1.   A surging equity market and concern that tax reform could diminish the value of municipal bonds prompted many investors to reduce their holding of tax-exempt debt last year.

2.   Individuals had been avoiding municipal mutual funds for much of the past year amid concern that tax reform could diminish the value of their holdings.

3.   Investors are shying away from tax-free investments with yields near two-year lows and lingering concern that tax reform could diminish the value of munis.

4.   Many investors have been hesitant about buying munis amid concern that potential tax reform could diminish the tax advantage that municipal bonds hold over other investments.

5.   Muni funds saw an exodus of cash from investors concerned that reform could diminish the tax advantage munis hold over other investments.

6.   Some investors have been reluctant to buy tax-free securities amid lingering concern that tax reform could diminish the value of munis, and because of higher returns elsewhere.

7.   Some investors have been reluctant to buy tax-exempt securities amid lingering concern that tax reform could diminish the value of munis and attractive returns elsewhere.