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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 4/22/2014)
Closing NAV1$18.45
Closing Share Price2$17.44
Discount to NAV5.47%
Total Managed Assets$204,971,964
Common Shares Outstanding8,533,285
Dividend FrequencyQuarterly
Dividend Per Share Amt3$0.3500
Distribution Rate48.03%
Daily Volume17,567
Average 30-Day Daily Volume37,838
Closing Share Price 52-Week High/Low$17.69 / $14.57
Closing NAV 52-Week High/Low$18.45 / $15.49
Expense Ratios (as of 11/30/2013)
Annual ExpensesPercent of
Net Assets
Percent of
Managed
Assets
Management Fees1.33%1.00%
Other Expenses
0.37%
0.28%
Total Operating Expenses1.70%1.28%
 
Leverage Costs0.38%0.28%
 
Total Annual Expenses2.08%1.56%
 
Leverage costs include interest, fees and any upfront/offering costs associated with borrowings by the Fund.
Leverage Information (as of 4/22/2014)6
Total Net Assets with Leverage$204,971,964
Amount Attributable to Common Shares$157,471,964
Amount Attributable to Preferred Shares$0
Amount Attributable to Other Borrowings$47,500,000
Leverage (% of Total Net Assets)23.17%
Top 10 Issuers (as of 2/28/2014)7
Holding Percent
GDF Suez 5.84%
SSE plc 5.24%
Transurban Group 4.69%
Hutchison Port Holdings Trust 4.03%
Corrections Corp. of America 3.94%
Buckeye Partners, L.P. 3.59%
National Grid plc 3.57%
Centrica plc 3.37%
Inter Pipeline, Ltd. 2.78%
Veresen, Inc. 2.78%
Industry Breakdown (as of 2/28/2014)7
Industry Percent
Oil, Gas & Consumable Fuels 20.42%
Transportation Infrastructure 17.77%
Multi-Utilities 17.51%
Electric Utilities 11.76%
Independent Power Producers & Energy Traders 6.91%
Media 6.06%
Wireless Telecommunication Services 5.21%
Health Care Providers & Services 4.74%
Real Estate Investment Trusts 3.94%
Diversified Telecommunication Services 2.47%
Construction & Engineering 1.63%
Gas Utilities 1.07%
Energy Equipment & Services 0.51%
Share Price and NAV History (Since Inception)
Past performance is not indicative of future results.
% Premium/Discount (Since Inception)
Cumulative Total Returns (as of 3/31/2014)5
Period Share Price NAV
3 Months 4.47% 7.70%
1 Year 16.00% 18.40%
3 Years 41.42% 41.10%
5 Years 227.61% 162.88%
Year to Date 4.47% 7.70%
Inception to Date 139.45% 164.33%
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 3/31/2014)5
Period Share Price NAV
3 Years 12.25% 12.16%
5 Years 26.79% 21.33%
Inception to Date 9.11% 10.19%
Country Breakdown (as of 2/28/2014)7
  Country Percent
USA 45.00%
United Kingdom 12.18%
Canada 12.16%
France 12.13%
Australia 4.69%
Singapore 4.03%
Cayman Islands 2.52%
Italy 2.07%
Germany 1.26%
Japan 1.07%
Switzerland 1.06%
Netherlands 0.94%
Luxembourg 0.89%
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 Other Borrowings represent a Committed Facility Agreement with BNP Paribas Prime Brokerage Inc., which provides financing to be used as leverage for the Fund. The credit facility provides for a secured line of credit for the Fund, where Fund assets are pledged against advances made to the Fund. The maximum total commitment under the Committed Facility Agreement is $50,000,000. 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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