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Macquarie/First Trust Global Infrastructure/Utilities Dividend & Income Fund (MFD)
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Investment Objective/Strategy - Macquarie/First Trust Global Infrastructure/Utilities Dividend & Income Fund (the "Fund") is a diversified, closed-end management investment company. The Fund seeks to provide a high level of current return consisting of dividends, interest and other similar income while attempting to preserve capital. The Fund seeks to achieve its investment objective by investing predominantly in the securities of companies that are involved in the management, ownership, and/or operation of infrastructure and utilities assets, and are expected to offer reasonably predictable income and attractive yields. The Fund also invests in senior secured loans generally considered to be high-yield securities.
There can be no assurance that the Fund's investment objectives will be achieved. The Fund may not be appropriate for all investors.
Fund Overview
Fund TypeGlobal Equity Income
Investment AdvisorFirst Trust Advisors L.P.
Investor Servicing AgentComputershare Trust Company, N.A.
Sub-AdvisorDelaware Investments Fund Advisers
Fiscal Year-End11/30
Inception Price$20.00
Inception NAV$19.10
Current Fund Data (as of 6/21/2024)
Closing NAV1$8.29
Closing Market Price2$7.47
Discount to Net Asset Value (NAV)9.89%
Total Managed Assets$98,388,657
Common Shares Outstanding8,547,442
Dividend FrequencyQuarterly
Dividend Per Share Amt3$0.2000
Distribution Rate410.71%
Daily Volume14,419
Average 30-Day Daily Volume18,563
Closing Market Price 52-Week High/Low$8.15 / $6.63
Closing NAV 52-Week High/Low$9.30 / $7.87
Expense Ratios (as of 11/30/2023)
Annual ExpensesPercent of
Net Assets
Percent of
Management Fees1.36%1.00%
Other Expenses
Total Operating Expenses1.75%1.29%
Leverage Costs2.26%1.67%
Total Annual Expenses4.01%2.96%
Leverage costs include interest, fees and any upfront/offering costs associated with borrowings by the Fund.
Leverage Information (as of 6/21/2024)5
Total Net Assets with Leverage$98,388,657
Amount Attributable to Common Shares$70,838,657
Amount Attributable to Other Borrowings$27,550,000
Leverage (% of Total Adjusted Net Assets)28.00%
Top 10 Issuers (as of 5/31/2024)6
Holding Percent
National Grid PLC 5.41%
Crown Castle, Inc. 4.99%
Severn Trent PLC 4.69%
United Utilities Group PLC 4.32%
Sempra Energy 4.29%
CLP Holdings, Ltd. 4.24%
Enbridge, Inc. 4.23%
Eversource Energy 4.15%
Snam S.p.A. 3.96%
Pennon Group PLC 3.85%
Market Price and NAV History (Since Inception)
Past performance is not indicative of future results.
% Premium/Discount (Since Inception)
Country Breakdown (as of 5/31/2024)6
  Country Percent
USA 44.68%
United Kingdom 20.34%
Canada 13.66%
Italy 10.16%
Hong Kong 4.24%
Luxembourg 1.94%
Spain 1.63%
Japan 1.52%
Ireland 0.74%
Cayman Islands 0.66%
Greece 0.43%
Industry Breakdown (as of 5/31/2024)6
Industry Percent
Electric Utilities 29.80%
Oil, Gas & Consumable Fuels 18.26%
Water Utilities 12.86%
Multi-Utilities 9.70%
Specialized REITs 5.87%
Gas Utilities 4.21%
Diversified Telecommunication Services 3.47%
Media 3.24%
Wireless Telecommunication Services 2.34%
Ground Transportation 2.30%
Independent Power and Renewable Electricity Producers 1.60%
Passenger Airlines 1.51%
Industrial Conglomerates 1.38%
Transportation Infrastructure 1.37%
Chemicals 1.01%
Aerospace & Defense 0.74%
Financial Services 0.34%
Performance (as of 5/31/2024)
  3 Month YTD 1 Year 3 Year 5 Year 10 Year Since
Fund Performance *
Net Asset Value (NAV) 1.34% -2.06% 4.24% 2.03% 3.91% 1.56% 6.01%
Market Price 1.43% -1.04% 7.87% -0.83% 3.17% 0.81% 5.09%

*Total return is the combination of reinvested dividend, capital gain, and return of capital distributions, if any, at prices obtained by the Dividend Reinvestment Plan, and changes in the NAV and Market Price. The NAV total return takes into account the fund's total annual expenses and does not reflect sales load. Returns are average annualized total returns, except those for periods of less than one year, which are cumulative. Past performance is not indicative of future results.

1 The fund's NAV is calculated by dividing the value of all the fund's assets, less all liabilities, by the total number of common shares outstanding.
2 Fund shares are purchased and sold on an exchange at their market 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 to today's date. Subject to change in the future. There is no guarantee that the fund will declare dividends.
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 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.
6 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-PORT Part F) that are based on trade date recording of security transactions. Holdings are subject to change.
7 Inception Date is 3/25/2004

Risk Considerations

Risks are inherent in all investing. Certain risks applicable to the Fund are identified below, which includes the risk that you could lose some or all of your investment in the Fund. The principal risks of investing in the Fund are spelled out in the Fund's annual shareholder reports. The order of the below risk factors does not indicate the significance of any particular risk factor. The Fund also files reports, proxy statements and other information that is available for review.

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.

Ongoing armed conflicts between Russia and Ukraine in Europe and among Israel, Hamas and other militant groups in the Middle East, have caused and could continue to cause significant market disruptions and volatility within the markets in Russia, Europe, the Middle East and the United States. The hostilities and sanctions resulting from those hostilities could have a significant impact on certain fund investments as well as fund performance. The COVID-19 global pandemic and the ensuing policies enacted by governments and central banks have caused and may continue to cause significant volatility and uncertainty in global financial markets. While vaccines have been developed, there is no guarantee that vaccines will be effective against future variants of the disease. Recent and potential future bank failures could result in disruption to the broader banking industry or markets generally and reduce confidence in financial institutions and the economy as a whole, which may also heighten market volatility and reduce liquidity.

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.

To the extent a fund invests in floating or variable rate obligations that use the London Interbank Offered Rate (“LIBOR”) as a reference interest rate, it is subject to LIBOR Risk. The United Kingdom’s Financial Conduct Authority, which regulates LIBOR, will cease making LIBOR available as a reference rate over a phase-out period that will begin immediately after December 31, 2021. The unavailability or replacement of LIBOR may affect the value, liquidity or return on certain fund investments and may result in costs incurred in connection with closing out positions and entering into new trades. Any potential effects of the transition away from LIBOR on the fund or on certain instruments in which the fund invests can be difficult to ascertain, and they may vary depending on a variety of factors, and they could result in losses to the fund.

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

CUSIP identifiers have been provided by CUSIP Global Services, managed on behalf of the American Bankers Association by FactSet Research Systems Inc. and are not for use or dissemination in a manner that would serve as a substitute for any CUSIP service. The CUSIP Database, ©2024 CUSIP Global Services. "CUSIP" is a registered trademark of the American Bankers Association.

Not FDIC Insured • Not Bank Guaranteed • May Lose Value
The information presented is not intended to constitute an investment recommendation for, or advice to, any specific person. By providing this information, First Trust is not undertaking to give advice in any fiduciary capacity within the meaning of ERISA, the Internal Revenue Code or any other regulatory framework. Financial professionals are responsible for evaluating investment risks independently and for exercising independent judgment in determining whether investments are appropriate for their clients.
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