Added Saratoga Investment Notes to Portfolios

We have added the new Saratoga Investment Corp 6.75% notes (NYSE:SAB) to the Blended Income Portfolio and to the Moderate Duration Income with Zip Portfolio.

While we would prefer to have a bit higher coupon on our purchases these notes fit the requirments of some of our portfolios which demand we hold just short/medium duration securities and these notes have a maturity of 2023 so they fit our duration needs.

As we have done with our last 2 purchases we vacillated on the purchase and paid $25.88 for the shares–as we have mentioned before there is no excuse for this. We could have bought them down near $25, but instead did not make the purchase a priority in our lives and waited a couple of days after trading began before executing a trade.  Long term this is not of consequence, but why pay more than you have to pay?

Details of this issue are here.

Bryan Perry

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