Saratoga Municipal Bond Portfolio (SMBPX) is a mutual fund that primarily invests in municipal bonds issued by state and local governments. These bonds are typically used to fund public projects such as schools, roads, and utilities. The fund aims to provide investors with tax-free income and potential capital appreciation while also diversifying their portfolio. It may also invest in other fixed-income securities, such as corporate bonds, to further enhance returns. SMBPX is suitable for investors seeking a low-risk investment option with potential tax benefits.