 |
| 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
|
| Ticker |
MFD |
| Fund Type |
Global Equity Income |
| Investment Advisor |
First Trust Advisors L.P. |
| Portfolio Manager/Sub-Advisor |
Macquarie Capital Investment Management, LLC/Four Corners Capital Management, LLC |
| Investor Servicing Agent |
PNC Global Investment Servicing (U.S.) Inc. |
| CUSIP |
55607W100 |
| Fiscal Year-End |
11/30 |
| Exchange |
NYSE |
| Inception |
3/25/2004 |
| Inception Price |
$20.00 |
| Inception NAV |
$19.10 |
|
| Share Price and NAV History (Since Inception) |
 |
|
Past performance is not indicative of future results.
|
|
|
Current Fund Data (as of 2/8/2010)
|
| Closing Share Price |
$11.70 |
| Closing NAV |
$14.10 |
| Discount to NAV |
17.02% |
| Total Managed Assets |
$163,903,868 |
| Common Shares Outstanding |
9,077,963 |
| Dividend Frequency |
Quarterly |
| Dividend per Share Amt1 |
$0.1500 |
| Distribution Rate2 |
5.13% |
| Daily Volume |
22,162 |
| Average 30-Day Daily Volume |
35,714 |
| Closing Share Price 52-Week High/Low |
$12.98 / $6.12 |
| Closing NAV 52-Week High/Low |
$15.51 / $8.98 |
|
|
| Cumulative Total Returns
(as of 1/31/2010)3
|
| Period |
Share Price (%) |
NAV (%) |
| 3 Months |
7.88 |
7.49 |
| 1 Year |
19.67 |
38.79 |
| 3 Years |
-31.20 |
-19.87 |
| 5 Years |
2.72 |
14.03 |
| Year to Date |
-4.12 |
-3.66 |
| Inception to date |
17.36 |
49.68 |
| Calendar Year Returns
(as of 12/31/2009)3
|
| 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 |
| Average Annual Returns
(as of 1/31/2010)3
|
| Period |
Share Price (%) |
NAV (%) |
| 3 Years |
-11.72 |
-7.12 |
| 5 Years |
0.54 |
2.66 |
| Inception to date |
2.77 |
7.13 |
| Expense Ratios (as of 11/30/2009) |
| Net Expense Ratio (Net Assets - excluding interest expense and fees) |
1.92% |
| Total Expense Ratio (Net Assets - including interest expense and fees) |
2.86% |
| Industry Classification (as of 11/30/2009) |
| Industry Classification |
Percent (%) |
| Transportation Infrastructure |
21.60 |
| Electric Utilities |
21.30 |
| Gas Utilities |
18.10 |
| Water Utilities |
7.40 |
| Multi-Utilities |
4.90 |
| Power Generation |
2.60 |
| Construction & Engineering |
2.00 |
| Energy Equipment & Services |
1.50 |
| Diversified Consumer Services |
0.90 |
Represents the industry classification breakdown for the Core Component of the portfolio, which includes the Common Stock, Master Limited Partnership and Canadian Income Trust securities. It excludes the Senior Floating-Rate Loan Interest component of the portfolio, which makes up the remaining 19.7% of the portfolio.
|
|
Leverage Information (as of
2/8/2010
)4
|
| Total Net Assets with Leverage |
$163,903,868 |
| Amount Attributable to Common Shares |
$128,003,868 |
| Amount Attributable to Preferred Shares |
$0 |
| Amount Attributable to Other Borrowings |
$35,900,000 |
| Leverage (% of Total Net Assets) |
21.90% |
| Top Holdings by Issuer (as of 11/30/2009) |
| Holding |
Percent (%) |
| Spark Infrastructure Group |
4.90 |
| Transurban Group |
4.20 |
| Red Electrica Corp. SA |
4.20 |
| SP AusNet |
4.00 |
| Enagas SA |
3.70 |
| Northeast Utilities |
3.60 |
| Severn Trent plc |
3.30 |
| Atlantia SPA |
3.20 |
| Pembina Pipeline Income Fund |
3.20 |
| Enterprise Products Partners, L.P. |
3.10 |
| Portfolio Composition (as of 11/30/2009) |
|
|
| |
Country |
Percent (%) |
 |
United States |
34.70 |
 |
Australia |
15.40 |
 |
Canada |
9.90 |
 |
Spain |
9.90 |
 |
Italy |
8.70 |
 |
Germany |
6.30 |
 |
United Kingdom |
6.00 |
 |
France |
5.00 |
 |
Japan |
2.10 |
 |
New Zealand |
1.00 |
 |
Switzerland |
1.00 |
|
The percentage of United States securities includes 19.7% in Senior Floating-Rate Loan Interests.
|
| Footnotes
|
| 1 |
Most recent distribution paid or declared through today's date. Subject to change in the future. |
| 2 |
Distribution rates are calculated by annualizing the most recent distribution paid or declaration through today's date and then dividing by the most recent market price. Any distribution adjustment will not be reflected until after the declaration date for the next distribution. The distribution rate may include realized short-term capital gains and/or a return of capital. Final determination of the source and tax status of all distributions paid in the current year will be made after year-end. |
| 3 |
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 does not reflect sales load. Past performance is not indicative of future results. |
| 4 |
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 $40,000,000. |
|
|
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.
|
|
|
|
|