UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY
Investment Company Act file number 811-21496
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MACQUARIE/FIRST TRUST GLOBAL INFRASTRUCTURE/UTILITIES DIVIDEND & INCOME FUND
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(Exact name of registrant as specified in charter)
1001 Warrenville Road, Suite 300
LISLE, IL 60532
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(Address of principal executive offices) (Zip code)
W. Scott Jardine, Esq.
First Trust Portfolios, LP
1001 Warrenville Road, Suite 300
LISLE, IL 60532
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(Name and address of agent for service)
Registrant's telephone number, including area code: 630-241-4141
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Date of fiscal year end: NOVEMBER 30
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Date of reporting period: FEBRUARY 29, 2008
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Form N-Q is to be used by management investment companies, other than small
business investment companies registered on Form N-5 (ss.ss. 239.24 and 274.5 of
this chapter), to file reports with the Commission, not later than 60 days after
the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under
the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use
the information provided on Form N-Q in its regulatory, disclosure review,
inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-Q, and
the Commission will make this information public. A registrant is not required
to respond to the collection of information contained in Form N-Q unless the
Form displays a currently valid Office of Management and Budget ("OMB") control
number. Please direct comments concerning the accuracy of the information
collection burden estimate and any suggestions for reducing the burden to the
Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC
20549. The OMB has reviewed this collection of information under the clearance
requirements of 44 U.S.C. ss. 3507.
ITEM 1. SCHEDULE OF INVESTMENTS.
The Schedule(s) of Investments is attached herewith.
MACQUARIE/FIRST TRUST GLOBAL INFRASTRUCTURE/UTILITIES DIVIDEND & INCOME FUND
PORTFOLIO OF INVESTMENTS (a)
FEBRUARY 29, 2008 (UNAUDITED)
SHARES DESCRIPTION VALUE
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COMMON STOCKS - 74.2%
AUSTRALIA - 34.0%
1,465,911 Asciano Group ......................................................................... $ 6,680,621
330,015 Australian Pipeline Trust ............................................................. 974,106
10,050,961 Babcock & Brown Infrastructure Group .................................................. 11,117,556
1,527,422 Challenger Infrastructure Fund, Class A ............................................... 3,902,762
10,764,340 Envestra Ltd. ......................................................................... 7,827,102
588,148 Hastings Diversified Utilities Fund ................................................... 1,352,692
11,755,101 SP AusNet ............................................................................. 13,531,916
7,940,000 Spark Infrastructure Group ............................................................ 12,830,329
1,914,887 Transurban Group ...................................................................... 11,398,083
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69,615,167
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AUSTRIA - 1.5%
26,498 Flughafen Wien AG ..................................................................... 3,029,887
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CANADA - 1.0%
32,220 Enbridge Inc. ......................................................................... 1,327,428
19,000 TransCanada Corp. ..................................................................... 763,282
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2,090,710
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FRANCE - 0.9%
15,158 Aeroports de Paris .................................................................... 1,842,825
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GERMANY - 2.4%
64,240 Hamburger Hafen Und Logistik AG (i) ................................................... 5,012,807
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ITALY - 8.1%
828,000 Enel SPA .............................................................................. 8,934,369
1,785,000 Terna SPA ............................................................................. 7,721,023
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16,655,392
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JAPAN - 2.2%
358 East Japan Railway Co. ................................................................ 2,873,437
344,155 Tokyo Gas Co. Ltd. .................................................................... 1,543,802
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4,417,239
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NEW ZEALAND - 3.4%
3,499,299 Auckland International Airport, Ltd. .................................................. 6,906,880
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SPAIN - 5.9%
179,540 Cintra Concesiones de Infraestructuras de Transporte SA ............................... 2,847,620
98,261 Enagas SA ............................................................................. 2,955,521
100,000 Red Electrica de Espana ............................................................... 6,238,928
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12,042,069
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SWITZERLAND - 1.5%
7,358 Flughafen Zuerich AG ................................................................. 3,078,143
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See Notes to Quarterly Portfolio of Investments. Page 1
MACQUARIE/FIRST TRUST GLOBAL INFRASTRUCTURE/UTILITIES DIVIDEND & INCOME FUND
PORTFOLIO OF INVESTMENTS (a) - (CONTINUED)
FEBRUARY 29, 2008 (UNAUDITED)
SHARES DESCRIPTION VALUE
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COMMON STOCKS - (CONTINUED)
UNITED KINGDOM - 13.3%
450,329 Pennon Group plc ...................................................................... $ 5,701,786
389,899 Severn Trent plc ...................................................................... 10,944,244
771,994 United Utilities plc .................................................................. 10,571,052
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27,217,082
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TOTAL COMMON STOCKS ................................................................... 151,908,201
(Cost $138,116,600) -------------
MASTER LIMITED PARTNERSHIPS - 10.2%
UNITED STATES - 10.2%
86,113 Amerigas Partners, L.P. ............................................................... 2,802,978
61,200 Enbridge Energy Partners, L.P. ........................................................ 3,058,776
58,000 Energy Transfer Partners, L.P. ........................................................ 2,779,360
100,050 Enterprise Products Partners, L.P. .................................................... 3,098,549
54,000 Kinder Morgan Energy Partners, L.P. ................................................... 3,102,840
106,831 Magellan Midstream Partners, L.P. ..................................................... 4,626,851
27,325 NuStar L.P. ........................................................................... 1,459,428
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TOTAL MASTER LIMITED PARTNERSHIPS ..................................................... 20,928,782
(Cost $17,224,310) -------------
CANADIAN INCOME TRUSTS - 13.4%
843,300 Northland Power Income Fund ........................................................... 10,804,179
585,919 Pembina Pipeline Income Fund .......................................................... 10,102,154
480,360 The Consumers' Waterheater Income Fund ................................................ 6,466,619
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TOTAL CANADIAN INCOME TRUSTS .......................................................... 27,372,952
(Cost $16,601,046) -------------
PRINCIPAL RATINGS (b) STATED
VALUE DESCRIPTION MOODY'S S&P COUPON MATURITY (c) VALUE
---------- ------------------------------------- --------------- --------------- ------------ -------------
SENIOR FLOATING-RATE TERM LOAN
INTERESTS (d) - 37.0%
BROADCASTING & CABLE TV - 3.9%
Charter Communications
$3,000,000 Operating, LLC ................... B1 B+ 5.26% 03/06/14 2,633,571
2,949,964 CSC Holdings, Inc. .................. Ba1 BB+ 6.90% 03/29/13 2,723,060
3,000,000 UPC Distribution Holding B.V. ....... Ba3 B+ 5.01% 12/31/14 2,623,124
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7,979,755
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ELECTRIC UTILITIES - 7.7%
Astoria Generating Co.
1,885,633 Acquisitions, LLC ................ B1 BB- 6.66% 02/23/12 1,753,641
2,977,500 Calpine Corp. ....................... B2 B+ 6.15%-7.71% 03/29/14 2,644,392
3,979,897 Covanta Energy Corp. ................ Ba2 BB 4.63%-7.067% 02/09/14 3,668,139
2,780,038 Mirant North America, LLC ........... Ba2 BB 4.87% 01/03/13 2,612,076
3,781,352 NRG Energy, Inc. .................... Ba1 BB 6.48%-6.58% 02/01/13 3,472,828
Page 2 See Notes to Quarterly Portfolio of Investments.
MACQUARIE/FIRST TRUST GLOBAL INFRASTRUCTURE/UTILITIES DIVIDEND & INCOME FUND
PORTFOLIO OF INVESTMENTS (a) - (CONTINUED)
FEBRUARY 29, 2008 (UNAUDITED)
PRINCIPAL RATINGS (b) STATED
VALUE DESCRIPTION MOODY'S S&P COUPON MATURITY (c) VALUE
---------- ------------------------------------- --------------- --------------- ------------ -------------
SENIOR FLOATING-RATE TERM LOAN
INTERESTS (d) - (CONTINUED)
ELECTRIC UTILITIES - (CONTINUED)
$1,002,623 Riverside Energy Center, LLC ........ Ba3 B 7.49% 06/24/11 $ 978,811
Rocky Mountain Energy
627,963 Center, LLC ...................... Ba3 B 7.49%-7.59% 06/24/11 613,049
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15,742,936
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ENVIRONMENTAL & FACILITIES
SERVICES - 1.6%
411,243 EnergySolutions, LLC ................ NR (e) NR (e) 5.37%-7.10% 06/07/13 376,287
1,641,509 EnergySolutions, LLC ................ NR (e) NR (e) 5.37% 08/09/13 1,501,981
EnviroSolutions Real Property
1,500,000 Holdings, Inc. ................... B2 B 7.16% 07/07/12 1,410,000
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3,288,268
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HEALTH CARE FACILITIES - 4.9%
2,970,000 HCA, Inc. ........................... Ba3 BB 7.08% 11/17/13 2,729,617
2,922,955 Health Management Associates, Inc. .. Ba2 BB- 6.58% 02/28/14 2,511,914
2,464,965 Lifepoint Hospitals, Inc. ........... Ba2 BB 4.71% 04/15/12 2,244,877
2,917,501 Select Medical Corp. ................ Ba2 BB- 5.02%-7.00% 02/24/12 2,622,103
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10,108,511
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HEALTH CARE SERVICES - 1.5%
CHS/Community Health
3,229,312 Systems, Inc. .................... Ba3 BB 5.34% 07/25/14 2,950,516
CHS/Community Health
162,413 Systems, Inc. (f) ................ Ba3 BB 0.75% (g) 07/25/14 148,391
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3,098,907
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INDEPENDENT POWER PRODUCERS & ENERGY
TRADERS - 5.5%
1,931,424 Bicent Power, LLC ................... Ba3 BB- 6.83% 06/30/14 1,781,739
956,655 Coleto Creek Power, L.P. ............ B1 BB- 7.58%-7.95% 06/28/13 837,073
3,000,000 Dynegy Holdings, Inc. ............... Ba1 BB- 4.76% 04/12/13 2,688,000
1,066,667 Longview Power, LLC ................. Ba3 BB 7.13%-7.25% 02/28/14 961,779
933,333 Longview Power, LLC (f) ............. Ba3 BB 1.00% (g)-7.13% 02/28/14 841,557
Northern Star Holdings II LLC
2,185,813 and NSG Holdings II LLC .......... Ba2 BB 6.56% 06/15/14 1,934,444
Texas Competitive Electric
2,493,750 Holdings Company, LLC ............ Ba3 B+ 6.48%-6.60% 10/10/14 2,274,129
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11,318,721
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MANAGED HEALTH CARE - 2.6%
2,270,198 IASIS Healthcare Corp. .............. Ba2 B+ 5.01%-6.83% 03/15/14 1,975,073
715,838 IASIS Healthcare Corp. (f) .......... Ba2 B+ 1.00% (g)-7.15% 03/15/14 622,778
2,950,361 Vanguard Health Systems, Inc. ....... Ba3 B+ 5.37% 09/23/11 2,721,708
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5,319,559
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MULTI-UTILITIES - 1.3%
3,000,000 KGEN, LLC ........................... Ba3 BB 6.63% 02/08/14 2,587,501
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See Notes to Quarterly Portfolio of Investments. Page 3
MACQUARIE/FIRST TRUST GLOBAL INFRASTRUCTURE/UTILITIES DIVIDEND & INCOME FUND
PORTFOLIO OF INVESTMENTS (a) - (CONTINUED)
FEBRUARY 29, 2008 (UNAUDITED)
PRINCIPAL RATINGS (b) STATED
VALUE DESCRIPTION MOODY'S S&P COUPON MATURITY (c) VALUE
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SENIOR FLOATING-RATE TERM LOAN
INTERESTS (d) - (CONTINUED)
OIL & GAS EQUIPMENT & SERVICES - 0.7%
$1,623,209 Targa Resources, Inc. ............... Ba3 B+ 6.83%-6.91% 10/31/12 $ 1,512,828
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OIL & GAS EXPLORATION &
PRODUCTION - 2.0%
1,804,085 Plains Resources, Inc. .............. Ba2 BB 4.63% 08/12/11 1,691,329
2,420,258 SemCrude, L.P. ...................... Ba2 NR 5.12% 03/16/11 2,311,347
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4,002,676
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OIL & GAS REFINING, MARKETING &
TRANSPORTATION - 1.4%
3,000,000 Energy Transfer Equity, L.P. ........ Ba2 NR 4.88% 02/08/12 2,799,999
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PUBLISHING - 0.4%
980,000 Quebecor Media, Inc. ................ B1 B 6.26% 01/17/13 891,800
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RAILROADS - 1.4%
3,000,000 Railamerica Transportation Corp. .... NR NR 5.32% 08/14/08 2,805,000
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WIRELESS TELECOMMUNICATION SERVICES - 2.1%
2,481,250 Crown Castle Operating Co. .......... Ba3 BB+ 6.33% 01/09/14 2,241,100
2,089,500 Windstream Corp. .................... Baa3 BBB 5.50% 07/17/13 1,993,515
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4,234,615
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TOTAL SENIOR FLOATING-RATE TERM LOAN INTERESTS (d) .................................... 75,691,076
(Cost $82,836,527) -------------
PRINCIPAL STATED
VALUE DESCRIPTION COUPON MATURITY VALUE
---------- ------------------------------------------------------- --------------- ------------ -------------
SHORT TERM INVESTMENTS - 4.4%
COMMERCIAL PAPER - 4.4%
9,000,000 Elysian Funding LLC ................. 3.50% 03/03/08 8,998,250
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TOTAL SHORT TERM INVESTMENTS .......................................................... 8,998,250
(Cost $8,998,250) -------------
PRINCIPAL
VALUE DESCRIPTION VALUE
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REPURCHASE AGREEMENTS - 2.1%
4,300,000 Agreement with Deutsche Bank, 3.00%, dated 02/29/08 to be repurchased
at $4,301,075 on 03/03/08, collateralized by $4,240,000 Federal National
Mortgage Association, 5.625% due 06/29/12 (Value $4,386,000) ........................ 4,300,000
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TOTAL REPURCHASE AGREEMENTS ........................................................... 4,300,000
(Cost $4,300,000) -------------
TOTAL INVESTMENTS - 141.3% ............................................................ 289,199,261
(Cost $268,076,733) (h)
LOAN OUTSTANDING - (41.5)% ............................................................ (85,000,000)
NET OTHER ASSETS AND LIABILITIES - 0.2% .............................................. 476,413
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NET ASSETS - 100.0% ................................................................... $ 204,675,674
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Page 4 See Notes to Quarterly Portfolio of Investments.
MACQUARIE/FIRST TRUST GLOBAL INFRASTRUCTURE/UTILITIES DIVIDEND & INCOME FUND
PORTFOLIO OF INVESTMENTS (a) - (CONTINUED)
FEBRUARY 29, 2008 (UNAUDITED)
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(a) All percentages shown in the Portfolio of Investments are based on net
assets.
(b) Ratings below Baa3 by Moody's Investors Service, Inc. or BBB- by Standard
& Poor's Ratings Group are considered to be below investment grade.
(c) Senior Loans generally are subject to mandatory and/or optional
prepayment. As a result, the actual remaining maturity of Senior Loans may
be substantially less than the stated maturities shown.
(d) Senior Loans in which the Fund invests generally pay interest at rates
which are periodically predetermined by reference to a base lending rate
plus a premium. These base lending rates are generally (i) the lending
rate offered by one or more major European banks, such as the London
Inter-Bank Offered Rate ("LIBOR"), (ii) the prime rate offered by one or
more major United States banks or (iii) the certificate of deposit rate.
(e) This Senior Loan Interest was privately rated upon issuance. The rating
agency does not provide ongoing surveillance on the rating.
(f) Delayed Draw Loan (Note 1D)
(g) Represents commitment fee rate on delayed draw loans.
(h) Aggregate cost for federal income tax and financial reporting purposes.
(i) The security was purchased by the Fund in its initial public offering on
November 2, 2007. As of February 29, 2008, this security had not paid a
distribution; however, on March 31, 2008, it declared a distribution that
will be payable on June 13, 2008, to shareholders of record on June 12,
2008.
NR Not Rated
See Notes to Quarterly Portfolio of Investments. Page 5
MACQUARIE/FIRST TRUST GLOBAL INFRASTRUCTURE/UTILITIES DIVIDEND & INCOME FUND
PORTFOLIO OF INVESTMENTS - (CONTINUED)
FEBRUARY 29, 2008 (UNAUDITED)
INDUSTRY DIVERSIFICATION (a)
[THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.]
Senior-Secured Loans 26.2%
Electric Utilities 16.4%
Gas Utilities 15.6%
Transportation Infrastructure 15.1%
Water Utilities 9.4%
Multi-Utilities 4.9%
Cash/Cash Equivalents 4.6%
Power Generation 3.7%
Diversified Consumer Services 3.6%
Energy Equipment & Serices 0.5%
COUNTRY DIVERSIFICATION (a) (b)
[THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.]
Senior-Secured Loans 26.2% (b)
Australia 24.1%
Canada 10.2%
United Kingdom 9.4%
United States 7.2%
Italy 5.8%
Cash/Cash Equivalents 4.6%
Spain 4.2%
New Zealand 2.4%
France 0.6%
Austria 1.0%
Switzerland 1.1%
Japan 1.5%
Germany 1.7%
(a) Percentages are based on total investments. Please note that the
percentages shown on the Portfolio of Investments are based on net assets.
(b) The Senior Secured Loans are composed of 98.8% United States loans and
1.2% Canadian loans.
Page 6 See Notes to Quarterly Portfolio of Investments.
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NOTES TO QUARTERLY PORTFOLIO OF INVESTMENTS
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MACQUARIE/FIRST TRUST GLOBAL INFRASTRUCTURE/UTILITIES DIVIDEND & INCOME FUND
FEBRUARY 29, 2008 (UNAUDITED)
1. VALUATION AND INVESTMENT PRACTICES
A. PORTFOLIO VALUATION:
The net asset value ("NAV") of the Common Shares of Macquarie/First Trust Global
Infrastructure/Utilities Dividend & Income Fund (the "Fund") is determined daily
as of the close of regular trading on the New York Stock Exchange ("NYSE"),
normally 4:00 p.m. Eastern time, on each day the NYSE is open for trading.
Domestic debt securities and foreign securities are priced using data reflecting
the earlier closing of the principal markets for those securities. The NAV per
Common Share is calculated by subtracting the Fund's liabilities (including
accrued expenses, dividends payable and any borrowings of the Fund) from the
Fund's Total Assets (the value of the securities and other investments the Fund
holds plus cash or other assets, including interest accrued but not yet
received) and dividing the result by the total number of Common Shares
outstanding.
The Fund's investments are valued daily at market value or, in the absence of
market value with respect to any portfolio securities, at fair value in
accordance with valuation procedures adopted by the Fund's Board of Trustees. A
majority of the Fund's assets are valued using market information supplied by
third parties. In the event that market quotations are not readily available,
the pricing service does not provide a valuation for a particular asset, or the
valuations are deemed unreliable, First Trust Advisors L.P. ("First Trust") may
use a fair value method to value the Fund's securities and investments. The use
of fair value pricing by the Fund is governed by valuation procedures adopted by
the Fund's Board of Trustees, and in accordance with the provisions of the
Investment Company Act of 1940, as amended (the "1940 Act").
Foreign securities traded outside the United States are generally valued as of
the time their trading is complete, which is usually different from the close of
the NYSE. Occasionally, events affecting the value of such securities may occur
between such times and the close of the NYSE that will not always be reflected
in the computation of the value of such securities. If events materially
affecting the value of such securities occur during such period, these
securities will be valued at their fair value according to procedures adopted by
the Fund's Board of Trustees. All securities and other assets of the Fund
initially expressed in foreign currencies will be converted to U.S. dollars
using exchange rates in effect at the time of valuation.
The Senior Floating-Rate Term Loans ("Senior Loans") in which the Fund invests
are not listed on any securities exchange or board of trade. Senior Loans are
typically bought and sold by institutional investors in individually negotiated
private transactions that function in many respects like an over-the-counter
secondary market, although typically no formal market-makers exist. This market,
while having grown substantially in the past several years, generally has fewer
trades and less liquidity than the secondary market for other types of
securities. Some Senior Loans have few or no trades, or trade infrequently, and
information regarding a specific Senior Loan may not be widely available or may
be incomplete. Accordingly, determinations of the market value of Senior Loans
may be based on infrequent and dated information. Because there is less
reliable, objective data available, elements of judgment may play a greater role
in valuation of Senior Loans than for other types of securities. Typically,
Senior Loans are valued using information provided by an independent third party
pricing service. If the pricing service cannot or does not provide a valuation
for a particular Senior Loan or such valuation is deemed unreliable, First Trust
may value such Senior Loan at a fair value according to procedures adopted by
the Fund's Board of Trustees, and in accordance with the provisions of the 1940
Act.
Portfolio securities listed on any exchange other than the NASDAQ National
Market ("NASDAQ") are valued at the last sale price on the business day as of
which such value is being determined. If there has been no sale on such day, the
securities are valued at the mean of the most recent bid and asked prices on
such day. Securities traded on the NASDAQ are valued at the NASDAQ Official
Closing Price as determined by NASDAQ. Portfolio securities traded on more than
one securities exchange are valued at the last sale price on the business day as
of which such value is being determined at the close of the exchange
representing the principal market for such securities. Portfolio securities
traded in the over-the-counter market, but excluding securities traded on the
NASDAQ, are valued at the closing bid prices. Short-term investments that mature
in less than 60 days are valued at amortized cost.
Page 7
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NOTES TO QUARTERLY PORTFOLIO OF INVESTMENTS - (CONTINUED)
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MACQUARIE/FIRST TRUST GLOBAL INFRASTRUCTURE/UTILITIES DIVIDEND & INCOME FUND
FEBRUARY 29, 2008 (UNAUDITED)
In September 2006, the Financial Accounting Standards Board issued FAS 157
effective for fiscal years beginning after November 15, 2007. This standard
clarifies the definition of fair value for financial reporting, establishes a
framework for measuring fair value and requires additional disclosures about the
use of fair value measurements. FAS 157 became effective for the Fund as of
December 1, 2007, the beginning of its current fiscal year. The three levels of
the fair value hierarchy under FAS 157 are described as follows:
o Level 1 - quoted prices in active markets for identical securities
o Level 2 - other significant observable inputs (including quoted
prices for similar securities, interest rates, prepayment
speeds, credit risk, etc.)
o Level 3 - significant unobservable inputs (including the Fund's own
assumptions in determining the fair value of investments)
The inputs or methodology used for valuing securities are not necessarily an
indication of the risk associated with investing in those securities. A summary
of the inputs used to value the Fund's net assets as of February 29, 2008 is as
follows:
VALUATION INPUTS INVESTMENTS IN SECURITIES OTHER FINANCIAL INSTRUMENTS (a)
-------------------------------------------------- ------------------------- ------------------------------
Level 1 - Quoted Prices .......................... $ 200,209,935 $ --
Level 2 - Other Significant Observable Inputs .... 88,989,326 --
Level 3 - Significant Unobservable Inputs ........ -- --
------------- ----
TOTAL ............................................ $ 289,199,261 $ --
------------- ----
(a) Other financial instruments are derivative instruments not reflected in
the Portfolio of Investments, such as futures, forwards and swap
contracts, which are valued at the unrealized appreciation (depreciation)
on the investment. As of February 29, 2008 the Fund does not have any
derivative instruments.
B. REPURCHASE AGREEMENTS:
The Fund engages in repurchase agreement transactions. Under the terms of a
typical repurchase agreement, the Fund takes possession of an underlying debt
obligation subject to an obligation of the seller to repurchase, and the Fund to
resell, the obligation at an agreed-upon price and time, thereby determining the
yield during the Fund's holding period. This arrangement results in a fixed rate
of return that is not subject to market fluctuations during the Fund's holding
period. The value of the collateral is at all times at least equal to the total
amount of the repurchase obligation, including interest. In the event of
counterparty default, the Fund has the right to use the collateral to offset
losses incurred. There is potential loss to the Fund in the event the Fund is
delayed or prevented from exercising its rights to dispose of the collateral
securities, including risk of possible decline in the value of the underlying
securities during the period while the Fund seeks to assert its rights. The Fund
reviews the value of the collateral and the creditworthiness of those banks and
dealers with which the Fund enters into repurchase agreements to evaluate
potential risks.
C. SECURITIES TRANSACTIONS:
Securities transactions are recorded as of the trade date. Realized gains and
losses from securities transactions are recorded on an identified cost basis.
Distributions received from the Fund's investments in Master Limited
Partnerships ("MLPs") generally are comprised of return of capital from the MLP
to the extent of the cost basis of such MLP investments.
Securities purchased or sold on a when-issued or delayed-delivery basis may be
settled a month or more after the trade date; interest income on such securities
is not accrued until settlement date. The Fund maintains liquid assets with a
current value at least equal to the amount of its when-issued or
delayed-delivery purchase commitments. At February 29, 2008, the Fund had no
when-issued or delayed-delivery purchase commitments.
D. UNFUNDED LOAN COMMITMENTS:
The Fund may enter into certain credit agreements, all or a portion of which may
be unfunded. The Fund had unfunded delayed draw loan commitments of
approximately $444,531 as of February 29, 2008. The Fund is obligated to fund
these loan commitments at the borrower's discretion.
Page 8
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NOTES TO QUARTERLY PORTFOLIO OF INVESTMENTS - (CONTINUED)
--------------------------------------------------------------------------------
MACQUARIE/FIRST TRUST GLOBAL INFRASTRUCTURE/UTILITIES DIVIDEND & INCOME FUND
FEBRUARY 29, 2008 (UNAUDITED)
2. UNREALIZED APPRECIATION (DEPRECIATION)
As of February 29, 2008, the aggregate gross unrealized appreciation of all
securities in which there was an excess of value over tax cost was $38,129,552
and the aggregate gross unrealized depreciation of all securities in which there
was an excess of tax cost over value was $17,007,024.
Page 9
ITEM 2. CONTROLS AND PROCEDURES.
(a) The registrant's principal executive and principal financial officers,
or persons performing similar functions, have concluded that the
registrant's disclosure controls and procedures (as defined in Rule
30a-3(c) under the Investment Company Act of 1940, as amended (the "1940
Act") (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days
of the filing date of the report that includes the disclosure required
by this paragraph, based on their evaluation of these controls and
procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR
270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities
Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or
240.15d-15(b)).
(b) There were no changes in the registrant's internal control over
financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17
CFR 270.30a-3(d)) that occurred during the registrant's last fiscal
quarter that have materially affected, or are reasonably likely to
materially affect, the registrant's internal control over financial
reporting.
ITEM 3. EXHIBITS.
Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of
the Sarbanes-Oxley Act of 2002 are attached hereto.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) MACQUARIE/FIRST TRUST GLOBAL INFRASTRUCTURE/UTILITIES DIVIDEND &
INCOME FUND
By (Signature and Title)* /S/ JAMES A. BOWEN
-------------------------------------------------------
James A. Bowen, Chairman of the Board, President and
Chief Executive Officer
(principal executive officer)
Date APRIL 21, 2008
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Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By (Signature and Title)* /S/ JAMES A. BOWEN
-------------------------------------------------------
James A. Bowen, Chairman of the Board, President and
Chief Executive Officer
(principal executive officer)
Date APRIL 21, 2008
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By (Signature and Title)* /S/ MARK R. BRADLEY
-------------------------------------------------------
Mark R. Bradley, Treasurer, Controller,
Chief Financial Officer and Chief Accounting Officer
(principal financial officer)
Date APRIL 21, 2008
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* Print the name and title of each signing officer under his or her signature.