Although Bank of America Merrill Lynch does not foresee municipals repeating this year's performance in 2010, the bank's strategists see a few prominent roles for municipals in their main investment themes for the year.

BofA Merrill's economists see the global economy surprising investors next year with robust growth. While the International Monetary Fund has forecast global expansion of 3.1%, BofA Merrill foresees growth closer to 4.4%.

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