-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, JvDWbRok+Cmr3wskxnHLbu7JiUAhell4c7oq/7bnl/jQ6AH6xY+abF3IjWnhxtLs eePzP0+Rczg8k6T++N5R1g== 0000935069-08-000955.txt : 20080423 0000935069-08-000955.hdr.sgml : 20080423 20080423153336 ACCESSION NUMBER: 0000935069-08-000955 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20080229 FILED AS OF DATE: 20080423 DATE AS OF CHANGE: 20080423 EFFECTIVENESS DATE: 20080423 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MACQUARIE/FIRST TRUST GLOBAL INFRASTR/UTIL DIV & INC FUND CENTRAL INDEX KEY: 0001276469 IRS NUMBER: 593779311 FILING VALUES: FORM TYPE: N-Q SEC ACT: 1940 Act SEC FILE NUMBER: 811-21496 FILM NUMBER: 08771708 BUSINESS ADDRESS: STREET 1: FIRST TRUST PORTFOLIOS LP STREET 2: 1001 WARRENVILLE RD STE 300 CITY: LISLE STATE: IL ZIP: 60532 BUSINESS PHONE: 6302414141 MAIL ADDRESS: STREET 1: FIRST TRUST PORTFOLIOS LP STREET 2: 1001 WARRENVILLE RD STE 300 CITY: LISLE STATE: IL ZIP: 60532 FORMER COMPANY: FORMER CONFORMED NAME: MACQUARIE FIRST TRUST GLOBAL INFRASTR DIVIDEND & INCOME FUND DATE OF NAME CHANGE: 20040123 FORMER COMPANY: FORMER CONFORMED NAME: MACQUARIE FIRST TRUST GLOBAL INFRASTRUCTURE DIVIDEND FUND DATE OF NAME CHANGE: 20040114 N-Q 1 nq.txt FIRST TRUST MACQUARIE 0208 NQ 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 --------- MACQUARIE/FIRST TRUST GLOBAL INFRASTRUCTURE/UTILITIES DIVIDEND & INCOME FUND ---------------------------------------------------------------------------- (Exact name of registrant as specified in charter) 1001 Warrenville Road, Suite 300 LISLE, IL 60532 ---------------------------------------------------------------------------- (Address of principal executive offices) (Zip code) W. Scott Jardine, Esq. First Trust Portfolios, LP 1001 Warrenville Road, Suite 300 LISLE, IL 60532 ---------------------------------------------------------------------------- (Name and address of agent for service) Registrant's telephone number, including area code: 630-241-4141 ------------ Date of fiscal year end: NOVEMBER 30 ----------- Date of reporting period: FEBRUARY 29, 2008 ----------------- 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 - ---------- --------------------------------------------------------------------------------------- ------------- 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 ------------- 69,615,167 ------------- AUSTRIA - 1.5% 26,498 Flughafen Wien AG ..................................................................... 3,029,887 ------------- CANADA - 1.0% 32,220 Enbridge Inc. ......................................................................... 1,327,428 19,000 TransCanada Corp. ..................................................................... 763,282 ------------- 2,090,710 ------------- FRANCE - 0.9% 15,158 Aeroports de Paris .................................................................... 1,842,825 ------------- GERMANY - 2.4% 64,240 Hamburger Hafen Und Logistik AG (i) ................................................... 5,012,807 ------------- ITALY - 8.1% 828,000 Enel SPA .............................................................................. 8,934,369 1,785,000 Terna SPA ............................................................................. 7,721,023 ------------- 16,655,392 ------------- JAPAN - 2.2% 358 East Japan Railway Co. ................................................................ 2,873,437 344,155 Tokyo Gas Co. Ltd. .................................................................... 1,543,802 ------------- 4,417,239 ------------- NEW ZEALAND - 3.4% 3,499,299 Auckland International Airport, Ltd. .................................................. 6,906,880 ------------- 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 ------------- 12,042,069 ------------- SWITZERLAND - 1.5% 7,358 Flughafen Zuerich AG ................................................................. 3,078,143 -------------
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 - ---------- --------------------------------------------------------------------------------------- ------------- 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 ------------- 27,217,082 ------------- 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 ------------- 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 ------------- 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 ------------- 7,979,755 ------------- 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 ------------- 15,742,936 ------------- 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 ------------- 3,288,268 ------------- 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 ------------- 10,108,511 ------------- 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 ------------- 3,098,907 ------------- 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 ------------- 11,318,721 ------------- 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 ------------- 5,319,559 ------------- MULTI-UTILITIES - 1.3% 3,000,000 KGEN, LLC ........................... Ba3 BB 6.63% 02/08/14 2,587,501 -------------
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 - ---------- ------------------------------------- --------------- --------------- ------------ ------------- 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 ------------- 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 ------------- 4,002,676 ------------- 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 ------------- PUBLISHING - 0.4% 980,000 Quebecor Media, Inc. ................ B1 B 6.26% 01/17/13 891,800 ------------- RAILROADS - 1.4% 3,000,000 Railamerica Transportation Corp. .... NR NR 5.32% 08/14/08 2,805,000 ------------- 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 ------------- 4,234,615 ------------- 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 ------------- TOTAL SHORT TERM INVESTMENTS .......................................................... 8,998,250 (Cost $8,998,250) -------------
PRINCIPAL VALUE DESCRIPTION VALUE - ---------- ---------------------------------------------------------------------------------------- ------------- 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 ------------- 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 ------------- NET ASSETS - 100.0% ................................................................... $ 204,675,674 =============
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) - ---------- (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. - -------------------------------------------------------------------------------- NOTES TO QUARTERLY PORTFOLIO OF INVESTMENTS - -------------------------------------------------------------------------------- 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 - -------------------------------------------------------------------------------- NOTES TO QUARTERLY PORTFOLIO OF INVESTMENTS - (CONTINUED) - -------------------------------------------------------------------------------- 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 - -------------------------------------------------------------------------------- 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 ---------------------------------------------------------------------------- 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 ---------------------------------------------------------------------------- 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 ---------------------------------------------------------------------------- * Print the name and title of each signing officer under his or her signature. EX-99.CERT 2 cert302.txt 302 CERT CERTIFICATION PURSUANT TO RULE 30A-2(A) UNDER THE 1940 ACT AND SECTION 302 OF THE SARBANES-OXLEY ACT I, James A. Bowen, certify that: 1. I have reviewed this report on Form N-Q of Macquarie/First Trust Global Infrastructure/Utilities Dividend & Income Fund; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed; 4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; (c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and (d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: APRIL 21, 2008 /S/ JAMES A. BOWEN ------------------------------- --------------------------------------- James A. Bowen, Chairman of the Board, President and Chief Executive Officer (principal executive officer) CERTIFICATION PURSUANT TO RULE 30A-2(A) UNDER THE 1940 ACT AND SECTION 302 OF THE SARBANES-OXLEY ACT I, Mark R. Bradley, certify that: 1. I have reviewed this report on Form N-Q of Macquarie/First Trust Global Infrastructure/Utilities Dividend & Income Fund; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed; 4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; (c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and (d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: APRIL 21, 2008 /S/ MARK R. BRADLEY ------------------------------- --------------------------------------- Mark R. Bradley, Treasurer, Controller, Chief Financial Officer and Chief Accounting Officer (principal financial officer) -----END PRIVACY-ENHANCED MESSAGE-----