Western Asset Managed Municipals Fund (SMMOX)

This fund typically commits a minimum of 80% of its total assets to municipal securities and other comparable debt instruments. The income generated by these investments is generally exempt from regular federal income taxation, though investors should note it may be subject to the federal alternative minimum tax (AMT). The portfolio is usually composed of intermediate and long-term municipal bonds, which, at the time of their acquisition, possess remaining maturities spanning from one year to over thirty years.