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Macquarie/First Trust Global Infrastructure/Utilities Dividend & Income Fund (MFD)
Investment Objective/Strategy - The Macquarie/First Trust Global Infrastructure/Utilities Dividend & Income Fund is a non-diversified, closed-end management company. The Fund's investment objective is to seek a high level of current return consisting of dividends, interest and other similar income while attempting to preserve capital. In pursuit of this objective, the Fund will seek to manage its investments and expenses so that a significant portion of its distributions to the Fund's common shareholders will qualify as tax-advantaged dividends, subject to the continued availability of favorable tax treatment for such qualifying dividends.
There can be no assurance that the Fund's investment objectives will be achieved.
Fund Overview
Fund TypeGlobal Equity Income
Investment AdvisorFirst Trust Advisors L.P.
Portfolio Manager/Sub-AdvisorMacquarie Capital Investment Management, LLC/Four Corners Capital Management, LLC
Investor Servicing AgentBNY Mellon Investment Servicing (US) Inc.
Fiscal Year-End11/30
Inception Price$20.00
Inception NAV$19.10
Current Fund Data (as of 7/31/2014)
Closing NAV1$18.65
Closing Share Price2$17.54
Discount to NAV5.95%
Total Managed Assets$206,684,858
Common Shares Outstanding8,533,285
Dividend FrequencyQuarterly
Dividend Per Share Amt3$0.3500
Distribution Rate47.98%
Daily Volume39,211
Average 30-Day Daily Volume22,920
Closing Share Price 52-Week High/Low$18.18 / $14.57
Closing NAV 52-Week High/Low$19.21 / $16.03
Expense Ratios (as of 5/31/2014)
Annual ExpensesPercent of
Net Assets
Percent of
Management Fees1.32%1.00%
Other Expenses
Total Operating Expenses1.66%1.26%
Leverage Costs0.30%0.22%
Total Annual Expenses1.96%1.48%
Leverage costs include interest, fees and any upfront/offering costs associated with borrowings by the Fund.
Leverage Information (as of 7/31/2014)6
Total Net Assets with Leverage$206,684,858
Amount Attributable to Common Shares$159,184,858
Amount Attributable to Preferred Shares$0
Amount Attributable to Other Borrowings$47,500,000
Leverage (% of Total Net Assets)22.98%
Top 10 Issuers (as of 6/30/2014)7
Holding Percent
SSE plc 5.53%
Corrections Corp. of America 4.39%
Buckeye Partners, L.P. 4.18%
GDF Suez 4.07%
Centrica plc 3.70%
Hopewell Highway Infrastructure, Ltd. 3.42%
Transurban Group 3.22%
Hutchison Port Holdings Trust 3.13%
Veresen, Inc. 3.08%
Sempra Energy 2.96%
Industry Breakdown (as of 6/30/2014)7
Industry Percent
Oil, Gas & Consumable Fuels 22.93%
Multi-Utilities 14.52%
Electric Utilities 14.31%
Transportation Infrastructure 12.76%
Independent Power and Renewable Electricity Producers 6.49%
Media 6.34%
Wireless Telecommunication Services 5.33%
Real Estate Investment Trusts 4.38%
Health Care Providers & Services 3.79%
Diversified Telecommunication Services 3.75%
Gas Utilities 2.24%
Construction & Engineering 1.67%
Energy Equipment & Services 1.49%
Share Price and NAV History (Since Inception)
Past performance is not indicative of future results.
% Premium/Discount (Since Inception)
Cumulative Total Returns (as of 6/30/2014)5
Period Share Price NAV
3 Months 6.80% 7.97%
1 Year 26.23% 29.92%
3 Years 46.87% 46.10%
5 Years 163.17% 128.63%
Year to Date 11.58% 16.28%
Inception to Date 155.74% 185.39%
Calendar Year Returns (as of 12/31/2013)5
Period Share Price NAV
2005 7.15% 6.59%
2006 31.00% 28.96%
2007 19.45% 17.34%
2008 -55.43% -46.27%
2009 37.29% 34.37%
2010 23.27% 12.92%
2011 7.67% 4.19%
2012 17.64% 15.65%
2013 19.93% 16.11%
Average Annual Returns (as of 6/30/2014)5
Period Share Price NAV
3 Years 13.67% 13.47%
5 Years 21.35% 17.99%
Inception to Date 9.58% 10.76%
Country Breakdown (as of 6/30/2014)7
  Country Percent
USA 46.03%
Canada 13.10%
United Kingdom 11.31%
France 8.51%
Spain 3.86%
Cayman Islands 3.42%
Australia 3.21%
Singapore 3.12%
Brazil 2.58%
Hong Kong 1.73%
Germany 1.27%
Netherlands 0.95%
Luxembourg 0.91%
1 The NAV represents the fund's net assets (assets less liabilities) divided by the fund's common shares outstanding.
2 Fund shares are purchased and sold on an exchange at their share price rather than net asset value (NAV), which may cause the shares to trade at a price greater than NAV (premium) or less than NAV (discount).
3 Most recent distribution paid or declared through today's date. Subject to change in the future.
4 Distribution rates are calculated by annualizing the most recent distribution paid or declared through today's date and then dividing by the most recent market price. The distribution consists of the sum of net investment income, net realized short-term capital gains, net realized long-term capital gains, and return of capital. Distribution rates may vary. Any distribution adjustment will not be reflected until after the declaration date for the next distribution. See the fund's 19a-1 Notices, if any, located under the "News & Literature" section of the website for estimates of distribution sources. Final determination of the source and tax status of all distributions paid in the current year will be made after year-end.
5 Total return is the combination of reinvested dividend income and reinvested capital gains distributions, at prices obtained by the Dividend Reinvestment Plan, if any, and changes in the NAV and Share Price. The NAV total return takes into account the fund's total annual expenses and does not reflect sales load. Past performance is not indicative of future results.
6 Leverage is a technique where a closed-end fund's manager borrows assets at one rate and invests the proceeds from the borrowed assets at another rate, seeking to increase yield and total return. Use of leverage can result in additional risk and cost, and can magnify the effect of any losses.
7 Market value information used in calculating the percentages is based upon trade date plus one recording of transactions, which can differ from regulatory financial reports (Forms N-CSR and N-Q) that are based on trade date recording of security transactions. Holdings are subject to change.

Risk Considerations

The Fund is subject to various risks, including the following: Industry Concentration and Infrastructure and Utility Industry Risks, Non-U.S. Investments Risk, Currency Risk, Country Risk, Senior Loan Risk, Non-Investment Grade Securities Risk, Illiquid and Unlisted Securities Risk, Leverage Risk, Illiquid Securities Valuation Risk, Non-diversified Status, Investment and Market Risk, Income Risk, Market Disruption Risk, Common Stock Risk, Interest Rate Risk, Inflation Risk, Environmental Risk, Credit Risk, Anti-Takeover Provisions and Certain Other Risks.

Industry Concentration and Infrastructure and Utilities Industry Risk
The Fund intends to invest up to 100% of its Total Assets in the securities and instruments of Infrastructure Issuers. Given this industry concentration, the Fund will be more susceptible to adverse economic or regulatory occurrences affecting that industry than an investment company that is not concentrated in a single industry. Infrastructure Issuers, including utilities and companies involved in infrastructure projects, may be subject to a variety of factors that may adversely affect their business or operations, including high interest costs in connection with capital construction programs, high leverage, costs associated with environmental and other regulations, the effects of economic slowdown, surplus capacity, increased competition from other providers of services, uncertainties concerning the availability of fuel at reasonable prices, the effects of energy conservation policies and other factors.

The risks of investing in the Fund are spelled out in the prospectus, shareholder report and other regulatory filings.

Not FDIC Insured • Not Bank Guaranteed • May Lose Value
First Trust Portfolios L.P.  Member SIPC and FINRA.
First Trust Advisors L.P.
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