SMBAX

About SMBAX

Saratoga Municipal Bond Portfolio Fund Class A is a mutual fund specializing in tax-exempt fixed income investments. Its primary objective is to provide investors with a high level of interest income that is excluded from federal income taxation, making it particularly relevant for individuals seeking to manage federal tax liabilities through municipal bonds. The fund typically allocates at least 80% of its assets to municipal securities issued by state and local governments across the United States to finance public infrastructure and community projects, thereby supporting various essential services. Notably, the portfolio is highly concentrated, with the vast majority of its investments—over 90% as of the most recent reporting period—placed in a single intermediate-term, tax-exempt municipal bond fund, complemented by a small allocation to ultra-short-term tax-exempt securities and cash equivalents. The fund’s holdings are predominantly investment-grade, spanning a range of credit qualities that emphasizes safety while seeking attractive yields. With an effective duration around six years, it targets intermediate maturities, aiming to balance interest rate risk and income potential in the municipal bond market. Through its diversified, tax-focused approach, this fund plays a role for investors interested in stable, tax-advantaged income derived from the public finance sector.