{"id":98,"date":"2025-08-15T16:36:00","date_gmt":"2025-08-15T16:36:00","guid":{"rendered":"https:\/\/themarketyield.com\/what-to-know-about-municipal-bonds-understand-tax-advantages-income-investors\/"},"modified":"2025-08-15T16:59:18","modified_gmt":"2025-08-15T16:59:18","slug":"what-to-know-about-municipal-bonds-understand-tax-advantages-income-investors","status":"publish","type":"post","link":"https:\/\/themarketyield.com\/fr\/what-to-know-about-municipal-bonds-understand-tax-advantages-income-investors\/","title":{"rendered":"Ce qu&#039;il faut savoir sur les obligations municipales"},"content":{"rendered":"<p>Vous \u00eates-vous d\u00e9j\u00e0 demand\u00e9 si vos investissements pouvaient non seulement g\u00e9n\u00e9rer des rendements, mais aussi contribuer au financement de projets communautaires\u00a0? Les obligations municipales, ou \u00ab\u00a0munis\u00a0\u00bb, pourraient bien \u00eatre la solution. Uniques dans le monde de l\u2019investissement, elles pr\u00e9sentent des avantages sp\u00e9cifiques qu\u2019il est bon de conna\u00eetre.<\/p>\n\n\n\n<p>Partout au pays, les villes et les municipalit\u00e9s \u00e9mettent ces obligations pour financer les travaux publics, des \u00e9coles aux routes. Les investisseurs qui choisissent les obligations municipales ne recherchent pas seulement un revenu stable\u00a0; ils b\u00e9n\u00e9ficient souvent d\u2019avantages fiscaux substantiels, ce qui peut avoir un impact significatif sur leurs r\u00e9sultats financiers.<\/p>\n\n\n\n<p>Ce guide vous d\u00e9voilera tous les secrets des obligations municipales\u00a0: leurs avantages fiscaux, leur comparaison avec d\u2019autres placements et leur ad\u00e9quation aux besoins des investisseurs ax\u00e9s sur le revenu. D\u00e9couvrons leur v\u00e9ritable valeur, au-del\u00e0 des simples chiffres.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Pourquoi les obligations municipales fonctionnent diff\u00e9remment de la plupart des investissements<\/h2>\n\n\n\n<p>Les obligations municipales se distinguent par le fait qu&#039;il ne s&#039;agit ni d&#039;obligations d&#039;entreprises ni d&#039;obligations d&#039;\u00c9tat. Elles sont \u00e9mises par les collectivit\u00e9s locales pour construire ou am\u00e9liorer les infrastructures dont nous d\u00e9pendons tous au quotidien.<\/p>\n\n\n\n<p>Imaginez que votre biblioth\u00e8que municipale ait besoin d&#039;\u00eatre r\u00e9nov\u00e9e. La ville \u00e9met des obligations municipales et des investisseurs fournissent le financement. C&#039;est comme investir dans l&#039;avenir de votre communaut\u00e9 plut\u00f4t que d&#039;acheter des actions d&#039;une multinationale impersonnelle.<\/p>\n\n\n\n<ul>\n<li>\u00c9mis par les \u00c9tats, les comt\u00e9s, les villes ou les districts sp\u00e9ciaux pour financer les services et les infrastructures publics.<\/li>\n\n\n\n<li>Les int\u00e9r\u00eats sont souvent assortis d&#039;une exon\u00e9ration d&#039;imp\u00f4t f\u00e9d\u00e9ral, et parfois \u00e9galement d&#039;une exon\u00e9ration d&#039;imp\u00f4t \u00e9tatique ou local.<\/li>\n\n\n\n<li>Elles offrent g\u00e9n\u00e9ralement des rendements inf\u00e9rieurs \u00e0 ceux des obligations imposables, mais compensent par des avantages fiscaux.<\/li>\n\n\n\n<li>S&#039;adresse principalement aux investisseurs des tranches d&#039;imposition les plus \u00e9lev\u00e9es qui cherchent \u00e0 maximiser leur revenu apr\u00e8s imp\u00f4t.<\/li>\n\n\n\n<li>Il peut s&#039;agir d&#039;obligations g\u00e9n\u00e9rales (garanties par le pouvoir d&#039;imposition) ou d&#039;obligations de recettes (garanties par les recettes d&#039;un projet sp\u00e9cifique).<\/li>\n\n\n\n<li>Disponibles individuellement, sous forme d&#039;ETF ou par le biais de fonds communs de placement, offrant une flexibilit\u00e9 pour diff\u00e9rentes strat\u00e9gies.<\/li>\n<\/ul>\n\n\n\n<p>Ces caract\u00e9ristiques uniques rendent les obligations municipales attrayantes, surtout lorsque les \u00e9conomies d&#039;imp\u00f4t correspondent aux objectifs de revenus des investisseurs soucieux de se constituer un patrimoine durable.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Statut d&#039;exon\u00e9ration fiscale\u00a0: un examen approfondi de son principal attrait<\/h2>\n\n\n\n<p>L&#039;un des principaux atouts des obligations municipales r\u00e9side dans leur r\u00e9gime fiscal avantageux. Prenons l&#039;exemple de Sarah\u00a0: elle investit dans des obligations municipales du Texas et voit ses revenus d&#039;int\u00e9r\u00eats cro\u00eetre sans que le fisc am\u00e9ricain (IRS) n&#039;en pr\u00e9l\u00e8ve une part au moment de la d\u00e9claration d&#039;imp\u00f4ts.<\/p>\n\n\n\n<p>Pour des investisseurs comme Mark en Californie, choisir des obligations locales signifie que les int\u00e9r\u00eats sont exon\u00e9r\u00e9s d&#039;imp\u00f4ts f\u00e9d\u00e9raux et d&#039;\u00c9tat, ce qui augmente le rendement r\u00e9el. C&#039;est une raison convaincante de privil\u00e9gier les obligations municipales aux obligations imposables de m\u00eame notation.<\/p>\n\n\n\n<p>M\u00eame les retrait\u00e9s y trouvent un avantage ind\u00e9niable. Les revenus tir\u00e9s des obligations municipales peuvent avoir un pouvoir d&#039;achat sup\u00e9rieur \u00e0 ceux des obligations d&#039;entreprises, surtout pour les personnes impos\u00e9es \u00e0 un taux \u00e9lev\u00e9 qui souhaitent minimiser leur charge fiscale.<\/p>\n\n\n\n<p>Les obligations municipales permettent aux investisseurs avis\u00e9s, soucieux de leurs revenus, d&#039;accro\u00eetre leur rendement th\u00e9orique et de maximiser leurs gains. Cette structure offre une solution judicieuse pour concilier revenus et optimisation fiscale.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Comparaison des types d&#039;obligations et des r\u00e9sultats potentiels pour les investisseurs<\/h2>\n\n\n\n<p>Choisir une obligation municipale plut\u00f4t que des obligations du Tr\u00e9sor ou des obligations d&#039;entreprises n&#039;est pas une d\u00e9cision universelle. Cela d\u00e9pend des objectifs, de la situation g\u00e9ographique et de la tol\u00e9rance au risque. Explications.<\/p>\n\n\n\n<ol>\n<li>Obligations municipales\u00a0: Elles offrent un revenu non imposable et pr\u00e9sentent g\u00e9n\u00e9ralement un faible risque, mais les rendements sont souvent l\u00e9g\u00e8rement inf\u00e9rieurs \u00e0 ceux des obligations d\u2019entreprises plus risqu\u00e9es.<\/li>\n\n\n\n<li>Obligations d&#039;entreprises\u00a0: Elles offrent g\u00e9n\u00e9ralement des rendements plus \u00e9lev\u00e9s, refl\u00e9tant un risque de d\u00e9faut plus important et l&#039;absence d&#039;avantages fiscaux.<\/li>\n\n\n\n<li>Obligations du Tr\u00e9sor am\u00e9ricain\u00a0: Risque de cr\u00e9dit quasi nul, et les int\u00e9r\u00eats sont exon\u00e9r\u00e9s d\u2019imp\u00f4ts sur le revenu des \u00c9tats et des collectivit\u00e9s locales, mais pas d\u2019imp\u00f4ts f\u00e9d\u00e9raux.<\/li>\n\n\n\n<li>Obligations municipales imposables\u00a0: parfois \u00e9mises pour des projets ne r\u00e9pondant pas aux crit\u00e8res d\u2019exon\u00e9ration fiscale. Les rendements sont plus \u00e9lev\u00e9s, mais les avantages fiscaux ne s\u2019appliquent pas, ce qui peut en modifier l\u2019attrait apr\u00e8s imp\u00f4t.<\/li>\n\n\n\n<li>Obligations dans des fonds communs de placement ou des ETF\u00a0: les fonds g\u00e9r\u00e9s peuvent offrir une diversification et un r\u00e9investissement automatique, mais ils comportent des frais qui peuvent r\u00e9duire les rendements nets.<\/li>\n\n\n\n<li>Obligations Build America : un sous-type d&#039;obligations municipales, imposables au niveau f\u00e9d\u00e9ral mais parfois subventionn\u00e9es pour l&#039;\u00e9metteur, apparaissant dans des comptes b\u00e9n\u00e9ficiant d&#039;avantages fiscaux.<\/li>\n\n\n\n<li>Obligations municipales \u00e0 haut rendement\u00a0: con\u00e7ues pour ceux qui acceptent un risque de cr\u00e9dit plus \u00e9lev\u00e9 en \u00e9change d\u2019une chance d\u2019obtenir des rendements plus \u00e9lev\u00e9s non imposables.<\/li>\n<\/ol>\n\n\n\n<p>Les investisseurs doivent \u00e9valuer la combinaison du rendement, de la s\u00e9curit\u00e9 et du traitement fiscal pour d\u00e9cider quel type d&#039;obligation correspond le mieux \u00e0 leur situation et \u00e0 leurs besoins en mati\u00e8re de revenus.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Le facteur g\u00e9ographique\u00a0: l\u2019emplacement compte plus que vous ne le pensez<\/h2>\n\n\n\n<p>Votre lieu de r\u00e9sidence peut influencer le rendement de vos obligations municipales. Par exemple, les investisseurs de la ville de New York peuvent doubler leurs avantages fiscaux en choisissant des obligations \u00e9mises par l&#039;\u00c9tat de New York plut\u00f4t que par d&#039;autres villes.<\/p>\n\n\n\n<p>\u00c0 l&#039;inverse, un investisseur r\u00e9sidant en Floride pourrait se tourner vers des obligations municipales d&#039;autres \u00c9tats, la Floride n&#039;appliquant pas d&#039;imp\u00f4t sur le revenu. Cela illustre la complexit\u00e9 du processus d\u00e9cisionnel.<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table><thead><tr><th>\u00c9tat investisseur<\/th><th>Statut fiscal des obligations municipales de l&#039;\u00c9tat<\/th><th>Statut fiscal des obligations municipales \u00e9mises hors de l&#039;\u00c9tat<\/th><\/tr><\/thead><tbody><tr><td>Californie<\/td><td>Exon\u00e9r\u00e9 d&#039;imp\u00f4t f\u00e9d\u00e9ral et d&#039;\u00c9tat<\/td><td>Exon\u00e9r\u00e9 d&#039;imp\u00f4t f\u00e9d\u00e9ral seulement<\/td><\/tr><tr><td>Texas<\/td><td>Exon\u00e9r\u00e9 d&#039;imp\u00f4t f\u00e9d\u00e9ral, pas d&#039;imp\u00f4t d&#039;\u00c9tat sur le revenu<\/td><td>Exon\u00e9r\u00e9 d&#039;imp\u00f4t f\u00e9d\u00e9ral<\/td><\/tr><tr><td>Illinois<\/td><td>Exon\u00e9r\u00e9 d&#039;imp\u00f4t f\u00e9d\u00e9ral et d&#039;\u00c9tat<\/td><td>Exon\u00e9r\u00e9 d&#039;imp\u00f4t f\u00e9d\u00e9ral seulement<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p>Ce tableau souligne l&#039;importance de comprendre o\u00f9 les obligations municipales sont \u00e9mises. Pour beaucoup, acheter localement est une strat\u00e9gie judicieuse qui am\u00e9liore sensiblement le rendement net d&#039;imp\u00f4t.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\u00c9valuation du risque et du rendement des obligations municipales\u00a0: ce qui les distingue<\/h2>\n\n\n\n<p>Investir dans des obligations municipales, c&#039;est un peu comme faire ses courses au march\u00e9. On paierait peut-\u00eatre plus cher pour des pommes bio et locales que pour des pommes import\u00e9es, moins ch\u00e8res et moins connues\u00a0: la qualit\u00e9 et la confiance font toute la diff\u00e9rence.<\/p>\n\n\n\n<p>Les niveaux de risque des obligations municipales varient. La plupart sont consid\u00e9r\u00e9es comme peu risqu\u00e9es et sont garanties par les collectivit\u00e9s locales. Cependant, les obligations de recettes li\u00e9es \u00e0 des projets sp\u00e9cifiques peuvent pr\u00e9senter un risque plus \u00e9lev\u00e9 que les obligations g\u00e9n\u00e9rales.<\/p>\n\n\n\n<p>Par exemple, les obligations finan\u00e7ant une autoroute \u00e0 p\u00e9age d\u00e9pendent du maintien du trafic. Si le trafic diminue, les revenus qui soutiennent votre investissement diminuent \u00e9galement, un peu comme lorsqu&#039;on ach\u00e8te des pommes \u00e0 un nouveau producteur dont on ignore tout.<\/p>\n\n\n\n<p>\u00c0 l&#039;inverse, les obligations g\u00e9n\u00e9rales sont comparables \u00e0 l&#039;achat de produits agricoles aupr\u00e8s d&#039;un agriculteur de confiance. Elles sont garanties par le pouvoir fiscal de la collectivit\u00e9, offrant ainsi un revenu plus stable, m\u00eame en p\u00e9riode de crise. Les investisseurs avis\u00e9s comparent ces caract\u00e9ristiques \u00e0 leurs objectifs, en ajustant leurs placements en fonction du rendement, du risque et de la tranquillit\u00e9 d&#039;esprit recherch\u00e9s.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Admissibilit\u00e9, accessibilit\u00e9 et personnes concern\u00e9es par les obligations municipales<\/h2>\n\n\n\n<ul>\n<li>Les contribuables des tranches d&#039;imposition les plus \u00e9lev\u00e9es sont ceux qui b\u00e9n\u00e9ficient le plus de l&#039;exon\u00e9ration d&#039;imp\u00f4t sur les int\u00e9r\u00eats des obligations municipales.<\/li>\n\n\n\n<li>Les retrait\u00e9s en qu\u00eate d&#039;un revenu stable et d&#039;un risque limit\u00e9 trouvent dans les obligations municipales une source de tranquillit\u00e9 d&#039;esprit.<\/li>\n\n\n\n<li>Les r\u00e9sidents des \u00c9tats \u00e0 forte imposition peuvent obtenir un rendement net apr\u00e8s imp\u00f4t sup\u00e9rieur aux alternatives imposables.<\/li>\n\n\n\n<li>Les investisseurs ayant un horizon de placement \u00e0 moyen ou long terme peuvent b\u00e9n\u00e9ficier de la stabilit\u00e9 qu&#039;offrent les obligations municipales.<\/li>\n\n\n\n<li>Les personnes qui souhaitent soutenir directement leur communaut\u00e9 peuvent consid\u00e9rer les obligations municipales comme des investissements sociaux.<\/li>\n\n\n\n<li>L&#039;\u00e9chelonnement des \u00e9ch\u00e9ances des obligations municipales r\u00e9duit le risque de r\u00e9investissement tout en assurant un revenu r\u00e9gulier.<\/li>\n\n\n\n<li>Les investisseurs qui investissent pour la premi\u00e8re fois dans des obligations pourraient appr\u00e9cier le profil de risque relativement simple par rapport aux offres complexes des entreprises.<\/li>\n<\/ul>\n\n\n\n<p>Cette polyvalence explique la pr\u00e9sence des obligations municipales dans de nombreux portefeuilles. Les investisseurs institutionnels y ont \u00e9galement recours pour la gestion de fonds prudents, mais les obligations municipales conviennent aussi parfaitement aux comptes personnels.<\/p>\n\n\n\n<p>Les investisseurs patients et \u00e0 long terme sont souvent les mieux plac\u00e9s pour profiter des avantages des obligations municipales. En d\u00e9finitive, choisir le type d&#039;obligation et la dur\u00e9e qui correspondent \u00e0 votre strat\u00e9gie personnelle vous permettra de b\u00e9n\u00e9ficier d&#039;un revenu stable et fiscalement avantageux.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Que se passe-t-il dans diff\u00e9rents environnements de taux d&#039;int\u00e9r\u00eat\u00a0?<\/h2>\n\n\n\n<p>Imaginez que vous ayez obtenu un excellent taux d&#039;int\u00e9r\u00eat fixe sur votre pr\u00eat hypoth\u00e9caire, et que les taux baissent. C&#039;est exactement ce que ressentent les d\u00e9tenteurs d&#039;obligations municipales lorsque les taux baissent\u00a0: ils b\u00e9n\u00e9ficient de rendements sup\u00e9rieurs \u00e0 ceux des nouvelles \u00e9missions.<\/p>\n\n\n\n<p>Si les taux augmentent, ces m\u00eames obligations pourraient perdre de la valeur \u00e0 court terme. Mais pour ceux qui les conservent jusqu&#039;\u00e0 leur \u00e9ch\u00e9ance, la promesse initiale \u2013 un revenu r\u00e9gulier et non imposable \u2013 demeure, tout comme pour un pr\u00eat hypoth\u00e9caire \u00e0 taux fixe rembours\u00e9 int\u00e9gralement.<\/p>\n\n\n\n<p>Si vous r\u00e9investissez vos revenus lorsque les taux augmentent, vous b\u00e9n\u00e9ficierez \u00e0 long terme de rendements plus \u00e9lev\u00e9s. \u00c0 l&#039;inverse, vendre avant l&#039;\u00e9ch\u00e9ance peut entra\u00eener une perte ou un gain irr\u00e9m\u00e9diable, comme lors d&#039;un refinancement immobilier sur un march\u00e9 des taux fluctuant.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Points cl\u00e9s concernant l&#039;inclusion des obligations municipales dans un plan de revenus<\/h2>\n\n\n\n<p>Les obligations municipales offrent un revenu stable, des avantages fiscaux uniques et permettent de soutenir directement les priorit\u00e9s locales. Elles peuvent constituer une source de revenus r\u00e9guliers apr\u00e8s imp\u00f4t, notamment pour les contribuables les plus ais\u00e9s.<\/p>\n\n\n\n<p>Comparer les obligations municipales \u00e0 d&#039;autres types d&#039;obligations r\u00e9v\u00e8le des avantages, mais souligne aussi la n\u00e9cessit\u00e9 pour chaque investisseur de b\u00e9n\u00e9ficier de solutions sur mesure. L&#039;\u00e9valuation des facteurs r\u00e9gionaux, du risque et des objectifs de revenus personnels fait des obligations municipales des outils puissants, \u00e0 condition d&#039;\u00eatre utilis\u00e9es judicieusement.<\/p>\n\n\n\n<p>Pour ceux qui souhaitent conserver une plus grande part de leurs revenus et contribuer \u00e0 la prosp\u00e9rit\u00e9 de leur ville, les obligations municipales m\u00e9ritent une attention particuli\u00e8re. Gr\u00e2ce \u00e0 leurs avantages fiscaux importants et \u00e0 leur impact positif sur la communaut\u00e9, elles constituent un atout pr\u00e9cieux dans les portefeuilles diversifi\u00e9s.<\/p>\n\n\n\n<p>Prenez le temps d&#039;\u00e9tudier comment les obligations municipales s&#039;int\u00e8grent \u00e0 votre plan de revenus. Que ce soit par le biais de fonds ou de s\u00e9lections individuelles, cette strat\u00e9gie peut vous apporter tranquillit\u00e9 d&#039;esprit et des rendements stables et fiscalement avantageux.<\/p>\n\n\n\n<p>Des choix \u00e9clair\u00e9s en mati\u00e8re d&#039;obligations municipales ouvrent de nouvelles perspectives aux investisseurs ax\u00e9s sur le revenu \u2013 des choix judicieux, strat\u00e9giques et porteurs d&#039;impact pour les ann\u00e9es \u00e0 venir.<\/p>","protected":false},"excerpt":{"rendered":"<p>Les obligations municipales offrent un revenu net d&#039;imp\u00f4t, un impact positif sur la communaut\u00e9 et un risque moindre pour les investisseurs ax\u00e9s sur le rendement. D\u00e9couvrez comment les investissements locaux peuvent accro\u00eetre votre rendement apr\u00e8s imp\u00f4t et soutenir les projets publics de votre r\u00e9gion.<\/p>","protected":false},"author":44,"featured_media":128,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[3],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>What to Know About Municipal Bonds - The Market Yield<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/themarketyield.com\/fr\/what-to-know-about-municipal-bonds-understand-tax-advantages-income-investors\/\" \/>\n<meta property=\"og:locale\" content=\"fr_FR\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What to Know About Municipal Bonds - The Market Yield\" \/>\n<meta property=\"og:description\" content=\"Municipal bonds offer tax-free income, community impact, and lower risk for income-focused investors. 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