Smart Trust offers New York Municipal Closed-End Income Trust units

By Toni Weeks

San Diego, Dec. 13 - Smart Trust, New York Municipal Closed-End Income Trust (2011 Series M) has registered units, according to an S-6 amendment filed with the Securities and Exchange Commission.

The depositor is Parsippany, N.J.-based Hennion & Walsh, Inc.

The trust seeks to provide income that is generally exempt from regular federal income tax and New York income tax with capital growth as a secondary objective by investing in a fixed, diversified portfolio of publicly traded common stocks of closed-end investment companies whose portfolios consist primarily of municipal bonds.

On the initial date of deposit, Dec. 13, the total value of securities in the trust is $149,990. The 15,150 units have a public offering price of $10 each and a net asset value of $9.576 each.

The minimum purchase is generally 100 units for individual purchasers and for purchases made by some custodial accounts, Individual Retirement Accounts, self-employed retirement plans, pension funds and other tax-deferred retirement plans.

The units have a sales charge of 3.95% of the public offering price, consisting a 1% initial sales charge, a 2.45% deferred sales charge and a 0.5% creation and development fee. The sales charge may be reduced to 2.45% on a sliding scale depending on the investment amount.

The trust will terminate on Dec. 17, 2013.

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