Trustee may in its discretion, and shall when so directed by the Depositor in writing, suspend the right of redemption for Units of a Trust or postpone the date of payment of the Redemption Value for more than seven calendar days following the day on which tender for redemption is made (i) for any period during which the New York Stock Exchange is closed other than customary weekend and holiday closings or during which (as determined by the Securities and Exchange Commission) trading on the New York Stock Exchange is restricted; (ii) for any period during which an emergency exists as a result of which disposal of the Securities by the Trustee is not reasonably practicable or it is not reasonably practicable fairly to determine in accordance herewith the underlying value of the Securities; or (iii) for such other period as the Securities and Exchange Commission may by order permit, and shall not be liable to any person or in any way for any loss or damage which may result from any such suspension or postponement.

Not later than the close of business on the day of tender of any Unit for redemption by a Unitholder other than the Depositor, the Trustee shall notify the Depositor of such tender. The Depositor shall have the right to purchase such Unit by notifying the Trustee of its election to make such purchase as soon as practicable thereafter but in no event subsequent to the close of business on the second succeeding Business Day after the day on which such Unit was tendered for redemption. Such purchase shall be made by payment by the Depositor to the Unitholder at the price so bid by making payment therefor to the Unitholder in an amount not less than the Redemption Value on the day of tender not later than the day on which the Units would otherwise have been redeemed by the Trustee to such Unitholder. So long as the Depositor maintains a bid in the secondary market, the Depositor may repurchase the Units tendered to the Trustee for redemption by the Depositor but shall be under no obligation to maintain any bids and may, at any time while so maintaining such bids, cease to do so immediately at any time or from time to time without notice.

Any Units so purchased by the Depositor may at the option of the Depositor be tendered to the Trustee for redemption at the unit investment trust office of the Trustee in the manner provided in the first paragraph of this Section 5.02.

Notwithstanding the foregoing provisions of this Section 5.02, until the close of business on the second Business Day after the day on which such Unit was tendered for redemption, the Trustee is hereby irrevocably authorized in its discretion, in the event that the Depositor does not purchase any Units tendered to the Trustee for redemption, or in the event that a Unit is being tendered by the Depositor for redemption, in lieu of redeeming Units, to sell Units in the over-the-counter market through any broker-dealer of its choice for the account of the tendering Unitholder at prices which will return to the Unitholder an amount in cash, net after deducting brokerage commissions, transfer taxes and other charges, equal to or in excess of the Redemption Value which such Unitholder would otherwise be entitled to receive on redemption pursuant to this Section 5.02. The Trustee shall pay to the Unitholder the net proceeds of any such sale on the day on which such Unitholder would otherwise be entitled to receive payment of the Redemption Value hereunder.

Notwithstanding anything to the contrary in this Section 5.02, any Unitholder may, if such Unitholder tenders at least that minimum amount of Units for redemption specified in the Prospectus, request at the time of tender to receive from the Trustee in lieu of cash such Unitholder's pro rata share of each Security then held by such Trust; *provided, however,* if a Unitholder tenders for redemption Units having an aggregate value of at least the amount specified in the Prospectus, if any, the Depositor reserves the right to direct the Trustee to make an In Kind Distribution rather than make a cash payment. Such tendering Unitholder will receive his pro rata number of whole shares of each of the Securities comprising the portfolio of such Trust and cash from the Principal Account equal to the value of the fractional shares to which such tendering Unitholder is entitled. Such pro rata share of each Security and the related cash to which such tendering Unitholder is entitled is referred to herein as an "In Kind Distribution." An In Kind Distribution will be made by the Trustee through the distribution of each of the Securities in book-entry form to the account of the Unitholder's bank or broker-dealer at DTC. If funds in the Principal Account are insufficient to cover the required cash distribution to the tendering Unitholder, the Trustee shall sell Securities according to the criteria discussed herein. The Depositor may terminate the right of Unitholder to make In-Kind Distributions at any time or from time to time without notice.

The Supervisor shall maintain with the Trustee a current list of Securities designated to be sold for the purpose of funding the Principal Account for redemption of Units tendered for redemption and, to the extent necessary, for payment of expenses under this Indenture. In connection therewith, the Depositor may specify in the Prospectus and/or the Reference Trust Agreement the minimum amounts of any Securities to be sold at any one time. If the Supervisor shall for any reason fail to maintain such a list, the Trustee may in its sole discretion designate a current list of Securities for such purposes. The net proceeds of any sale of such Securities representing income shall be credited to the Principal Account and then disbursed therefrom for payment of expenses and payments to Unitholders required to be paid under this Indenture. Any balance remaining after such disbursements shall remain credited to the Principal Account.

Neither the Depositor nor the Trustee shall be liable or responsible in any way for depreciation or loss incurred by reason of any sale of Securities made pursuant to this Section 5.02.

Notwithstanding the foregoing, no In Kind Distribution requests made pursuant to this Section 5.02 and submitted during the 30 business days prior to the trust's Mandatory Termination Date will be honored. In addition, no unitholder will be eligible for an In Kind Distribution of securities pursuant to Section 9.02. Furthermore, the availability of In Kind Distributions may be modified or discontinued as described in the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (19) The heading and the first sentence of Section 5.04 are hereby amended as follows:

*Section 5.04. Units Held Through the Depository Trust Company or a Successor Clearing Agency.* No Unit may be registered in the name of any person other than DTC or its nominee (or such other clearing agency registered as such pursuant to Section 17A of the Exchange Act of 1934 designated as successor to DTC by the Depositors, or the Trustee or the nominee thereof) (DTC and any such successor clearing agency are herein referred to as the *"Clearing Agency"*) unless the Clearing Agency advises the Trustee that it is no longer willing or able properly to discharge its responsibilities with respect to the Units and the Trustee is unable to locate a qualified successor clearing agency, in which case the Trustee shall notify the Clearing Agency and instruct it to provide the Trustee with the name and address of all persons who are the beneficial owners of Units as registered on the books of the Clearing Agency (the *"Owners"*).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (20) The second paragraph of Section 9.02 is hereby amended as follows:

In the event of a termination, the Trustee shall proceed to liquidate the Securities then held and make the payments and distributions provided for hereinafter in this Section 9.02 based on such Unitholder's pro rata interest in the balance of the Principal and Interest Accounts after the deductions herein provided. Written notice shall be given by the Trustee in connection with any termination to each Unitholder at his address appearing on the registration books of the Trustee and in connection with a Mandatory Termination Date such notice shall be given no later than 30 days before the Mandatory Termination Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (21) Subsection (d) of Section 9.02 is hereby amended as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) make final distributions from such Trust, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i) to each Unitholder receiving distribution in cash, such holder's pro rata share of the cash balances of the Interest and Principal Accounts; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ii) on the conditions set forth in Section 3.05 hereof, to all Unitholders, their pro rata share of the balance of the Reserve Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (22) The first sentence of the Introduction is hereby modified as follows:

These Standard Terms and Conditions of Trust, effective February 6, 2002, shall be applicable to certain Claymore Securities Defined Portfolios established after the date of effectiveness hereof containing certain debt obligations, as provided in this paragraph.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (23) The definition of "Bonds" in Article I is hereby modified as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) *"Bonds"* shall mean such of the debt obligations, including "when issued" and/or "regular way" contracts, if any, for the purchase of certain bonds, and cash or a certified check or checks and/or an irrevocable letter or letters of credit in the amount required for such purchase, deposited in irrevocable trust and listed under the "Trust Portfolio" in the Prospectus, and any obligations received in exchange, substitution or replacement for such obligations pursuant to Sections 3.09 and 3.18 hereof, as may from time to time continue to be held as a part of the Trust to which such Reference Trust Agreement relates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (24) The first paragraph of Section 3.17 is hereby amended and replaced with the following:

*Section 3.17. Replacement Bonds.* In the event that any Bond is not delivered due to any occurrence, act or event beyond the control of the Depositor and of the Trustee (such a Bond being herein called a *"Special Bond"*), the Depositor may so certify to the Trustee and instruct the Trustee to purchase Replacement Bonds which have been selected by the Depositor having a cost and an aggregate principal amount not in excess of the cost and aggregate principal amount of the Special Bonds not so delivered. To be eligible for inclusion in the Trust, the Replacement Bonds which the Depositor selects must: (i) for Trusts containing municipal bonds, yield current interest which is exempt from taxation for federal income tax purposes and, if the Trust is a State Trust, exempt from taxation under the personal income tax law of the particular state involved; (ii) have a fixed maturity or disposition date comparable to the bonds replaced; (iii) be purchased at a price that results in a yield to maturity and in a current return, in each case as of the execution and delivery of the applicable Reference Trust Agreement, which is approximately equivalent to the yield maturity and current return of the Special Bonds which failed to be delivered and for which the Replacement Bonds are substituted; (iv) be purchased within twenty days after delivery of notice of the failed contract to the Trustee or to the Depositor, whichever occurs first and (v) be of comparable credit quality to the Special Bond which failed to be delivered. Any Replacement Bonds received by the Trustee shall be deposited hereunder and shall be subject to the terms and conditions of this Indenture to the same extent as other Bonds deposited hereunder. No such deposit of Replacement Bonds shall be made after the earlier of (i) 90 days after the date of execution and delivery of the applicable Reference Trust Agreement or (ii) the first Distribution Date to occur after the date of execution and delivery of the applicable Reference Trust Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (25) Article III is hereby amended by adding the following Section 3.19:

*Section 3.19. Bookkeeping and Administrative Expenses.* If so provided in the Prospectus, as compensation for providing bookkeeping and other administrative services of a character described in Section 26(a)(2)(C) of the Investment Company Act of 1940 to the extent such services are in addition to, and do not duplicate, the services to be provided hereunder by the Trustee or the Depositor for providing supervisory services, the Depositor shall receive at the times specified in Section 3.06, against a statement or statements therefore submitted to the Trustee an aggregate annual fee in an amount which shall not exceed that amount set forth in the Prospectus, calculated as specified in Section 3.06. Such compensation may, from time to time, be adjusted *provided* that the total adjustment upward does not, at the time of such adjustment, exceed the percentage of the total increase, during the period from the Trust Agreement to the date of any such increase, in consumer prices for services as measured by the United States Department of Labor Consumer Price Index entitled "All Services Less Rent of Shelter" or similar index as described under Section 3.18. The consent or concurrence of any Unitholder hereunder shall not be required for any such adjustment or increase. Such compensations shall be paid by the Trustee, upon receipt of invoice therefore from the Depositor, upon which, as to the cost incurred by the Depositor of providing services hereunder the Trustee may rely, and shall be charged against the Interest and Principal Accounts as specified in Section 3.06. The Trustee shall have no liability to any Unitholder or other person for any payment made in good faith pursuant to this Section.

If the cash balance in the Interest and Principal Accounts shall be insufficient to provide for amounts payable pursuant to this Section 3.19, the Trustee shall have the power to sell (1) Securities from the current list of Securities designated to be sold pursuant to Section 5.02 hereof, or (2) if no such Securities have been so designated, such Securities as the Trustee may see fit to sell in its own discretion, and to apply the proceeds of any such sale in payment of the amounts payable pursuant to this Section 3.19.

Any moneys payable to the Depositor pursuant to this Section 3.19 shall be secured by a prior lien on the Trust except that no such lien shall be prior to any lien in favor of the Trustee under the provisions of Section 6.04.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (26) Article III is hereby amended by adding the following Section 3.20:

*Section 3.20. Deferred Sales Charge.* If the Reference Trust Agreement and/or Prospectus related to a Trust specify a Deferred Sales Charge, the Trustee shall, on the dates specified and as provided in such Prospectus, withdraw from the Interest Account or Principal Account (as specified in such Prospectus), an amount per Unit specified in such Prospectus and credit such amount to a special, non-Trust account maintained by the Trustee out of which the deferred sales charge will be distributed to the Depositor (the *"Deferred Sales Charge Account"*). If the balance in the applicable Account is insufficient to make such withdrawal, the Trustee shall, as directed by the Depositor, either advance funds in an amount equal to the proposed withdrawal and be entitled to reimbursement of such advance upon the deposit of additional moneys in the applicable Account, and/or sell Securities and credit the proceeds thereof in kind to the Deferred Sales Charge Account; *provided, however,* that the Trustee shall not be required to advance an aggregate amount in excess of $15,000 pursuant to this Section 3.20. Such direction shall, if the Trustee is directed to sell a Security, identify the Security to be sold or distributed in kind and include instructions as to the execution of such sale. If a Unitholder redeems Units prior to full payment of the deferred sales charge, the Trustee shall, if so provided in the related Prospectus, on the Redemption Date, withhold from the Redemption Price payable to such Unitholder an amount equal to the unpaid portion of the deferred sales charge and distribute such amount to the Deferred Sales Charge Account or, if pursuant to Section 5.02 hereof, the Depositor shall purchase a Unit tendered for redemption prior to the payment in full of the deferred sales charge due on the tendered Unit, the Depositor shall pay to the Unitholder the amount specified under Section 5.02 less the unpaid portion of the deferred sales charge. All advances made by the Trustee pursuant to this Section shall be secured by a lien on the Trust prior to the interest of the Unitholders. If the Prospectus provides for a waiver or refund of any portion of the deferred sales charge under specified circumstances (such as, for example, in connection with a redemption or sale of Units following the death or disability of the Unitholder), the Trustee shall deduct and pay to the Depositor the full amount of the deferred sales charge chargeable upon the redemption in the absence of such waiver or refund and the Depositor shall pay to the affected Unitholder the amount of such waiver or refund; the Trustee shall have no responsibility to the affected Unitholder with respect to the amount to be so refunded. The Depositor may at any time instruct the Trustee to distribute to the Depositor cash or Securities previously credited to the Deferred Sales Charge Account. The Depositor represents that the price paid by any Unitholder for Units acquired through reinvestment of Trust distributions will be reduced by the aggregate amount of unpaid deferred sales charge at the time of the purchase such that the subsequent collection by the Depositor of the deferred sales charge in respect of the Units so acquired will be permissible under applicable Financial Industry Regulatory Authority (FINRA) rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (27) Section 7.05 is hereby amended in its entirety as follows:

*Section 7.05. Compensation.* The Depositor shall receive at the times set forth in Sections 3.06 and 3.18 as compensation for performing portfolio supervisory services, 3.06 and 3.19 as compensation for performing bookkeeping and administrative services and Sections 3.06 and 4.03 as compensation for performing evaluation services, such amount and for such periods as specified in the Prospectus and/or Reference Trust Agreement. The computation of such compensation for performing portfolio supervisory services and bookkeeping and administrative services shall be made on the basis of the largest number of Units outstanding at any time during the period for which such compensation is being computed. The compensation for performing evaluation services shall be made on the basis of the principal amount of Bonds in such Trust on a monthly basis. At no time, however, will the total amount received by the Depositor for services rendered to all series of Guggenheim Defined Portfolios in any calendar year exceed the aggregate cost to them of supplying such services in such year. Such rate may be increased by the Trustee from time to time, without the consent or approval of any Unitholder, or the Depositor, by amounts not exceeding the proportionate increase during the period from the date of such Prospectus and/or Reference Trust Agreement to the date of any such increase, in consumer prices as published either under the classification "All Services Less Rent" in the Consumer Price Index published by the United States Department of Labor or, if such Index is no longer published, a similar index.

In the event that any amount of the compensation paid to the Depositor pursuant to Sections 3.06, 3.18 and 3.19 is found to be an improper charge against the Trust, the Depositor shall reimburse the Trust in such amount. An improper charge shall be established if a final judgment or order for reimbursement of the Trust shall be rendered against the Depositor and such judgment or order shall not be effectively stated or a final settlement is established in which the Depositor agrees to reimburse the Trust for amounts paid to the Depositor pursuant to this Section 7.05.

The Depositor may employ agents in connection with its duties referenced in Section 7.05 and shall not be answerable for the default or misconduct of such agents if they shall have been selected with reasonable care. The fees of such agents shall be reimbursable to the Depositor from the Trust, provided, however*,* that the amount of such reimbursement in any year (i) shall reduce the amount payable to the Depositor for such year with respect to the service in question and shall not exceed the maximum amount payable to the Depositor for such service for such year and (ii) if such agent is an affiliate of the Depositor, the amount of the reimbursement, when combined with (a) all compensation received by such agent from other series of the Trust or other unit investment trusts sponsored by the Depositor or its affiliates and (b) the amount payable to the Depositor from the Trust and from other series of the Trust or other unit investment trusts sponsored by the Depositor or its affiliates in respect of the service in question, shall not exceed the aggregate cost of such agent and the Depositor of providing such service. The Trustee shall pay such reimbursement against the Depositor's invoice therefore upon which the Trustee may rely as the Depositor's certification that the amount claimed complies with the provisions of this paragraph.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28) The first two paragraphs of Section 9.05 is hereby amended and replaced in their entirety to read as follows:

*Section 9.05. Written Notice.* Any notice, demand, direction or instruction to be given to the Depositor, Evaluator or Supervisor hereunder shall be in writing and shall be duly given if mailed or delivered to the Depositor, 227 West Monroe Street, Chicago, Illinois 60606, or at such other address as shall be specified by the Depositor to the other parties hereto in writing.

Any notice, demand, direction or instruction to be given to the Trustee shall be in writing and shall be duly given if delivered to the unit investment trust division office of the Trustee at 240 Greenwich Street, 22W Floor, New York, NY 10286, Attention: Unit Trust Division, or to such other address as shall be specified by the Trustee to the other parties in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (29) The second paragraph of Section 6.02 is replaced in its entirety as follows:

An audit of the accounts of each Trust shall not be conducted unless the Depositor determines that such an audit is required. In the event that the Depositor determines that an audit is required, the accounts of each Trust shall be audited not less than annually by independent public accountants designated from time to time by the Depositor and reports of such accountants shall be furnished by the Trustee, upon request, to Unitholders. The Trustee, however, in connection with any such audits shall not be obligated to use Trust assets to pay for such audits in excess of the amounts, if any, indicated in the Prospectus relating to such Trust. The Trustee shall maintain and provide, upon the request of a Unitholder or the Depositor, the Unitholders' or the Unitholder's designated representative with the costs basis of the Securities represented by the Unitholder's Units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (30) Article III is hereby amended by adding the following Section 3.21:

*Section 3.21. Creation and Development Fee.* If the Prospectus related to a Trust specifies a creation and development fee (the *"Creation and Development Fee"*), the Trustee shall, on such date or dates set forth in the Prospectus for a Trust, withdraw from the Principal Account an amount equal to either the accrued and unpaid Creation and Development Fee as of such date (for Trusts in which the applicable Prospectus provides that the Creation and Development Fee accrues on a daily basis) or the entire Creation and Development Fee (for Trusts in which the applicable Prospectus provides that the Creation and Development Fee be assessed at the conclusion of the initial offering period, as certified by the Depositor to the Trustee) and credit such amount to a special non-Trust account designated by the Depositor out of which the Creation and Development Fee will be distributed to the Depositor (the *"Creation and Development Account"*). For Trusts in which the applicable Prospectus provides for daily accrual of the Creation and Development Fee, the Creation and Development Fee will accrue on a daily basis from the day after the conclusion of the initial offering period through the Trust's Mandatory Termination Date. Such a Creation and Development Fee will accrue at a daily rate of the total fixed dollar Creation and Development Fee amount stated in the applicable Prospectus divided by the number of days from the day after the conclusion of the initial offering period through the Trust's Mandatory Termination Date. For Trusts in which the applicable Prospectus provides that the entire Creation and Development Fee will be assessed at the conclusion of the initial offering period, the reimbursement provided for in this Section shall be for the account of Unitholders of record at the conclusion of the initial offering period and shall have no effect on the Unit Value prior to such date. If the balance in the Principal Account is insufficient to make such withdrawal, the Trustee shall, as directed by the Depositor, advance funds in an amount required to fund the proposed withdrawal and be entitled to reimbursement of such advance upon the deposit of additional moneys in the Principal Account, and/or sell Securities and credit the proceeds thereof to the Creation and Development Account. Such direction shall, if the Trustee is directed to sell a Security, identify the Security to be sold and include instructions as to the execution of such sale. In the absence of such direction by the Depositor, the Trustee shall sell Securities sufficient to pay the creation and development fee (and any unreimbursed advance then outstanding) in full, and shall select Securities to be sold in such manner as will maintain (to the extent practicable) the relative proportion of number of shares of each Security then held. The proceeds of such sales, less any amounts paid to the Trustee in reimbursement of its advances, shall be credited to the Creation and Development Account. If the Trust is terminated pursuant to Section 9.02, the Depositor agrees to reimburse Unitholders for any amounts of the Creation and Development Fee collected by the Depositor to which it is not entitled. All advances made by the Trustee pursuant to this Section shall be secured by a lien on the Trust prior to the interest of Unitholders. Notwithstanding the foregoing, the Depositor shall not receive any amount of Creation and Development Fee which, when added to any other sales charge imposed, exceeds the maximum amount per Unit stated in the Prospectus. The Trustee shall have no responsibility or liability for damages or loss resulting from any error in the information in the preceding sentence. The Depositor agrees to reimburse the Trust and any Unitholder any amount of Creation and Development Fee it receives which exceeds the amount which the Depositor may receive under applicable laws, regulations and rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (31) Article III is hereby amended by adding the following Section 3.22:

*Section 3.22. License Fees.* If so provided in the Prospectus, the Depositor may enter into a Licensing Agreement (the "*Agreement*") with a licensor (the "*Licensor*") described in the Prospectus in which the Trust(s), as consideration for the licenses granted by the Licensor for the right to use its trademarks and trade names, intellectual property rights or for the use of databases and research owned by the Licensor, will pay a fee set forth in the Agreement to the applicable Licensor or the Depositor to reimburse the Depositor for payment of the expenses.

If the Agreement provides for an annual license fee computed in whole or part by reference to the average daily net asset value of the Trust assets, for purpose of calculating the accrual of estimated expenses such annual fee shall accrue at a daily rate and the Trustee is authorized to compute an estimated license fee payment (i) until the Depositor has informed the Trustee that there will be no further deposits of Additional Securities, by reference to an estimate of the average daily net asset value of the Trust assets which the Depositor shall provide the Trustee, (ii) thereafter and during the calendar quarter in which the last business day of the period described in clause (i) occurs, by reference to the net asset value of the Trust assets as of such last business day, and (iii) during each subsequent calendar quarter, by reference to the net asset value of the Trust assets as of the last business day of the preceding calendar quarter. The Trustee shall adjust the net asset value (Trust Fund Evaluation) as of the dates specified in the preceding sentence to account for any variation between accrual of estimated license fee and the license fee payable pursuant to the Agreement, but such adjustment shall not affect calculations made prior thereto and no adjustment shall be made in respect thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (32) Section 3.06 is hereby amended by adding the following subsection (c):

(c) Notwithstanding the foregoing, if a Trust has elected to be treated as a "regulated investment company" as defined in the Internal Revenue Code, the Trustee may make such additional distributions to Unitholders as shall be determined by the Depositor or such agent as the Depositor shall designate to be necessary or desirable to maintain the status of each Trust as a regulated investment company or to avoid imposition of any income or excise taxes on undistributed income of the Trust. The Trustee shall be authorized to rely conclusively upon the direction, and shall have no duty to make any additional distributions from a Trust in the absence of such direction. The Trustee shall have no liability for any tax or other liability incurred by reason of action or inaction resulting from such direction. The fees of such agent designated by the Depositor shall be an expense of the Trust reimbursable to the Trustee in accordance with Section 7.05.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (33) Section 9.01(a)(iii) is hereby amended as follows:

(a)(iii) to make such other provision regarding matters or questions arising hereunder as shall not materially adversely affect the interests of the Unitholders; provided, however, that in no event may any amendment be made which would adversely affect the status of a Trust for federal income tax purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (34) Section 9.01 is hereby amended by adding the following subsection (d):

(d) If a Trust has elected to be treated as a "regulated investment company" as defined in the Internal Revenue Code and notwithstanding Section 9.01(a), this Indenture may be amended from time to time by the Depositor and the Trustee without the consent of any of the Unitholders (1) to cure any ambiguity or to correct or supplement any provisions contained herein which may be defective or inconsistent with any other provision contained herein; (2) to change any provision hereof as may be required by the Securities and Exchange Commission or any successor governmental agency exercising similar authority; (3) to make such amendments as may be necessary for each Trust to continue to qualify as a regulated investment company for federal income tax purposes; or (4) to make such other provisions in regard to matters or questions arising hereunder as shall not materially adversely affect the interest of the Unitholders (as determined in good faith by the Depositor and the Trustee). This Indenture may also be amended from time to time by the Depositor and the Trustee (or the performance of any of the provisions of this Indenture may be waived) with the consent of holders of Units representing 66-2/3% of the Units at the time outstanding under the Trust Indenture of the individual Trust or Trusts affected for the purpose of adding any provisions of this Indenture or of materially modifying in any manner the rights of the holders of Units of such Trust or Trusts; provided, however, that in no event may any amendment be made which would (1) alter the rights to the Unitholders as against each other, (2) provide the Trustee with the power to engage in business or investment activities other than as specifically provided in this Indenture or (3) adversely affect the characterization of a Trust as a regulated investment company for federal income tax purposes; provided, further, that the consent of 100% of the Unitholders of any individual Trust is required to amend this Indenture (1) to reduce the aforesaid percentage of Units the holders of which are required to consent to certain amendments and (2) to reduce the interest in such Trust represented by any Units of such Trust.

Promptly after the execution of any amendment requiring the consent of the Unitholders or any of any other amendment if directed by the Depositor, the Trustee shall furnish written notification of the substance of such amendment to each Unitholder then of record affected thereby.

It shall not be necessary for the consent of Unitholders under this Section 9.01 or under Section 9.02 to approve the particular form of any proposed amendment, but it shall be sufficient if such consent shall approve the substance thereof. The manner of obtaining such consents and of evidencing the authorization of the execution thereof by Unitholders shall be subject to such reasonable regulations as the Trustee may prescribe.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (35) Section 3.15 is hereby deleted and replaced in its entirety with the following:

*Section 3.15. Regulated Investment Company Election.* If so provided in the Prospectus for a Trust, such Trust elects to be treated and to qualify as a "regulated investment company" as defined in the Internal Revenue Code, and the Trustee is hereby directed to make such elections, including any appropriate election to be taxed as a corporation, as shall be necessary to effect such qualification. In addition, the Trustee is authorized to take any actions necessary to allow a Trust Fund to qualify as a regulated investment company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (36) Sections 3.08(a)(xii) and 3.08(a)(xiii) are hereby deleted and replaced as follows:

(viii) that the sale of Bonds is necessary or advisable: (i) in order to maintain the qualification of the Trust as a regulated investment company; or (ii) 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; or

(ix) the Depositor or its designee determines that such sale is appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (37) All references to The Bank of New York in the Standard Terms and Conditions of the Trust shall be replaced with "The Bank of New York Mellon."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (38) Section 3.06(a) is deleted in its entirety and replaced with the following:

*Section 3.06. Payments and Distributions.* (a) On or immediately after the fifteenth the day of each month, the Trustee shall satisfy itself as to the adequacy of the Reserve Account, making any further credits thereto as may appear appropriate in accordance with Section 3.05 and shall then with respect to each Trust:

(i) deduct from the Interest Account or, to the extent funds are not available in such Account, from the Principal Account and pay to itself individually the amounts that it is at the time entitled to receive pursuant to Section 6.04 or otherwise pursuant to the provisions hereof;

(ii) deduct from the Interest Account of the Trust, and, to the extent funds are not sufficient therein, from the Principal Account of the Trust, amounts necessary to pay any unpaid expenses of the Trust, including registration charges, state blue sky fees, printing costs, attorneys' fees, auditing costs and other miscellaneous out-of-pocket expenses, as certified by the Depositor, incurred in keeping the registration of the Units and the Trust on a current basis pursuant to Section 9.04, *provided, however,* that no portion of such amount shall be deducted or paid unless the payment thereof from the Trust is at that time lawful;

(iii) deduct from the Interest Account or, to the extent funds are not available in such Account, from the Principal Account and pay to, or reserve for, the Supervisor the amount that it is at the time entitled to receive pursuant to Section 3.18;

(iv) deduct from the Interest Account or, to the extent funds are not available in such Account, from the Principal Account and pay to, or reserve for, the Evaluator the amount that it is at the time entitled to receive pursuant to Section 4.03;

(v) deduct from the Interest Account or, to the extent funds are not available in such Account, from the Principal Account and pay to, or reserve for, the Depositor the amount that it is at the time entitled to receive pursuant to Section 3.19;

(vi) deduct from the Interest Account or, to the extent funds are not available in such Account, from the Principal Account and pay to counsel, as hereinafter provided for, an amount equal to unpaid fees and expenses, if any, of such counsel pursuant to Section 3.10, as certified to by the Depositor;

(vii) deduct from the Interest Account or, to the extent funds are not available in such Account, from the Principal Account, and reimburse itself for any other fees, charges and expenses arising from time to time out of the Trust operations that the Trustee has paid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (39) The first sentence of Section 3.06(b)(i) is hereby deleted and replaced with the following:

(b) (i) On each Distribution Date, the Trustee shall distribute an amount per Unit equal to such Unitholder's Interest Distribution (as defined below) computed as of the close of business on the Record Date immediately preceding such Distribution Date to each Unitholder of record at the close of business on the Record Date. In addition, if the balance of the Principal Account of a Trust on the fifteenth day of any month equals at least $1.00 per Unit then outstanding, such distribution from the Principal Account shall be made on the twenty-fifth day of such month computed as of the close of business on the fifteenth day of such month.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(40) Notwithstanding anything to the contrary in the Standard Terms and Conditions of the Trust, Section 3.19 is hereby amended by adding the following paragraph:

In limited circumstances and only if deemed in the best interests of the Unitholders, the Depositor is authorized to instruct the Trustee to change the dates on which the deferred sales charge is deducted as described in the Prospectus. The deferred sales charge payment dates may be delayed: (i) in order for a Trust which is a widely held fixed investment trust as defined in Treas. Reg. Section 1.671-5(b)(22) to report in accordance with any of the safe harbor methods described in Treas. Reg. Section 1.671-5(f); or (ii) in order for a Trust which is a regulated investment company as defined by the Internal Revenue Code to maintain its qualification as a regulated investment company. The Trustee shall have no liability for any tax or other liability incurred by reason of action or inaction resulting from such direction. The Depositor will amend the Prospectus to include the new dates on which the deferred sales charge will be collected and distributing such notice to Unitholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (41) All reference to Claymore Securities, Inc. in the Standard Terms and Conditions of Trust shall be replaced with "Guggenheim Funds Distributors, LLC"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(42) Notwithstanding anything to the contrary in the Standard Terms and Conditions of Trust, Section 3.19 shall be amended by adding the following sentences at the end thereof:

"To the extent permitted by applicable law and regulatory authorization, unpaid portions of the deferred sales charge shall be secured by a lien on the Trust in favor of the Depositor, provided that such lien shall be subordinate to the lien of the Trustee granted by Section 6.04 of the Standard Terms and Conditions of Trust. To the extent of such lien, the Trustee shall hold the assets of the Trust for the benefit of the Depositor, provided that the Trustee is authorized to make dispositions, distributions and payments for expenses in the ordinary course of the administration of the Trust without regard to such lien."

This Reference Trust Agreement shall be deemed effective when executed and delivered by the Sponsor and the Trustee.

IN WITNESS WHEREOF, the parties hereto have caused this Reference Trust Agreement to be duly executed.

Guggenheim Funds Distributors, LLC, Depositor

By <u>/s/ Amy Lee _________</u> <br> Vice President and Secretary

The Bank of New York Mellon, Trustee

By <u>/s/ Margarita Kalantarova</u> 

Vice President

**Schedule A<br>Securities Initially Deposited<br>Guggenheim Defined Portfolios, Series 2279**

(Note: Incorporated herein and made a part hereof is the "Trust Portfolio(s)" as set forth in the Prospectus.)

## Exhibit 99.31

EXHIBIT 3.1

Chapman and Cutler LLP<br> 320 South Canal Street<br> Chicago, Illinois 60606

January 18, 2023

Guggenheim Funds Distributors, LLC

227 West Monroe Street

Chicago, Illinois 60606

Re: Guggenheim Defined Portfolios, Series 2279

Ladies and Gentlemen:

We have served as counsel to Guggenheim Defined Portfolios, Series 2279 (hereinafter referred to as the *"Fund"*), in connection with the issuance, under the Reference Trust Agreement dated the date hereof between Guggenheim Funds Distributors, LLC, as Depositor, and The Bank of New York Mellon, as Trustee, of Units of fractional undivided interest in the one or more Trusts of said Fund (hereinafter referred to as the *"Units"*).

In connection therewith, we have examined such pertinent records and documents and matters of law as we have deemed necessary in order to enable us to express the opinions hereinafter set forth. We have assumed the genuineness of all agreements, instruments and documents submitted to us as originals and the conformity to originals of all copies thereof submitted to us. We have also assumed the genuineness of all signatures and the legal capacity of all persons executing agreements, instruments and documents examined or relied upon by us.

We have not reviewed the financial statements, compilation of the securities to be acquired by the Fund, or other financial or statistical data contained in the Registration Statement and the Prospectus, as to which we understand you have been furnished with the reports of the accountants appearing in the Registration Statement and the Prospectus. In addition, we have made no specific inquiry as to whether any stop order or investigatory proceedings have been commenced with respect to the Registration Statement or the Depositor nor have we reviewed court or governmental agency dockets.

Statements in this opinion as to the validity, binding effect and enforceability of agreements, instruments and documents are subject: (i) to limitations as to enforceability imposed by bankruptcy, reorganization, moratorium, insolvency and other laws of general application relating to or affecting the enforceability of creditors' rights, and (ii) to limitations under equitable principles governing the availability of equitable remedies.

The opinions expressed herein are limited to the laws of the State of New York. No opinion is expressed as to the effect that the law of any other jurisdiction might have upon the subject matter of the opinions expressed herein under applicable conflicts of law principles, rules or regulations or otherwise. Based on and subject to the foregoing, we are of the opinion that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1. The Reference Trust Agreement has been duly authorized and executed and delivered by an authorized officer of the Depositor and is a valid and binding obligation of the Depositor in accordance with its terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2. The establishment of book entry positions evidencing the Units in the Trust(s) of the Fund have been duly authorized by the Depositor. Upon payment of the consideration for the Units as provided in the Reference Trust Agreement and the Registration Statement, the Units will be, when sold, validly issued and purchasers of the Units will not have any obligation to make payments to the Fund or its creditors (other than the purchase price for the Units) or contributions to the Fund or its creditors solely by reason of the purchasers' ownership of the Units.

We hereby consent to the filing of this opinion as an exhibit to the Registration Statement (File No. 333-268209) relating to the Units referred to above and to the use of our name and to the reference to our firm in said Registration Statement and in the related Prospectus.

Respectfully submitted,

<u>/s/ Chapman and Cutler LLP</u> 

Chapman and Cutler LLP

## Exhibit 99.32

EXHIBIT 3.2

DORSEY & WHITNEY LLP

COUNSELORS AT LAW

51 West 52nd Street

New York, NY 10019-6119

Writer's Direct Dial (212) 415-9200

Fax: (212) 953-7201

January 18, 2023

The Bank of New York Mellon, as Trustee of Guggenheim Defined Portfolios, Series 2279 240 Greenwich Street, 22W New York, New York 10286

Re: <u>Guggenheim Defined Portfolios, Series 2279 (the "Trust")</u>

Ladies and Gentlemen:

We are acting as your counsel in connection with the execution and delivery by you of a certain Reference Trust Agreement (the "Trust Agreement"), dated as of today's date between Guggenheim Funds Distributors, LLC, as Depositor (the "Depositor"), and you, as Trustee, establishing the Trust and the execution by you, as Trustee under the Trust Agreement, of receipts for units evidencing ownership of all of the units of fractional undivided interest (such receipts for units and such aggregate units being herein respectively called "Receipts for Units" and "Units") in the Trust, as set forth in the prospectus (the "Prospectus"), included in the registration statement on Form S-6, as amended to the date hereof (the "Registration Statement"), relating to the Trust. The Trust consists of equity and/or debt securities (the "Securities") (including delivery statements relating to contracts for the purchase of certain Securities not yet delivered and cash, cash equivalents or an irrevocable letter or letters of credit, or a combination thereof, in the amount required to pay for such purchases upon the receipt of such Securities) as listed under "Portfolio" in the Prospectus (such Securities, delivery statements and cash, cash equivalents, letter or letters of credit being herein called the "Portfolio Assets").

We have examined the Trust Agreement, and originals (or copies certified or otherwise identified to our satisfaction) of such other instruments, certificates and documents as we have deemed necessary or appropriate for the purpose of rendering this opinion. In such examination, we have assumed the genuineness of all signatures, the authenticity of all documents submitted to us as originals and the conformity to the original documents of all documents submitted to us as copies. As to any facts material to our opinion, we have, when relevant facts were not independently established, relied upon the aforesaid instruments, certificates and documents.

Based on the foregoing, we are of the opinion that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Bank of New York Mellon is a corporation organized under the laws of the State of New York with the powers of a trust company under the Banking Law of the State of New York.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Trust Agreement is in proper form for execution and delivery by you, as Trustee, and each has been duly executed and delivered by you, as Trustee, and assuming due authorization, execution and delivery by the Depositor, the Trust Agreement is a valid and legally binding obligation of The Bank of New York Mellon.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The Receipts for Units are in proper form for execution by you, as Trustee, and have been duly executed by you, as Trustee, and pursuant to the Depositor's instructions, the Trustee has registered on the registration books of the Trusts the ownership of the Units by Cede & Co., as nominee of The Depository Trust Company where it has caused the Units to be credited to the account of the Depositor.

In rendering the foregoing opinion we have not considered, among other things, the merchantability of the Portfolio Assets, whether the Portfolio Assets have been duly authorized and delivered or the tax status of the Portfolio Assets under any federal, state or local laws.

The foregoing opinions are limited to the laws of the State of New York and the federal laws of the United States of America. This opinion is for your benefit and may not be disclosed to or relied upon by any other person without our prior written consent.

We hereby consent to the filing of this opinion letter as an exhibit to the Registration Statement relating to the Units and to the use of our name and the reference to our firm in the Registration Statement and in the Prospectus.

Very truly yours,

<br> /s/ Dorsey & Whitney LLP

## Exhibit 99.41

EXHIBIT 4.1

**Consent of Independent Registered Public Accounting Firm**

We consent to the reference to our firm under the caption "Experts-Independent Registered Public Accounting Firm" and to the use of our report dated January 18, 2023 in the Amendment No. 1 to the Registration Statement (File No. 333-268209) and related Prospectus of Guggenheim Defined Portfolios, Series 2279.

<u>/s/ Grant Thornton LLP____________________</u> 

GRANT THORNTON LLP

Chicago, Illinois

January 18, 2023