The Western Asset Managed Municipals Fund Class I (SMMYX) is a mutual fund that focuses on investing in municipal bonds. These bonds are issued by state and local governments to fund public projects such as schools, roads, and hospitals. The fund is managed by Western Asset, a global investment management firm, and aims to provide investors with a steady stream of tax-free income while preserving capital. Class I shares typically have lower fees and are available to institutional investors. This fund may be a suitable option for investors seeking a tax-efficient way to diversify their portfolio and potentially earn a steady income.