ICAP invests in dividend-paying stocks with the intention to maximize income and pursue total return opportunities. Such stocks may include common, preferred, REITs, and convertible securities of any market capitalization. While mainly investing in the US, the fund can invest in foreign stocks, including those from emerging markets. The fund adviser, Infrastructure Capital Advisors, is a top-down manager that makes investment decisions with consideration to global macroeconomic factors. The adviser uses a variety of quantitative, qualitative, and relative valuation factors that also aims to achieve a disciplined, consistent investment philosophy centered around risk management. Up to 20% of the funds assets may be invested in various debt securities, including junk bonds. The fund may also short-sell securities without exceeding 20% of the funds assets. The fund may use options to generate additional income, reduce volatility or hedge against risks. The fund is actively managed.