The presidential election outcome will be mostly inconsequential for municipal bonds even if there is a short term knee jerk reaction should Trump win. That's because taxes are high and will remain high, said Ron Schwartz, portfolio manager for the RidgeWorth Seix Investment Grade Tax-Exempt Bond Fund (STTBX) - Get Report . The short window before the election - and the next Federal Reserve meeting - does provide a good buying opportunity, however, due to the excess supply in the municipal market. Schwartz said issuers are raising as much capital as possible during this period of uncertainty, cheapening munis relative to Treasuries. Schwartz recommends high quality bonds, primarily revenue issues in the transportation arena like toll roads and airports. He said state general obligation (G.O.) bonds needs to be scrutinized on a state-by-state basis, and pension issues remain a problem in many places, notably Illinois, Pennsylvania and New Jersey.