While total return ultimately is critical for all investors, for many investors, investment income is also a critical part of their investment strategy. For example, taking short term gains produce income but forces investors into difficult decisions and tax ramifications.
The default is traditionally to invest in Treasuries or municipal bonds that carry some favorable tax treatment. The alternative is to look for income investments that provide greater than the tax adjusted income of those municipal bonds. TIC Management looks to deliver that return through a mixture of investments and capture of risk premiums that deliver income greater than the tax adjusted income of municipal bonds (the objective to deliver income every six months at a rate equal to or greater than the tax adjusted income of the municipal bond index).