SMBAX Saratoga Municipal Bond A Forecast, Technical & Fundamental Analysis

The investment seeks a high level of interest income that is excluded from federal income taxation to the extent consistent with prudent investment management and the preservation of capital. The Portfolio is a "fund of funds." The Portfolio's main investment strategy is to invest in unaffiliated registered investment companies and ETFs (the "underlying funds"). As a matter of fundamental policy, the Portfolio will normally invest at least 80% of its total assets in securities that pay interest exempt from federal income taxes. The Manager generally invests the Portfolio's assets in underlying funds that invest in municipal obligations.