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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
TickerMFD
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.
CUSIP55607W100
Fiscal Year-End11/30
ExchangeNYSE
Inception3/25/2004
Inception Price$20.00
Inception NAV$19.10
Current Fund Data (as of 9/22/2014)
Closing NAV1$18.29
Closing Share Price2$17.58
Discount to NAV3.88%
Total Managed Assets$203,592,386
Common Shares Outstanding8,533,285
Dividend FrequencyQuarterly
Dividend Per Share Amt3$0.3500
Distribution Rate47.96%
Daily Volume42,960
Average 30-Day Daily Volume31,002
Closing Share Price 52-Week High/Low$18.62 / $15.08
Closing NAV 52-Week High/Low$19.21 / $16.38
Expense Ratios (as of 5/31/2014)
Annual ExpensesPercent of
Net Assets
Percent of
Managed
Assets
Management Fees1.32%1.00%
Other Expenses
0.34%
0.26%
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 9/22/2014)6
Total Net Assets with Leverage$203,592,386
Amount Attributable to Common Shares$156,092,386
Amount Attributable to Preferred Shares$0
Amount Attributable to Other Borrowings$47,500,000
Leverage (% of Total Net Assets)23.33%
Top 10 Issuers (as of 7/31/2014)7
Holding Percent
SSE plc 6.39%
Corrections Corp. of America 5.19%
GDF Suez 5.14%
Centrica plc 4.72%
Eutelsat Communications S.A. 4.35%
Hutchison Port Holdings Trust 4.02%
Buckeye Partners, L.P. 3.93%
Hopewell Highway Infrastructure, Ltd. 3.42%
Transurban Group 3.23%
Veresen, Inc. 2.90%
Industry Breakdown (as of 7/31/2014)7
Industry Percent
Oil, Gas & Consumable Fuels 22.94%
Multi-Utilities 16.16%
Transportation Infrastructure 13.53%
Electric Utilities 12.77%
Media 7.81%
Independent Power and Renewable Electricity Producers 6.18%
Real Estate Investment Trusts 5.19%
Wireless Telecommunication Services 5.16%
Health Care Providers & Services 3.69%
Diversified Telecommunication Services 3.64%
Construction & Engineering 1.50%
Energy Equipment & Services 1.43%
Share Price and NAV History (Since Inception)
Past performance is not indicative of future results.
% Premium/Discount (Since Inception)
Cumulative Total Returns (as of 8/31/2014)5
Period Share Price NAV
3 Months 4.26% 2.66%
1 Year 33.88% 26.96%
3 Years 67.69% 59.55%
5 Years 152.63% 113.29%
10 Years 178.63% 167.10%
Year to Date 14.32% 16.31%
Inception to Date 162.03% 185.47%
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 8/31/2014)5
Period Share Price NAV
3 Years 18.81% 16.85%
5 Years 20.36% 16.36%
10 Years 10.79% 10.32%
Inception to Date 9.67% 10.57%
Country Breakdown (as of 7/31/2014)7
  Country Percent
USA 44.82%
United Kingdom 13.11%
Canada 12.63%
France 10.99%
Singapore 4.02%
Cayman Islands 3.42%
Australia 3.23%
Netherlands 2.02%
Brazil 2.01%
Hong Kong 1.67%
Germany 1.20%
Luxembourg 0.88%
Footnotes
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

Investment return and market value of an investment in the Fund will fluctuate. Shares, when sold, may be worth more or less than their original cost.

The Fund principally invests in a global portfolio of infrastructure stocks in a range of currencies and senior secured loans. Accordingly, the Fund's NAV will fluctuate with changes in the value of the Fund’s holdings. Investment in infrastructure and utilities issuers are subject to various risks including governmental regulations, high interest costs associated with capital construction programs, costs associated with environmental regulation, the effects of economic slowdown and surplus capacity, competition from other providers of services and other factors. Investment in non-U.S. securities is subject to the risk of currency fluctuations and to economic and political risks associated with such foreign countries.

The Senior Loans in which the Fund invests are generally considered to be "high-yield securities". High yield securities are subject to greater market fluctuations and risk of loss than securities with higher ratings. The Fund's portfolio is also subject to credit risk and interest rate risk. Interest rate risk is the risk that fixed-income securities will decline in value because of changes in market interest rates. Credit risk is the risk of nonpayment of scheduled contractual repayments whether interest and/or principal payments or payments for services and that the value of a security may decline as a result.

Use of leverage can result in additional risk and cost, and can magnify the effect of any losses. There can be no assurance as to what portion of the distributions paid to the Fund's Common Shareholders will consist of tax-advantaged qualified dividend income.

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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