SMCAOX California Municipal Portfolio of Closed-End Funds

Objective

The trust seeks to provide investors with income which is generally exempt from regular federal and California income tax. The possibility of capital growth is a secondary objective. There is no guarantee that the investment objectives of the trust will be achieved.

Strategy Description

The trust seeks to achieve its objectives by investing in a portfolio of the common stock of closed-end investment companies, known as “closed-end funds,” whose portfolios consist primarily of municipal bonds issued by California issuers. Each of the closed-end funds in the trust portfolio was selected with consideration for its ability, in the view of the sponsor, to maintain consistent dividend distributions exempt from regular federal and California income taxes.

Summary Data

Label Value
Symbol SMCAOX
Status Primary
Sponsor Hennion & Walsh
Series Series 15
Asset Class Fund of Funds - CEFs
Investment Strategy/Goal Income - Interest
Investment Type/Style Tax Free Income - State Municipal Bonds

Performance Disclosure

Cumulative returns of each unit investment trust series are based on distributions received in cash and recognized on the ex-dividend date and paid out on the payable date during the life of the unit investment trust. Returns are calculated excluding the Transactional Sales Charge for each unit investment trust series but does reflect the Creation & Development Fee and trust operating expenses as incurred for each unit investment trust series. The returns do not adjust for taxes. If adjusted or taxes, the effects of taxation would reduce the performance depicted.

Past performance is no indicator of future results. Investment return and principal value will fluctuate with changes in market conditions. An investment in units of a unit investment trust when redeemed may be worth more or less than the original investment.

Unit Investment Trust ("UIT") Investment Risks

There is no assurance that a unit investment trust will achieve its investment objective.

Unit investment trusts are unmanaged. You can lose money investing in unit investment trusts. When sold, units may be worth more or less than the original amount invested. Depending upon the specific product offering, investment risks include, but are not limited to, interest rate risk, credit risk, call risk and liquidity risk.

Product(s) discussed herein are not FDIC insured, may lose value, and are not bank guaranteed. You should not purchase an investment product or make an investment recommendation until you have read the specific offering documentation and understand the specific investment terms, features, risks, fees, charges and expenses of such investment.