For High-Net-Worth investors, tax-exempt income from municipal bonds provides compelling after-tax yield advantages over comparable taxable fixed income. A GMS municipal bond specialist provides Tax Free Income to GMS High Net Worth Clients through the investor’s non-discretionary, customized and professionally monitored “Separately Managed Account” (SMA). A SMA specifically managed by a GMS municipal bond specialist is about potentially beating the market* and “optimizing tax free income”, while managing risk and preserving wealth efficiently over a long period of time.

A SMA is built around your tax profile and financial objectives, it offers direct ownership of individual bonds, full transparency into every position, tax efficiency and the dedicated expertise of a municipal bond specialist to guide you through the complex and very inefficient over-the-counter municipal bond market. Municipal bond SMAs align well with tax efficiency, low volatility, preservation of capital and reliable annual tax-free cash flow.

Direct Ownership & Transparency: Own the Bonds. Control the Outcome. SMA investors hold individual bonds directly — providing full portfolio visibility and eliminating exposure to forced selling from fund redemptions.

1.) Predictable cash flow from scheduled coupon payments

2.) Know every holding, maturity, and credit rating

3.) Ability to hold to maturity — lock in yield, avoid volatility

4.) No exposure to fund outflows or shared liquidity risk

5.) Tax-lot management for precise gain/loss harvesting

The GMS Group Advantage Institutional Expertise. Personalized Execution. The GMS Group, LLC brings decades of municipal market expertise to every SMA — delivering rigorous credit oversight, tax-aware strategies, and active positioning across the yield curve.

1.) Rigorous credit monitoring of issuer financials, debt coverage, and ratings trajectory

2.) Continuous monitoring of ratings actions and credit events

3.) Duration management calibrated to the interest rate environment

4.) Proactive tax-loss harvesting to offset realized gains

Customized Portfolio Construction Built Around Your Financial Profile

1.) State-specific tax optimization (double/triple tax-exempt)

2.) Target income levels and maturity laddering preferences

3.) Sector diversification: GO bonds, revenue, healthcare, transportation

4.) Credit quality thresholds and essential-service sector focus

5.) AMT sensitivity screening for applicable investors

6.) Costs are only incurred when buying or selling, keeping ongoing maintenance fees at or near zero

Exploiting Municipal Market Inefficiencies

Where GMS Expertise Creates Opportunity With over one million unique CUSIPs and limited sell-side coverage, the municipal market rewards skilled, active managers. The GMS Group leverages deep market relationships and proprietary research to identify value others miss.

1.) Identify undervalued bonds in under-followed sectors and issuers

2.) Exploit temporary price dislocations from seasonal supply/demand imbalances

3.) Execute relative value trades across credit curves and maturities

4.) Capitalize on new issuance mispricing in a complex structure

Who Should Consider a GMS Municipal Bond SMA? A GMS Municipal bond SMA is ideal for High-Net-Worth investors   seeking tax-efficient income, capital preservation, and the discipline of individualized professional management — including retirees, business owners, and high-income professionals

Explore a Personalized SMA Strategy Contact the GMS Group, LLC to discuss how a custom municipal bond SMA can enhance your after-tax income and align with your long-term wealth objectives.

* IMPORTANT DISCLOSURES | The GMS Group, LLC This material is provided by The GMS Group, LLC for informational and educational purposes only and does not constitute investment advice, a solicitation, or an offer to buy or sell any security. Investing in municipal bonds involves risk, including possible loss of principal. Past performance is not indicative of future results. Diversification does not guarantee a profit or protect against loss. Interest Rate Risk: Rising rates reduce bond values. Credit Risk: Issuers may default on interest or principal. Tax Risk: Tax-exempt status may be affected by legislative changes. AMT Risk: Certain bonds may be subject to the Alternative Minimum Tax. Liquidity Risk: Municipal bonds may be less liquid than other fixed income instruments. Individual results will vary. Consult a qualified financial and tax advisor before investing.

Put a GMS Municipal Bond Specialist to Work for You…